Exchange-traded funds, or ETFs, are often low-cost instruments for investors to track popular indexes or leverage experienced manager choices in an attempt to beat the market. The best ones serve as building blocks for a portfolio, and unlike open-end mutual funds, all ETFs are traded throughout the day on an exchange.
In November 2024, the worst performers included Xtrackers MSCI Indonesia Swap UCITS ETF KJ7 and Amundi MSCI Indonesia UCITS ETF INDO. Data in this article is sourced from Morningstar Direct.
To read about the best-performing ETFs, check out our other story.
Screening for the Worst-Performing ETFs
To find the month’s worst-performing ETFs, we screened those in Morningstar’s equity, allocation, or fixed-income categories that are available in the UK. We excluded exchange-traded notes, known as ETNs, and ETFs with less than $25 million (£19.7 million) in total assets. We also excluded funds that fall into Morningstar’s “trading” categories, as these funds are designed for active traders and are not suitable for long-term investors.
Among the worst-performing ETFs, two were from the equity precious metals category, where funds fell 6.51% in November.
The 10 Worst-Performing ETFs for November 2024
1. Xtrackers MSCI Indonesia Swap UCITS ETF KJ7
2. Amundi MSCI Indonesia UCITS ETF INDO
3. VanEck Junior Gold Miners UCITS ETF GDXJ
4. Invesco Solar Energy UCITS ETF ISUN
5. HSBC MSCI Indonesia UCITS ETF HIDD
6. iShares STOXX Europe 600 Chemicals UCITS ETF (DE) EXV7
7. iShares MSCI Brazil UCITS ETF USD (Dist) IBZL
8. Amundi MSCI Brazil UCITS ETF RIO
9. VanEck Gold Miners UCITS ETF GDX
10. Xtrackers MSCI Brazil UCITS ETF XMBD
Worst-Performing ETFs Available in the UK
Source: Morningstar Direct
Metrics for the Worst-Performing ETFs
Xtrackers MSCI Indonesia Swap UCITS ETF
• Morningstar Rating: ★★★★
• Expense Ratio: 0.77%
• Morningstar Category: Indonesia Equity
The worst-performing ETF in November was the £39 million Xtrackers MSCI Indonesia Swap UCITS ETF, which lost 6.91%. The passively managed Xtrackers ETF fell further than the average 5.66% loss on funds in the Indonesia equity category in November. Over the past 12 months, the Xtrackers MSCI Indonesia Swap UCITS ETF fell 6.76%, placing it in the 39th percentile within its category and roughly in line with the 6.55% loss on the average fund.
The Xtrackers MSCI Indonesia Swap UCITS ETF, launched in March 2010, has a Morningstar Medalist Rating of Bronze.
Amundi MSCI Indonesia UCITS ETF
• Morningstar Rating: ★★★★
• Expense Ratio: 0.45%
• Morningstar Category: Indonesia Equity
With a 6.88% loss, the £44 million Amundi MSCI Indonesia UCITS ETF was the second-worst performing ETF on our list for November. The passively managed Amundi ETF fell further than the average 5.66% loss on funds in the Indonesia equity category. Over the past 12 months, the Amundi MSCI Indonesia UCITS ETF lost 6.73%, placing it in the 39th percentile within its category and roughly in line with the 6.55% loss on the average fund.
The Bronze-rated Amundi MSCI Indonesia UCITS ETF was launched in March 2019.
VanEck Junior Gold Miners UCITS ETF
• Morningstar Rating: ★★
• Expense Ratio: 0.55%
• Morningstar Category: Equity Precious Metals
The third-worst performing ETF in November was the £399 million VanEck Junior Gold Miners UCITS ETF, which fell 6.77%. The VanEck ETF, which is passively managed, performed roughly in line with the average 6.51% loss on funds in the equity precious metals category. Over the past 12 months, the ETF rose 24.41% to place in the 47th percentile within its category, roughly in line with the category’s average 1-year return of 23.71%.
The VanEck Junior Gold Miners UCITS ETF has a Morningstar Medalist Rating of Neutral. It was launched in March 2015.
Invesco Solar Energy UCITS ETF
• Morningstar Rating: ★
• Expense Ratio: 0.69%
• Morningstar Category: Equity Alternative Energy
The £39 million Invesco Solar Energy UCITS ETF was the fourth-worst performing ETF in November, with a loss of 6.35%. The passively managed Invesco ETF performed worse than the average 0.81% loss on funds in the equity alternative energy category. Over the past year, the ETF dropped 20.00% to land in the 99th percentile within its category, underperforming the category’s average one-year return of 1.75%.
The Invesco Solar Energy UCITS ETF takes environmental, social, and governance criteria into consideration. This fund has a Negative Morningstar Medalist Rating, meaning that our analysts expect it to be one of the worst performers within its category and think it is unlikely to deliver positive returns after fees.
HSBC MSCI Indonesia UCITS ETF
• Morningstar Rating: ★★★★
• Expense Ratio: 0.50%
• Morningstar Category: Indonesia Equity
Fifth-worst was the £97 million HSBC MSCI Indonesia UCITS ETF, which lost 6.17% in November. The passively managed HSBC ETF performed roughly in line with the average 5.66% decline on funds in the Indonesia equity category. Over the past year, the HSBC MSCI Indonesia UCITS ETF fell 6.08%, finishing in the 40th percentile within its category. It performed roughly in line with the category’s average one-year loss of 6.55%.
The HSBC MSCI Indonesia UCITS ETF has a Morningstar Medalist Rating of Bronze. It was launched in March 2011.
iShares STOXX Europe 600 Chemicals UCITS ETF (DE)
• Morningstar Rating: ★★
• Expense Ratio: 0.46%
• Morningstar Category: Equity Industrial Materials
The sixth-worst performing ETF in November was the £70 million iShares STOXX Europe 600 Chemicals UCITS ETF (DE), which lost 6.15%. The passively managed iShares ETF underperformed the average 3.16% gain on funds in the equity industrial materials category. Over the past 12 months, the iShares STOXX Europe 600 Chemicals UCITS ETF (DE) fell 3.46%, placing it in the 94th percentile within its category and underperforming the 19.16% return on the average fund.
The iShares STOXX Europe 600 Chemicals UCITS ETF (DE) has a Morningstar Medalist Rating of Negative. It was launched in July 2002.
iShares MSCI Brazil UCITS ETF USD (Dist)
• Morningstar Rating: ★★★
• Expense Ratio: 0.74%
• Morningstar Category: Brazil Equity
With a 6.07% loss, the £168 million iShares MSCI Brazil UCITS ETF USD (Dist) was the seventh-worst performing ETF on our list for November. The passively managed iShares ETF performed roughly in line with the average 6.03% loss on funds in the Brazil equity category. Over the past 12 months, the iShares MSCI Brazil UCITS ETF USD (Dist) lost 19.61%, placing it in the 8th percentile within its category and putting it roughly in line with the 20.19% loss on the average fund.
The iShares MSCI Brazil UCITS ETF USD (Dist), launched in November 2005, has a Morningstar Medalist Rating of Bronze.
Amundi MSCI Brazil UCITS ETF
• Morningstar Rating: ★★★
• Expense Ratio: 0.65%
• Morningstar Category: Brazil Equity
The eighth-worst performing ETF in November was the £138 million Amundi MSCI Brazil UCITS ETF, which fell 6.05%. The Amundi ETF, which is passively managed, performed roughly in line with the average 6.03% loss on funds in the Brazil equity category. Over the past 12 months, the ETF fell 18.84% to place in the 41st percentile within its category, declining less than the average one-year loss of 20.19%.
The Amundi MSCI Brazil UCITS ETF, launched in March 2019, has a Morningstar Medalist Rating of Bronze.
VanEck Gold Miners UCITS ETF
• Morningstar Rating: ★★★
• Expense Ratio: 0.53%
• Morningstar Category: Equity Precious Metals
The £1.1 billion VanEck Gold Miners UCITS ETF was the ninth-worst performing ETF in November, with a decline of 6.04%. The passively managed VanEck ETF performed roughly in line with the average 6.51% loss on funds in the equity precious metals category. Over the past year, the ETF gained 21.31% to land in the 69th percentile, underperforming the category’s average one-year return of 23.71%.
The VanEck Gold Miners UCITS ETF has not yet been awarded a Morningstar Medalist Rating.
Xtrackers MSCI Brazil UCITS ETF
• Morningstar Rating: ★★★★
• Expense Ratio: 0.25%
• Morningstar Category: Brazil Equity
Tenth-worst was the £59 million Xtrackers MSCI Brazil UCITS ETF, which lost 6.03% in November. The passively managed Xtrackers ETF performed roughly in line with the average 6.03% loss on funds in the Brazil equity category for the month. Over the past year, the Xtrackers MSCI Brazil UCITS ETF fell 18.65%, finishing the 12-month period in the 30th percentile within the Brazil equity category. It edged out the category’s average one-year loss of 20.19%.
The Bronze-rated Xtrackers MSCI Brazil UCITS ETF was launched in June 2007.
What Are ETFs?
Exchange-traded funds are investments that trade throughout the day on stock exchanges, much like individual stocks. They differ from traditional mutual funds─known as open-end funds─which can only be bought or sold at a single price each day. Historically, ETFs have tracked indexes, but in recent years, more ETFs have been actively managed. ETFs cover a range of asset classes, including stocks, bonds, commodities, and most recently cryptocurrency.
ETFs: More Ideas to Consider
Investors who would like to find more ETF investment ideas can do the following:
• Read the latest articles on ETFs.
• Use the ETF screener to find the best ETFs according to your specific criteria. You can search for funds based on their fees, Morningstar Medalist Ratings, manager tenures, and more.
• Compare funds and ETFs side by side and easily follow their valuations, ratings, and fees.
This article was compiled by Bella Albrecht, edited by Lauren Solberg, and reviewed by Sunniva Kolostyak.
This article was generated with the help of automation and reviewed by Morningstar editors. Learn more about Morningstar’s use of automation.
The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies.
