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

PQVG.L vs. SPMD.L

Last updated Jun 4, 2026

PQVG.L (Invesco S&P 500 QVM UCITS ETF) and SPMD.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)) are both S&P 500 funds - PQVG.L tracks the S&P 500 Quality, Value, and Momentum Multi-Factor Index (Net Total Return) while SPMD.L tracks the S&P 500 Minimum Volatility Index. Both are passively managed. Over the past 5 years, PQVG.L returned 16.59%/yr vs 10.04%/yr for SPMD.L. A 0.75 correlation means they provide meaningful diversification when combined. PQVG.L charges 0.35%/yr vs 0.20%/yr for SPMD.L.

Performance

PQVG.L vs. SPMD.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 (Dist) (SPMD.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

PQVG.L is traded in GBp, while SPMD.L is traded in USD. To make them comparable, the SPMD.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, PQVG.L achieves a 16.37% return, which is significantly higher than SPMD.L's 4.40% 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*
—

SPMD.L

1D
0.30%
1M
4.57%
YTD
4.40%
6M
4.99%
1Y
12.36%
3Y*
11.06%
5Y*
10.04%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
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%-1.89%
SPMD.L
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)		4.40%3.61%20.77%4.38%-0.37%26.11%4.44%25.95%4.53%

Correlation

The correlation between PQVG.L and SPMD.L is 0.65, 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

0.65

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

0.69

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

0.67

Correlation (All Time)
Calculated using the full available price history since Feb 26, 2018

0.75

The correlation between PQVG.L and SPMD.L shifts across timeframes, from 0.65 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

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

Sectors
PQVG.L
SPMD.L

Technology

24.3%
29.0%

Financial Services

21.8%
17.8%

Industrials

15.6%
5.7%

Communication Services

10.4%
6.5%

Healthcare

9.5%
13.3%

Consumer Defensive

5.6%
10.4%

Energy

5.6%
5.2%

Consumer Cyclical

4.3%
6.9%

Basic Materials

2.2%
2.3%

Utilities

0.8%
2.9%

Real Estate

-

0.2%

Technology

PQVG.L
24.3%
SPMD.L
29.0%

Financial Services

PQVG.L
21.8%
SPMD.L
17.8%

Industrials

PQVG.L
15.6%
SPMD.L
5.7%

Communication Services

PQVG.L
10.4%
SPMD.L
6.5%

Healthcare

PQVG.L
9.5%
SPMD.L
13.3%

Consumer Defensive

PQVG.L
5.6%
SPMD.L
10.4%

Energy

PQVG.L
5.6%
SPMD.L
5.2%

Consumer Cyclical

PQVG.L
4.3%
SPMD.L
6.9%

Basic Materials

PQVG.L
2.2%
SPMD.L
2.3%

Utilities

PQVG.L
0.8%
SPMD.L
2.9%

Real Estate

PQVG.L

-

SPMD.L
0.2%

Compare stocks, funds, or ETFs

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Invesco S&P 500 QVM UCITS ETF

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

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. SPXP.LPQVG.L vs. DYNF
Often compared with SPMD.L:
SPMD.L vs. VOOSPMD.L vs. VUAG.LSPMD.L vs. LGLVSPMD.L vs. SPYSPMD.L vs. VTISPMD.L vs. USMVSPMD.L vs. CSPX.L

Return for Risk

PQVG.L vs. SPMD.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
SPMD.L
SPMD.L Risk / Return Rank: 4040
Overall Rank
SPMD.L Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
SPMD.L Sortino Ratio Rank: 4141
Sortino Ratio Rank
SPMD.L Omega Ratio Rank: 3838
Omega Ratio Rank
SPMD.L Calmar Ratio Rank: 3737
Calmar Ratio Rank
SPMD.L Martin Ratio Rank: 4545
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. SPMD.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 (Dist) (SPMD.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.LSPMD.LDifference
Sharpe ratioReturn per unit of total volatility
2.29
1.31

+0.98

Sortino ratioReturn per unit of downside risk
3.27
1.88

+1.39

Omega ratioGain probability vs. loss probability

1.40

1.24

+0.17

Calmar ratioReturn relative to maximum drawdown

5.78

2.41

+3.37

Martin ratioReturn relative to average drawdown

17.38

7.13

+10.25

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. SPMD.L - Sharpe Ratio Comparison

The current PQVG.L Sharpe Ratio is 2.29, which is higher than the SPMD.L Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of PQVG.L and SPMD.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.LSPMD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.29

1.31

+0.98

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.12

0.79

+0.32

Sharpe Ratio (All Time)

Calculated using the full available price history

0.89

0.74

+0.15

Drawdowns

PQVG.L vs. SPMD.L - Drawdown Comparison

The maximum PQVG.L drawdown since its inception was -25.88%, roughly equal to the maximum SPMD.L drawdown of -25.24%. Use the drawdown chart below to compare losses from any high point for PQVG.L and SPMD.L.

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Drawdown Indicators

PQVG.LSPMD.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.88%

-25.24%

-0.64%

Max Drawdown (1Y)

Largest decline over 1 year

-4.11%

-5.10%

+0.99%

Max Drawdown (3Y)

Largest decline over 3 years

-17.44%

-14.40%

-3.04%

Max Drawdown (5Y)

Largest decline over 5 years

-17.44%

-14.40%

-3.04%

Current Drawdown

Current decline from peak

-0.24%

0.00%

-0.24%

Average Drawdown

Average peak-to-trough decline

-4.17%

-3.86%

-0.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.37%

1.73%

-0.36%

Volatility

PQVG.L vs. SPMD.L - Volatility Comparison

The current volatility for Invesco S&P 500 QVM UCITS ETF (PQVG.L) is 2.80%, while iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) has a volatility of 2.95%. This indicates that PQVG.L experiences smaller price fluctuations and is considered to be less risky than SPMD.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.LSPMD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.80%

2.95%

-0.15%

Volatility (6M)

Calculated over the trailing 6-month period

7.88%

6.96%

+0.92%

Volatility (1Y)

Calculated over the trailing 1-year period

10.40%

9.40%

+1.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.89%

12.64%

+2.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.25%

14.71%

+1.54%

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

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

Dividends

PQVG.L vs. SPMD.L - Dividend Comparison

PQVG.L's dividend yield for the trailing twelve months is around 0.78%, less than SPMD.L's 1.16% yield.

PositionTTM202520242023202220212020201920182017
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%
SPMD.L
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)		1.16%1.15%1.28%1.46%1.35%1.27%1.54%1.52%1.13%0.00%

Frequently Asked Questions

PQVG.L and SPMD.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

SPMD.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 SPMD.L tracks S&P 500 Minimum Volatility Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for PQVG.L and 0.20% for SPMD.L.

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