JGEP.L vs. USVL.L

Last updated Jul 18, 2026

JGEP.L (JPM Global Research Enhanced Index Equity Active UCITS ETF GBP Hedged (Acc)) and USVL.L (State Street SPDR MSCI USA Value UCITS ETF USD (Acc)) are both exchange-traded funds - JGEP.L is a Global Equities fund actively managed by JPMorgan, while USVL.L is a Large Cap Value Equities fund tracking the MSCI USA Value Exposure Select Index. JGEP.L is actively managed, while USVL.L is passively managed. Over the past 3 years, JGEP.L returned 18.19%/yr vs 20.94%/yr for USVL.L. A 0.65 correlation means they provide meaningful diversification when combined. JGEP.L charges 0.25%/yr vs 0.20%/yr for USVL.L.

Performance

JGEP.L vs. USVL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in JPM Global Research Enhanced Index Equity Active UCITS ETF GBP Hedged (Acc) (JGEP.L) and State Street SPDR MSCI USA Value UCITS ETF USD (Acc) (USVL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

JGEP.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, JGEP.L achieves a 9.27% return, which is significantly lower than USVL.L's 24.65% return.

JGEP.L

• 1D: -1.13%
• 1M: -0.51%
• 6M: 7.68%
• YTD: 9.27%
• 1Y: 20.40%
• 3Y*: 18.19%
• 5Y*: —
• 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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

JGEP.L vs. USVL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
JGEP.L JPM Global Research Enhanced Index Equity Active UCITS ETF GBP Hedged (Acc)	9.27%	17.65%	20.96%	24.74%	-17.30%	1.73%
USVL.L State Street SPDR MSCI USA Value UCITS ETF USD (Acc)	24.65%	19.37%	6.73%	10.13%	-4.93%	0.71%

Correlation

The correlation between JGEP.L and USVL.L is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (All Time) Calculated using the full available price history since Dec 8, 2021	0.65

The correlation between JGEP.L and USVL.L has been stable across timeframes, ranging from 0.64 to 0.65 - a consistent structural relationship.

Return for Risk

JGEP.L vs. USVL.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

JGEP.L

JGEP.L Risk / Return Rank: 75
JGEP.L Sharpe Ratio Rank: 74
JGEP.L Sortino Ratio Rank: 77
JGEP.L Omega Ratio Rank: 74
JGEP.L Calmar Ratio Rank: 71
JGEP.L Martin Ratio Rank: 80

USVL.L

USVL.L Risk / Return Rank: 95
USVL.L Sharpe Ratio Rank: 96
USVL.L Sortino Ratio Rank: 96
USVL.L Omega Ratio Rank: 94
USVL.L Calmar Ratio Rank: 96
USVL.L Martin Ratio Rank: 94

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.

JGEP.L vs. USVL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPM Global Research Enhanced Index Equity Active UCITS ETF GBP Hedged (Acc) (JGEP.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.

	JGEP.L	USVL.L	Difference
Sharpe ratio: Return per unit of total volatility	1.76	3.24	-1.48
Sortino ratio: Return per unit of downside risk	2.62	4.40	-1.78
Omega ratio: Gain probability vs. loss probability	1.32	1.56	-0.23
Calmar ratio: Return relative to maximum drawdown	2.62	7.87	-5.25
Martin ratio: Return relative to average drawdown	11.14	22.51	-11.37

JGEP.L vs. USVL.L - Sharpe Ratio Comparison

The current JGEP.L Sharpe Ratio is 1.76, which is lower than the USVL.L Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of JGEP.L and USVL.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.

Drawdowns

JGEP.L vs. USVL.L - Drawdown Comparison

The maximum JGEP.L drawdown since its inception was -22.38%, smaller than the maximum USVL.L drawdown of -32.87%. Use the drawdown chart below to compare losses from any high point for JGEP.L and USVL.L.

Drawdown Indicators

	JGEP.L	USVL.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.38%	-32.87%	+10.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.74%	-6.26%	-1.48%
Max Drawdown (3Y) Largest decline over 3 years	-17.66%	-21.18%	+3.52%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.87%	—
Current Drawdown Current decline from peak	-1.18%	-5.22%	+4.04%
Average Drawdown Average peak-to-trough decline	-5.26%	-5.21%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.83%	2.19%	-0.36%

Volatility

JGEP.L vs. USVL.L - Volatility Comparison

The current volatility for JPM Global Research Enhanced Index Equity Active UCITS ETF GBP Hedged (Acc) (JGEP.L) is 2.84%, while State Street SPDR MSCI USA Value UCITS ETF USD (Acc) (USVL.L) has a volatility of 4.56%. This indicates that JGEP.L experiences smaller price fluctuations and is considered to be less risky than USVL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JGEP.L	USVL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.84%	4.56%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	9.11%	12.35%	-3.24%
Volatility (1Y) Calculated over the trailing 1-year period	11.56%	15.21%	-3.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.49%	16.73%	-1.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.49%	18.06%	-2.57%

JGEP.L vs. USVL.L - Expense Ratio Comparison

JGEP.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

JGEP.L vs. USVL.L - Dividend Comparison

Neither JGEP.L nor USVL.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JGEP.L and USVL.L in my portfolio?

JGEP.L and USVL.L have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JGEP.L or USVL.L?

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.

Which ETF is cheaper, JGEP.L or USVL.L?

USVL.L is cheaper with a 0.20% expense ratio, compared with 0.25% for JGEP.L.

What is the main difference between JGEP.L and USVL.L?

JGEP.L is categorized as Global Equities, while USVL.L is Large Cap Value Equities. They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.25% for JGEP.L and 0.20% for USVL.L.