XWFS.L vs. FNCE.L

Last updated Jun 4, 2026

XWFS.L (Xtrackers MSCI World Financials UCITS ETF 1C) and FNCE.L (SPDR MSCI Europe Financials UCITS ETF) are both Financials Equities funds tracking the MSCI World/Financials NR USD, from Xtrackers and State Street respectively. Both are passively managed. Over the past 3 years, XWFS.L returned 20.16%/yr vs 28.48%/yr for FNCE.L. A 0.72 correlation means they provide meaningful diversification when combined. XWFS.L charges 0.25%/yr vs 0.18%/yr for FNCE.L.

Performance

XWFS.L vs. FNCE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers MSCI World Financials UCITS ETF 1C (XWFS.L) and SPDR MSCI Europe Financials UCITS ETF (FNCE.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XWFS.L achieves a -1.42% return, which is significantly lower than FNCE.L's 2.13% return.

XWFS.L

• 1D: -0.98%
• 1M: -0.19%
• YTD: -1.42%
• 6M: 2.61%
• 1Y: 13.19%
• 3Y*: 20.16%
• 5Y*: —
• 10Y*: —

FNCE.L

• 1D: -1.71%
• 1M: 1.18%
• YTD: 2.13%
• 6M: 8.99%
• 1Y: 24.80%
• 3Y*: 28.48%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XWFS.L vs. FNCE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XWFS.L Xtrackers MSCI World Financials UCITS ETF 1C	-1.42%	20.20%	29.08%	10.02%	-0.12%
FNCE.L SPDR MSCI Europe Financials UCITS ETF	2.13%	54.52%	20.29%	18.87%	5.67%

Correlation

The correlation between XWFS.L and FNCE.L is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.72

The correlation between XWFS.L and FNCE.L has been stable across timeframes, ranging from 0.69 to 0.77 - a consistent structural relationship.

Return for Risk

XWFS.L vs. FNCE.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XWFS.L

XWFS.L Risk / Return Rank: 29
XWFS.L Sharpe Ratio Rank: 29
XWFS.L Sortino Ratio Rank: 28
XWFS.L Omega Ratio Rank: 27
XWFS.L Calmar Ratio Rank: 28
XWFS.L Martin Ratio Rank: 30

FNCE.L

FNCE.L Risk / Return Rank: 42
FNCE.L Sharpe Ratio Rank: 41
FNCE.L Sortino Ratio Rank: 39
FNCE.L Omega Ratio Rank: 40
FNCE.L Calmar Ratio Rank: 43
FNCE.L Martin Ratio Rank: 45

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XWFS.L vs. FNCE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI World Financials UCITS ETF 1C (XWFS.L) and SPDR MSCI Europe Financials UCITS ETF (FNCE.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	XWFS.L	FNCE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.06	1.45	-0.39
Sortino ratio: Return per unit of downside risk	1.55	2.01	-0.46
Omega ratio: Gain probability vs. loss probability	1.18	1.26	-0.07
Calmar ratio: Return relative to maximum drawdown	1.36	2.10	-0.73
Martin ratio: Return relative to average drawdown	4.37	7.31	-2.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XWFS.L vs. FNCE.L - Sharpe Ratio Comparison

The current XWFS.L Sharpe Ratio is 1.06, which is comparable to the FNCE.L Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of XWFS.L and FNCE.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XWFS.L	FNCE.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	1.45	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.33	-0.51

Drawdowns

XWFS.L vs. FNCE.L - Drawdown Comparison

The maximum XWFS.L drawdown since its inception was -16.47%, which is greater than FNCE.L's maximum drawdown of -14.71%. Use the drawdown chart below to compare losses from any high point for XWFS.L and FNCE.L.

Drawdown Indicators

	XWFS.L	FNCE.L	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-14.71%	-1.76%
Max Drawdown (1Y) Largest decline over 1 year	-9.64%	-11.77%	+2.13%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-14.71%	-1.76%
Current Drawdown Current decline from peak	-2.91%	-2.54%	-0.37%
Average Drawdown Average peak-to-trough decline	-4.11%	-3.02%	-1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	3.39%	-0.38%

Volatility

XWFS.L vs. FNCE.L - Volatility Comparison

The current volatility for Xtrackers MSCI World Financials UCITS ETF 1C (XWFS.L) is 2.90%, while SPDR MSCI Europe Financials UCITS ETF (FNCE.L) has a volatility of 5.81%. This indicates that XWFS.L experiences smaller price fluctuations and is considered to be less risky than FNCE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XWFS.L	FNCE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.90%	5.81%	-2.91%
Volatility (6M) Calculated over the trailing 6-month period	9.62%	14.19%	-4.57%
Volatility (1Y) Calculated over the trailing 1-year period	12.43%	17.08%	-4.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.02%	17.49%	-1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.02%	17.49%	-1.47%

XWFS.L vs. FNCE.L - Expense Ratio Comparison

XWFS.L has a 0.25% expense ratio, which is higher than FNCE.L's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XWFS.L vs. FNCE.L - Dividend Comparison

Neither XWFS.L nor FNCE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XWFS.L and FNCE.L in my portfolio?

XWFS.L and FNCE.L have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XWFS.L or FNCE.L?

On fees, FNCE.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XWFS.L or FNCE.L?

FNCE.L is cheaper with a 0.18% expense ratio, compared with 0.25% for XWFS.L.

What is the main difference between XWFS.L and FNCE.L?

Both ETFs track MSCI World/Financials NR USD. They also come from different issuers: Xtrackers and State Street. Their fees differ too: 0.25% for XWFS.L and 0.18% for FNCE.L.