BYBG.L vs. HDLV.L

Last updated Jul 17, 2026

BYBG.L (Amundi S&P 500 Buyback ETF-C USD) and HDLV.L (Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist) are both S&P 500 funds - BYBG.L tracks the S&P 500 Buyback NTR while HDLV.L tracks the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, BYBG.L returned 12.74%/yr vs 6.48%/yr for HDLV.L. A 0.71 correlation means they provide meaningful diversification when combined. BYBG.L charges 0.15%/yr vs 0.30%/yr for HDLV.L.

Performance

BYBG.L vs. HDLV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi S&P 500 Buyback ETF-C USD (BYBG.L) and Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist (HDLV.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BYBG.L is traded in GBp, while HDLV.L is traded in USD. To make them comparable, the HDLV.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, BYBG.L achieves a 9.61% return, which is significantly lower than HDLV.L's 12.33% return. Over the past 10 years, BYBG.L has outperformed HDLV.L with an annualized return of 12.74%, while HDLV.L has yielded a comparatively lower 6.48% annualized return.

BYBG.L

• 1D: -0.09%
• 1M: 0.89%
• 6M: 6.00%
• YTD: 9.61%
• 1Y: 20.33%
• 3Y*: 15.52%
• 5Y*: 10.95%
• 10Y*: 12.74%

HDLV.L

• 1D: 2.03%
• 1M: 3.83%
• 6M: 8.64%
• YTD: 12.33%
• 1Y: 14.75%
• 3Y*: 11.22%
• 5Y*: 7.97%
• 10Y*: 6.48%

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

BYBG.L vs. HDLV.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BYBG.L Amundi S&P 500 Buyback ETF-C USD	9.61%	9.41%	15.83%	9.58%	-1.29%	35.95%	1.99%	26.54%	-3.60%	10.09%
HDLV.L Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist	12.33%	-3.80%	18.42%	-3.86%	12.39%	25.99%	-13.53%	14.29%	-1.61%	1.74%

Correlation

The correlation between BYBG.L and HDLV.L is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 11, 2015	0.71

Over the past year, the correlation between BYBG.L and HDLV.L has dropped to 0.39 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

BYBG.L vs. HDLV.L - Sectors Allocation Comparison

Sectors	BYBG.L	HDLV.L
Financial Services	26.6%	16.1%
Technology	25.6%	1.6%
Consumer Cyclical	15.3%	3.5%
Industrials	8.8%	0.0%
Healthcare	7.1%	5.1%
Energy	4.8%	11.9%
Communication Services	4.4%	8.6%
Consumer Defensive	3.7%	18.2%
Basic Materials	3.1%	-
Utilities	0.8%	13.9%
Real Estate	-	21.3%

Return for Risk

BYBG.L vs. HDLV.L — Risk / Return Rank

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

BYBG.L

BYBG.L Risk / Return Rank: 65
BYBG.L Sharpe Ratio Rank: 58
BYBG.L Sortino Ratio Rank: 58
BYBG.L Omega Ratio Rank: 55
BYBG.L Calmar Ratio Rank: 84
BYBG.L Martin Ratio Rank: 71

HDLV.L

HDLV.L Risk / Return Rank: 47
HDLV.L Sharpe Ratio Rank: 49
HDLV.L Sortino Ratio Rank: 51
HDLV.L Omega Ratio Rank: 43
HDLV.L Calmar Ratio Rank: 53
HDLV.L Martin Ratio Rank: 38

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.

BYBG.L vs. HDLV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi S&P 500 Buyback ETF-C USD (BYBG.L) and Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist (HDLV.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BYBG.L	HDLV.L	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.23	+0.34
Sortino ratio: Return per unit of downside risk	2.22	1.81	+0.41
Omega ratio: Gain probability vs. loss probability	1.28	1.21	+0.07
Calmar ratio: Return relative to maximum drawdown	3.62	2.22	+1.41
Martin ratio: Return relative to average drawdown	10.17	5.51	+4.66

BYBG.L vs. HDLV.L - Sharpe Ratio Comparison

The current BYBG.L Sharpe Ratio is 1.57, which is comparable to the HDLV.L Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of BYBG.L and HDLV.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.

Drawdowns

BYBG.L vs. HDLV.L - Drawdown Comparison

The maximum BYBG.L drawdown since its inception was -45.82%, which is greater than HDLV.L's maximum drawdown of -34.18%. Use the drawdown chart below to compare losses from any high point for BYBG.L and HDLV.L.

Drawdown Indicators

	BYBG.L	HDLV.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.82%	-34.18%	-11.64%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-6.62%	+1.76%
Max Drawdown (3Y) Largest decline over 3 years	-20.63%	-15.52%	-5.11%
Max Drawdown (5Y) Largest decline over 5 years	-20.63%	-17.87%	-2.76%
Max Drawdown (10Y) Largest decline over 10 years	-35.57%	-34.18%	-1.39%
Current Drawdown Current decline from peak	-0.53%	0.00%	-0.53%
Average Drawdown Average peak-to-trough decline	-10.00%	-6.23%	-3.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	2.67%	-0.94%

Volatility

BYBG.L vs. HDLV.L - Volatility Comparison

The current volatility for Amundi S&P 500 Buyback ETF-C USD (BYBG.L) is 3.32%, while Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist (HDLV.L) has a volatility of 4.79%. This indicates that BYBG.L experiences smaller price fluctuations and is considered to be less risky than HDLV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BYBG.L	HDLV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	4.79%	-1.47%
Volatility (6M) Calculated over the trailing 6-month period	7.95%	9.73%	-1.78%
Volatility (1Y) Calculated over the trailing 1-year period	11.22%	11.98%	-0.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.21%	13.98%	+1.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.86%	16.22%	+1.64%

BYBG.L vs. HDLV.L - Expense Ratio Comparison

BYBG.L has a 0.15% expense ratio, which is lower than HDLV.L's 0.30% expense ratio.

Dividends

BYBG.L vs. HDLV.L - Dividend Comparison

BYBG.L has not paid dividends to shareholders, while HDLV.L's dividend yield for the trailing twelve months is around 3.44%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BYBG.L Amundi S&P 500 Buyback ETF-C USD	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HDLV.L Invesco S&P 500 High Dividend Low Volatility UCITS ETF Dist	3.44%	3.91%	3.54%	4.04%	3.56%	3.37%	4.35%	3.69%	3.79%	3.07%	3.07%	1.89%

Frequently Asked Questions

Can I hold both BYBG.L and HDLV.L in my portfolio?

BYBG.L and HDLV.L have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BYBG.L or HDLV.L?

On fees, BYBG.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, BYBG.L or HDLV.L?

BYBG.L is cheaper with a 0.15% expense ratio, compared with 0.30% for HDLV.L.

What is the main difference between BYBG.L and HDLV.L?

BYBG.L tracks S&P 500 Buyback NTR, while HDLV.L tracks S&P 500 Low Volatility High Dividend Index. They also come from different issuers: Amundi and Invesco. Their fees differ too: 0.15% for BYBG.L and 0.30% for HDLV.L.