Same ETF, different performance

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TomParamo
Posts: 8
Joined: Sun Jan 30, 2022 8:11 am

Same ETF, different performance

Post by TomParamo »

Hi Bogeheads!

I'm trying to understand something I came across today:
The iShares MSCI ACWI UCITS ETF is traded in USD on the London Stock Exchange as well as on the Swiss SIX. The ticker is different (ISAC vs SSAC) but the prospectus is the same (https://www.ishares.com/uk/individual/e ... -ucits-etf).

This leads me to think that the performance should be roughly the same on those exchanges.

However, if I check Tradingview and overlay them, their performance doesn't match at all. The difference seems to be around 4-10% most of the time. Not just that, sometimes they seem to switch position in terms of performance (see screenshot below), so it's not just that the ETF performs systematically better on one of the exchanges.

Does anyone have an explanation for such a large difference in performance for what should be an identical ETF?

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steveyg50
Posts: 103
Joined: Tue Jul 09, 2019 6:35 pm

Re: Same ETF, different performance

Post by steveyg50 »

Someone smarter will probably answer, but in case they don't...

In my Ajbell platform in UK (and I assume other platforms) -

ISAC is priced in dollars
SSAC is priced in GBP (pence, GBX)

So I imagine currency is the issue?

If I click on KIID docs for either fund I get the same document, because there is only a difference in pricing.
Topic Author
TomParamo
Posts: 8
Joined: Sun Jan 30, 2022 8:11 am

Re: Same ETF, different performance

Post by TomParamo »

steveyg50 wrote: Tue Mar 14, 2023 3:39 pm In my Ajbell platform in UK (and I assume other platforms) -

ISAC is priced in dollars
SSAC is priced in GBP (pence, GBX)
Ok, you put me on the right path to solve the riddle! :sharebeer
On the London Stock Exchange, ISAC is the USD version of the ETF and SSAC is the GBP version.
However, I was comparing ISAC to SSAC at SIX (Swiss Stock Exchange) which should also be denominated in USD according to justetf.com. It even shows USD in the name when displayed in TradingView.

After seeing your post I double-checked on justETF and noticed it shows both, USD and CHF (same ticker, same exchange, but two different currencies...). TradingView must be showing it in CHF (it checks out with the current FX rate), which explains the differences.

TV and justETF being very confusing, and my broker's interface doesn't display the base currency of ETFs threw me off...

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