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IUSA.L vs. HDLG.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IUSA.L vs. HDLG.L

Last updated Jun 27, 2026

IUSA.L (iShares S&P 500 UCITS Dist) and HDLG.L (Invesco S&P 500 High Dividend Low Volatility UCITS ETF) are both S&P 500 funds - IUSA.L tracks the S&P 500 Index while HDLG.L tracks the S&P 500 Low Volatility High Dividend Index. Both are passively managed. Over the past 10 years, IUSA.L returned 15.48%/yr vs 7.31%/yr for HDLG.L. A 0.65 correlation means they provide meaningful diversification when combined. IUSA.L charges 0.07%/yr vs 0.30%/yr for HDLG.L.

Performance

IUSA.L vs. HDLG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares S&P 500 UCITS Dist (IUSA.L) and Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IUSA.L achieves a 9.52% return, which is significantly lower than HDLG.L's 11.55% return. Over the past 10 years, IUSA.L has outperformed HDLG.L with an annualized return of 15.48%, while HDLG.L has yielded a comparatively lower 7.31% annualized return.

IUSA.L

1D
-0.04%
1M
-0.21%
YTD
9.52%
6M
9.66%
1Y
26.30%
3Y*
19.06%
5Y*
13.98%
10Y*
15.48%

HDLG.L

1D
1.19%
1M
4.52%
YTD
11.55%
6M
12.92%
1Y
18.62%
3Y*
10.68%
5Y*
7.85%
10Y*
7.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IUSA.L vs. HDLG.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IUSA.L
iShares S&P 500 UCITS Dist		9.52%9.32%27.33%19.83%-9.00%30.97%13.65%26.47%-0.00%10.67%
HDLG.L
Invesco S&P 500 High Dividend Low Volatility UCITS ETF		11.55%-3.57%18.46%-4.52%12.44%26.47%-13.89%15.07%-1.67%1.42%

Correlation

The correlation between IUSA.L and HDLG.L is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.04

Correlation (3Y)
Calculated over the trailing 3-year period

0.29

Correlation (5Y)
Calculated over the trailing 5-year period

0.47

Correlation (10Y)
Calculated over the trailing 10-year period

0.63

Correlation (All Time)
Calculated using the full available price history since May 11, 2015

0.65

Over the past year, the correlation between IUSA.L and HDLG.L has dropped to 0.04 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

IUSA.L vs. HDLG.L - Sectors Allocation Comparison

Sectors
IUSA.L
HDLG.L

Technology

39.1%
1.5%

Financial Services

11.5%
16.8%

Communication Services

10.2%
7.9%

Consumer Cyclical

9.5%
3.7%

Healthcare

8.3%
4.9%

Industrials

8.2%
0.0%

Consumer Defensive

4.6%
18.3%

Energy

3.0%
11.7%

Utilities

2.2%
14.0%

Real Estate

1.8%
21.2%

Basic Materials

1.7%
0.0%

Technology

IUSA.L
39.1%
HDLG.L
1.5%

Financial Services

IUSA.L
11.5%
HDLG.L
16.8%

Communication Services

IUSA.L
10.2%
HDLG.L
7.9%

Consumer Cyclical

IUSA.L
9.5%
HDLG.L
3.7%

Healthcare

IUSA.L
8.3%
HDLG.L
4.9%

Industrials

IUSA.L
8.2%
HDLG.L
0.0%

Consumer Defensive

IUSA.L
4.6%
HDLG.L
18.3%

Energy

IUSA.L
3.0%
HDLG.L
11.7%

Utilities

IUSA.L
2.2%
HDLG.L
14.0%

Real Estate

IUSA.L
1.8%
HDLG.L
21.2%

Basic Materials

IUSA.L
1.7%
HDLG.L
0.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P 500 UCITS Dist

Invesco S&P 500 High Dividend Low Volatility UCITS ETF

Often compared with IUSA.L:
IUSA.L vs. CSP1.LIUSA.L vs. VUAA.LIUSA.L vs. IAPD.ASIUSA.L vs. SPX5.LIUSA.L vs. SPXP.LIUSA.L vs. VOOIUSA.L vs. IVV
Often compared with HDLG.L:
HDLG.L vs. VHYL.ASHDLG.L vs. D5BM.DEHDLG.L vs. USDV.LHDLG.L vs. VUSA.LHDLG.L vs. XNAQ.LHDLG.L vs. SCHDHDLG.L vs. SPY

Return for Risk

IUSA.L vs. HDLG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IUSA.L
IUSA.L Risk / Return Rank: 8282
Overall Rank
IUSA.L Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
IUSA.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
IUSA.L Omega Ratio Rank: 8484
Omega Ratio Rank
IUSA.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
IUSA.L Martin Ratio Rank: 7979
Martin Ratio Rank
HDLG.L
HDLG.L Risk / Return Rank: 5757
Overall Rank
HDLG.L Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
HDLG.L Sortino Ratio Rank: 6363
Sortino Ratio Rank
HDLG.L Omega Ratio Rank: 5353
Omega Ratio Rank
HDLG.L Calmar Ratio Rank: 6363
Calmar Ratio Rank
HDLG.L Martin Ratio Rank: 4646
Martin Ratio Rank
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.

IUSA.L vs. HDLG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 UCITS Dist (IUSA.L) and Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.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.

IUSA.LHDLG.LDifference
Sharpe ratioReturn per unit of total volatility
2.41
1.73

+0.68

Sortino ratioReturn per unit of downside risk
3.26
2.55

+0.71

Omega ratioGain probability vs. loss probability

1.44

1.29

+0.15

Calmar ratioReturn relative to maximum drawdown

3.68

2.68

+1.00

Martin ratioReturn relative to average drawdown

13.32

6.82

+6.50

IUSA.L vs. HDLG.L - Sharpe Ratio Comparison

The current IUSA.L Sharpe Ratio is 2.41, which is higher than the HDLG.L Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of IUSA.L and HDLG.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.

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Drawdowns

IUSA.L vs. HDLG.L - Drawdown Comparison

The maximum IUSA.L drawdown since its inception was -36.17%, smaller than the maximum HDLG.L drawdown of -38.91%. Use the drawdown chart below to compare losses from any high point for IUSA.L and HDLG.L.

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Drawdown Indicators

IUSA.LHDLG.LDifference

Max Drawdown

Largest peak-to-trough decline

-36.17%

-38.91%

+2.74%

Max Drawdown (1Y)

Largest decline over 1 year

-7.11%

-6.92%

-0.19%

Max Drawdown (3Y)

Largest decline over 3 years

-21.14%

-15.61%

-5.53%

Max Drawdown (5Y)

Largest decline over 5 years

-21.14%

-17.84%

-3.30%

Max Drawdown (10Y)

Largest decline over 10 years

-25.52%

-33.75%

+8.23%

Current Drawdown

Current decline from peak

-1.55%

0.00%

-1.55%

Average Drawdown

Average peak-to-trough decline

-4.82%

-9.18%

+4.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.97%

2.72%

-0.75%

Volatility

IUSA.L vs. HDLG.L - Volatility Comparison

iShares S&P 500 UCITS Dist (IUSA.L) and Invesco S&P 500 High Dividend Low Volatility UCITS ETF (HDLG.L) have volatilities of 3.51% and 3.53%, 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

IUSA.LHDLG.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.51%

3.53%

-0.02%

Volatility (6M)

Calculated over the trailing 6-month period

7.72%

8.49%

-0.77%

Volatility (1Y)

Calculated over the trailing 1-year period

10.87%

10.75%

+0.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.39%

13.00%

+1.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.52%

15.54%

-0.02%

IUSA.L vs. HDLG.L - Expense Ratio Comparison

IUSA.L has a 0.07% expense ratio, which is lower than HDLG.L's 0.30% expense ratio.

Dividends

IUSA.L vs. HDLG.L - Dividend Comparison

IUSA.L's dividend yield for the trailing twelve months is around 0.87%, less than HDLG.L's 3.49% yield.

PositionTTM20252024202320222021202020192018201720162015
HDLG.L
Invesco S&P 500 High Dividend Low Volatility UCITS ETF		3.49%3.94%3.46%4.11%3.49%3.30%4.65%3.77%3.67%3.17%2.88%1.86%
IUSA.L
iShares S&P 500 UCITS Dist		0.87%0.93%1.00%1.24%1.42%1.01%1.40%1.53%1.68%1.50%1.30%1.50%

Frequently Asked Questions

IUSA.L and HDLG.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IUSA.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IUSA.L is cheaper with a 0.07% expense ratio, compared with 0.30% for HDLG.L.

IUSA.L tracks S&P 500 Index, while HDLG.L tracks S&P 500 Low Volatility High Dividend Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for IUSA.L and 0.30% for HDLG.L.

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