IPRV.L vs. GPZ

Last updated Jun 5, 2026

IPRV.L (iShares Listed Private Equity UCITS ETF USD (Dist)) and GPZ (VanEck Alternative Asset Manager ETF) are both Financials Equities funds - IPRV.L tracks the S&P Listed Private Equity Index while GPZ tracks the MarketVector Alternative Asset Managers Index. Both are passively managed. A 0.71 correlation means they provide meaningful diversification when combined. IPRV.L charges 0.75%/yr vs 0.40%/yr for GPZ.

Performance

IPRV.L vs. GPZ - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Listed Private Equity UCITS ETF USD (Dist) (IPRV.L) and VanEck Alternative Asset Manager ETF (GPZ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IPRV.L is traded in GBp, while GPZ is traded in USD. To make them comparable, the GPZ values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IPRV.L achieves a -12.08% return, which is significantly higher than GPZ's -15.72% return.

IPRV.L

• 1D: 2.62%
• 1M: -2.90%
• YTD: -12.08%
• 6M: -10.54%
• 1Y: -7.71%
• 3Y*: 10.33%
• 5Y*: 6.33%
• 10Y*: 12.65%

GPZ

• 1D: 4.11%
• 1M: -3.51%
• YTD: -15.72%
• 6M: -14.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IPRV.L vs. GPZ - Yearly Performance Comparison

	2026 (YTD)	2025
IPRV.L iShares Listed Private Equity UCITS ETF USD (Dist)	-12.08%	5.38%
GPZ VanEck Alternative Asset Manager ETF	-15.72%	10.23%

Correlation

The correlation between IPRV.L and GPZ is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 6, 2025	0.71

IPRV.L vs. GPZ - Sectors Allocation Comparison

Sectors	IPRV.L	GPZ
Financial Services	99.0%	100.0%
Industrials	0.7%	-
Consumer Cyclical	0.3%	-
Technology	0.1%	-
Healthcare	0.0%	-
Consumer Defensive	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Energy	-	-
Real Estate	-	2.3%
Utilities	-	-

Return for Risk

IPRV.L vs. GPZ — Risk / Return Rank

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

IPRV.L

IPRV.L Risk / Return Rank: 6
IPRV.L Sharpe Ratio Rank: 5
IPRV.L Sortino Ratio Rank: 5
IPRV.L Omega Ratio Rank: 5
IPRV.L Calmar Ratio Rank: 6
IPRV.L Martin Ratio Rank: 6

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.

IPRV.L vs. GPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Listed Private Equity UCITS ETF USD (Dist) (IPRV.L) and VanEck Alternative Asset Manager ETF (GPZ). 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.

	IPRV.L	GPZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	—	—
Sortino ratio: Return per unit of downside risk	-0.45	—	—
Omega ratio: Gain probability vs. loss probability	0.95	—	—
Calmar ratio: Return relative to maximum drawdown	-0.33	—	—
Martin ratio: Return relative to average drawdown	-0.69	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IPRV.L	GPZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	-0.27	+0.43

Drawdowns

IPRV.L vs. GPZ - Drawdown Comparison

The maximum IPRV.L drawdown since its inception was -74.08%, which is greater than GPZ's maximum drawdown of -30.81%. Use the drawdown chart below to compare losses from any high point for IPRV.L and GPZ.

Drawdown Indicators

	IPRV.L	GPZ	Difference
Max Drawdown Largest peak-to-trough decline	-74.08%	-30.81%	-43.27%
Max Drawdown (1Y) Largest decline over 1 year	-23.47%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-27.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.90%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.53%	—	—
Current Drawdown Current decline from peak	-22.45%	-22.29%	-0.16%
Average Drawdown Average peak-to-trough decline	-11.64%	-11.30%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.08%	—	—

Volatility

Volatility by Period

	IPRV.L	GPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.11%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.90%	26.71%	-7.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.52%	26.71%	-7.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.36%	26.71%	-6.35%

IPRV.L vs. GPZ - Expense Ratio Comparison

IPRV.L has a 0.75% expense ratio, which is higher than GPZ's 0.40% expense ratio.

Dividends

IPRV.L vs. GPZ - Dividend Comparison

IPRV.L's dividend yield for the trailing twelve months is around 5.23%, more than GPZ's 0.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPZ VanEck Alternative Asset Manager ETF	0.99%	0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IPRV.L iShares Listed Private Equity UCITS ETF USD (Dist)	5.23%	3.98%	3.81%	4.27%	5.26%	3.42%	4.85%	4.28%	6.46%	6.70%	5.33%	8.21%

Frequently Asked Questions

Can I hold both IPRV.L and GPZ in my portfolio?

IPRV.L and GPZ have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IPRV.L or GPZ?

On fees, GPZ is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IPRV.L or GPZ?

GPZ is cheaper with a 0.40% expense ratio, compared with 0.75% for IPRV.L.

What is the main difference between IPRV.L and GPZ?

IPRV.L tracks S&P Listed Private Equity Index, while GPZ tracks MarketVector Alternative Asset Managers Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.75% for IPRV.L and 0.40% for GPZ.