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HDLG.L vs. IUSA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDLG.L vs. IUSA.L

Last updated Jun 5, 2026

HDLG.L (Invesco S&P 500 High Dividend Low Volatility UCITS ETF) and IUSA.L (iShares S&P 500 UCITS Dist) are both S&P 500 funds - HDLG.L tracks the S&P 500 Low Volatility High Dividend Index while IUSA.L tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, HDLG.L returned 7.28%/yr vs 16.52%/yr for IUSA.L. A 0.66 correlation means they provide meaningful diversification when combined. HDLG.L charges 0.30%/yr vs 0.07%/yr for IUSA.L.

Performance

HDLG.L vs. IUSA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L) and iShares S&P 500 UCITS Dist (IUSA.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HDLG.L achieves a 4.61% return, which is significantly lower than IUSA.L's 10.67% return. Over the past 10 years, HDLG.L has underperformed IUSA.L with an annualized return of 7.28%, while IUSA.L has yielded a comparatively higher 16.52% annualized return.

HDLG.L

1D
0.11%
1M
0.95%
YTD
4.61%
6M
4.86%
1Y
9.65%
3Y*
8.12%
5Y*
6.17%
10Y*
7.28%

IUSA.L

1D
0.04%
1M
5.55%
YTD
10.67%
6M
10.66%
1Y
29.55%
3Y*
19.42%
5Y*
15.33%
10Y*
16.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HDLG.L vs. IUSA.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HDLG.L
Invesco S&P 500 High Dividend Low Volatility UCITS ETF		4.61%-3.57%18.46%-4.52%12.44%26.47%-13.89%15.07%-1.67%1.44%
IUSA.L
iShares S&P 500 UCITS Dist		10.67%9.70%27.73%20.24%-8.72%31.54%14.15%27.06%0.51%11.19%

Correlation

The correlation between HDLG.L and IUSA.L is 0.10, 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

0.10

Correlation (3Y)
Calculated over the trailing 3-year period

0.31

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

0.48

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

0.63

Correlation (All Time)
Calculated using the full available price history since May 13, 2015

0.66

Over the past year, the correlation between HDLG.L and IUSA.L has dropped to 0.10 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

HDLG.L vs. IUSA.L - Sectors Allocation Comparison

Sectors
HDLG.L
IUSA.L

Real Estate

21.3%
1.9%

Consumer Defensive

18.4%
4.7%

Financial Services

15.9%
11.1%

Utilities

13.8%
2.2%

Energy

12.0%
3.2%

Communication Services

8.5%
10.9%

Healthcare

5.0%
8.3%

Consumer Cyclical

3.5%
10.0%

Technology

1.5%
38.2%

Industrials

0.0%
7.9%

Basic Materials

0.0%
1.7%

Real Estate

HDLG.L
21.3%
IUSA.L
1.9%

Consumer Defensive

HDLG.L
18.4%
IUSA.L
4.7%

Financial Services

HDLG.L
15.9%
IUSA.L
11.1%

Utilities

HDLG.L
13.8%
IUSA.L
2.2%

Energy

HDLG.L
12.0%
IUSA.L
3.2%

Communication Services

HDLG.L
8.5%
IUSA.L
10.9%

Healthcare

HDLG.L
5.0%
IUSA.L
8.3%

Consumer Cyclical

HDLG.L
3.5%
IUSA.L
10.0%

Technology

HDLG.L
1.5%
IUSA.L
38.2%

Industrials

HDLG.L
0.0%
IUSA.L
7.9%

Basic Materials

HDLG.L
0.0%
IUSA.L
1.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P 500 High Dividend Low Volatility UCITS ETF

iShares S&P 500 UCITS Dist

Often compared with HDLG.L:
HDLG.L vs. VHYL.ASHDLG.L vs. D5BM.DEHDLG.L vs. USDV.LHDLG.L vs. VUSA.LHDLG.L vs. SCHDHDLG.L vs. XNAQ.LHDLG.L vs. SPY
Often compared with IUSA.L:
IUSA.L vs. CSP1.LIUSA.L vs. VUAA.LIUSA.L vs. IAPD.ASIUSA.L vs. SPX5.LIUSA.L vs. SPXP.LIUSA.L vs. VOOIUSA.L vs. IVV

Return for Risk

HDLG.L vs. IUSA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HDLG.L
HDLG.L Risk / Return Rank: 2626
Overall Rank
HDLG.L Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
HDLG.L Sortino Ratio Rank: 2626
Sortino Ratio Rank
HDLG.L Omega Ratio Rank: 2323
Omega Ratio Rank
HDLG.L Calmar Ratio Rank: 2929
Calmar Ratio Rank
HDLG.L Martin Ratio Rank: 2626
Martin Ratio Rank
IUSA.L
IUSA.L Risk / Return Rank: 8484
Overall Rank
IUSA.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
IUSA.L Sortino Ratio Rank: 8585
Sortino Ratio Rank
IUSA.L Omega Ratio Rank: 8686
Omega Ratio Rank
IUSA.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
IUSA.L Martin Ratio Rank: 8080
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.

HDLG.L vs. IUSA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L) and iShares S&P 500 UCITS Dist (IUSA.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.

HDLG.LIUSA.LDifference
Sharpe ratioReturn per unit of total volatility
0.91
2.82

-1.91

Sortino ratioReturn per unit of downside risk
1.37
3.78

-2.40

Omega ratioGain probability vs. loss probability

1.15

1.53

-0.37

Calmar ratioReturn relative to maximum drawdown

1.39

4.20

-2.81

Martin ratioReturn relative to average drawdown

3.55

15.53

-11.98

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

HDLG.L vs. IUSA.L - Sharpe Ratio Comparison

The current HDLG.L Sharpe Ratio is 0.91, which is lower than the IUSA.L Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of HDLG.L and IUSA.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.

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Sharpe Ratios by Period

HDLG.LIUSA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.91

2.82

-1.91

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.48

1.07

-0.59

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

1.06

-0.59

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.58

-0.01

Drawdowns

HDLG.L vs. IUSA.L - Drawdown Comparison

The maximum HDLG.L drawdown since its inception was -33.75%, smaller than the maximum IUSA.L drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for HDLG.L and IUSA.L.

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Drawdown Indicators

HDLG.LIUSA.LDifference

Max Drawdown

Largest peak-to-trough decline

-33.75%

-38.58%

+4.83%

Max Drawdown (1Y)

Largest decline over 1 year

-6.92%

-7.01%

+0.09%

Max Drawdown (3Y)

Largest decline over 3 years

-15.61%

-21.08%

+5.47%

Max Drawdown (5Y)

Largest decline over 5 years

-17.84%

-21.08%

+3.24%

Max Drawdown (10Y)

Largest decline over 10 years

-33.75%

-25.42%

-8.33%

Current Drawdown

Current decline from peak

-4.90%

-0.22%

-4.68%

Average Drawdown

Average peak-to-trough decline

-6.30%

-7.29%

+0.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.71%

1.90%

+0.81%

Volatility

HDLG.L vs. IUSA.L - Volatility Comparison

Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L) has a higher volatility of 2.93% compared to iShares S&P 500 UCITS Dist (IUSA.L) at 2.62%. This indicates that HDLG.L's price experiences larger fluctuations and is considered to be riskier than IUSA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HDLG.LIUSA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.93%

2.62%

+0.31%

Volatility (6M)

Calculated over the trailing 6-month period

8.26%

7.13%

+1.13%

Volatility (1Y)

Calculated over the trailing 1-year period

10.53%

10.44%

+0.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.96%

14.33%

-1.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.66%

15.60%

+0.06%

HDLG.L vs. IUSA.L - Expense Ratio Comparison

HDLG.L has a 0.30% expense ratio, which is higher than IUSA.L's 0.07% expense ratio.

Dividends

HDLG.L vs. IUSA.L - Dividend Comparison

HDLG.L's dividend yield for the trailing twelve months is around 3.73%, more than IUSA.L's 1.15% yield.

PositionTTM20252024202320222021202020192018201720162015
HDLG.L
Invesco S&P 500 High Dividend Low Volatility UCITS ETF		3.73%3.93%3.46%4.12%3.49%3.30%4.65%3.77%3.67%3.18%2.88%1.86%
IUSA.L
iShares S&P 500 UCITS Dist		1.15%1.24%1.28%1.55%1.74%1.39%1.80%1.96%2.22%1.95%1.75%2.29%

Frequently Asked Questions

HDLG.L and IUSA.L have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IUSA.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IUSA.L is cheaper with a 0.07% expense ratio, compared with 0.30% for HDLG.L.

HDLG.L tracks S&P 500 Low Volatility High Dividend Index, while IUSA.L tracks S&P 500 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.30% for HDLG.L and 0.07% for IUSA.L.

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