CUSS.L vs. R2US.L
CUSS.L (iShares MSCI USA Small Cap CTB Enhanced ESG UCITS ETF USD (Acc)) and R2US.L (SPDR Russell 2000 US Small Cap UCITS ETF) are both Small Cap Blend Equities funds - CUSS.L tracks the MSCI USA Small Cap ESG Enhanced CTB Index while R2US.L tracks the Russell 2000 Index. Both are passively managed. Over the past 10 years, CUSS.L returned 10.74%/yr vs 10.51%/yr for R2US.L. With a 0.97 correlation, they move nearly in lockstep. CUSS.L charges 0.43%/yr vs 0.30%/yr for R2US.L.
Performance
CUSS.L vs. R2US.L - Performance Comparison
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Returns By Period
In the year-to-date period, CUSS.L achieves a 16.17% return, which is significantly lower than R2US.L's 19.90% return. Both investments have delivered pretty close results over the past 10 years, with CUSS.L having a 10.74% annualized return and R2US.L not far behind at 10.51%.
CUSS.L
- 1D
- -0.63%
- 1M
- -1.86%
- 6M
- 11.10%
- YTD
- 16.17%
- 1Y
- 29.03%
- 3Y*
- 13.99%
- 5Y*
- 7.45%
- 10Y*
- 10.74%
R2US.L
- 1D
- 0.52%
- 1M
- 0.18%
- 6M
- 13.33%
- YTD
- 19.90%
- 1Y
- 35.00%
- 3Y*
- 16.73%
- 5Y*
- 7.35%
- 10Y*
- 10.51%
CUSS.L vs. R2US.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CUSS.L iShares MSCI USA Small Cap CTB Enhanced ESG UCITS ETF USD (Acc) | 16.17% | 10.15% | 9.80% | 17.73% | -17.15% | 18.55% | 18.55% | 26.39% | -10.90% | 16.10% |
R2US.L SPDR Russell 2000 US Small Cap UCITS ETF | 19.90% | 12.33% | 10.16% | 18.73% | -21.12% | 14.48% | 19.82% | 24.58% | -12.51% | 14.70% |
Correlation
The correlation between CUSS.L and R2US.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2014 | 0.97 |
The correlation between CUSS.L and R2US.L has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
CUSS.L vs. R2US.L — Risk / Return Rank
CUSS.L
R2US.L
CUSS.L vs. R2US.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Small Cap CTB Enhanced ESG UCITS ETF USD (Acc) (CUSS.L) and SPDR Russell 2000 US Small Cap UCITS ETF (R2US.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.
| CUSS.L | R2US.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.32 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.74 | 3.39 | +0.34 |
| Martin ratioReturn relative to average drawdown | 12.44 | 10.77 | +1.66 |
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Drawdowns
CUSS.L vs. R2US.L - Drawdown Comparison
The maximum CUSS.L drawdown since its inception was -42.70%, roughly equal to the maximum R2US.L drawdown of -42.19%. Use the drawdown chart below to compare losses from any high point for CUSS.L and R2US.L.
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Drawdown Indicators
| CUSS.L | R2US.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.70% | -42.19% | -0.51% |
Max Drawdown (1Y)Largest decline over 1 year | -8.38% | -10.27% | +1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -27.77% | -28.95% | +1.18% |
Max Drawdown (5Y)Largest decline over 5 years | -28.73% | -32.04% | +3.31% |
Max Drawdown (10Y)Largest decline over 10 years | -42.70% | -42.19% | -0.51% |
Current DrawdownCurrent decline from peak | -3.61% | -1.99% | -1.62% |
Average DrawdownAverage peak-to-trough decline | -6.94% | -9.79% | +2.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.52% | 3.24% | -0.72% |
Volatility
CUSS.L vs. R2US.L - Volatility Comparison
iShares MSCI USA Small Cap CTB Enhanced ESG UCITS ETF USD (Acc) (CUSS.L) has a higher volatility of 4.69% compared to SPDR Russell 2000 US Small Cap UCITS ETF (R2US.L) at 4.13%. This indicates that CUSS.L's price experiences larger fluctuations and is considered to be riskier than R2US.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CUSS.L | R2US.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.69% | 4.13% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 12.22% | 13.94% | -1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.59% | 18.62% | -2.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.16% | 22.23% | -1.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.92% | 21.98% | -1.06% |
CUSS.L vs. R2US.L - Expense Ratio Comparison
CUSS.L has a 0.43% expense ratio, which is higher than R2US.L's 0.30% expense ratio.
Dividends
CUSS.L vs. R2US.L - Dividend Comparison
Neither CUSS.L nor R2US.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, CUSS.L and R2US.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.
On fees, R2US.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
R2US.L is cheaper with a 0.30% expense ratio, compared with 0.43% for CUSS.L.
CUSS.L tracks MSCI USA Small Cap ESG Enhanced CTB Index, while R2US.L tracks Russell 2000 Index. They also come from different issuers: iShares and State Street Global Advisors. Their fees differ too: 0.43% for CUSS.L and 0.30% for R2US.L.
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