ISPE.L vs. SPMD.L

Last updated Jul 18, 2026

ISPE.L (iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc)) and SPMD.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)) are both S&P 500 funds from iShares - ISPE.L tracks the S&P 500 Equal Weight Index (USD) while SPMD.L tracks the S&P 500 Minimum Volatility Index. Both are passively managed. Over the past 3 years, ISPE.L returned 12.67%/yr vs 11.62%/yr for SPMD.L. A 0.55 correlation means they provide meaningful diversification when combined. ISPE.L charges 0.17%/yr vs 0.20%/yr for SPMD.L.

Performance

ISPE.L vs. SPMD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc) (ISPE.L) and iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ISPE.L is traded in GBP, while SPMD.L is traded in USD. To make them comparable, the SPMD.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, ISPE.L achieves a 11.64% return, which is significantly higher than SPMD.L's 4.43% return.

ISPE.L

• 1D: -0.40%
• 1M: 0.94%
• 6M: 8.09%
• YTD: 11.64%
• 1Y: 17.98%
• 3Y*: 12.67%
• 5Y*: —
• 10Y*: —

SPMD.L

• 1D: 0.07%
• 1M: -1.03%
• 6M: 4.00%
• YTD: 4.43%
• 1Y: 10.27%
• 3Y*: 11.62%
• 5Y*: 8.78%
• 10Y*: —

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

ISPE.L vs. SPMD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ISPE.L iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc)	11.64%	11.30%	11.48%	12.23%	-3.77%
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	4.43%	3.64%	20.83%	4.26%	-2.00%

Correlation

The correlation between ISPE.L and SPMD.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Aug 2, 2022	0.55

The correlation between ISPE.L and SPMD.L has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.

Return for Risk

ISPE.L vs. SPMD.L — Risk / Return Rank

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

ISPE.L

ISPE.L Risk / Return Rank: 70
ISPE.L Sharpe Ratio Rank: 70
ISPE.L Sortino Ratio Rank: 74
ISPE.L Omega Ratio Rank: 67
ISPE.L Calmar Ratio Rank: 70
ISPE.L Martin Ratio Rank: 70

SPMD.L

SPMD.L Risk / Return Rank: 46
SPMD.L Sharpe Ratio Rank: 45
SPMD.L Sortino Ratio Rank: 47
SPMD.L Omega Ratio Rank: 44
SPMD.L Calmar Ratio Rank: 42
SPMD.L Martin Ratio Rank: 51

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.

ISPE.L vs. SPMD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc) (ISPE.L) and iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.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.

	ISPE.L	SPMD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.06	+0.61
Sortino ratio: Return per unit of downside risk	2.53	1.51	+1.02
Omega ratio: Gain probability vs. loss probability	1.30	1.19	+0.11
Calmar ratio: Return relative to maximum drawdown	2.59	1.98	+0.61
Martin ratio: Return relative to average drawdown	9.22	5.83	+3.39

ISPE.L vs. SPMD.L - Sharpe Ratio Comparison

The current ISPE.L Sharpe Ratio is 1.67, which is higher than the SPMD.L Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of ISPE.L and SPMD.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.

Drawdowns

ISPE.L vs. SPMD.L - Drawdown Comparison

The maximum ISPE.L drawdown since its inception was -18.22%, smaller than the maximum SPMD.L drawdown of -25.11%. Use the drawdown chart below to compare losses from any high point for ISPE.L and SPMD.L.

Drawdown Indicators

	ISPE.L	SPMD.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.22%	-25.11%	+6.89%
Max Drawdown (1Y) Largest decline over 1 year	-6.90%	-5.16%	-1.74%
Max Drawdown (3Y) Largest decline over 3 years	-18.22%	-14.33%	-3.89%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.33%	—
Current Drawdown Current decline from peak	-0.40%	-1.57%	+1.17%
Average Drawdown Average peak-to-trough decline	-3.72%	-3.80%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.76%	+0.19%

Volatility

ISPE.L vs. SPMD.L - Volatility Comparison

iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc) (ISPE.L) and iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) have volatilities of 2.67% and 2.65%, 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.

Volatility by Period

	ISPE.L	SPMD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	2.65%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	7.96%	7.38%	+0.58%
Volatility (1Y) Calculated over the trailing 1-year period	10.82%	9.65%	+1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.63%	12.71%	+1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.63%	14.64%	-0.01%

ISPE.L vs. SPMD.L - Expense Ratio Comparison

ISPE.L has a 0.17% expense ratio, which is lower than SPMD.L's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ISPE.L vs. SPMD.L - Dividend Comparison

ISPE.L has not paid dividends to shareholders, while SPMD.L's dividend yield for the trailing twelve months is around 1.16%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ISPE.L iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	1.16%	1.15%	1.28%	1.46%	1.35%	1.27%	1.54%	1.52%	1.13%

Frequently Asked Questions

Can I hold both ISPE.L and SPMD.L in my portfolio?

ISPE.L and SPMD.L have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ISPE.L or SPMD.L?

On fees, ISPE.L is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ISPE.L or SPMD.L?

ISPE.L is cheaper with a 0.17% expense ratio, compared with 0.20% for SPMD.L.

What is the main difference between ISPE.L and SPMD.L?

ISPE.L tracks S&P 500 Equal Weight Index (USD), while SPMD.L tracks S&P 500 Minimum Volatility Index. Their fees differ too: 0.17% for ISPE.L and 0.20% for SPMD.L.