IWVU.L vs. USVL.L
IWVU.L (iShares Edge MSCI World Value Factor UCITS ETF USD (Dist)) and USVL.L (State Street SPDR MSCI USA Value UCITS ETF USD (Acc)) are both Large Cap Value Equities funds - IWVU.L tracks the MSCI World Enhanced Value Index (Net) while USVL.L tracks the MSCI USA Value Exposure Select Index. Both are passively managed. Over the past 5 years, IWVU.L returned 16.21%/yr vs 12.22%/yr for USVL.L. Their correlation of 0.86 suggests significant overlap in exposure. IWVU.L charges 0.25%/yr vs 0.20%/yr for USVL.L.
Performance
IWVU.L vs. USVL.L - Performance Comparison
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Returns By Period
In the year-to-date period, IWVU.L achieves a 27.54% return, which is significantly higher than USVL.L's 24.47% return.
IWVU.L
- 1D
- -0.32%
- 1M
- -4.79%
- 6M
- 23.40%
- YTD
- 27.54%
- 1Y
- 54.31%
- 3Y*
- 25.62%
- 5Y*
- 16.21%
- 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%
IWVU.L vs. USVL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IWVU.L iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) | 27.54% | 40.59% | 4.85% | 19.74% | -9.88% | 20.13% | -3.59% | 18.01% | -15.78% |
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% | -10.10% |
Correlation
The correlation between IWVU.L and USVL.L is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2018 | 0.86 |
The correlation between IWVU.L and USVL.L has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.
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Return for Risk
IWVU.L vs. USVL.L — Risk / Return Rank
IWVU.L
USVL.L
IWVU.L vs. USVL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) (IWVU.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.
| IWVU.L | USVL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.56 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 6.31 | 6.42 | -0.11 |
| Martin ratioReturn relative to average drawdown | 21.28 | 19.17 | +2.11 |
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Drawdowns
IWVU.L vs. USVL.L - Drawdown Comparison
The maximum IWVU.L drawdown since its inception was -36.21%, smaller than the maximum USVL.L drawdown of -40.24%. Use the drawdown chart below to compare losses from any high point for IWVU.L and USVL.L.
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Drawdown Indicators
| IWVU.L | USVL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.21% | -40.24% | +4.03% |
Max Drawdown (1Y)Largest decline over 1 year | -8.56% | -7.74% | -0.82% |
Max Drawdown (3Y)Largest decline over 3 years | -14.45% | -19.59% | +5.14% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -25.55% | -1.03% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.24% | — |
Current DrawdownCurrent decline from peak | -5.83% | -5.24% | -0.59% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -6.34% | -0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.54% | 2.60% | -0.06% |
Volatility
IWVU.L vs. USVL.L - Volatility Comparison
iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) (IWVU.L) has a higher volatility of 6.28% compared to State Street SPDR MSCI USA Value UCITS ETF USD (Acc) (USVL.L) at 3.96%. This indicates that IWVU.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
| IWVU.L | USVL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.28% | 3.96% | +2.32% |
Volatility (6M)Calculated over the trailing 6-month period | 14.95% | 12.24% | +2.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.06% | 15.29% | +1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.30% | 17.45% | -1.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.90% | 18.17% | -0.27% |
IWVU.L vs. USVL.L - Expense Ratio Comparison
IWVU.L has a 0.25% expense ratio, which is higher than USVL.L's 0.20% 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
IWVU.L vs. USVL.L - Dividend Comparison
IWVU.L's dividend yield for the trailing twelve months is around 1.93%, while USVL.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IWVU.L iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) | 1.93% | 2.50% | 3.17% | 3.23% | 3.17% | 2.63% | 2.25% | 2.83% | 2.51% |
USVL.L State Street SPDR MSCI USA Value UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IWVU.L and USVL.L have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USVL.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USVL.L is cheaper with a 0.20% expense ratio, compared with 0.25% for IWVU.L.
IWVU.L tracks MSCI World Enhanced Value Index (Net), while USVL.L tracks MSCI USA Value Exposure Select Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for IWVU.L and 0.20% for USVL.L.
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