PQVG.L vs. SPMV.L
PQVG.L (Invesco S&P 500 QVM UCITS ETF) and SPMV.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 SPMV.L tracks the S&P 500 Minimum Volatility Net in USD. Both are passively managed. Over the past 5 years, PQVG.L returned 14.80%/yr vs 8.78%/yr for SPMV.L. A 0.74 correlation means they provide meaningful diversification when combined. PQVG.L charges 0.35%/yr vs 0.20%/yr for SPMV.L.
Performance
PQVG.L vs. SPMV.L - Performance Comparison
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Different Trading Currencies
PQVG.L is traded in GBp, while SPMV.L is traded in USD. To make them comparable, the SPMV.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 14.02% return, which is significantly higher than SPMV.L's 4.39% return.
PQVG.L
- 1D
- -0.06%
- 1M
- -5.28%
- 6M
- 10.96%
- YTD
- 14.02%
- 1Y
- 20.06%
- 3Y*
- 20.21%
- 5Y*
- 14.80%
- 10Y*
- —
SPMV.L
- 1D
- -0.03%
- 1M
- -1.09%
- 6M
- 3.85%
- YTD
- 4.39%
- 1Y
- 10.21%
- 3Y*
- 11.66%
- 5Y*
- 8.78%
- 10Y*
- 9.68%
PQVG.L vs. SPMV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PQVG.L Invesco S&P 500 QVM UCITS ETF | 14.02% | 5.84% | 32.29% | 0.98% | 12.54% | 27.78% | 4.44% | 21.16% | -1.98% | -10.66% |
SPMV.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) | 4.39% | 3.60% | 20.76% | 4.44% | -0.48% | 26.16% | 4.26% | 26.25% | 0.26% | 8.66% |
Correlation
The correlation between PQVG.L and SPMV.L is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since May 18, 2017 | 0.74 |
Over the past year, the correlation between PQVG.L and SPMV.L has dropped to 0.53 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.
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Return for Risk
PQVG.L vs. SPMV.L — Risk / Return Rank
PQVG.L
SPMV.L
PQVG.L vs. SPMV.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) (SPMV.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.
| PQVG.L | SPMV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.19 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 1.97 | +0.70 |
| Martin ratioReturn relative to average drawdown | 11.09 | 5.80 | +5.28 |
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Drawdowns
PQVG.L vs. SPMV.L - Drawdown Comparison
The maximum PQVG.L drawdown since its inception was -25.88%, roughly equal to the maximum SPMV.L drawdown of -25.15%. Use the drawdown chart below to compare losses from any high point for PQVG.L and SPMV.L.
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Drawdown Indicators
| PQVG.L | SPMV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -25.88% | -25.15% | -0.73% |
Max Drawdown (1Y)Largest decline over 1 year | -7.46% | -5.16% | -2.30% |
Max Drawdown (3Y)Largest decline over 3 years | -17.44% | -14.55% | -2.89% |
Max Drawdown (5Y)Largest decline over 5 years | -17.44% | -14.55% | -2.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.15% | — |
Current DrawdownCurrent decline from peak | -7.46% | -1.54% | -5.92% |
Average DrawdownAverage peak-to-trough decline | -5.78% | -3.39% | -2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 1.76% | +0.04% |
Volatility
PQVG.L vs. SPMV.L - Volatility Comparison
Invesco S&P 500 QVM UCITS ETF (PQVG.L) has a higher volatility of 7.45% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (SPMV.L) at 2.69%. This indicates that PQVG.L's price experiences larger fluctuations and is considered to be riskier than SPMV.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.L | SPMV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.45% | 2.69% | +4.76% |
Volatility (6M)Calculated over the trailing 6-month period | 10.81% | 7.28% | +3.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.76% | 9.59% | +3.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.20% | 12.68% | +2.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.99% | 14.17% | +3.82% |
PQVG.L vs. SPMV.L - Expense Ratio Comparison
PQVG.L has a 0.35% expense ratio, which is higher than SPMV.L's 0.20% expense ratio.
Dividends
PQVG.L vs. SPMV.L - Dividend Comparison
PQVG.L's dividend yield for the trailing twelve months is around 0.83%, while SPMV.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PQVG.L Invesco S&P 500 QVM UCITS ETF | 0.83% | 0.83% | 0.82% | 1.61% | 1.77% | 0.88% | 1.59% | 1.41% | 1.30% | 0.72% |
SPMV.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% |
Frequently Asked Questions
PQVG.L and SPMV.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPMV.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPMV.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 SPMV.L tracks S&P 500 Minimum Volatility Net in USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for PQVG.L and 0.20% for SPMV.L.
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