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IUSE.L vs. SPY5.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IUSE.L vs. SPY5.L

Last updated Jun 5, 2026

IUSE.L (iShares S&P 500 EUR Hedged UCITS ETF Acc) and SPY5.L (State Street SPDR S&P 500 UCITS ETF) are both S&P 500 funds - IUSE.L tracks the S&P 500 EUR Hedged Index while SPY5.L tracks the S&P 500. Both are passively managed. Over the past 10 years, IUSE.L returned 12.48%/yr vs 15.10%/yr for SPY5.L. A 0.79 correlation means they provide meaningful diversification when combined. IUSE.L charges 0.20%/yr vs 0.09%/yr for SPY5.L.

Performance

IUSE.L vs. SPY5.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 State Street SPDR S&P 500 UCITS ETF (SPY5.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 SPY5.L is traded in USD. To make them comparable, the SPY5.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 SPY5.L's 11.57% return. Over the past 10 years, IUSE.L has underperformed SPY5.L with an annualized return of 12.48%, while SPY5.L has yielded a comparatively higher 15.10% annualized 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%

SPY5.L

1D
-0.13%
1M
5.19%
YTD
11.57%
6M
11.46%
1Y
25.68%
3Y*
18.91%
5Y*
14.76%
10Y*
15.10%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IUSE.L vs. SPY5.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%19.04%
SPY5.L
State Street SPDR S&P 500 UCITS ETF		11.58%3.49%33.64%22.84%-13.64%38.95%7.83%33.81%-0.63%7.52%

Correlation

The correlation between IUSE.L and SPY5.L is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.82

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

0.82

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

0.85

Correlation (10Y)
Calculated over the trailing 10-year period

0.84

Correlation (All Time)
Calculated using the full available price history since Mar 27, 2012

0.79

The correlation between IUSE.L and SPY5.L has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

IUSE.L vs. SPY5.L - Sectors Allocation Comparison

Sectors
IUSE.L
SPY5.L

Technology

35.6%
38.0%

Financial Services

11.8%
11.3%

Communication Services

11.2%
10.6%

Consumer Cyclical

10.1%
9.8%

Healthcare

8.5%
8.4%

Industrials

8.3%
7.6%

Consumer Defensive

4.9%
4.7%

Energy

3.5%
3.4%

Utilities

2.3%
2.6%

Real Estate

1.9%
1.8%

Basic Materials

1.8%
1.7%

Technology

IUSE.L
35.6%
SPY5.L
38.0%

Financial Services

IUSE.L
11.8%
SPY5.L
11.3%

Communication Services

IUSE.L
11.2%
SPY5.L
10.6%

Consumer Cyclical

IUSE.L
10.1%
SPY5.L
9.8%

Healthcare

IUSE.L
8.5%
SPY5.L
8.4%

Industrials

IUSE.L
8.3%
SPY5.L
7.6%

Consumer Defensive

IUSE.L
4.9%
SPY5.L
4.7%

Energy

IUSE.L
3.5%
SPY5.L
3.4%

Utilities

IUSE.L
2.3%
SPY5.L
2.6%

Real Estate

IUSE.L
1.9%
SPY5.L
1.8%

Basic Materials

IUSE.L
1.8%
SPY5.L
1.7%

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iShares S&P 500 EUR Hedged UCITS ETF Acc

State Street SPDR S&P 500 UCITS ETF

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Often compared with SPY5.L:
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Return for Risk

IUSE.L vs. SPY5.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
SPY5.L
SPY5.L Risk / Return Rank: 7575
Overall Rank
SPY5.L Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
SPY5.L Sortino Ratio Rank: 7979
Sortino Ratio Rank
SPY5.L Omega Ratio Rank: 7575
Omega Ratio Rank
SPY5.L Calmar Ratio Rank: 6969
Calmar Ratio Rank
SPY5.L Martin Ratio Rank: 7777
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. SPY5.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 State Street SPDR S&P 500 UCITS ETF (SPY5.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.LSPY5.LDifference
Sharpe ratioReturn per unit of total volatility
2.12
2.08

+0.04

Sortino ratioReturn per unit of downside risk
3.10
2.88

+0.22

Omega ratioGain probability vs. loss probability

1.38

1.39

-0.01

Calmar ratioReturn relative to maximum drawdown

2.83

3.63

-0.80

Martin ratioReturn relative to average drawdown

12.09

12.49

-0.40

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. SPY5.L - Sharpe Ratio Comparison

The current IUSE.L Sharpe Ratio is 2.12, which is comparable to the SPY5.L Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of IUSE.L and SPY5.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.LSPY5.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.12

2.08

+0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.69

0.93

-0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.76

0.90

-0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.79

0.95

-0.16

Drawdowns

IUSE.L vs. SPY5.L - Drawdown Comparison

The maximum IUSE.L drawdown since its inception was -34.75%, roughly equal to the maximum SPY5.L drawdown of -33.39%. Use the drawdown chart below to compare losses from any high point for IUSE.L and SPY5.L.

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Drawdown Indicators

IUSE.LSPY5.LDifference

Max Drawdown

Largest peak-to-trough decline

-34.75%

-33.39%

-1.36%

Max Drawdown (1Y)

Largest decline over 1 year

-8.67%

-7.04%

-1.63%

Max Drawdown (3Y)

Largest decline over 3 years

-18.33%

-22.49%

+4.16%

Max Drawdown (5Y)

Largest decline over 5 years

-26.23%

-22.49%

-3.74%

Max Drawdown (10Y)

Largest decline over 10 years

-34.75%

-33.39%

-1.36%

Current Drawdown

Current decline from peak

-0.55%

-0.41%

-0.14%

Average Drawdown

Average peak-to-trough decline

-4.31%

-4.05%

-0.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

2.05%

-0.02%

Volatility

IUSE.L vs. SPY5.L - Volatility Comparison

iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) has a higher volatility of 3.24% compared to State Street SPDR S&P 500 UCITS ETF (SPY5.L) at 3.01%. This indicates that IUSE.L's price experiences larger fluctuations and is considered to be riskier than SPY5.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.LSPY5.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.24%

3.01%

+0.23%

Volatility (6M)

Calculated over the trailing 6-month period

8.53%

8.54%

-0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

11.58%

12.28%

-0.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.00%

15.89%

+0.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.33%

16.68%

-0.35%

IUSE.L vs. SPY5.L - Expense Ratio Comparison

IUSE.L has a 0.20% expense ratio, which is higher than SPY5.L's 0.09% 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. SPY5.L - Dividend Comparison

IUSE.L has not paid dividends to shareholders, while SPY5.L's dividend yield for the trailing twelve months is around 0.89%.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
SPY5.L
State Street SPDR S&P 500 UCITS ETF		0.89%0.97%1.06%1.19%1.40%0.99%1.28%1.71%2.20%2.29%1.64%1.73%

Frequently Asked Questions

IUSE.L and SPY5.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPY5.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPY5.L is cheaper with a 0.09% expense ratio, compared with 0.20% for IUSE.L.

IUSE.L tracks S&P 500 EUR Hedged Index, while SPY5.L tracks S&P 500. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for IUSE.L and 0.09% for SPY5.L.

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