GMOV vs. SPMD.L

Last updated Jun 4, 2026

GMOV (GMO U.S. Value ETF) and SPMD.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)) are both exchange-traded funds - GMOV is a Large Cap Value Equities fund tracking the MSCI USA Value (Gross), while SPMD.L is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index. Both are passively managed. Over the past year, GMOV returned 27.00% vs 11.58% for SPMD.L. At a 0.39 correlation, their price movements are largely independent. GMOV charges 0.50%/yr vs 0.20%/yr for SPMD.L.

Performance

GMOV vs. SPMD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GMO U.S. Value ETF (GMOV) and iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GMOV achieves a 10.24% return, which is significantly higher than SPMD.L's 4.01% return.

GMOV

• 1D: -0.59%
• 1M: 2.52%
• YTD: 10.24%
• 6M: 11.68%
• 1Y: 27.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPMD.L

• 1D: 0.03%
• 1M: 3.41%
• YTD: 4.01%
• 6M: 5.55%
• 1Y: 11.58%
• 3Y*: 13.88%
• 5Y*: 8.88%
• 10Y*: —

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

GMOV vs. SPMD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GMOV GMO U.S. Value ETF	10.24%	14.81%	-1.27%
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	4.01%	11.56%	-1.44%

Correlation

The correlation between GMOV and SPMD.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Oct 30, 2024	0.39

Return for Risk

GMOV vs. SPMD.L — Risk / Return Rank

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

GMOV

GMOV Risk / Return Rank: 79
GMOV Sharpe Ratio Rank: 77
GMOV Sortino Ratio Rank: 84
GMOV Omega Ratio Rank: 75
GMOV Calmar Ratio Rank: 83
GMOV Martin Ratio Rank: 78

SPMD.L

SPMD.L Risk / Return Rank: 40
SPMD.L Sharpe Ratio Rank: 39
SPMD.L Sortino Ratio Rank: 41
SPMD.L Omega Ratio Rank: 38
SPMD.L Calmar Ratio Rank: 37
SPMD.L Martin Ratio Rank: 45

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.

GMOV vs. SPMD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GMO U.S. Value ETF (GMOV) and iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.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.

	GMOV	SPMD.L	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.38	+1.11
Sortino ratio: Return per unit of downside risk	3.72	2.08	+1.64
Omega ratio: Gain probability vs. loss probability	1.44	1.25	+0.19
Calmar ratio: Return relative to maximum drawdown	4.46	1.85	+2.61
Martin ratio: Return relative to average drawdown	15.05	7.26	+7.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMOV vs. SPMD.L - Sharpe Ratio Comparison

The current GMOV Sharpe Ratio is 2.49, which is higher than the SPMD.L Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of GMOV and SPMD.L, 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

	GMOV	SPMD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	1.38	+1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	0.71	+0.31

Drawdowns

GMOV vs. SPMD.L - Drawdown Comparison

The maximum GMOV drawdown since its inception was -16.71%, smaller than the maximum SPMD.L drawdown of -33.34%. Use the drawdown chart below to compare losses from any high point for GMOV and SPMD.L.

Drawdown Indicators

	GMOV	SPMD.L	Difference
Max Drawdown Largest peak-to-trough decline	-16.71%	-33.34%	+16.63%
Max Drawdown (1Y) Largest decline over 1 year	-6.08%	-6.23%	+0.15%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.11%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.68%	—
Current Drawdown Current decline from peak	-0.76%	0.00%	-0.76%
Average Drawdown Average peak-to-trough decline	-2.84%	-4.20%	+1.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.59%	+0.21%

Volatility

GMOV vs. SPMD.L - Volatility Comparison

GMO U.S. Value ETF (GMOV) and iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) have volatilities of 2.18% and 2.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMOV	SPMD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	2.09%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	7.26%	5.98%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	10.90%	8.37%	+2.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.94%	12.56%	+2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.94%	14.63%	+0.31%

GMOV vs. SPMD.L - Expense Ratio Comparison

GMOV has a 0.50% expense ratio, which is higher than SPMD.L's 0.20% expense ratio.

Dividends

GMOV vs. SPMD.L - Dividend Comparison

GMOV's dividend yield for the trailing twelve months is around 2.02%, more than SPMD.L's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GMOV GMO U.S. Value ETF	2.02%	1.98%	0.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	1.16%	1.15%	1.28%	1.46%	1.35%	1.27%	1.54%	1.52%	1.13%

Frequently Asked Questions

Can I hold both GMOV and SPMD.L in my portfolio?

GMOV and SPMD.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GMOV or SPMD.L?

On fees, SPMD.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GMOV or SPMD.L?

SPMD.L is cheaper with a 0.20% expense ratio, compared with 0.50% for GMOV.

What is the main difference between GMOV and SPMD.L?

GMOV is categorized as Large Cap Value Equities, while SPMD.L is S&P 500. GMOV tracks MSCI USA Value (Gross), while SPMD.L tracks S&P 500 Minimum Volatility Index. They also come from different issuers: GMO and iShares. Their fees differ too: 0.50% for GMOV and 0.20% for SPMD.L.