IUVF.L vs. USVL.L
IUVF.L (iShares Edge MSCI USA Value Factor UCITS) and USVL.L (State Street SPDR MSCI USA Value UCITS ETF USD (Acc)) are both Large Cap Value Equities funds - IUVF.L tracks the Russell 1000 Value TR USD while USVL.L tracks the MSCI USA Value Exposure Select Index. Both are passively managed. Over the past 5 years, IUVF.L returned 16.15%/yr vs 12.73%/yr for USVL.L. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.
Performance
IUVF.L vs. USVL.L - Performance Comparison
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Different Trading Currencies
IUVF.L is traded in GBp, while USVL.L is traded in USD. To make them comparable, the USVL.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 39.00% return, which is significantly higher than USVL.L's 24.65% return.
IUVF.L
- 1D
- 0.11%
- 1M
- -5.16%
- 6M
- 32.06%
- YTD
- 39.00%
- 1Y
- 69.68%
- 3Y*
- 27.21%
- 5Y*
- 16.15%
- 10Y*
- —
USVL.L
- 1D
- 0.32%
- 1M
- -3.30%
- 6M
- 19.44%
- YTD
- 24.65%
- 1Y
- 49.52%
- 3Y*
- 20.94%
- 5Y*
- 12.73%
- 10Y*
- 11.86%
IUVF.L vs. USVL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IUVF.L iShares Edge MSCI USA Value Factor UCITS | 39.00% | 23.92% | 8.23% | 8.28% | -4.63% | 31.29% | -4.75% | 22.11% | -7.17% | 10.45% |
USVL.L State Street SPDR MSCI USA Value UCITS ETF USD (Acc) | 24.65% | 19.37% | 6.73% | 10.13% | -4.93% | 31.09% | -1.06% | 21.62% | -5.18% | 6.14% |
Correlation
The correlation between IUVF.L and USVL.L is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2016 | 0.87 |
The correlation between IUVF.L and USVL.L has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.
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Return for Risk
IUVF.L vs. USVL.L — Risk / Return Rank
IUVF.L
USVL.L
IUVF.L vs. USVL.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 State Street SPDR MSCI USA Value UCITS ETF USD (Acc) (USVL.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.
| IUVF.L | USVL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.70 | 1.56 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 8.11 | 7.87 | +0.24 |
| Martin ratioReturn relative to average drawdown | 31.72 | 22.51 | +9.22 |
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Drawdowns
IUVF.L vs. USVL.L - Drawdown Comparison
The maximum IUVF.L drawdown since its inception was -31.83%, roughly equal to the maximum USVL.L drawdown of -32.87%. Use the drawdown chart below to compare losses from any high point for IUVF.L and USVL.L.
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Drawdown Indicators
| IUVF.L | USVL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.83% | -32.87% | +1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -8.55% | -6.26% | -2.29% |
Max Drawdown (3Y)Largest decline over 3 years | -20.13% | -21.18% | +1.05% |
Max Drawdown (5Y)Largest decline over 5 years | -20.13% | -21.18% | +1.05% |
Max Drawdown (10Y)Largest decline over 10 years | — | -32.87% | — |
Current DrawdownCurrent decline from peak | -8.44% | -5.22% | -3.22% |
Average DrawdownAverage peak-to-trough decline | -5.50% | -5.21% | -0.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.19% | 2.19% | 0.00% |
Volatility
IUVF.L vs. USVL.L - Volatility Comparison
iShares Edge MSCI USA Value Factor UCITS (IUVF.L) has a higher volatility of 7.76% compared to State Street SPDR MSCI USA Value UCITS ETF USD (Acc) (USVL.L) at 4.56%. This indicates that IUVF.L's price experiences larger fluctuations and is considered to be riskier than USVL.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.L | USVL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.76% | 4.56% | +3.20% |
Volatility (6M)Calculated over the trailing 6-month period | 15.09% | 12.35% | +2.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.43% | 15.21% | +2.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.41% | 16.73% | -0.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.06% | 18.06% | 0.00% |
IUVF.L vs. USVL.L - Expense Ratio Comparison
Both IUVF.L and USVL.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. USVL.L - Dividend Comparison
Neither IUVF.L nor USVL.L has paid dividends to shareholders.
Frequently Asked Questions
IUVF.L and USVL.L have a correlation of 0.84, 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 USVL.L have the same expense ratio: 0.20% per year.
IUVF.L tracks Russell 1000 Value TR USD, while USVL.L tracks MSCI USA Value Exposure Select Index. They also come from different issuers: iShares and State Street.
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