EUDV.L vs. USD=X

Last updated Jun 9, 2026

EUDV.L (SPDR® S&P Euro Dividend Aristocrats UCITS ETF) is Europe Equities fund tracking the MSCI EMU NR EUR, while USD=X (USD Cash) is a currency. Over the past 10 years, EUDV.L returned 8.09%/yr vs 0.67%/yr for USD=X. At a 0.09 correlation, their price movements are largely independent.

Performance

EUDV.L vs. USD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR® S&P Euro Dividend Aristocrats UCITS ETF (EUDV.L) and USD Cash (USD=X). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, EUDV.L achieves a 4.85% return, which is significantly higher than USD=X's 0.97% return. Over the past 10 years, EUDV.L has outperformed USD=X with an annualized return of 8.09%, while USD=X has yielded a comparatively lower 0.67% annualized return.

EUDV.L

• 1D: 0.00%
• 1M: 0.65%
• YTD: 4.85%
• 6M: 7.18%
• 1Y: 10.61%
• 3Y*: 14.01%
• 5Y*: 8.09%
• 10Y*: 8.09%

USD=X

• 1D: 0.00%
• 1M: 2.16%
• YTD: 0.97%
• 6M: -0.17%
• 1Y: 1.45%
• 3Y*: -1.96%
• 5Y*: 1.22%
• 10Y*: 0.67%

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

EUDV.L vs. USD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUDV.L SPDR® S&P Euro Dividend Aristocrats UCITS ETF	4.85%	25.94%	3.61%	15.55%	-5.72%	7.12%	-6.90%	15.46%	-7.03%	15.00%
USD=X USD Cash	0.97%	-7.12%	1.75%	-5.00%	11.89%	0.95%	-2.94%	-3.80%	5.93%	-8.65%

Correlation

The correlation between EUDV.L and USD=X is -0.01, 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	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	-0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Mar 1, 2012	0.09

The correlation between EUDV.L and USD=X shifts across timeframes, from -0.09 (5 years) to 0.09 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EUDV.L vs. USD=X — Risk / Return Rank

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

EUDV.L

EUDV.L Risk / Return Rank: 28
EUDV.L Sharpe Ratio Rank: 30
EUDV.L Sortino Ratio Rank: 28
EUDV.L Omega Ratio Rank: 29
EUDV.L Calmar Ratio Rank: 26
EUDV.L Martin Ratio Rank: 28

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.

EUDV.L vs. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR® S&P Euro Dividend Aristocrats UCITS ETF (EUDV.L) and USD Cash (USD=X). 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.

	EUDV.L	USD=X	Difference
Sharpe ratio: Return per unit of total volatility	0.98	0.22	+0.76
Sortino ratio: Return per unit of downside risk	1.38	0.36	+1.03
Omega ratio: Gain probability vs. loss probability	1.18	1.04	+0.14
Calmar ratio: Return relative to maximum drawdown	1.15	0.26	+0.90
Martin ratio: Return relative to average drawdown	3.67	0.58	+3.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUDV.L vs. USD=X - Sharpe Ratio Comparison

The current EUDV.L Sharpe Ratio is 0.98, which is higher than the USD=X Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of EUDV.L and USD=X, 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

	EUDV.L	USD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	0.22	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.14	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.07	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.23	+0.22

Drawdowns

EUDV.L vs. USD=X - Drawdown Comparison

The maximum EUDV.L drawdown since its inception was -31.67%, which is greater than USD=X's maximum drawdown of -22.85%. Use the drawdown chart below to compare losses from any high point for EUDV.L and USD=X.

Drawdown Indicators

	EUDV.L	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-31.67%	-22.85%	-8.82%
Max Drawdown (1Y) Largest decline over 1 year	-9.17%	-5.98%	-3.19%
Max Drawdown (3Y) Largest decline over 3 years	-9.80%	-12.79%	+2.99%
Max Drawdown (5Y) Largest decline over 5 years	-22.16%	-22.85%	+0.69%
Max Drawdown (10Y) Largest decline over 10 years	-31.67%	-22.85%	-8.82%
Current Drawdown Current decline from peak	-3.72%	-19.93%	+16.21%
Average Drawdown Average peak-to-trough decline	-5.98%	-11.07%	+5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	2.93%	-0.05%

Volatility

EUDV.L vs. USD=X - Volatility Comparison

SPDR® S&P Euro Dividend Aristocrats UCITS ETF (EUDV.L) has a higher volatility of 2.06% compared to USD Cash (USD=X) at 1.79%. This indicates that EUDV.L's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUDV.L	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.06%	1.79%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	8.88%	5.23%	+3.65%
Volatility (1Y) Calculated over the trailing 1-year period	10.75%	5.76%	+4.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.49%	7.12%	+6.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.86%	7.91%	+6.95%

Frequently Asked Questions

Can I hold both EUDV.L and USD=X in my portfolio?

EUDV.L and USD=X have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.