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

PQVG.L vs. MVUS.L

Last updated Jun 4, 2026

PQVG.L (Invesco S&P 500 QVM UCITS ETF) and MVUS.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)) are both S&P 500 funds - PQVG.L tracks the S&P 500 Quality, Value, and Momentum Multi-Factor Index (Net Total Return) while MVUS.L tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, PQVG.L returned 16.59%/yr vs 10.03%/yr for MVUS.L. Their correlation of 0.81 suggests significant overlap in exposure. PQVG.L charges 0.35%/yr vs 0.20%/yr for MVUS.L.

Performance

PQVG.L vs. MVUS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco S&P 500 QVM UCITS ETF (PQVG.L) and iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (MVUS.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, PQVG.L achieves a 16.37% return, which is significantly higher than MVUS.L's 4.21% return.

PQVG.L

1D
0.66%
1M
5.52%
YTD
16.37%
6M
16.32%
1Y
23.87%
3Y*
21.43%
5Y*
16.59%
10Y*
—

MVUS.L

1D
0.29%
1M
4.83%
YTD
4.21%
6M
4.78%
1Y
12.22%
3Y*
11.10%
5Y*
10.03%
10Y*
11.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
PQVG.L
Invesco S&P 500 QVM UCITS ETF		16.37%5.84%32.29%0.98%12.54%27.78%4.44%21.16%-1.98%14.30%
MVUS.L
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)		4.21%3.88%20.71%3.83%-0.36%26.59%3.87%26.86%-0.36%7.79%

Correlation

The correlation between PQVG.L and MVUS.L is 0.69, 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

0.69

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

0.74

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

0.72

Correlation (All Time)
Calculated using the full available price history since May 24, 2017

0.81

The correlation between PQVG.L and MVUS.L shifts across timeframes, from 0.69 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.

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

Sectors
PQVG.L
MVUS.L

Technology

24.3%
31.0%

Financial Services

21.8%
17.2%

Industrials

15.6%
5.6%

Communication Services

10.4%
6.2%

Healthcare

9.5%
13.0%

Consumer Defensive

5.6%
10.4%

Energy

5.6%
5.0%

Consumer Cyclical

4.3%
6.7%

Basic Materials

2.2%
2.2%

Utilities

0.8%
2.7%

Real Estate

-

0.2%

Technology

PQVG.L
24.3%
MVUS.L
31.0%

Financial Services

PQVG.L
21.8%
MVUS.L
17.2%

Industrials

PQVG.L
15.6%
MVUS.L
5.6%

Communication Services

PQVG.L
10.4%
MVUS.L
6.2%

Healthcare

PQVG.L
9.5%
MVUS.L
13.0%

Consumer Defensive

PQVG.L
5.6%
MVUS.L
10.4%

Energy

PQVG.L
5.6%
MVUS.L
5.0%

Consumer Cyclical

PQVG.L
4.3%
MVUS.L
6.7%

Basic Materials

PQVG.L
2.2%
MVUS.L
2.2%

Utilities

PQVG.L
0.8%
MVUS.L
2.7%

Real Estate

PQVG.L

-

MVUS.L
0.2%

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Invesco S&P 500 QVM UCITS ETF

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

Often compared with PQVG.L:
PQVG.L vs. IQSA.LPQVG.L vs. SPPY.DEPQVG.L vs. SPMOPQVG.L vs. TSGB.LPQVG.L vs. CSPX.LPQVG.L vs. DYNFPQVG.L vs. SPXP.L
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

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PQVG.L
PQVG.L Risk / Return Rank: 7676
Overall Rank
PQVG.L Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
PQVG.L Sortino Ratio Rank: 7272
Sortino Ratio Rank
PQVG.L Omega Ratio Rank: 6767
Omega Ratio Rank
PQVG.L Calmar Ratio Rank: 9191
Calmar Ratio Rank
PQVG.L Martin Ratio Rank: 8484
Martin Ratio Rank
MVUS.L
MVUS.L Risk / Return Rank: 4343
Overall Rank
MVUS.L Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
MVUS.L Sortino Ratio Rank: 4242
Sortino Ratio Rank
MVUS.L Omega Ratio Rank: 4141
Omega Ratio Rank
MVUS.L Calmar Ratio Rank: 4646
Calmar Ratio Rank
MVUS.L Martin Ratio Rank: 4343
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.

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

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

PQVG.LMVUS.LDifference
Sharpe ratioReturn per unit of total volatility
2.29
1.51

+0.78

Sortino ratioReturn per unit of downside risk
3.27
2.14

+1.12

Omega ratioGain probability vs. loss probability

1.40

1.27

+0.14

Calmar ratioReturn relative to maximum drawdown

5.78

2.26

+3.52

Martin ratioReturn relative to average drawdown

17.38

7.06

+10.32

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

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

The current PQVG.L Sharpe Ratio is 2.29, which is higher than the MVUS.L Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of PQVG.L and MVUS.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

PQVG.LMVUS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.29

1.51

+0.78

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.12

0.86

+0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.83

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.89

0.95

-0.06

Drawdowns

PQVG.L vs. MVUS.L - Drawdown Comparison

The maximum PQVG.L drawdown since its inception was -25.88%, roughly equal to the maximum MVUS.L drawdown of -24.85%. Use the drawdown chart below to compare losses from any high point for PQVG.L and MVUS.L.

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Drawdown Indicators

PQVG.LMVUS.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.88%

-24.85%

-1.03%

Max Drawdown (1Y)

Largest decline over 1 year

-4.11%

-5.39%

+1.28%

Max Drawdown (3Y)

Largest decline over 3 years

-17.44%

-14.19%

-3.25%

Max Drawdown (5Y)

Largest decline over 5 years

-17.44%

-14.19%

-3.25%

Max Drawdown (10Y)

Largest decline over 10 years

—

-24.85%

—

Current Drawdown

Current decline from peak

-0.24%

0.00%

-0.24%

Average Drawdown

Average peak-to-trough decline

-4.17%

-3.44%

-0.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.37%

1.73%

-0.36%

Volatility

PQVG.L vs. MVUS.L - Volatility Comparison

Invesco S&P 500 QVM UCITS ETF (PQVG.L) has a higher volatility of 2.80% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (MVUS.L) at 2.24%. This indicates that PQVG.L's price experiences larger fluctuations and is considered to be riskier than MVUS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PQVG.LMVUS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.80%

2.24%

+0.56%

Volatility (6M)

Calculated over the trailing 6-month period

7.88%

5.64%

+2.24%

Volatility (1Y)

Calculated over the trailing 1-year period

10.40%

8.09%

+2.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.89%

11.72%

+3.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.25%

13.78%

+2.47%

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

PQVG.L has a 0.35% expense ratio, which is higher than MVUS.L's 0.20% expense ratio.

Dividends

PQVG.L vs. MVUS.L - Dividend Comparison

PQVG.L's dividend yield for the trailing twelve months is around 0.78%, while MVUS.L has not paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
MVUS.L
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
PQVG.L
Invesco S&P 500 QVM UCITS ETF		0.78%0.82%0.82%1.61%1.77%0.87%1.59%1.41%1.30%0.72%

Frequently Asked Questions

PQVG.L and MVUS.L have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, MVUS.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

MVUS.L is cheaper with a 0.20% expense ratio, compared with 0.35% for PQVG.L.

PQVG.L tracks S&P 500 Quality, Value, and Momentum Multi-Factor Index (Net Total Return), while MVUS.L tracks S&P 500 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for PQVG.L and 0.20% for MVUS.L.

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