IRSA.L vs. VPAC.L
IRSA.L (iShares MSCI South Africa UCITS ETF USD (Acc)) and VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD) are both Global Equities funds - IRSA.L tracks the iShares MSCI South Africa UCITS ETF USD (Acc) while VPAC.L tracks the Invesco Variable Rate Preferred Shares UCITS ETF USD. Both are passively managed. Over the past 5 years, IRSA.L returned 10.90%/yr vs 3.51%/yr for VPAC.L. At a 0.39 correlation, their price movements are largely independent. IRSA.L charges 0.65%/yr vs 0.50%/yr for VPAC.L.
Performance
IRSA.L vs. VPAC.L - Performance Comparison
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Returns By Period
In the year-to-date period, IRSA.L achieves a -4.47% return, which is significantly lower than VPAC.L's 2.04% return.
IRSA.L
- 1D
- 1.35%
- 1M
- -4.91%
- 6M
- -10.54%
- YTD
- -4.47%
- 1Y
- 32.37%
- 3Y*
- 21.89%
- 5Y*
- 10.90%
- 10Y*
- 6.54%
VPAC.L
- 1D
- -0.12%
- 1M
- 0.03%
- 6M
- 1.83%
- YTD
- 2.04%
- 1Y
- 5.32%
- 3Y*
- 8.42%
- 5Y*
- 3.51%
- 10Y*
- —
IRSA.L vs. VPAC.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IRSA.L iShares MSCI South Africa UCITS ETF USD (Acc) | -4.47% | 76.74% | 7.84% | 0.20% | -3.75% | 3.99% | -2.70% | 8.62% | 1.71% |
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 IRSA.L and VPAC.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2018 | 0.39 |
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Return for Risk
IRSA.L vs. VPAC.L — Risk / Return Rank
IRSA.L
VPAC.L
IRSA.L vs. VPAC.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa UCITS ETF USD (Acc) (IRSA.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.
| IRSA.L | VPAC.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.32 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 2.54 | -1.17 |
| Martin ratioReturn relative to average drawdown | 2.95 | 9.98 | -7.03 |
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Drawdowns
IRSA.L vs. VPAC.L - Drawdown Comparison
The maximum IRSA.L drawdown since its inception was -61.84%, which is greater than VPAC.L's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for IRSA.L and VPAC.L.
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Drawdown Indicators
| IRSA.L | VPAC.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.84% | -34.25% | -27.59% |
Max Drawdown (1Y)Largest decline over 1 year | -22.87% | -2.02% | -20.85% |
Max Drawdown (3Y)Largest decline over 3 years | -22.87% | -3.40% | -19.47% |
Max Drawdown (5Y)Largest decline over 5 years | -34.44% | -13.89% | -20.55% |
Max Drawdown (10Y)Largest decline over 10 years | -61.84% | — | — |
Current DrawdownCurrent decline from peak | -19.50% | -0.33% | -19.17% |
Average DrawdownAverage peak-to-trough decline | -17.86% | -3.14% | -14.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.68% | 0.52% | +10.16% |
Volatility
IRSA.L vs. VPAC.L - Volatility Comparison
iShares MSCI South Africa UCITS ETF USD (Acc) (IRSA.L) has a higher volatility of 7.83% compared to Invesco Variable Rate Preferred Shares UCITS ETF USD (VPAC.L) at 0.74%. This indicates that IRSA.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
| IRSA.L | VPAC.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.83% | 0.74% | +7.09% |
Volatility (6M)Calculated over the trailing 6-month period | 27.42% | 2.28% | +25.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.59% | 3.17% | +29.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.69% | 5.30% | +23.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.78% | 11.00% | +18.78% |
IRSA.L vs. VPAC.L - Expense Ratio Comparison
IRSA.L has a 0.65% expense ratio, which is higher than VPAC.L's 0.50% expense ratio.
Dividends
IRSA.L vs. VPAC.L - Dividend Comparison
Neither IRSA.L nor VPAC.L has paid dividends to shareholders.
Frequently Asked Questions
IRSA.L and VPAC.L have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VPAC.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VPAC.L is cheaper with a 0.50% expense ratio, compared with 0.65% for IRSA.L.
IRSA.L tracks iShares MSCI South Africa UCITS ETF USD (Acc), 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: 0.65% for IRSA.L and 0.50% for VPAC.L.
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