PQVM.L vs. IGUS.L

Last updated Jun 26, 2026

PQVM.L (Invesco S&P 500 QVM UCITS ETF) and IGUS.L (iShares S&P 500 GBP Hedged UCITS ETF) are both S&P 500 funds - PQVM.L tracks the S&P 500 Quality, Value, and Momentum Multi-Factor Index while IGUS.L tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, PQVM.L returned 15.19%/yr vs 10.43%/yr for IGUS.L. A 0.75 correlation means they provide meaningful diversification when combined. PQVM.L charges 0.35%/yr vs 0.20%/yr for IGUS.L.

Performance

PQVM.L vs. IGUS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 QVM UCITS ETF (PQVM.L) and iShares S&P 500 GBP Hedged UCITS ETF (IGUS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, PQVM.L achieves a 19.72% return, which is significantly higher than IGUS.L's 4.81% return.

PQVM.L

• 1D: 1.73%
• 1M: 2.77%
• YTD: 19.72%
• 6M: 19.51%
• 1Y: 27.06%
• 3Y*: 25.27%
• 5Y*: 15.19%
• 10Y*: —

IGUS.L

• 1D: -0.41%
• 1M: -3.67%
• YTD: 4.81%
• 6M: 4.21%
• 1Y: 17.31%
• 3Y*: 21.31%
• 5Y*: 10.43%
• 10Y*: 13.80%

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

PQVM.L vs. IGUS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQVM.L Invesco S&P 500 QVM UCITS ETF	19.72%	13.66%	30.18%	6.81%	0.50%	26.16%	8.04%	25.07%	-7.29%	20.74%
IGUS.L iShares S&P 500 GBP Hedged UCITS ETF	4.81%	26.25%	22.56%	31.05%	-29.08%	27.40%	18.15%	32.38%	-12.71%	18.37%

Correlation

The correlation between PQVM.L and IGUS.L is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since May 18, 2017	0.75

The correlation between PQVM.L and IGUS.L shifts across timeframes, from 0.60 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

PQVM.L vs. IGUS.L - Sectors Allocation Comparison

Sectors	PQVM.L	IGUS.L
Technology	27.6%	39.0%
Financial Services	21.6%	11.1%
Industrials	14.3%	7.8%
Healthcare	9.1%	8.3%
Communication Services	8.1%	10.7%
Consumer Defensive	5.3%	4.5%
Energy	5.1%	3.1%
Consumer Cyclical	4.1%	9.9%
Utilities	2.8%	2.1%
Basic Materials	2.0%	1.7%
Real Estate	-	1.8%

Return for Risk

PQVM.L vs. IGUS.L — Risk / Return Rank

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

PQVM.L

PQVM.L Risk / Return Rank: 87
PQVM.L Sharpe Ratio Rank: 82
PQVM.L Sortino Ratio Rank: 86
PQVM.L Omega Ratio Rank: 82
PQVM.L Calmar Ratio Rank: 93
PQVM.L Martin Ratio Rank: 92

IGUS.L

IGUS.L Risk / Return Rank: 62
IGUS.L Sharpe Ratio Rank: 60
IGUS.L Sortino Ratio Rank: 65
IGUS.L Omega Ratio Rank: 59
IGUS.L Calmar Ratio Rank: 59
IGUS.L Martin Ratio Rank: 67

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.

PQVM.L vs. IGUS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 QVM UCITS ETF (PQVM.L) and iShares S&P 500 GBP Hedged UCITS ETF (IGUS.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.

	PQVM.L	IGUS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.14	+1.16
Sortino ratio: Return per unit of downside risk	3.38	1.76	+1.62
Omega ratio: Gain probability vs. loss probability	1.43	1.20	+0.22
Calmar ratio: Return relative to maximum drawdown	5.58	1.35	+4.23
Martin ratio: Return relative to average drawdown	19.37	5.18	+14.19

PQVM.L vs. IGUS.L - Sharpe Ratio Comparison

The current PQVM.L Sharpe Ratio is 2.30, which is higher than the IGUS.L Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of PQVM.L and IGUS.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.

Drawdowns

PQVM.L vs. IGUS.L - Drawdown Comparison

The maximum PQVM.L drawdown since its inception was -34.42%, smaller than the maximum IGUS.L drawdown of -43.75%. Use the drawdown chart below to compare losses from any high point for PQVM.L and IGUS.L.

Drawdown Indicators

	PQVM.L	IGUS.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.42%	-43.75%	+9.33%
Max Drawdown (1Y) Largest decline over 1 year	-4.83%	-12.78%	+7.95%
Max Drawdown (3Y) Largest decline over 3 years	-15.49%	-18.55%	+3.06%
Max Drawdown (5Y) Largest decline over 5 years	-17.34%	-40.12%	+22.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.75%	—
Current Drawdown Current decline from peak	-1.21%	-5.07%	+3.86%
Average Drawdown Average peak-to-trough decline	-3.89%	-7.74%	+3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	3.33%	-1.94%

Volatility

PQVM.L vs. IGUS.L - Volatility Comparison

Invesco S&P 500 QVM UCITS ETF (PQVM.L) has a higher volatility of 5.13% compared to iShares S&P 500 GBP Hedged UCITS ETF (IGUS.L) at 4.58%. This indicates that PQVM.L's price experiences larger fluctuations and is considered to be riskier than IGUS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQVM.L	IGUS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	4.58%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	9.77%	11.65%	-1.88%
Volatility (1Y) Calculated over the trailing 1-year period	11.73%	15.15%	-3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.23%	20.58%	-4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	20.83%	-3.76%

PQVM.L vs. IGUS.L - Expense Ratio Comparison

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

Dividends

PQVM.L vs. IGUS.L - Dividend Comparison

PQVM.L's dividend yield for the trailing twelve months is around 0.79%, while IGUS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGUS.L iShares S&P 500 GBP Hedged UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PQVM.L Invesco S&P 500 QVM UCITS ETF	0.79%	0.82%	0.84%	1.58%	1.79%	0.89%	1.48%	1.38%	1.33%	0.71%

Frequently Asked Questions

Can I hold both PQVM.L and IGUS.L in my portfolio?

PQVM.L and IGUS.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PQVM.L or IGUS.L?

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

Which ETF is cheaper, PQVM.L or IGUS.L?

IGUS.L is cheaper with a 0.20% expense ratio, compared with 0.35% for PQVM.L.

What is the main difference between PQVM.L and IGUS.L?

PQVM.L tracks S&P 500 Quality, Value, and Momentum Multi-Factor Index, while IGUS.L tracks S&P 500 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for PQVM.L and 0.20% for IGUS.L.