IDP6.L vs. USML.L
IDP6.L (iShares S&P Small Cap 600 UCITS ETF USD (Dist)) and USML.L (Invesco S&P SmallCap 600 UCITS ETF A) are both Small Cap Blend Equities funds - IDP6.L tracks the iShares S&P Small Cap 600 UCITS ETF USD (Dist) while USML.L tracks the Russell 2000 TR USD. Both are passively managed. Over the past 5 years, IDP6.L returned 7.17%/yr vs 7.89%/yr for USML.L. With a 0.99 correlation, they move nearly in lockstep. IDP6.L charges 0.40%/yr vs 0.14%/yr for USML.L.
Performance
IDP6.L vs. USML.L - Performance Comparison
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Returns By Period
In the year-to-date period, IDP6.L achieves a 19.44% return, which is significantly lower than USML.L's 20.96% return.
IDP6.L
- 1D
- -0.60%
- 1M
- 1.24%
- 6M
- 14.55%
- YTD
- 19.44%
- 1Y
- 30.44%
- 3Y*
- 13.63%
- 5Y*
- 7.17%
- 10Y*
- 10.14%
USML.L
- 1D
- 0.78%
- 1M
- 1.77%
- 6M
- 15.86%
- YTD
- 20.96%
- 1Y
- 32.28%
- 3Y*
- 14.91%
- 5Y*
- 7.89%
- 10Y*
- —
IDP6.L vs. USML.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IDP6.L iShares S&P Small Cap 600 UCITS ETF USD (Dist) | 19.44% | 6.28% | 7.11% | 17.37% | -16.73% | 26.35% | 10.58% | 11.87% |
USML.L Invesco S&P SmallCap 600 UCITS ETF A | 20.96% | 6.57% | 7.78% | 17.52% | -15.95% | 26.49% | 11.11% | 12.51% |
Correlation
The correlation between IDP6.L and USML.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2019 | 0.99 |
The correlation between IDP6.L and USML.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
IDP6.L vs. USML.L — Risk / Return Rank
IDP6.L
USML.L
IDP6.L vs. USML.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P Small Cap 600 UCITS ETF USD (Dist) (IDP6.L) and Invesco S&P SmallCap 600 UCITS ETF A (USML.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.
| IDP6.L | USML.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.34 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.80 | 3.71 | +0.09 |
| Martin ratioReturn relative to average drawdown | 12.09 | 11.82 | +0.27 |
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Drawdowns
IDP6.L vs. USML.L - Drawdown Comparison
The maximum IDP6.L drawdown since its inception was -52.21%, which is greater than USML.L's maximum drawdown of -42.69%. Use the drawdown chart below to compare losses from any high point for IDP6.L and USML.L.
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Drawdown Indicators
| IDP6.L | USML.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.21% | -42.69% | -9.52% |
Max Drawdown (1Y)Largest decline over 1 year | -8.66% | -8.67% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -28.99% | -29.02% | +0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -28.99% | -29.02% | +0.03% |
Max Drawdown (10Y)Largest decline over 10 years | -45.49% | — | — |
Current DrawdownCurrent decline from peak | -2.42% | -1.92% | -0.50% |
Average DrawdownAverage peak-to-trough decline | -9.38% | -9.69% | +0.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 2.73% | 0.00% |
Volatility
IDP6.L vs. USML.L - Volatility Comparison
iShares S&P Small Cap 600 UCITS ETF USD (Dist) (IDP6.L) and Invesco S&P SmallCap 600 UCITS ETF A (USML.L) have volatilities of 4.36% and 4.32%, 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.
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Volatility by Period
| IDP6.L | USML.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 4.32% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 12.06% | 12.22% | -0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.95% | 16.92% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.13% | 21.14% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.67% | 23.62% | -1.95% |
IDP6.L vs. USML.L - Expense Ratio Comparison
IDP6.L has a 0.40% expense ratio, which is higher than USML.L's 0.14% expense ratio.
Dividends
IDP6.L vs. USML.L - Dividend Comparison
IDP6.L's dividend yield for the trailing twelve months is around 1.01%, while USML.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IDP6.L iShares S&P Small Cap 600 UCITS ETF USD (Dist) | 1.01% | 1.16% | 1.18% | 1.07% | 1.06% | 0.66% | 0.88% | 0.94% | 1.01% | 0.72% | 0.87% | 0.56% |
USML.L Invesco S&P SmallCap 600 UCITS ETF A | 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
With a correlation of 0.98, IDP6.L and USML.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, USML.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USML.L is cheaper with a 0.14% expense ratio, compared with 0.40% for IDP6.L.
IDP6.L tracks iShares S&P Small Cap 600 UCITS ETF USD (Dist), while USML.L tracks Russell 2000 TR USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.40% for IDP6.L and 0.14% for USML.L.
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