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IUVF.L vs. SPMD.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IUVF.L vs. SPMD.L

Last updated Jun 5, 2026

IUVF.L (iShares Edge MSCI USA Value Factor UCITS) and SPMD.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)) are both exchange-traded funds - IUVF.L is a Large Cap Value Equities fund tracking the Russell 1000 Value TR USD, while SPMD.L is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index. Both are passively managed. Over the past 5 years, IUVF.L returned 16.97%/yr vs 10.08%/yr for SPMD.L. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

IUVF.L vs. SPMD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Edge MSCI USA Value Factor UCITS (IUVF.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.

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Different Trading Currencies

IUVF.L is traded in GBp, while SPMD.L is traded in USD. To make them comparable, the SPMD.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IUVF.L achieves a 46.62% return, which is significantly higher than SPMD.L's 4.59% return.

IUVF.L

1D
-0.97%
1M
16.86%
YTD
46.62%
6M
49.54%
1Y
90.82%
3Y*
29.97%
5Y*
16.97%
10Y*
—

SPMD.L

1D
0.15%
1M
4.71%
YTD
4.59%
6M
4.74%
1Y
12.46%
3Y*
10.96%
5Y*
10.08%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
IUVF.L
iShares Edge MSCI USA Value Factor UCITS		46.62%23.92%8.23%8.28%-4.63%31.29%-5.36%22.90%-4.27%
SPMD.L
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)		4.59%3.61%20.77%4.38%-0.37%26.11%4.44%25.95%4.53%

Correlation

The correlation between IUVF.L and SPMD.L is 0.51, 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

0.51

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

0.62

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

0.65

Correlation (All Time)
Calculated using the full available price history since Feb 26, 2018

0.69

The correlation between IUVF.L and SPMD.L shifts across timeframes, from 0.51 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

IUVF.L vs. SPMD.L - Sectors Allocation Comparison

Sectors
IUVF.L
SPMD.L

Technology

50.9%
29.0%

Financial Services

9.1%
17.8%

Healthcare

7.9%
13.3%

Consumer Cyclical

7.6%
6.9%

Communication Services

7.2%
6.5%

Industrials

6.4%
5.7%

Consumer Defensive

3.6%
10.4%

Energy

2.7%
5.2%

Utilities

1.7%
2.9%

Real Estate

1.6%
0.2%

Basic Materials

1.4%
2.3%

Technology

IUVF.L
50.9%
SPMD.L
29.0%

Financial Services

IUVF.L
9.1%
SPMD.L
17.8%

Healthcare

IUVF.L
7.9%
SPMD.L
13.3%

Consumer Cyclical

IUVF.L
7.6%
SPMD.L
6.9%

Communication Services

IUVF.L
7.2%
SPMD.L
6.5%

Industrials

IUVF.L
6.4%
SPMD.L
5.7%

Consumer Defensive

IUVF.L
3.6%
SPMD.L
10.4%

Energy

IUVF.L
2.7%
SPMD.L
5.2%

Utilities

IUVF.L
1.7%
SPMD.L
2.9%

Real Estate

IUVF.L
1.6%
SPMD.L
0.2%

Basic Materials

IUVF.L
1.4%
SPMD.L
2.3%

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iShares Edge MSCI USA Value Factor UCITS

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

Often compared with IUVF.L:
IUVF.L vs. VTVIUVF.L vs. VLUEIUVF.L vs. VIVAXIUVF.L vs. EWSP.LIUVF.L vs. JREG.LIUVF.L vs. JREU.LIUVF.L vs. URTH
Often compared with SPMD.L:
SPMD.L vs. VOOSPMD.L vs. VUAG.LSPMD.L vs. LGLVSPMD.L vs. SPYSPMD.L vs. VTISPMD.L vs. USMVSPMD.L vs. CSPX.L

Return for Risk

IUVF.L vs. SPMD.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IUVF.L
IUVF.L Risk / Return Rank: 9898
Overall Rank
IUVF.L Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
IUVF.L Sortino Ratio Rank: 9898
Sortino Ratio Rank
IUVF.L Omega Ratio Rank: 9898
Omega Ratio Rank
IUVF.L Calmar Ratio Rank: 9898
Calmar Ratio Rank
IUVF.L Martin Ratio Rank: 9898
Martin Ratio Rank
SPMD.L
SPMD.L Risk / Return Rank: 4040
Overall Rank
SPMD.L Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
SPMD.L Sortino Ratio Rank: 4141
Sortino Ratio Rank
SPMD.L Omega Ratio Rank: 3838
Omega Ratio Rank
SPMD.L Calmar Ratio Rank: 3737
Calmar Ratio Rank
SPMD.L Martin Ratio Rank: 4444
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.

IUVF.L vs. SPMD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI USA Value Factor UCITS (IUVF.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.

IUVF.LSPMD.LDifference
Sharpe ratioReturn per unit of total volatility
5.93
1.33

+4.60

Sortino ratioReturn per unit of downside risk
7.82
1.89

+5.93

Omega ratioGain probability vs. loss probability

2.05

1.24

+0.81

Calmar ratioReturn relative to maximum drawdown

15.82

2.43

+13.39

Martin ratioReturn relative to average drawdown

61.43

7.18

+54.25

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IUVF.L vs. SPMD.L - Sharpe Ratio Comparison

The current IUVF.L Sharpe Ratio is 5.93, which is higher than the SPMD.L Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of IUVF.L and SPMD.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

IUVF.LSPMD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

5.93

1.33

+4.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.06

0.80

+0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.83

0.74

+0.09

Drawdowns

IUVF.L vs. SPMD.L - Drawdown Comparison

The maximum IUVF.L drawdown since its inception was -31.83%, which is greater than SPMD.L's maximum drawdown of -25.24%. Use the drawdown chart below to compare losses from any high point for IUVF.L and SPMD.L.

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Drawdown Indicators

IUVF.LSPMD.LDifference

Max Drawdown

Largest peak-to-trough decline

-31.83%

-25.24%

-6.59%

Max Drawdown (1Y)

Largest decline over 1 year

-5.71%

-5.10%

-0.61%

Max Drawdown (3Y)

Largest decline over 3 years

-20.13%

-14.40%

-5.73%

Max Drawdown (5Y)

Largest decline over 5 years

-20.13%

-14.40%

-5.73%

Current Drawdown

Current decline from peak

-0.97%

0.00%

-0.97%

Average Drawdown

Average peak-to-trough decline

-5.67%

-3.86%

-1.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.47%

1.73%

-0.26%

Volatility

IUVF.L vs. SPMD.L - Volatility Comparison

iShares Edge MSCI USA Value Factor UCITS (IUVF.L) has a higher volatility of 6.56% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) at 2.89%. This indicates that IUVF.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.

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Volatility by Period

IUVF.LSPMD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.56%

2.89%

+3.67%

Volatility (6M)

Calculated over the trailing 6-month period

12.10%

6.94%

+5.16%

Volatility (1Y)

Calculated over the trailing 1-year period

15.24%

9.35%

+5.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.94%

12.64%

+3.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.43%

14.70%

+3.73%

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

Both IUVF.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%.

Dividends

IUVF.L vs. SPMD.L - Dividend Comparison

IUVF.L has not paid dividends to shareholders, while SPMD.L's dividend yield for the trailing twelve months is around 1.16%.

PositionTTM20252024202320222021202020192018
IUVF.L
iShares Edge MSCI USA Value Factor UCITS		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)		1.16%1.15%1.28%1.46%1.35%1.27%1.54%1.52%1.13%

Frequently Asked Questions

IUVF.L and SPMD.L have a correlation of 0.51, 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.

IUVF.L and SPMD.L have the same expense ratio: 0.20% per year.

IUVF.L is categorized as Large Cap Value Equities, while SPMD.L is S&P 500. IUVF.L tracks Russell 1000 Value TR USD, while SPMD.L tracks S&P 500 Minimum Volatility Index.

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