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

HDLG.L vs. IUSE.L

Last updated Jul 29, 2026
Documentation

HDLG.L (Invesco S&P 500 High Dividend Low Volatility UCITS ETF) and IUSE.L (iShares S&P 500 EUR Hedged UCITS ETF Acc) are both S&P 500 funds - HDLG.L tracks the S&P 500 Low Volatility High Dividend Index while IUSE.L tracks the S&P 500 EUR Hedged Index. Both are passively managed. Over the past 10 years, HDLG.L returned 6.72%/yr vs 12.08%/yr for IUSE.L. Their 0.49 correlation means their historical movements had little consistent relationship. HDLG.L charges 0.30%/yr vs 0.20%/yr for IUSE.L.

Performance

HDLG.L vs. IUSE.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 EUR Hedged UCITS ETF Acc (IUSE.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

HDLG.L is traded in GBp, while IUSE.L is traded in EUR. To make them comparable, the IUSE.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, HDLG.L achieves a 15.70% return, which is significantly higher than IUSE.L's 5.20% return. Over the past 10 years, HDLG.L has underperformed IUSE.L with an annualized return of 6.72%, while IUSE.L has yielded a comparatively higher 12.08% annualized return.

HDLG.L

1D
1.42%
1M
3.72%
6M
14.46%
YTD
15.70%
1Y
16.25%
3Y*
10.69%
5Y*
8.82%
10Y*
6.72%
ALL TIME*
5.52%

IUSE.L

1D
0.78%
1M
0.16%
6M
4.17%
YTD
5.20%
1Y
13.34%
3Y*
16.25%
5Y*
9.76%
10Y*
12.08%
ALL TIME*
12.06%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

HDLG.L

Invesco S&P 500 High Dividend Low Volatility UCITS ETF
£667.57K£702.70K£1.08M

IUSE.L

iShares S&P 500 EUR Hedged UCITS ETF Acc
£5.11M£6.35M£5.52M

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

2026 (YTD)202520242023202220212020201920182017
HDLG.L
Invesco S&P 500 High Dividend Low Volatility UCITS ETF		15.70%-3.57%18.46%-4.52%12.44%26.47%-13.89%15.07%-1.67%1.42%
IUSE.L
iShares S&P 500 EUR Hedged UCITS ETF Acc		5.16%21.10%17.61%20.60%-17.10%20.27%21.31%19.17%-7.49%24.12%

Correlation

The correlation between HDLG.L and IUSE.L is -0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-0.10

Correlation (3Y)
Balances recent behavior with more history.

0.15

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.31

Correlation (10Y)
Provides a long-term view across more market conditions.

0.47

Correlation (All Time)
Calculated using the full available price history since May 11, 2015

0.49

The correlation between HDLG.L and IUSE.L shifts across timeframes, from -0.10 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

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

Sectors
HDLG.L
IUSE.L

Real Estate

21.9%
1.8%

Financial Services

17.7%
11.5%

Consumer Defensive

14.9%
4.5%

Utilities

14.3%
2.2%

Energy

12.5%
3.0%

Communication Services

8.0%
9.9%

Healthcare

5.0%
8.9%

Consumer Cyclical

3.9%
9.5%

Technology

1.7%
38.6%

Industrials

0.0%
8.4%

Basic Materials

0.0%
1.7%

Real Estate

HDLG.L
21.9%
IUSE.L
1.8%

Financial Services

HDLG.L
17.7%
IUSE.L
11.5%

Consumer Defensive

HDLG.L
14.9%
IUSE.L
4.5%

Utilities

HDLG.L
14.3%
IUSE.L
2.2%

Energy

HDLG.L
12.5%
IUSE.L
3.0%

Communication Services

HDLG.L
8.0%
IUSE.L
9.9%

Healthcare

HDLG.L
5.0%
IUSE.L
8.9%

Consumer Cyclical

HDLG.L
3.9%
IUSE.L
9.5%

Technology

HDLG.L
1.7%
IUSE.L
38.6%

Industrials

HDLG.L
0.0%
IUSE.L
8.4%

Basic Materials

HDLG.L
0.0%
IUSE.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 EUR Hedged UCITS ETF Acc

Often compared with HDLG.L:
HDLG.L vs. VHYL.ASHDLG.L vs. D5BM.DEHDLG.L vs. USDV.LHDLG.L vs. VUSA.LHDLG.L vs. XNAQ.LHDLG.L vs. SCHDHDLG.L vs. SPY
Often compared with IUSE.L:
IUSE.L vs. EXS1.DEIUSE.L vs. IBCK.DEIUSE.L vs. IBCF.DEIUSE.L vs. CEMS.DEIUSE.L vs. SPYIUSE.L vs. SNAW.DEIUSE.L vs. SXR8.DE

Return for Risk

HDLG.L vs. IUSE.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: 6060
Overall Rank
HDLG.L Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
HDLG.L Sortino Ratio Rank: 6666
Sortino Ratio Rank
HDLG.L Omega Ratio Rank: 5656
Omega Ratio Rank
HDLG.L Calmar Ratio Rank: 6767
Calmar Ratio Rank
HDLG.L Martin Ratio Rank: 5151
Martin Ratio Rank
IUSE.L
IUSE.L Risk / Return Rank: 5050
Overall Rank
IUSE.L Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
IUSE.L Sortino Ratio Rank: 5252
Sortino Ratio Rank
IUSE.L Omega Ratio Rank: 4747
Omega Ratio Rank
IUSE.L Calmar Ratio Rank: 4747
Calmar Ratio Rank
IUSE.L Martin Ratio Rank: 5757
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. IUSE.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 EUR Hedged UCITS ETF Acc (IUSE.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

HDLG.LIUSE.LDifference
Sharpe ratioReturn per unit of total volatility
1.46
1.09

+0.37

Sortino ratioReturn per unit of downside risk
2.18
1.66

+0.52

Omega ratioGain probability vs. loss probability

1.25

1.19

+0.05

Calmar ratioReturn relative to maximum drawdown

2.34

1.49

+0.85

Martin ratioReturn relative to average drawdown

5.91

5.42

+0.49

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

The current HDLG.L Sharpe Ratio is 1.46, which is higher than the IUSE.L Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of HDLG.L and IUSE.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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Drawdowns

HDLG.L vs. IUSE.L - Drawdown Comparison

The maximum HDLG.L drawdown since its inception was -38.91%, which is greater than IUSE.L's maximum drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for HDLG.L and IUSE.L.

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Drawdown Indicators

HDLG.LIUSE.LDifference

Max Drawdown

Largest peak-to-trough decline

-38.91%

-27.56%

-11.35%

Max Drawdown (1Y)

Largest decline over 1 year

-6.92%

-8.92%

+2.00%

Max Drawdown (3Y)

Largest decline over 3 years

-15.61%

-17.08%

+1.47%

Max Drawdown (5Y)

Largest decline over 5 years

-17.84%

-23.84%

+6.00%

Max Drawdown (10Y)

Largest decline over 10 years

-33.75%

-27.56%

-6.19%

Current Drawdown

Current decline from peak

0.00%

-3.22%

+3.22%

Average Drawdown

Average peak-to-trough decline

-9.11%

-5.05%

-4.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.74%

2.46%

+0.28%

Volatility

HDLG.L vs. IUSE.L - Volatility Comparison

Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L) has a higher volatility of 3.91% compared to iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) at 3.29%. This indicates that HDLG.L's price experiences larger fluctuations and is considered to be riskier than IUSE.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.LIUSE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.91%

3.29%

+0.62%

Volatility (6M)

Calculated over the trailing 6-month period

8.83%

9.47%

-0.64%

Volatility (1Y)

Calculated over the trailing 1-year period

11.06%

12.20%

-1.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.02%

16.06%

-3.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.54%

16.53%

-0.99%

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

HDLG.L has a 0.30% expense ratio, which is higher than IUSE.L's 0.20% expense ratio.

Dividends

HDLG.L vs. IUSE.L - Dividend Comparison

HDLG.L's dividend yield for the trailing twelve months is around 3.36%, while IUSE.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HDLG.L
Invesco S&P 500 High Dividend Low Volatility UCITS ETF		3.36%3.94%3.46%4.11%3.49%3.30%4.65%3.77%3.67%3.17%2.88%1.86%
IUSE.L
iShares S&P 500 EUR Hedged UCITS ETF Acc		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

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

IUSE.L is cheaper with a 0.20% expense ratio, compared with 0.30% for HDLG.L.

HDLG.L tracks S&P 500 Low Volatility High Dividend Index, while IUSE.L tracks S&P 500 EUR Hedged Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.30% for HDLG.L and 0.20% for IUSE.L.

Portfolio Optimizer

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