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MVUS.L vs. SPEX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MVUS.L vs. SPEX.L

Last updated Jun 5, 2026

MVUS.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)) and SPEX.L (Invesco S&P 500 Equal Weight UCITS ETF Acc) are both S&P 500 funds - MVUS.L tracks the S&P 500 Index while SPEX.L tracks the S&P 500 Equal Weight Index. Both are passively managed. Over the past 5 years, MVUS.L returned 10.08%/yr vs 9.41%/yr for SPEX.L. A 0.80 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

MVUS.L vs. SPEX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (MVUS.L) and Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MVUS.L achieves a 4.45% return, which is significantly lower than SPEX.L's 9.62% return.

MVUS.L

1D
0.22%
1M
4.90%
YTD
4.45%
6M
4.88%
1Y
12.53%
3Y*
10.84%
5Y*
10.08%
10Y*
11.39%

SPEX.L

1D
0.47%
1M
4.77%
YTD
9.62%
6M
10.01%
1Y
21.02%
3Y*
12.25%
5Y*
9.41%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MVUS.L vs. SPEX.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
MVUS.L
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)		4.45%3.88%20.71%3.83%-0.36%19.26%
SPEX.L
Invesco S&P 500 Equal Weight UCITS ETF Acc		9.62%3.90%14.09%7.64%-1.17%28.05%

Correlation

The correlation between MVUS.L and SPEX.L is 0.74, 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

0.74

Correlation (3Y)
Calculated over the trailing 3-year period

0.78

Correlation (5Y)
Calculated over the trailing 5-year period

0.80

Correlation (All Time)
Calculated using the full available price history since Apr 9, 2021

0.80

The correlation between MVUS.L and SPEX.L has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.

MVUS.L vs. SPEX.L - Sectors Allocation Comparison

Sectors
MVUS.L
SPEX.L

Technology

31.0%
20.1%

Financial Services

17.2%
14.2%

Healthcare

13.0%
11.2%

Consumer Defensive

10.4%
6.5%

Consumer Cyclical

6.7%
9.9%

Communication Services

6.2%
3.9%

Industrials

5.6%
14.1%

Energy

5.0%
4.2%

Utilities

2.7%
5.8%

Basic Materials

2.2%
3.9%

Real Estate

0.2%
6.2%

Technology

MVUS.L
31.0%
SPEX.L
20.1%

Financial Services

MVUS.L
17.2%
SPEX.L
14.2%

Healthcare

MVUS.L
13.0%
SPEX.L
11.2%

Consumer Defensive

MVUS.L
10.4%
SPEX.L
6.5%

Consumer Cyclical

MVUS.L
6.7%
SPEX.L
9.9%

Communication Services

MVUS.L
6.2%
SPEX.L
3.9%

Industrials

MVUS.L
5.6%
SPEX.L
14.1%

Energy

MVUS.L
5.0%
SPEX.L
4.2%

Utilities

MVUS.L
2.7%
SPEX.L
5.8%

Basic Materials

MVUS.L
2.2%
SPEX.L
3.9%

Real Estate

MVUS.L
0.2%
SPEX.L
6.2%

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iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)

Invesco S&P 500 Equal Weight UCITS ETF Acc

Often compared with MVUS.L:
MVUS.L vs. USMVMVUS.L vs. XDEB.LMVUS.L vs. MVEA.LMVUS.L vs. GLTS.LMVUS.L vs. HMUD.LMVUS.L vs. XLPP.LMVUS.L vs. JURE.L
Often compared with SPEX.L:
SPEX.L vs. RSPSPEX.L vs. ^SPXEWSPEX.L vs. WELE.DESPEX.L vs. SPYSPEX.L vs. EWSP.LSPEX.L vs. BTC-USDSPEX.L vs. VOO

Return for Risk

MVUS.L vs. SPEX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MVUS.L
MVUS.L Risk / Return Rank: 4545
Overall Rank
MVUS.L Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
MVUS.L Sortino Ratio Rank: 4545
Sortino Ratio Rank
MVUS.L Omega Ratio Rank: 4444
Omega Ratio Rank
MVUS.L Calmar Ratio Rank: 4747
Calmar Ratio Rank
MVUS.L Martin Ratio Rank: 4545
Martin Ratio Rank
SPEX.L
SPEX.L Risk / Return Rank: 6868
Overall Rank
SPEX.L Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
SPEX.L Sortino Ratio Rank: 6767
Sortino Ratio Rank
SPEX.L Omega Ratio Rank: 6666
Omega Ratio Rank
SPEX.L Calmar Ratio Rank: 7474
Calmar Ratio Rank
SPEX.L Martin Ratio Rank: 6666
Martin Ratio Rank
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.

MVUS.L vs. SPEX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (MVUS.L) and Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.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.

MVUS.LSPEX.LDifference
Sharpe ratioReturn per unit of total volatility
1.55
2.18

-0.62

Sortino ratioReturn per unit of downside risk
2.19
3.01

-0.81

Omega ratioGain probability vs. loss probability

1.28

1.39

-0.11

Calmar ratioReturn relative to maximum drawdown

2.32

3.65

-1.34

Martin ratioReturn relative to average drawdown

7.24

11.85

-4.61

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MVUS.L vs. SPEX.L - Sharpe Ratio Comparison

The current MVUS.L Sharpe Ratio is 1.55, which is comparable to the SPEX.L Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of MVUS.L and SPEX.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.

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Sharpe Ratios by Period

MVUS.LSPEX.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.55

2.18

-0.62

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.86

0.67

+0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.95

0.80

+0.15

Drawdowns

MVUS.L vs. SPEX.L - Drawdown Comparison

The maximum MVUS.L drawdown since its inception was -24.85%, which is greater than SPEX.L's maximum drawdown of -19.65%. Use the drawdown chart below to compare losses from any high point for MVUS.L and SPEX.L.

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Drawdown Indicators

MVUS.LSPEX.LDifference

Max Drawdown

Largest peak-to-trough decline

-24.85%

-19.65%

-5.20%

Max Drawdown (1Y)

Largest decline over 1 year

-5.39%

-5.73%

+0.34%

Max Drawdown (3Y)

Largest decline over 3 years

-14.19%

-19.65%

+5.46%

Max Drawdown (5Y)

Largest decline over 5 years

-14.19%

-19.65%

+5.46%

Max Drawdown (10Y)

Largest decline over 10 years

-24.85%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-3.44%

-4.12%

+0.68%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.73%

1.77%

-0.04%

Volatility

MVUS.L vs. SPEX.L - Volatility Comparison

iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (MVUS.L) has a higher volatility of 2.24% compared to Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L) at 1.97%. This indicates that MVUS.L's price experiences larger fluctuations and is considered to be riskier than SPEX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MVUS.LSPEX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.24%

1.97%

+0.27%

Volatility (6M)

Calculated over the trailing 6-month period

5.65%

6.62%

-0.97%

Volatility (1Y)

Calculated over the trailing 1-year period

8.05%

9.62%

-1.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.72%

14.05%

-2.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.78%

14.60%

-0.82%

MVUS.L vs. SPEX.L - Expense Ratio Comparison

Both MVUS.L and SPEX.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

MVUS.L vs. SPEX.L - Dividend Comparison

Neither MVUS.L nor SPEX.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

MVUS.L and SPEX.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

MVUS.L and SPEX.L have the same expense ratio: 0.20% per year.

MVUS.L tracks S&P 500 Index, while SPEX.L tracks S&P 500 Equal Weight Index. They also come from different issuers: iShares and Invesco.

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