MKUW.L vs. USPY.L
MKUW.L (Invesco MSCI Kuwait UCITS ETF USD (Acc)) and USPY.L (L&G Cyber Security UCITS ETF USD (Acc)) are both exchange-traded funds - MKUW.L is a Emerging Markets Equities fund tracking the MSCI Kuwait 20/35 Index, while USPY.L is a Technology Equities fund tracking the Nasdaq ISE Cyber Security UCITS Net Total Return Index. Both are passively managed. Over the past 5 years, MKUW.L returned 7.20%/yr vs 12.29%/yr for USPY.L. At a 0.21 correlation, their price movements are largely independent. MKUW.L charges 0.50%/yr vs 0.69%/yr for USPY.L.
Performance
MKUW.L vs. USPY.L - Performance Comparison
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Returns By Period
In the year-to-date period, MKUW.L achieves a 0.21% return, which is significantly lower than USPY.L's 45.12% return.
MKUW.L
- 1D
- 0.40%
- 1M
- -2.11%
- 6M
- 1.65%
- YTD
- 0.21%
- 1Y
- 4.57%
- 3Y*
- 8.01%
- 5Y*
- 7.20%
- 10Y*
- —
USPY.L
- 1D
- -1.56%
- 1M
- 11.55%
- 6M
- 46.73%
- YTD
- 45.12%
- 1Y
- 44.61%
- 3Y*
- 28.93%
- 5Y*
- 12.29%
- 10Y*
- 17.10%
MKUW.L vs. USPY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MKUW.L Invesco MSCI Kuwait UCITS ETF USD (Acc) | 0.21% | 25.35% | 9.15% | -8.87% | 5.99% | 28.57% | -9.88% | 10.35% |
USPY.L L&G Cyber Security UCITS ETF USD (Acc) | 45.12% | 7.58% | 17.82% | 42.25% | -32.63% | 7.68% | 42.21% | 7.29% |
Correlation
The correlation between MKUW.L and USPY.L is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2019 | 0.21 |
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Return for Risk
MKUW.L vs. USPY.L — Risk / Return Rank
MKUW.L
USPY.L
MKUW.L vs. USPY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI Kuwait UCITS ETF USD (Acc) (MKUW.L) and L&G Cyber Security UCITS ETF USD (Acc) (USPY.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.
| MKUW.L | USPY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.29 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.61 | 2.45 | -1.85 |
| Martin ratioReturn relative to average drawdown | 1.41 | 6.37 | -4.97 |
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Drawdowns
MKUW.L vs. USPY.L - Drawdown Comparison
The maximum MKUW.L drawdown since its inception was -37.76%, roughly equal to the maximum USPY.L drawdown of -39.35%. Use the drawdown chart below to compare losses from any high point for MKUW.L and USPY.L.
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Drawdown Indicators
| MKUW.L | USPY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.76% | -39.35% | +1.59% |
Max Drawdown (1Y)Largest decline over 1 year | -7.47% | -18.08% | +10.61% |
Max Drawdown (3Y)Largest decline over 3 years | -14.16% | -27.03% | +12.87% |
Max Drawdown (5Y)Largest decline over 5 years | -25.13% | -39.35% | +14.22% |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.35% | — |
Current DrawdownCurrent decline from peak | -3.55% | -3.79% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -9.43% | -9.82% | +0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | 6.98% | -3.73% |
Volatility
MKUW.L vs. USPY.L - Volatility Comparison
The current volatility for Invesco MSCI Kuwait UCITS ETF USD (Acc) (MKUW.L) is 1.82%, while L&G Cyber Security UCITS ETF USD (Acc) (USPY.L) has a volatility of 11.53%. This indicates that MKUW.L experiences smaller price fluctuations and is considered to be less risky than USPY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MKUW.L | USPY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.82% | 11.53% | -9.71% |
Volatility (6M)Calculated over the trailing 6-month period | 8.02% | 25.31% | -17.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.32% | 28.27% | -17.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.77% | 26.10% | -13.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.50% | 23.57% | -7.07% |
MKUW.L vs. USPY.L - Expense Ratio Comparison
MKUW.L has a 0.50% expense ratio, which is lower than USPY.L's 0.69% expense ratio.
Dividends
MKUW.L vs. USPY.L - Dividend Comparison
Neither MKUW.L nor USPY.L has paid dividends to shareholders.
Frequently Asked Questions
MKUW.L and USPY.L have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MKUW.L is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MKUW.L is cheaper with a 0.50% expense ratio, compared with 0.69% for USPY.L.
MKUW.L is categorized as Emerging Markets Equities, while USPY.L is Technology Equities. MKUW.L tracks MSCI Kuwait 20/35 Index, while USPY.L tracks Nasdaq ISE Cyber Security UCITS Net Total Return Index. They also come from different issuers: Invesco and L&G. Their fees differ too: 0.50% for MKUW.L and 0.69% for USPY.L.
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