CUS1.L vs. USML.L

Last updated Jun 5, 2026

CUS1.L (iShares MSCI USA Small Cap ESG Enhanced UCITS ETF (Acc)) and USML.L (Invesco S&P SmallCap 600 UCITS ETF A) are both Small Cap Blend Equities funds tracking the Russell 2000 TR USD, from iShares and Invesco respectively. Both are passively managed. Over the past 5 years, CUS1.L returned 7.82%/yr vs 7.09%/yr for USML.L. Their correlation of 0.93 suggests significant overlap in exposure. CUS1.L charges 0.43%/yr vs 0.14%/yr for USML.L.

Performance

CUS1.L vs. USML.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI USA Small Cap ESG Enhanced UCITS ETF (Acc) (CUS1.L) and Invesco S&P SmallCap 600 UCITS ETF A (USML.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CUS1.L is traded in GBp, while USML.L is traded in USD. To make them comparable, the USML.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with CUS1.L having a 15.99% return and USML.L slightly lower at 15.86%.

CUS1.L

• 1D: 1.06%
• 1M: 4.90%
• YTD: 15.99%
• 6M: 15.37%
• 1Y: 35.71%
• 3Y*: 13.68%
• 5Y*: 7.82%
• 10Y*: 11.83%

USML.L

• 1D: 1.05%
• 1M: 2.72%
• YTD: 15.86%
• 6M: 14.81%
• 1Y: 34.55%
• 3Y*: 12.66%
• 5Y*: 7.09%
• 10Y*: —

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

CUS1.L vs. USML.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CUS1.L iShares MSCI USA Small Cap ESG Enhanced UCITS ETF (Acc)	15.99%	2.68%	11.54%	11.30%	-7.26%	19.95%	14.64%	6.04%
USML.L Invesco S&P SmallCap 600 UCITS ETF A	15.86%	-1.03%	9.66%	11.65%	-5.95%	27.68%	7.85%	3.04%

Correlation

The correlation between CUS1.L and USML.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.93

The correlation between CUS1.L and USML.L has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

CUS1.L vs. USML.L - Sectors Allocation Comparison

Sectors	CUS1.L	USML.L
Industrials	19.6%	15.5%
Technology	16.8%	15.5%
Financial Services	15.1%	16.9%
Healthcare	12.6%	11.0%
Consumer Cyclical	10.5%	13.4%
Real Estate	7.0%	7.7%
Energy	5.6%	5.9%
Consumer Defensive	3.9%	3.5%
Basic Materials	3.9%	5.1%
Utilities	2.7%	2.0%
Communication Services	2.5%	3.6%

Return for Risk

CUS1.L vs. USML.L — Risk / Return Rank

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

CUS1.L

CUS1.L Risk / Return Rank: 78
CUS1.L Sharpe Ratio Rank: 75
CUS1.L Sortino Ratio Rank: 73
CUS1.L Omega Ratio Rank: 70
CUS1.L Calmar Ratio Rank: 90
CUS1.L Martin Ratio Rank: 84

USML.L

USML.L Risk / Return Rank: 64
USML.L Sharpe Ratio Rank: 59
USML.L Sortino Ratio Rank: 64
USML.L Omega Ratio Rank: 56
USML.L Calmar Ratio Rank: 76
USML.L Martin Ratio Rank: 66

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.

CUS1.L vs. USML.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small Cap ESG Enhanced UCITS ETF (Acc) (CUS1.L) and Invesco S&P SmallCap 600 UCITS ETF A (USML.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.

	CUS1.L	USML.L	Difference
Sharpe ratio: Return per unit of total volatility	2.40	2.08	+0.32
Sortino ratio: Return per unit of downside risk	3.25	2.89	+0.35
Omega ratio: Gain probability vs. loss probability	1.41	1.37	+0.05
Calmar ratio: Return relative to maximum drawdown	5.52	4.87	+0.66
Martin ratio: Return relative to average drawdown	17.02	15.54	+1.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CUS1.L vs. USML.L - Sharpe Ratio Comparison

The current CUS1.L Sharpe Ratio is 2.40, which is comparable to the USML.L Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of CUS1.L and USML.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

	CUS1.L	USML.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	2.08	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.35	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.40	+0.31

Drawdowns

CUS1.L vs. USML.L - Drawdown Comparison

The maximum CUS1.L drawdown since its inception was -35.26%, roughly equal to the maximum USML.L drawdown of -35.94%. Use the drawdown chart below to compare losses from any high point for CUS1.L and USML.L.

Drawdown Indicators

	CUS1.L	USML.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.26%	-35.94%	+0.68%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-7.07%	+0.63%
Max Drawdown (3Y) Largest decline over 3 years	-28.89%	-30.43%	+1.54%
Max Drawdown (5Y) Largest decline over 5 years	-28.89%	-30.43%	+1.54%
Max Drawdown (10Y) Largest decline over 10 years	-35.26%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.38%	-8.22%	+1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	2.22%	-0.13%

Volatility

CUS1.L vs. USML.L - Volatility Comparison

The current volatility for iShares MSCI USA Small Cap ESG Enhanced UCITS ETF (Acc) (CUS1.L) is 3.89%, while Invesco S&P SmallCap 600 UCITS ETF A (USML.L) has a volatility of 4.56%. This indicates that CUS1.L experiences smaller price fluctuations and is considered to be less risky than USML.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CUS1.L	USML.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	4.56%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	9.97%	11.56%	-1.59%
Volatility (1Y) Calculated over the trailing 1-year period	14.81%	16.57%	-1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.85%	20.19%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.56%	22.73%	-3.17%

CUS1.L vs. USML.L - Expense Ratio Comparison

CUS1.L has a 0.43% expense ratio, which is higher than USML.L's 0.14% expense ratio.

Dividends

CUS1.L vs. USML.L - Dividend Comparison

Neither CUS1.L nor USML.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CUS1.L and USML.L in my portfolio?

With a correlation of 0.92, CUS1.L and USML.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, CUS1.L or USML.L?

On fees, USML.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CUS1.L or USML.L?

USML.L is cheaper with a 0.14% expense ratio, compared with 0.43% for CUS1.L.

What is the main difference between CUS1.L and USML.L?

Both ETFs track Russell 2000 TR USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.43% for CUS1.L and 0.14% for USML.L.