IUSE.L vs. SPMV.L
IUSE.L (iShares S&P 500 EUR Hedged UCITS ETF Acc) and SPMV.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)) are both S&P 500 funds from iShares - IUSE.L tracks the S&P 500 EUR Hedged Index while SPMV.L tracks the S&P 500 Minimum Volatility Net in USD. Both are passively managed. Over the past 10 years, IUSE.L returned 12.04%/yr vs 9.57%/yr for SPMV.L. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.
Performance
IUSE.L vs. SPMV.L - Performance Comparison
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Different Trading Currencies
IUSE.L is traded in EUR, while SPMV.L is traded in USD. To make them comparable, the SPMV.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 7.54% return, which is significantly higher than SPMV.L's 7.04% return. Over the past 10 years, IUSE.L has outperformed SPMV.L with an annualized return of 12.04%, while SPMV.L has yielded a comparatively lower 9.57% annualized return.
IUSE.L
- 1D
- -1.30%
- 1M
- -0.65%
- 6M
- 6.68%
- YTD
- 7.54%
- 1Y
- 17.20%
- 3Y*
- 16.87%
- 5Y*
- 10.14%
- 10Y*
- 12.04%
SPMV.L
- 1D
- -0.16%
- 1M
- 0.69%
- 6M
- 5.92%
- YTD
- 7.04%
- 1Y
- 12.03%
- 3Y*
- 12.14%
- 5Y*
- 8.97%
- 10Y*
- 9.57%
IUSE.L vs. SPMV.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 | 7.54% | 14.95% | 23.21% | 23.05% | -21.17% | 27.85% | 14.81% | 26.33% | -8.40% | 19.04% |
SPMV.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) | 7.04% | -1.69% | 26.52% | 6.64% | -5.54% | 34.33% | -1.44% | 34.21% | -0.91% | 1.79% |
Correlation
The correlation between IUSE.L and SPMV.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 | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2012 | 0.69 |
The correlation between IUSE.L and SPMV.L shifts across timeframes, from 0.57 (1 year) to 0.70 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
IUSE.L vs. SPMV.L — Risk / Return Rank
IUSE.L
SPMV.L
IUSE.L vs. SPMV.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 (Acc) (SPMV.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.
| IUSE.L | SPMV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.23 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | 2.44 | -0.46 |
| Martin ratioReturn relative to average drawdown | 7.93 | 7.07 | +0.87 |
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Drawdowns
IUSE.L vs. SPMV.L - Drawdown Comparison
The maximum IUSE.L drawdown since its inception was -34.75%, which is greater than SPMV.L's maximum drawdown of -32.65%. Use the drawdown chart below to compare losses from any high point for IUSE.L and SPMV.L.
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Drawdown Indicators
| IUSE.L | SPMV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.75% | -32.65% | -2.10% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -4.91% | -3.76% |
Max Drawdown (3Y)Largest decline over 3 years | -18.33% | -16.62% | -1.71% |
Max Drawdown (5Y)Largest decline over 5 years | -26.23% | -16.62% | -9.61% |
Max Drawdown (10Y)Largest decline over 10 years | -34.75% | -32.65% | -2.10% |
Current DrawdownCurrent decline from peak | -1.97% | -1.22% | -0.75% |
Average DrawdownAverage peak-to-trough decline | -4.25% | -4.47% | +0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.16% | 1.70% | +0.46% |
Volatility
IUSE.L vs. SPMV.L - Volatility Comparison
iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) has a higher volatility of 3.05% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (SPMV.L) at 2.24%. This indicates that IUSE.L's price experiences larger fluctuations and is considered to be riskier than SPMV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IUSE.L | SPMV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.05% | 2.24% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 9.34% | 7.03% | +2.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.08% | 9.62% | +2.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 12.99% | +3.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.29% | 14.39% | +1.90% |
IUSE.L vs. SPMV.L - Expense Ratio Comparison
Both IUSE.L and SPMV.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%.
Dividends
IUSE.L vs. SPMV.L - Dividend Comparison
Neither IUSE.L nor SPMV.L has paid dividends to shareholders.
Frequently Asked Questions
IUSE.L and SPMV.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.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IUSE.L and SPMV.L have the same expense ratio: 0.20% per year.
IUSE.L tracks S&P 500 EUR Hedged Index, while SPMV.L tracks S&P 500 Minimum Volatility Net in USD.
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