EMMV.L vs. SPXS.L
EMMV.L (iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc)) and SPXS.L (Invesco S&P 500 UCITS ETF) are both exchange-traded funds - EMMV.L is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Minimum Volatility Index (Net), while SPXS.L is a Global Equities fund tracking the Invesco S&P 500 UCITS ETF. Both are passively managed. Over the past 10 years, EMMV.L returned 5.68%/yr vs -27.39%/yr for SPXS.L. A 0.64 correlation means they provide meaningful diversification when combined. EMMV.L charges 0.40%/yr vs 0.05%/yr for SPXS.L.
Performance
EMMV.L vs. SPXS.L - Performance Comparison
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Returns By Period
In the year-to-date period, EMMV.L achieves a 13.79% return, which is significantly higher than SPXS.L's 10.20% return. Over the past 10 years, EMMV.L has outperformed SPXS.L with an annualized return of 5.68%, while SPXS.L has yielded a comparatively lower -27.39% annualized return.
EMMV.L
- 1D
- -0.54%
- 1M
- -5.44%
- 6M
- 10.56%
- YTD
- 13.79%
- 1Y
- 18.29%
- 3Y*
- 12.03%
- 5Y*
- 5.32%
- 10Y*
- 5.68%
SPXS.L
- 1D
- -0.12%
- 1M
- -0.05%
- 6M
- 9.96%
- YTD
- 10.20%
- 1Y
- -98.78%
- 3Y*
- -74.11%
- 5Y*
- -54.94%
- 10Y*
- -27.39%
EMMV.L vs. SPXS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMMV.L iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc) | 13.79% | 12.62% | 8.30% | 8.03% | -14.19% | 4.40% | 7.89% | 6.68% | -5.45% | 26.38% |
SPXS.L Invesco S&P 500 UCITS ETF | 10.20% | -98.82% | 25.56% | 27.00% | -18.53% | 29.64% | 17.89% | 30.86% | -5.19% | 21.62% |
Correlation
The correlation between EMMV.L and SPXS.L is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2012 | 0.64 |
The correlation between EMMV.L and SPXS.L has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.
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Return for Risk
EMMV.L vs. SPXS.L — Risk / Return Rank
EMMV.L
SPXS.L
EMMV.L vs. SPXS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc) (EMMV.L) and Invesco S&P 500 UCITS ETF (SPXS.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.
| EMMV.L | SPXS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.21 | ||
| Sortino ratioReturn per unit of downside risk | +2.53 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.52 | +0.72 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | -1.00 | +2.88 |
| Martin ratioReturn relative to average drawdown | 6.09 | -1.23 | +7.32 |
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Drawdowns
EMMV.L vs. SPXS.L - Drawdown Comparison
The maximum EMMV.L drawdown since its inception was -32.15%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for EMMV.L and SPXS.L.
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Drawdown Indicators
| EMMV.L | SPXS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.15% | -99.07% | +66.92% |
Max Drawdown (1Y)Largest decline over 1 year | -9.71% | -99.07% | +89.36% |
Max Drawdown (3Y)Largest decline over 3 years | -12.41% | -99.07% | +86.66% |
Max Drawdown (5Y)Largest decline over 5 years | -22.34% | -99.07% | +76.73% |
Max Drawdown (10Y)Largest decline over 10 years | -32.15% | -99.07% | +66.92% |
Current DrawdownCurrent decline from peak | -6.62% | -98.90% | +92.28% |
Average DrawdownAverage peak-to-trough decline | -8.54% | -7.67% | -0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 80.57% | -77.57% |
Volatility
EMMV.L vs. SPXS.L - Volatility Comparison
iShares Edge MSCI EM Minimum Volatility UCITS ETF USD (Acc) (EMMV.L) has a higher volatility of 6.28% compared to Invesco S&P 500 UCITS ETF (SPXS.L) at 2.73%. This indicates that EMMV.L's price experiences larger fluctuations and is considered to be riskier than SPXS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMMV.L | SPXS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.28% | 2.73% | +3.55% |
Volatility (6M)Calculated over the trailing 6-month period | 13.71% | 9.24% | +4.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.96% | 99.43% | -84.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.06% | 47.13% | -34.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.06% | 35.27% | -21.21% |
EMMV.L vs. SPXS.L - Expense Ratio Comparison
EMMV.L has a 0.40% expense ratio, which is higher than SPXS.L's 0.05% expense ratio.
Dividends
EMMV.L vs. SPXS.L - Dividend Comparison
Neither EMMV.L nor SPXS.L has paid dividends to shareholders.
Frequently Asked Questions
EMMV.L and SPXS.L have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXS.L is cheaper with a 0.05% expense ratio, compared with 0.40% for EMMV.L.
EMMV.L is categorized as Emerging Markets Equities, while SPXS.L is Global Equities. EMMV.L tracks MSCI Emerging Markets Minimum Volatility Index (Net), while SPXS.L tracks Invesco S&P 500 UCITS ETF. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.40% for EMMV.L and 0.05% for SPXS.L.
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