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GBPUSD=X vs. IVV
Performance
Return for Risk
Drawdowns
Volatility

GBPUSD=X vs. IVV

Last updated Jun 6, 2026

GBPUSD=X (GBP/USD) is a currency, while IVV (iShares Core S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, GBPUSD=X returned -0.87%/yr vs 15.21%/yr for IVV. At a 0.25 correlation, their price movements are largely independent.

Performance

GBPUSD=X vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GBP/USD (GBPUSD=X) and iShares Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GBPUSD=X achieves a -0.93% return, which is significantly lower than IVV's 8.46% return. Over the past 10 years, GBPUSD=X has underperformed IVV with an annualized return of -0.87%, while IVV has yielded a comparatively higher 15.21% annualized return.

GBPUSD=X

1D
-0.70%
1M
-1.93%
YTD
-0.93%
6M
-0.00%
1Y
-1.76%
3Y*
2.37%
5Y*
-1.19%
10Y*
-0.87%

IVV

1D
-2.62%
1M
0.47%
YTD
8.46%
6M
8.18%
1Y
25.86%
3Y*
21.53%
5Y*
13.39%
10Y*
15.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GBPUSD=X vs. IVV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GBPUSD=X
GBP/USD		-0.93%7.55%-1.67%5.28%-10.69%-0.91%3.06%4.01%-5.66%9.52%
IVV
iShares Core S&P 500 ETF		8.46%17.85%24.93%26.31%-18.16%28.76%18.40%31.07%-4.49%21.75%

Correlation

The correlation between GBPUSD=X and IVV 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

0.30

Correlation (5Y)
Calculated over the trailing 5-year period

0.34

Correlation (10Y)
Calculated over the trailing 10-year period

0.25

Correlation (All Time)
Calculated using the full available price history since Jul 4, 2007

0.25

The correlation between GBPUSD=X and IVV shifts across timeframes, from 0.25 (all time) to 0.39 (1 year), reflecting how their relationship changes across market environments.

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GBP/USD

iShares Core S&P 500 ETF

Often compared with GBPUSD=X:
GBPUSD=X vs. EURUSD=XGBPUSD=X vs. AUDUSD=XGBPUSD=X vs. BTC-USDGBPUSD=X vs. SPYGBPUSD=X vs. NZDUSD=XGBPUSD=X vs. FCPTGBPUSD=X vs. BCH-USD
Often compared with IVV:
IVV vs. VOOIVV vs. SPYIVV vs. FXAIXIVV vs. QQQIVV vs. VTIIVV vs. IOOIVV vs. CSPX.L

Return for Risk

GBPUSD=X vs. IVV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GBPUSD=X
GBPUSD=X Risk / Return Rank: 4040
Overall Rank
GBPUSD=X Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
GBPUSD=X Sortino Ratio Rank: 4040
Sortino Ratio Rank
GBPUSD=X Omega Ratio Rank: 4343
Omega Ratio Rank
GBPUSD=X Calmar Ratio Rank: 3737
Calmar Ratio Rank
GBPUSD=X Martin Ratio Rank: 4040
Martin Ratio Rank
IVV
IVV Risk / Return Rank: 6666
Overall Rank
IVV Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
IVV Sortino Ratio Rank: 6363
Sortino Ratio Rank
IVV Omega Ratio Rank: 6666
Omega Ratio Rank
IVV Calmar Ratio Rank: 6060
Calmar Ratio Rank
IVV Martin Ratio Rank: 7373
Martin Ratio Rank
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.

GBPUSD=X vs. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GBP/USD (GBPUSD=X) and iShares Core S&P 500 ETF (IVV). 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.

GBPUSD=XIVVDifference
Sharpe ratioReturn per unit of total volatility
-0.23
2.15

-2.37

Sortino ratioReturn per unit of downside risk
-0.28
2.89

-3.17

Omega ratioGain probability vs. loss probability

0.97

1.39

-0.42

Calmar ratioReturn relative to maximum drawdown

-0.27

2.92

-3.19

Martin ratioReturn relative to average drawdown

-0.53

13.52

-14.05

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBPUSD=X vs. IVV - Sharpe Ratio Comparison

The current GBPUSD=X Sharpe Ratio is -0.23, which is lower than the IVV Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of GBPUSD=X and IVV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GBPUSD=XIVVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.23

2.15

-2.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.13

0.79

-0.93

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.09

0.84

-0.93

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.22

0.45

-0.67

Drawdowns

GBPUSD=X vs. IVV - Drawdown Comparison

The maximum GBPUSD=X drawdown since its inception was -49.29%, smaller than the maximum IVV drawdown of -55.25%. Use the drawdown chart below to compare losses from any high point for GBPUSD=X and IVV.

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Drawdown Indicators

GBPUSD=XIVVDifference

Max Drawdown

Largest peak-to-trough decline

-49.29%

-55.25%

+5.96%

Max Drawdown (1Y)

Largest decline over 1 year

-5.26%

-8.89%

+3.63%

Max Drawdown (3Y)

Largest decline over 3 years

-9.34%

-18.75%

+9.41%

Max Drawdown (5Y)

Largest decline over 5 years

-24.62%

-24.53%

-0.09%

Max Drawdown (10Y)

Largest decline over 10 years

-27.99%

-33.90%

+5.91%

Current Drawdown

Current decline from peak

-36.75%

-2.90%

-33.85%

Average Drawdown

Average peak-to-trough decline

-31.14%

-10.78%

-20.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.51%

1.92%

+0.59%

Volatility

GBPUSD=X vs. IVV - Volatility Comparison

The current volatility for GBP/USD (GBPUSD=X) is 1.80%, while iShares Core S&P 500 ETF (IVV) has a volatility of 3.78%. This indicates that GBPUSD=X experiences smaller price fluctuations and is considered to be less risky than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GBPUSD=XIVVDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.80%

3.78%

-1.98%

Volatility (6M)

Calculated over the trailing 6-month period

4.97%

9.31%

-4.34%

Volatility (1Y)

Calculated over the trailing 1-year period

6.26%

12.10%

-5.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.25%

16.92%

-8.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.10%

18.07%

-8.97%

Frequently Asked Questions

GBPUSD=X and IVV 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.

IVV has higher volatility (3.78%) compared to GBPUSD=X (1.80%). In terms of maximum drawdown, GBPUSD=X dropped -49.29% vs IVV's -55.25%.

IVV currently has the higher Sharpe Ratio (2.15 vs -0.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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