IUSE.L vs. SPMD.L

Last updated Apr 2, 2026

Compare and contrast key facts about iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) and iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L).

IUSE.L and SPMD.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IUSE.L is a passively managed fund by iShares that tracks the performance of the S&P 500 EUR Hedged Index. It was launched on Sep 30, 2010. SPMD.L is a passively managed fund by iShares that tracks the performance of the S&P 500 Minimum Volatility Index. It was launched on Feb 21, 2018. Both IUSE.L and SPMD.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IUSE.L vs. SPMD.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 iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IUSE.L iShares S&P 500 EUR Hedged UCITS ETF Acc	-4.73%	14.95%	23.20%	23.05%	-21.17%	27.85%	14.81%	26.33%	-8.89%
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	-2.45%	-1.68%	26.53%	6.58%	-5.44%	34.27%	-1.27%	33.89%	2.37%

Different Trading Currencies

IUSE.L is traded in EUR, while SPMD.L is traded in USD. To make them comparable, the SPMD.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 -4.73% return, which is significantly lower than SPMD.L's -2.45% return.

IUSE.L

• 1D: 2.44%
• 1M: -3.97%
• YTD: -4.73%
• 6M: -2.12%
• 1Y: 15.45%
• 3Y*: 16.09%
• 5Y*: 9.26%
• 10Y*: 11.23%

SPMD.L

• 1D: 1.14%
• 1M: -3.50%
• YTD: -2.45%
• 6M: -0.21%
• 1Y: -2.16%
• 3Y*: 8.99%
• 5Y*: 8.57%
• 10Y*: —

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

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

Both IUSE.L and SPMD.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

IUSE.L

iShares S&P 500 EUR Hedged UCITS ETF Acc

SPMD.L

iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)

Return for Risk

IUSE.L vs. SPMD.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: 56
IUSE.L Sharpe Ratio Rank: 51
IUSE.L Sortino Ratio Rank: 51
IUSE.L Omega Ratio Rank: 52
IUSE.L Calmar Ratio Rank: 61
IUSE.L Martin Ratio Rank: 63

SPMD.L

SPMD.L Risk / Return Rank: 23
SPMD.L Sharpe Ratio Rank: 22
SPMD.L Sortino Ratio Rank: 21
SPMD.L Omega Ratio Rank: 22
SPMD.L Calmar Ratio Rank: 23
SPMD.L Martin Ratio Rank: 29

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. SPMD.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 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.

	IUSE.L	SPMD.L	Difference
Sharpe ratio Return per unit of total volatility	0.97	-0.17	+1.14
Sortino ratio Return per unit of downside risk	1.44	-0.14	+1.58
Omega ratio Gain probability vs. loss probability	1.21	0.98	+0.22
Calmar ratio Return relative to maximum drawdown	1.72	-0.22	+1.94
Martin ratio Return relative to average drawdown	6.99	-0.75	+7.74
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. SPMD.L - Sharpe Ratio Comparison

The current IUSE.L Sharpe Ratio is 0.97, which is higher than the SPMD.L Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of IUSE.L and SPMD.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IUSE.L	SPMD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	-0.17	+1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.66	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.68	+0.05

Correlation

The correlation between IUSE.L and SPMD.L is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IUSE.L vs. SPMD.L - Dividend Comparison

IUSE.L has not paid dividends to shareholders, while SPMD.L's dividend yield for the trailing twelve months is around 1.20%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	1.20%	1.15%	1.28%	1.46%	1.35%	1.27%	1.54%	1.52%	1.13%

Drawdowns

IUSE.L vs. SPMD.L - Drawdown Comparison

The maximum IUSE.L drawdown since its inception was -34.75%, which is greater than SPMD.L's maximum drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for IUSE.L and SPMD.L.

Drawdown Indicators

	IUSE.L	SPMD.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.75%	-33.34%	-1.41%
Max Drawdown (1Y) Largest decline over 1 year	-11.60%	-10.00%	-1.60%
Max Drawdown (5Y) Largest decline over 5 years	-26.23%	-18.68%	-7.55%
Max Drawdown (10Y) Largest decline over 10 years	-34.75%	—	—
Current Drawdown Current decline from peak	-5.90%	-4.74%	-1.16%
Average Drawdown Average peak-to-trough decline	-4.35%	-4.27%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	1.80%	+0.33%

Volatility

IUSE.L vs. SPMD.L - Volatility Comparison

iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) has a higher volatility of 4.90% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) at 3.46%. This indicates that IUSE.L's price experiences larger fluctuations and is considered to be riskier than SPMD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUSE.L	SPMD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	3.46%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	8.72%	6.66%	+2.06%
Volatility (1Y) Calculated over the trailing 1-year period	15.87%	13.06%	+2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.98%	12.97%	+3.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.29%	15.13%	+1.16%