GCVG.L vs. 5MVL.DE
GCVG.L (SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF) and 5MVL.DE (iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc)) are both exchange-traded funds - GCVG.L is a Convertible Bonds fund tracking the Refinitiv Qualified Global Convertible (GBP Hedged), while 5MVL.DE is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Select Value Factor Focus. Both are passively managed. Over the past 3 years, GCVG.L returned 19.49%/yr vs 35.91%/yr for 5MVL.DE. A 0.52 correlation means they provide meaningful diversification when combined. GCVG.L charges 0.55%/yr vs 0.40%/yr for 5MVL.DE.
Performance
GCVG.L vs. 5MVL.DE - Performance Comparison
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Different Trading Currencies
GCVG.L is traded in GBP, while 5MVL.DE is traded in EUR. To make them comparable, the 5MVL.DE values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GCVG.L achieves a 18.39% return, which is significantly lower than 5MVL.DE's 50.28% return.
GCVG.L
- 1D
- -0.19%
- 1M
- 5.17%
- YTD
- 18.39%
- 6M
- 21.00%
- 1Y
- 37.25%
- 3Y*
- 19.49%
- 5Y*
- —
- 10Y*
- —
5MVL.DE
- 1D
- 0.00%
- 1M
- 18.57%
- YTD
- 50.28%
- 6M
- 53.11%
- 1Y
- 97.39%
- 3Y*
- 35.91%
- 5Y*
- 18.33%
- 10Y*
- —
GCVG.L vs. 5MVL.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF | 18.39% | 22.98% | 9.45% | 13.81% | -14.46% |
5MVL.DE iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) | 48.22% | 33.87% | 15.72% | 12.29% | -7.38% |
Correlation
The correlation between GCVG.L and 5MVL.DE is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022 | 0.52 |
The correlation between GCVG.L and 5MVL.DE shifts across timeframes, from 0.52 (all time) to 0.65 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GCVG.L vs. 5MVL.DE — Risk / Return Rank
GCVG.L
5MVL.DE
GCVG.L vs. 5MVL.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) and iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (5MVL.DE). 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.
| GCVG.L | 5MVL.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.64 | 1.91 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 5.67 | 9.84 | -4.17 |
| Martin ratioReturn relative to average drawdown | 24.59 | 30.31 | -5.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GCVG.L | 5MVL.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.26 | 5.27 | -2.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | 0.85 | +0.23 |
Drawdowns
GCVG.L vs. 5MVL.DE - Drawdown Comparison
The maximum GCVG.L drawdown since its inception was -17.60%, smaller than the maximum 5MVL.DE drawdown of -26.14%. Use the drawdown chart below to compare losses from any high point for GCVG.L and 5MVL.DE.
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Drawdown Indicators
| GCVG.L | 5MVL.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.60% | -26.14% | +8.54% |
Max Drawdown (1Y)Largest decline over 1 year | -6.51% | -9.84% | +3.33% |
Max Drawdown (3Y)Largest decline over 3 years | -7.62% | -16.66% | +9.04% |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.36% | — |
Current DrawdownCurrent decline from peak | -0.19% | 0.00% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -5.49% | -6.04% | +0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.51% | 3.20% | -1.69% |
Volatility
GCVG.L vs. 5MVL.DE - Volatility Comparison
The current volatility for SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF (GCVG.L) is 4.00%, while iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) (5MVL.DE) has a volatility of 8.00%. This indicates that GCVG.L experiences smaller price fluctuations and is considered to be less risky than 5MVL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GCVG.L | 5MVL.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.00% | 8.00% | -4.00% |
Volatility (6M)Calculated over the trailing 6-month period | 9.30% | 15.26% | -5.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.35% | 18.38% | -7.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.93% | 16.36% | -6.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.93% | 18.42% | -8.49% |
GCVG.L vs. 5MVL.DE - Expense Ratio Comparison
GCVG.L has a 0.55% expense ratio, which is higher than 5MVL.DE's 0.40% expense ratio.
Dividends
GCVG.L vs. 5MVL.DE - Dividend Comparison
GCVG.L's dividend yield for the trailing twelve months is around 0.52%, while 5MVL.DE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
5MVL.DE iShares Edge MSCI EM Value Factor UCITS ETF USD(Acc) | 0.00% | 0.00% | 0.00% | 0.00% |
GCVG.L SPDR Refinitiv Global Convertible Bond GBP Hedged UCITS ETF | 0.52% | 0.59% | 0.41% | 0.28% |
Frequently Asked Questions
GCVG.L and 5MVL.DE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 5MVL.DE is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
5MVL.DE is cheaper with a 0.40% expense ratio, compared with 0.55% for GCVG.L.
GCVG.L is categorized as Convertible Bonds, while 5MVL.DE is Emerging Markets Equities. GCVG.L tracks Refinitiv Qualified Global Convertible (GBP Hedged), while 5MVL.DE tracks MSCI Emerging Markets Select Value Factor Focus. They also come from different issuers: State Street and iShares. Their fees differ too: 0.55% for GCVG.L and 0.40% for 5MVL.DE.
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