IUVL.L vs. USVL.L
IUVL.L (iShares Edge MSCI USA Value Factor UCITS ETF USD (Acc)) and USVL.L (State Street SPDR MSCI USA Value UCITS ETF USD (Acc)) are both Large Cap Value Equities funds - IUVL.L tracks the MSCI USA Enhanced Value Index while USVL.L tracks the MSCI USA Value Exposure Select Index. Both are passively managed. Over the past 5 years, IUVL.L returned 15.58%/yr vs 12.22%/yr for USVL.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.
Performance
IUVL.L vs. USVL.L - Performance Comparison
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Returns By Period
In the year-to-date period, IUVL.L achieves a 39.17% return, which is significantly higher than USVL.L's 24.47% return.
IUVL.L
- 1D
- 0.06%
- 1M
- -4.71%
- 6M
- 32.87%
- YTD
- 39.17%
- 1Y
- 70.48%
- 3Y*
- 28.56%
- 5Y*
- 15.58%
- 10Y*
- —
USVL.L
- 1D
- 0.16%
- 1M
- -2.10%
- 6M
- 20.13%
- YTD
- 24.47%
- 1Y
- 49.93%
- 3Y*
- 22.22%
- 5Y*
- 12.22%
- 10Y*
- 12.16%
IUVL.L vs. USVL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IUVL.L iShares Edge MSCI USA Value Factor UCITS ETF USD (Acc) | 39.17% | 33.10% | 6.39% | 14.59% | -14.87% | 29.80% | -1.49% | 25.93% | -12.11% | 21.68% |
USVL.L State Street SPDR MSCI USA Value UCITS ETF USD (Acc) | 24.47% | 28.52% | 4.90% | 15.93% | -15.04% | 29.87% | 1.93% | 26.43% | -10.49% | 16.19% |
Correlation
The correlation between IUVL.L and USVL.L is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2016 | 0.92 |
The correlation between IUVL.L and USVL.L has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.
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Return for Risk
IUVL.L vs. USVL.L — Risk / Return Rank
IUVL.L
USVL.L
IUVL.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 ETF USD (Acc) (IUVL.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.
| IUVL.L | USVL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.56 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 8.28 | 6.42 | +1.87 |
| Martin ratioReturn relative to average drawdown | 28.55 | 19.17 | +9.37 |
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Drawdowns
IUVL.L vs. USVL.L - Drawdown Comparison
The maximum IUVL.L drawdown since its inception was -39.73%, roughly equal to the maximum USVL.L drawdown of -40.24%. Use the drawdown chart below to compare losses from any high point for IUVL.L and USVL.L.
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Drawdown Indicators
| IUVL.L | USVL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.73% | -40.24% | +0.51% |
Max Drawdown (1Y)Largest decline over 1 year | -8.47% | -7.74% | -0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -18.93% | -19.59% | +0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -26.70% | -25.55% | -1.15% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.24% | — |
Current DrawdownCurrent decline from peak | -6.62% | -5.24% | -1.38% |
Average DrawdownAverage peak-to-trough decline | -7.23% | -6.34% | -0.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 2.60% | -0.14% |
Volatility
IUVL.L vs. USVL.L - Volatility Comparison
iShares Edge MSCI USA Value Factor UCITS ETF USD (Acc) (IUVL.L) has a higher volatility of 7.55% compared to State Street SPDR MSCI USA Value UCITS ETF USD (Acc) (USVL.L) at 3.96%. This indicates that IUVL.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
| IUVL.L | USVL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.55% | 3.96% | +3.59% |
Volatility (6M)Calculated over the trailing 6-month period | 16.09% | 12.24% | +3.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.57% | 15.29% | +3.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.25% | 17.45% | +0.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.08% | 18.17% | +0.91% |
IUVL.L vs. USVL.L - Expense Ratio Comparison
Both IUVL.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
IUVL.L vs. USVL.L - Dividend Comparison
Neither IUVL.L nor USVL.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, IUVL.L and USVL.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
IUVL.L and USVL.L have the same expense ratio: 0.20% per year.
IUVL.L tracks MSCI USA Enhanced Value Index, while USVL.L tracks MSCI USA Value Exposure Select Index. They also come from different issuers: iShares and State Street.
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