IUSE.L vs. BYBG.L

Last updated Jun 5, 2026

IUSE.L (iShares S&P 500 EUR Hedged UCITS ETF Acc) and BYBG.L (Amundi S&P 500 Buyback ETF-C USD) are both S&P 500 funds - IUSE.L tracks the S&P 500 EUR Hedged Index while BYBG.L tracks the S&P 500 Buyback NTR. Both are passively managed. Over the past 10 years, IUSE.L returned 12.48%/yr vs 12.81%/yr for BYBG.L. A 0.69 correlation means they provide meaningful diversification when combined. IUSE.L charges 0.20%/yr vs 0.15%/yr for BYBG.L.

Performance

IUSE.L vs. BYBG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) and Amundi S&P 500 Buyback ETF-C USD (BYBG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

IUSE.L is traded in EUR, while BYBG.L is traded in GBp. To make them comparable, the BYBG.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with IUSE.L having a 9.10% return and BYBG.L slightly higher at 9.42%. Both investments have delivered pretty close results over the past 10 years, with IUSE.L having a 12.48% annualized return and BYBG.L not far ahead at 12.81%.

IUSE.L

• 1D: 0.01%
• 1M: 3.10%
• YTD: 9.10%
• 6M: 9.36%
• 1Y: 24.30%
• 3Y*: 19.47%
• 5Y*: 11.10%
• 10Y*: 12.48%

BYBG.L

• 1D: 0.87%
• 1M: 5.50%
• YTD: 9.42%
• 6M: 10.38%
• 1Y: 20.59%
• 3Y*: 15.39%
• 5Y*: 11.19%
• 10Y*: 12.81%

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

IUSE.L vs. BYBG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IUSE.L iShares S&P 500 EUR Hedged UCITS ETF Acc	9.10%	14.95%	23.20%	23.05%	-21.17%	27.85%	14.81%	26.33%	-8.40%	19.04%
BYBG.L Amundi S&P 500 Buyback ETF-C USD	9.44%	3.70%	21.42%	11.90%	-6.38%	44.80%	-3.55%	34.82%	-4.95%	5.76%

Correlation

The correlation between IUSE.L and BYBG.L is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since May 5, 2015	0.69

Over the past year, the correlation between IUSE.L and BYBG.L has dropped to 0.47 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

IUSE.L vs. BYBG.L - Sectors Allocation Comparison

Sectors	IUSE.L	BYBG.L
Technology	35.6%	22.4%
Financial Services	11.8%	27.9%
Communication Services	11.2%	4.6%
Consumer Cyclical	10.1%	15.8%
Healthcare	8.5%	7.5%
Industrials	8.3%	9.0%
Consumer Defensive	4.9%	3.7%
Energy	3.5%	5.2%
Utilities	2.3%	0.9%
Real Estate	1.9%	-
Basic Materials	1.8%	3.1%

Return for Risk

IUSE.L vs. BYBG.L — Risk / Return Rank

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

IUSE.L

IUSE.L Risk / Return Rank: 65
IUSE.L Sharpe Ratio Rank: 65
IUSE.L Sortino Ratio Rank: 69
IUSE.L Omega Ratio Rank: 65
IUSE.L Calmar Ratio Rank: 58
IUSE.L Martin Ratio Rank: 67

BYBG.L

BYBG.L Risk / Return Rank: 71
BYBG.L Sharpe Ratio Rank: 66
BYBG.L Sortino Ratio Rank: 65
BYBG.L Omega Ratio Rank: 63
BYBG.L Calmar Ratio Rank: 87
BYBG.L Martin Ratio Rank: 74

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.

IUSE.L vs. BYBG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) and Amundi S&P 500 Buyback ETF-C USD (BYBG.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.

	IUSE.L	BYBG.L	Difference
Sharpe ratio: Return per unit of total volatility	2.12	1.76	+0.36
Sortino ratio: Return per unit of downside risk	3.10	2.46	+0.65
Omega ratio: Gain probability vs. loss probability	1.38	1.31	+0.07
Calmar ratio: Return relative to maximum drawdown	2.83	4.42	-1.59
Martin ratio: Return relative to average drawdown	12.09	11.29	+0.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IUSE.L vs. BYBG.L - Sharpe Ratio Comparison

The current IUSE.L Sharpe Ratio is 2.12, which is comparable to the BYBG.L Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of IUSE.L and BYBG.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.

Sharpe Ratios by Period

	IUSE.L	BYBG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	1.76	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.70	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	0.68	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.56	+0.23

Drawdowns

IUSE.L vs. BYBG.L - Drawdown Comparison

The maximum IUSE.L drawdown since its inception was -34.75%, smaller than the maximum BYBG.L drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for IUSE.L and BYBG.L.

Drawdown Indicators

	IUSE.L	BYBG.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.75%	-41.97%	+7.22%
Max Drawdown (1Y) Largest decline over 1 year	-8.67%	-4.64%	-4.03%
Max Drawdown (3Y) Largest decline over 3 years	-18.33%	-22.52%	+4.19%
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	-22.52%	-3.71%
Max Drawdown (10Y) Largest decline over 10 years	-34.75%	-41.97%	+7.22%
Current Drawdown Current decline from peak	-0.55%	0.00%	-0.55%
Average Drawdown Average peak-to-trough decline	-4.31%	-5.81%	+1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	1.82%	+0.21%

Volatility

IUSE.L vs. BYBG.L - Volatility Comparison

iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) has a higher volatility of 3.24% compared to Amundi S&P 500 Buyback ETF-C USD (BYBG.L) at 2.82%. This indicates that IUSE.L's price experiences larger fluctuations and is considered to be riskier than BYBG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUSE.L	BYBG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	2.82%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	8.53%	7.71%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	11.58%	11.66%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	15.91%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.33%	18.87%	-2.54%

IUSE.L vs. BYBG.L - Expense Ratio Comparison

IUSE.L has a 0.20% expense ratio, which is higher than BYBG.L's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IUSE.L vs. BYBG.L - Dividend Comparison

Neither IUSE.L nor BYBG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IUSE.L and BYBG.L in my portfolio?

IUSE.L and BYBG.L have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IUSE.L or BYBG.L?

On fees, BYBG.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IUSE.L or BYBG.L?

BYBG.L is cheaper with a 0.15% expense ratio, compared with 0.20% for IUSE.L.

What is the main difference between IUSE.L and BYBG.L?

IUSE.L tracks S&P 500 EUR Hedged Index, while BYBG.L tracks S&P 500 Buyback NTR. They also come from different issuers: iShares and Amundi. Their fees differ too: 0.20% for IUSE.L and 0.15% for BYBG.L.