MTRL.L vs. USDV.L

Last updated Jun 5, 2026

MTRL.L (SPDR® MSCI Europe Materials UCITS ETF) and USDV.L (SPDR S&P US Dividend Aristocrats UCITS ETF Dis) are both exchange-traded funds - MTRL.L is a Industrials Equities fund tracking the MSCI World/Materials NR USD, while USDV.L is a Large Cap Blend Equities fund tracking the S&P High Yield Dividend Aristocrats Index. Both are passively managed. Over the past 5 years, MTRL.L returned 6.68%/yr vs 6.64%/yr for USDV.L. At a 0.19 correlation, their price movements are largely independent. MTRL.L charges 0.18%/yr vs 0.35%/yr for USDV.L.

Performance

MTRL.L vs. USDV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR® MSCI Europe Materials UCITS ETF (MTRL.L) and SPDR S&P US Dividend Aristocrats UCITS ETF Dis (USDV.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

MTRL.L is traded in EUR, while USDV.L is traded in GBP. To make them comparable, the USDV.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, MTRL.L achieves a 17.94% return, which is significantly higher than USDV.L's 8.18% return.

MTRL.L

• 1D: -0.60%
• 1M: 5.64%
• YTD: 17.94%
• 6M: 21.88%
• 1Y: 25.69%
• 3Y*: 12.34%
• 5Y*: 6.68%
• 10Y*: —

USDV.L

• 1D: 0.04%
• 1M: 1.56%
• YTD: 8.18%
• 6M: 8.24%
• 1Y: 11.04%
• 3Y*: 6.77%
• 5Y*: 6.64%
• 10Y*: 8.80%

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

MTRL.L vs. USDV.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MTRL.L SPDR® MSCI Europe Materials UCITS ETF	17.94%	12.76%	-2.85%	10.37%	-7.69%	25.61%	11.68%	23.61%	-10.78%	16.85%
USDV.L SPDR S&P US Dividend Aristocrats UCITS ETF Dis	8.18%	-4.13%	14.62%	-1.47%	5.82%	34.99%	-8.00%	27.30%	0.24%	2.52%

Correlation

The correlation between MTRL.L and USDV.L is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jul 15, 2016	0.19

The correlation between MTRL.L and USDV.L shifts across timeframes, from 0.19 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.

MTRL.L vs. USDV.L - Sectors Allocation Comparison

Sectors	MTRL.L	USDV.L
Basic Materials	99.2%	6.4%
Consumer Cyclical	0.8%	5.2%
Communication Services	-	3.5%
Consumer Defensive	-	17.0%
Energy	-	4.5%
Financial Services	-	11.5%
Healthcare	-	6.2%
Industrials	-	17.5%
Real Estate	-	4.6%
Technology	-	8.9%
Utilities	-	14.8%

Return for Risk

MTRL.L vs. USDV.L — Risk / Return Rank

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

MTRL.L

MTRL.L Risk / Return Rank: 43
MTRL.L Sharpe Ratio Rank: 43
MTRL.L Sortino Ratio Rank: 42
MTRL.L Omega Ratio Rank: 40
MTRL.L Calmar Ratio Rank: 40
MTRL.L Martin Ratio Rank: 48

USDV.L

USDV.L Risk / Return Rank: 41
USDV.L Sharpe Ratio Rank: 42
USDV.L Sortino Ratio Rank: 43
USDV.L Omega Ratio Rank: 39
USDV.L Calmar Ratio Rank: 43
USDV.L Martin Ratio Rank: 35

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.

MTRL.L vs. USDV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR® MSCI Europe Materials UCITS ETF (MTRL.L) and SPDR S&P US Dividend Aristocrats UCITS ETF Dis (USDV.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.

	MTRL.L	USDV.L	Difference
Sharpe ratio: Return per unit of total volatility	1.51	1.09	+0.41
Sortino ratio: Return per unit of downside risk	2.10	1.63	+0.48
Omega ratio: Gain probability vs. loss probability	1.26	1.19	+0.07
Calmar ratio: Return relative to maximum drawdown	1.96	1.74	+0.21
Martin ratio: Return relative to average drawdown	7.85	4.42	+3.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MTRL.L vs. USDV.L - Sharpe Ratio Comparison

The current MTRL.L Sharpe Ratio is 1.51, which is higher than the USDV.L Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of MTRL.L and USDV.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.

Sharpe Ratios by Period

	MTRL.L	USDV.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	1.09	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	0.50	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	0.80	+0.03

Drawdowns

MTRL.L vs. USDV.L - Drawdown Comparison

The maximum MTRL.L drawdown since its inception was -32.80%, smaller than the maximum USDV.L drawdown of -35.08%. Use the drawdown chart below to compare losses from any high point for MTRL.L and USDV.L.

Drawdown Indicators

	MTRL.L	USDV.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.80%	-35.08%	+2.28%
Max Drawdown (1Y) Largest decline over 1 year	-13.06%	-6.30%	-6.76%
Max Drawdown (3Y) Largest decline over 3 years	-20.62%	-18.19%	-2.43%
Max Drawdown (5Y) Largest decline over 5 years	-22.75%	-18.19%	-4.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.08%	—
Current Drawdown Current decline from peak	-1.59%	-2.92%	+1.33%
Average Drawdown Average peak-to-trough decline	-6.29%	-5.05%	-1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	2.49%	+0.78%

Volatility

MTRL.L vs. USDV.L - Volatility Comparison

SPDR® MSCI Europe Materials UCITS ETF (MTRL.L) has a higher volatility of 6.73% compared to SPDR S&P US Dividend Aristocrats UCITS ETF Dis (USDV.L) at 2.36%. This indicates that MTRL.L's price experiences larger fluctuations and is considered to be riskier than USDV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MTRL.L	USDV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.73%	2.36%	+4.37%
Volatility (6M) Calculated over the trailing 6-month period	14.18%	7.09%	+7.09%
Volatility (1Y) Calculated over the trailing 1-year period	17.01%	10.08%	+6.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.57%	13.39%	+8.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.28%	15.81%	+13.47%

MTRL.L vs. USDV.L - Expense Ratio Comparison

MTRL.L has a 0.18% expense ratio, which is lower than USDV.L's 0.35% expense ratio.

Dividends

MTRL.L vs. USDV.L - Dividend Comparison

MTRL.L has not paid dividends to shareholders, while USDV.L's dividend yield for the trailing twelve months is around 2.04%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MTRL.L SPDR® MSCI Europe Materials UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USDV.L SPDR S&P US Dividend Aristocrats UCITS ETF Dis	2.04%	2.20%	1.99%	2.29%	2.11%	2.12%	2.57%	2.65%	2.19%	3.07%	1.65%	2.00%

Frequently Asked Questions

Can I hold both MTRL.L and USDV.L in my portfolio?

MTRL.L and USDV.L have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MTRL.L or USDV.L?

On fees, MTRL.L is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MTRL.L or USDV.L?

MTRL.L is cheaper with a 0.18% expense ratio, compared with 0.35% for USDV.L.

What is the main difference between MTRL.L and USDV.L?

MTRL.L is categorized as Industrials Equities, while USDV.L is Large Cap Blend Equities. MTRL.L tracks MSCI World/Materials NR USD, while USDV.L tracks S&P High Yield Dividend Aristocrats Index. Their fees differ too: 0.18% for MTRL.L and 0.35% for USDV.L.