IMBS.L vs. VPAC.L
IMBS.L (iShares US Mortgage Backed Securities UCITS ETF USD (Dist)) and VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD) are both Global Equities funds - IMBS.L tracks the iShares US Mortgage Backed Securities UCITS ETF USD (Dist) while VPAC.L tracks the Invesco Variable Rate Preferred Shares UCITS ETF USD. Both are passively managed. Over the past 5 years, IMBS.L returned 0.06%/yr vs 3.51%/yr for VPAC.L. At a 0.25 correlation, their price movements are largely independent. IMBS.L charges 0.28%/yr vs 0.50%/yr for VPAC.L.
Performance
IMBS.L vs. VPAC.L - Performance Comparison
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Returns By Period
In the year-to-date period, IMBS.L achieves a -0.33% return, which is significantly lower than VPAC.L's 2.04% return.
IMBS.L
- 1D
- -0.04%
- 1M
- -0.33%
- 6M
- -0.09%
- YTD
- -0.33%
- 1Y
- 5.49%
- 3Y*
- 4.05%
- 5Y*
- 0.06%
- 10Y*
- 1.01%
VPAC.L
- 1D
- -0.12%
- 1M
- 0.03%
- 6M
- 1.83%
- YTD
- 2.04%
- 1Y
- 5.32%
- 3Y*
- 8.42%
- 5Y*
- 3.51%
- 10Y*
- —
IMBS.L vs. VPAC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IMBS.L iShares US Mortgage Backed Securities UCITS ETF USD (Dist) | -0.33% | 8.60% | 1.54% | 3.57% | -11.37% | -1.69% | 4.04% | 6.52% | 0.69% |
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD | 2.04% | 6.34% | 10.84% | 9.27% | -9.70% | 3.64% | 4.81% | 17.14% | -1.27% |
Correlation
The correlation between IMBS.L and VPAC.L is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2018 | 0.25 |
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Return for Risk
IMBS.L vs. VPAC.L — Risk / Return Rank
IMBS.L
VPAC.L
IMBS.L vs. VPAC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares US Mortgage Backed Securities UCITS ETF USD (Dist) (IMBS.L) and Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.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.
| IMBS.L | VPAC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.32 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 2.54 | -0.95 |
| Martin ratioReturn relative to average drawdown | 5.11 | 9.98 | -4.88 |
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Drawdowns
IMBS.L vs. VPAC.L - Drawdown Comparison
The maximum IMBS.L drawdown since its inception was -18.09%, smaller than the maximum VPAC.L drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for IMBS.L and VPAC.L.
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Drawdown Indicators
| IMBS.L | VPAC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.09% | -34.25% | +16.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.26% | -2.02% | -1.24% |
Max Drawdown (3Y)Largest decline over 3 years | -7.51% | -3.40% | -4.11% |
Max Drawdown (5Y)Largest decline over 5 years | -17.67% | -13.89% | -3.78% |
Max Drawdown (10Y)Largest decline over 10 years | -18.09% | — | — |
Current DrawdownCurrent decline from peak | -1.49% | -0.33% | -1.16% |
Average DrawdownAverage peak-to-trough decline | -4.22% | -3.14% | -1.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.52% | +0.50% |
Volatility
IMBS.L vs. VPAC.L - Volatility Comparison
iShares US Mortgage Backed Securities UCITS ETF USD (Dist) (IMBS.L) has a higher volatility of 1.37% compared to Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L) at 0.74%. This indicates that IMBS.L's price experiences larger fluctuations and is considered to be riskier than VPAC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IMBS.L | VPAC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.37% | 0.74% | +0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 4.22% | 2.28% | +1.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.17% | 3.17% | +3.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.77% | 5.30% | +2.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.35% | 11.00% | -4.65% |
IMBS.L vs. VPAC.L - Expense Ratio Comparison
IMBS.L has a 0.28% expense ratio, which is lower than VPAC.L's 0.50% expense ratio.
Dividends
IMBS.L vs. VPAC.L - Dividend Comparison
IMBS.L's dividend yield for the trailing twelve months is around 3.74%, while VPAC.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
IMBS.L iShares US Mortgage Backed Securities UCITS ETF USD (Dist) | 3.74% | 3.58% | 3.55% | 3.23% | 2.42% | 2.24% | 2.56% | 2.99% | 3.04% | 2.89% | 1.53% |
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD | 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
IMBS.L and VPAC.L have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IMBS.L is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IMBS.L is cheaper with a 0.28% expense ratio, compared with 0.50% for VPAC.L.
IMBS.L tracks iShares US Mortgage Backed Securities UCITS ETF USD (Dist), while VPAC.L tracks Invesco Variable Rate Preferred Shares UCITS ETF USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.28% for IMBS.L and 0.50% for VPAC.L.
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