500D.L vs. USLV.L

Last updated Jun 5, 2026

500D.L (Amundi S&P 500 Swap UCITS ETF USD Dist) and USLV.L (SPDR S&P 500 Low Volatility UCITS ETF) are both S&P 500 funds - 500D.L tracks the S&P 500 Index while USLV.L tracks the S&P 500 Low Volatility Index. Both are passively managed. Over the past 3 years, 500D.L returned 22.22%/yr vs 7.09%/yr for USLV.L. At a 0.39 correlation, their price movements are largely independent. 500D.L charges 0.15%/yr vs 0.35%/yr for USLV.L.

Performance

500D.L vs. USLV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amundi S&P 500 Swap UCITS ETF USD Dist (500D.L) and SPDR S&P 500 Low Volatility UCITS ETF (USLV.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

500D.L is traded in USD, while USLV.L is traded in GBP. To make them comparable, the USLV.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, 500D.L achieves a 10.40% return, which is significantly higher than USLV.L's 0.86% return.

500D.L

• 1D: -0.02%
• 1M: 4.48%
• YTD: 10.40%
• 6M: 11.15%
• 1Y: 27.93%
• 3Y*: 22.22%
• 5Y*: —
• 10Y*: —

USLV.L

• 1D: -0.02%
• 1M: -1.96%
• YTD: 0.86%
• 6M: 1.50%
• 1Y: 0.30%
• 3Y*: 7.09%
• 5Y*: 5.00%
• 10Y*: 7.60%

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

500D.L vs. USLV.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
500D.L Amundi S&P 500 Swap UCITS ETF USD Dist	10.40%	17.37%	25.36%	26.84%	-18.54%	1.87%
USLV.L SPDR S&P 500 Low Volatility UCITS ETF	0.86%	4.68%	13.57%	-1.09%	-4.51%	5.02%

Correlation

The correlation between 500D.L and USLV.L is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (All Time) Calculated using the full available price history since Dec 8, 2021	0.39

Over the past year, the correlation between 500D.L and USLV.L has dropped to 0.02 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

500D.L vs. USLV.L — Risk / Return Rank

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

500D.L

500D.L Risk / Return Rank: 76
500D.L Sharpe Ratio Rank: 76
500D.L Sortino Ratio Rank: 80
500D.L Omega Ratio Rank: 76
500D.L Calmar Ratio Rank: 68
500D.L Martin Ratio Rank: 77

USLV.L

USLV.L Risk / Return Rank: 11
USLV.L Sharpe Ratio Rank: 11
USLV.L Sortino Ratio Rank: 10
USLV.L Omega Ratio Rank: 10
USLV.L Calmar Ratio Rank: 11
USLV.L Martin Ratio Rank: 11

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.

500D.L vs. USLV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi S&P 500 Swap UCITS ETF USD Dist (500D.L) and SPDR S&P 500 Low Volatility UCITS ETF (USLV.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.

	500D.L	USLV.L	Difference
Sharpe ratio: Return per unit of total volatility	2.42	0.03	+2.39
Sortino ratio: Return per unit of downside risk	3.53	0.11	+3.42
Omega ratio: Gain probability vs. loss probability	1.44	1.01	+0.43
Calmar ratio: Return relative to maximum drawdown	3.33	0.04	+3.29
Martin ratio: Return relative to average drawdown	14.61	0.10	+14.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

500D.L vs. USLV.L - Sharpe Ratio Comparison

The current 500D.L Sharpe Ratio is 2.42, which is higher than the USLV.L Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of 500D.L and USLV.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

	500D.L	USLV.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	0.03	+2.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.41	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.70	+0.08

Drawdowns

500D.L vs. USLV.L - Drawdown Comparison

The maximum 500D.L drawdown since its inception was -24.21%, smaller than the maximum USLV.L drawdown of -35.51%. Use the drawdown chart below to compare losses from any high point for 500D.L and USLV.L.

Drawdown Indicators

	500D.L	USLV.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.21%	-35.51%	+11.30%
Max Drawdown (1Y) Largest decline over 1 year	-8.35%	-7.55%	-0.80%
Max Drawdown (3Y) Largest decline over 3 years	-18.97%	-9.64%	-9.33%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.54%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.51%	—
Current Drawdown Current decline from peak	-0.52%	-6.75%	+6.23%
Average Drawdown Average peak-to-trough decline	-6.09%	-3.99%	-2.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	3.13%	-1.22%

Volatility

500D.L vs. USLV.L - Volatility Comparison

Amundi S&P 500 Swap UCITS ETF USD Dist (500D.L) and SPDR S&P 500 Low Volatility UCITS ETF (USLV.L) have volatilities of 3.20% and 3.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	500D.L	USLV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.20%	3.29%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	8.41%	7.20%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	11.48%	9.67%	+1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.39%	12.32%	+4.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.39%	13.74%	+2.65%

500D.L vs. USLV.L - Expense Ratio Comparison

500D.L has a 0.15% expense ratio, which is lower than USLV.L's 0.35% expense ratio.

Dividends

500D.L vs. USLV.L - Dividend Comparison

500D.L's dividend yield for the trailing twelve months is around 0.82%, while USLV.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
500D.L Amundi S&P 500 Swap UCITS ETF USD Dist	0.82%	0.90%	1.17%	0.93%	1.44%
USLV.L SPDR S&P 500 Low Volatility UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both 500D.L and USLV.L in my portfolio?

500D.L and USLV.L have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 500D.L or USLV.L?

On fees, 500D.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 500D.L or USLV.L?

500D.L is cheaper with a 0.15% expense ratio, compared with 0.35% for USLV.L.

What is the main difference between 500D.L and USLV.L?

500D.L tracks S&P 500 Index, while USLV.L tracks S&P 500 Low Volatility Index. They also come from different issuers: Amundi and State Street. Their fees differ too: 0.15% for 500D.L and 0.35% for USLV.L.