MSCI World or MSCI Europe?
The two indices share 12.8 % of their weight across 345 companies, and their daily returns correlate at 0.81. Partly the same companies at noticeably different weights — the second index shifts the emphasis rather than doubling up.
Side by side
| MSCI World | MSCI Europe | |
|---|---|---|
| Holdings covered | 1,147 | 345 |
| Volatility | 15.8 % | 16.9 % |
| Max drawdown | -16.9 % | -14.7 % |
| Cheapest ETF we cover | SPPW · 0.12 % | SPYE · 0.08 % |
The largest shared positions
| Company | MSCI World | MSCI Europe |
|---|---|---|
| HSBC Holdings plc | 0.38 % | 2.42 % |
| Novartis AG | 0.31 % | 1.94 % |
| Nestle S.A. | 0.28 % | 1.77 % |
| Shell plc | 0.27 % | 1.72 % |
| Astrazeneca plc | 0.26 % | 1.66 % |
| Siemens N AG | 0.25 % | 1.61 % |
| Allianz SE | 0.21 % | 1.33 % |
| Rolls-Royce Holdings plc | 0.19 % | 1.19 % |
| TotalEnergies SE | 0.18 % | 1.16 % |
| UBS Group AG | 0.18 % | 1.16 % |
Overlap and shared positions are computed from the holdings of one representative ETF each (XDWD and XMEU); of those we could attribute 93.4 % and 79.1 % of fund weight to individual companies, so real overlap is likely a little higher. The correlation covers 504 shared trading days.