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

IUSA.L vs. PQVM.L

Last updated Jun 5, 2026

IUSA.L (iShares S&P 500 UCITS Dist) and PQVM.L (Invesco S&P 500 QVM UCITS ETF) are both S&P 500 funds - IUSA.L tracks the S&P 500 Index while PQVM.L tracks the S&P 500 Quality, Value, and Momentum Multi-Factor Index. Both are passively managed. Over the past 5 years, IUSA.L returned 15.33%/yr vs 16.70%/yr for PQVM.L. Their correlation of 0.80 suggests significant overlap in exposure. IUSA.L charges 0.07%/yr vs 0.35%/yr for PQVM.L.

Performance

IUSA.L vs. PQVM.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 QVM UCITS ETF (PQVM.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, IUSA.L achieves a 10.67% return, which is significantly lower than PQVM.L's 17.12% return.

IUSA.L

1D
0.04%
1M
4.50%
YTD
10.67%
6M
10.05%
1Y
29.42%
3Y*
19.42%
5Y*
15.33%
10Y*
16.52%

PQVM.L

1D
0.39%
1M
5.31%
YTD
17.12%
6M
16.98%
1Y
23.95%
3Y*
21.25%
5Y*
16.70%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
IUSA.L
iShares S&P 500 UCITS Dist		10.67%9.70%27.73%20.24%-8.72%31.54%14.15%27.06%0.51%9.78%
PQVM.L
Invesco S&P 500 QVM UCITS ETF		17.09%5.56%32.44%1.48%12.47%27.32%4.88%20.31%-1.48%13.86%

Correlation

The correlation between IUSA.L and PQVM.L is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.57

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

0.74

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

0.73

Correlation (All Time)
Calculated using the full available price history since May 24, 2017

0.80

Over the past year, the correlation between IUSA.L and PQVM.L has dropped to 0.57 - well below their long-term average of 0.80, suggesting their price drivers have been diverging.

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

Sectors
IUSA.L
PQVM.L

Technology

38.2%
25.6%

Financial Services

11.1%
22.0%

Communication Services

10.9%
9.1%

Consumer Cyclical

10.0%
4.2%

Healthcare

8.3%
9.4%

Industrials

7.9%
13.7%

Consumer Defensive

4.7%
5.5%

Energy

3.2%
5.6%

Utilities

2.2%
2.8%

Real Estate

1.9%

-

Basic Materials

1.7%
2.2%

Technology

IUSA.L
38.2%
PQVM.L
25.6%

Financial Services

IUSA.L
11.1%
PQVM.L
22.0%

Communication Services

IUSA.L
10.9%
PQVM.L
9.1%

Consumer Cyclical

IUSA.L
10.0%
PQVM.L
4.2%

Healthcare

IUSA.L
8.3%
PQVM.L
9.4%

Industrials

IUSA.L
7.9%
PQVM.L
13.7%

Consumer Defensive

IUSA.L
4.7%
PQVM.L
5.5%

Energy

IUSA.L
3.2%
PQVM.L
5.6%

Utilities

IUSA.L
2.2%
PQVM.L
2.8%

Real Estate

IUSA.L
1.9%
PQVM.L

-

Basic Materials

IUSA.L
1.7%
PQVM.L
2.2%

Compare stocks, funds, or ETFs

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iShares S&P 500 UCITS Dist

Invesco S&P 500 QVM 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 PQVM.L:
PQVM.L vs. SPMOPQVM.L vs. VOOPQVM.L vs. UETW.DEPQVM.L vs. WEBN.DEPQVM.L vs. SPYL.LPQVM.L vs. SWDA.LPQVM.L vs. QQQ

Return for Risk

IUSA.L vs. PQVM.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: 8484
Overall Rank
IUSA.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
IUSA.L Sortino Ratio Rank: 8585
Sortino Ratio Rank
IUSA.L Omega Ratio Rank: 8686
Omega Ratio Rank
IUSA.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
IUSA.L Martin Ratio Rank: 8080
Martin Ratio Rank
PQVM.L
PQVM.L Risk / Return Rank: 7373
Overall Rank
PQVM.L Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
PQVM.L Sortino Ratio Rank: 7171
Sortino Ratio Rank
PQVM.L Omega Ratio Rank: 6262
Omega Ratio Rank
PQVM.L Calmar Ratio Rank: 8686
Calmar Ratio Rank
PQVM.L Martin Ratio Rank: 8282
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. PQVM.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 QVM UCITS ETF (PQVM.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.

IUSA.LPQVM.LDifference
Sharpe ratioReturn per unit of total volatility
2.82
2.08

+0.74

Sortino ratioReturn per unit of downside risk
3.78
2.90

+0.87

Omega ratioGain probability vs. loss probability

1.53

1.37

+0.16

Calmar ratioReturn relative to maximum drawdown

4.20

5.17

-0.97

Martin ratioReturn relative to average drawdown

15.53

16.89

-1.36

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current IUSA.L Sharpe Ratio is 2.82, which is higher than the PQVM.L Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of IUSA.L and PQVM.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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Sharpe Ratios by Period

IUSA.LPQVM.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.82

2.08

+0.74

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.07

1.06

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.06

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.85

-0.26

Drawdowns

IUSA.L vs. PQVM.L - Drawdown Comparison

The maximum IUSA.L drawdown since its inception was -38.58%, which is greater than PQVM.L's maximum drawdown of -26.48%. Use the drawdown chart below to compare losses from any high point for IUSA.L and PQVM.L.

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Drawdown Indicators

IUSA.LPQVM.LDifference

Max Drawdown

Largest peak-to-trough decline

-38.58%

-26.48%

-12.10%

Max Drawdown (1Y)

Largest decline over 1 year

-7.01%

-4.61%

-2.40%

Max Drawdown (3Y)

Largest decline over 3 years

-21.08%

-17.12%

-3.96%

Max Drawdown (5Y)

Largest decline over 5 years

-21.08%

-17.12%

-3.96%

Max Drawdown (10Y)

Largest decline over 10 years

-25.42%

—

—

Current Drawdown

Current decline from peak

-0.22%

0.00%

-0.22%

Average Drawdown

Average peak-to-trough decline

-7.29%

-4.22%

-3.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.90%

1.41%

+0.49%

Volatility

IUSA.L vs. PQVM.L - Volatility Comparison

The current volatility for iShares S&P 500 UCITS Dist (IUSA.L) is 2.62%, while Invesco S&P 500 QVM UCITS ETF (PQVM.L) has a volatility of 3.57%. This indicates that IUSA.L experiences smaller price fluctuations and is considered to be less risky than PQVM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IUSA.LPQVM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.62%

3.57%

-0.95%

Volatility (6M)

Calculated over the trailing 6-month period

7.13%

9.05%

-1.92%

Volatility (1Y)

Calculated over the trailing 1-year period

10.44%

11.47%

-1.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.33%

15.83%

-1.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.60%

17.14%

-1.54%

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

IUSA.L has a 0.07% expense ratio, which is lower than PQVM.L's 0.35% expense ratio.

Dividends

IUSA.L vs. PQVM.L - Dividend Comparison

IUSA.L's dividend yield for the trailing twelve months is around 1.15%, more than PQVM.L's 0.77% yield.

PositionTTM20252024202320222021202020192018201720162015
IUSA.L
iShares S&P 500 UCITS Dist		1.15%1.24%1.28%1.55%1.74%1.39%1.80%1.96%2.22%1.95%1.75%2.29%
PQVM.L
Invesco S&P 500 QVM UCITS ETF		0.77%0.82%0.84%1.58%1.79%0.89%1.48%1.38%1.68%0.71%0.00%0.00%

Frequently Asked Questions

IUSA.L and PQVM.L have a correlation of 0.57, 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 0.35% for PQVM.L.

IUSA.L tracks S&P 500 Index, while PQVM.L tracks S&P 500 Quality, Value, and Momentum Multi-Factor Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for IUSA.L and 0.35% for PQVM.L.

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