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

IUSE.L vs. PQVM.L

Last updated Jun 5, 2026

IUSE.L (iShares S&P 500 EUR Hedged UCITS ETF Acc) and PQVM.L (Invesco S&P 500 QVM UCITS ETF) are both S&P 500 funds - IUSE.L tracks the S&P 500 EUR Hedged 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, IUSE.L returned 11.10%/yr vs 16.53%/yr for PQVM.L. A 0.71 correlation means they provide meaningful diversification when combined. IUSE.L charges 0.20%/yr vs 0.35%/yr for PQVM.L.

Performance

IUSE.L vs. PQVM.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 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

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

Returns By Period

In the year-to-date period, IUSE.L achieves a 9.10% return, which is significantly lower than PQVM.L's 17.99% return.

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%

PQVM.L

1D
0.26%
1M
4.77%
YTD
17.99%
6M
18.05%
1Y
21.32%
3Y*
21.07%
5Y*
16.53%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%12.05%
PQVM.L
Invesco S&P 500 QVM UCITS ETF		17.99%0.17%38.76%3.61%6.75%35.56%-0.85%27.89%-2.62%10.62%

Correlation

The correlation between IUSE.L and PQVM.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

0.62

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

0.64

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

0.71

Over the past year, the correlation between IUSE.L and PQVM.L has dropped to 0.47 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

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

Sectors
IUSE.L
PQVM.L

Technology

35.6%
25.6%

Financial Services

11.8%
22.0%

Communication Services

11.2%
9.1%

Consumer Cyclical

10.1%
4.2%

Healthcare

8.5%
9.4%

Industrials

8.3%
13.7%

Consumer Defensive

4.9%
5.5%

Energy

3.5%
5.6%

Utilities

2.3%
2.8%

Real Estate

1.9%

-

Basic Materials

1.8%
2.2%

Technology

IUSE.L
35.6%
PQVM.L
25.6%

Financial Services

IUSE.L
11.8%
PQVM.L
22.0%

Communication Services

IUSE.L
11.2%
PQVM.L
9.1%

Consumer Cyclical

IUSE.L
10.1%
PQVM.L
4.2%

Healthcare

IUSE.L
8.5%
PQVM.L
9.4%

Industrials

IUSE.L
8.3%
PQVM.L
13.7%

Consumer Defensive

IUSE.L
4.9%
PQVM.L
5.5%

Energy

IUSE.L
3.5%
PQVM.L
5.6%

Utilities

IUSE.L
2.3%
PQVM.L
2.8%

Real Estate

IUSE.L
1.9%
PQVM.L

-

Basic Materials

IUSE.L
1.8%
PQVM.L
2.2%

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 EUR Hedged UCITS ETF Acc

Invesco S&P 500 QVM UCITS ETF

Often compared with IUSE.L:
IUSE.L vs. EXS1.DEIUSE.L vs. CEMS.DEIUSE.L vs. IBCK.DEIUSE.L vs. IBCF.DEIUSE.L vs. SPYIUSE.L vs. SNAW.DEIUSE.L vs. SXR8.DE
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

IUSE.L vs. PQVM.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: 6565
Overall Rank
IUSE.L Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
IUSE.L Sortino Ratio Rank: 6969
Sortino Ratio Rank
IUSE.L Omega Ratio Rank: 6565
Omega Ratio Rank
IUSE.L Calmar Ratio Rank: 5858
Calmar Ratio Rank
IUSE.L Martin Ratio Rank: 6767
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.

IUSE.L vs. PQVM.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 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.

IUSE.LPQVM.LDifference
Sharpe ratioReturn per unit of total volatility
2.12
1.75

+0.37

Sortino ratioReturn per unit of downside risk
3.10
2.50

+0.60

Omega ratioGain probability vs. loss probability

1.38

1.31

+0.07

Calmar ratioReturn relative to maximum drawdown

2.83

4.22

-1.39

Martin ratioReturn relative to average drawdown

12.09

12.62

-0.52

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. PQVM.L - Sharpe Ratio Comparison

The current IUSE.L Sharpe Ratio is 2.12, which is comparable to the PQVM.L Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of IUSE.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

IUSE.LPQVM.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.12

1.75

+0.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.69

1.01

-0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.76

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.79

0.82

-0.03

Drawdowns

IUSE.L vs. PQVM.L - Drawdown Comparison

The maximum IUSE.L drawdown since its inception was -34.75%, roughly equal to the maximum PQVM.L drawdown of -33.85%. Use the drawdown chart below to compare losses from any high point for IUSE.L and PQVM.L.

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Drawdown Indicators

IUSE.LPQVM.LDifference

Max Drawdown

Largest peak-to-trough decline

-34.75%

-33.85%

-0.90%

Max Drawdown (1Y)

Largest decline over 1 year

-8.67%

-4.88%

-3.79%

Max Drawdown (3Y)

Largest decline over 3 years

-18.33%

-19.31%

+0.98%

Max Drawdown (5Y)

Largest decline over 5 years

-26.23%

-19.31%

-6.92%

Max Drawdown (10Y)

Largest decline over 10 years

-34.75%

—

—

Current Drawdown

Current decline from peak

-0.55%

0.00%

-0.55%

Average Drawdown

Average peak-to-trough decline

-4.31%

-5.00%

+0.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

1.64%

+0.39%

Volatility

IUSE.L vs. PQVM.L - Volatility Comparison

iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) and Invesco S&P 500 QVM UCITS ETF (PQVM.L) have volatilities of 3.24% and 3.15%, 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

IUSE.LPQVM.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.24%

3.15%

+0.09%

Volatility (6M)

Calculated over the trailing 6-month period

8.53%

8.98%

-0.45%

Volatility (1Y)

Calculated over the trailing 1-year period

11.58%

11.79%

-0.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.00%

16.38%

-0.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.33%

17.60%

-1.27%

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

IUSE.L has a 0.20% expense ratio, which is lower than PQVM.L's 0.35% expense ratio.

Dividends

IUSE.L vs. PQVM.L - Dividend Comparison

IUSE.L has not paid dividends to shareholders, while PQVM.L's dividend yield for the trailing twelve months is around 0.77%.

PositionTTM202520242023202220212020201920182017
IUSE.L
iShares S&P 500 EUR Hedged UCITS ETF Acc		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
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%

Frequently Asked Questions

IUSE.L and PQVM.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.

On fees, IUSE.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IUSE.L is cheaper with a 0.20% expense ratio, compared with 0.35% for PQVM.L.

IUSE.L tracks S&P 500 EUR Hedged 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: 0.20% for IUSE.L and 0.35% for PQVM.L.

Portfolio Optimizer

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