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PQVM.L vs. USLV.L
Performance
Return for Risk
Dividends
Drawdowns
Volatility

PQVM.L vs. USLV.L

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco S&P 500 QVM UCITS ETF (PQVM.L) and SPDR S&P 500 Low Volatility UCITS ETF (USLV.L).

PQVM.L and USLV.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PQVM.L is a passively managed fund by Invesco that tracks the performance of the S&P 500 Quality, Value, and Momentum Multi-Factor Index. It was launched on May 18, 2017. USLV.L is a passively managed fund by State Street that tracks the performance of the S&P 500 Low Volatility Index. It was launched on Oct 3, 2012. Both PQVM.L and USLV.L are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

PQVM.L vs. USLV.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 SPDR S&P 500 Low Volatility UCITS ETF (USLV.L). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020201920182017
PQVM.L
Invesco S&P 500 QVM UCITS ETF		4.87%13.66%30.17%6.82%0.52%26.13%8.05%25.07%-6.99%18.70%
USLV.L
SPDR S&P 500 Low Volatility UCITS ETF		2.25%4.68%13.57%-1.09%-4.51%24.89%-2.87%27.92%-1.46%9.48%
Different Trading Currencies

PQVM.L is traded in USD, while USLV.L is traded in GBP. To make them comparable, the USLV.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 4.87% return, which is significantly higher than USLV.L's 2.25% return.

PQVM.L

1D
2.14%
1M
-2.67%
YTD
4.87%
6M
5.39%
1Y
17.01%
3Y*
19.12%
5Y*
14.34%
10Y*
—

USLV.L

1D
0.60%
1M
-5.47%
YTD
2.25%
6M
1.02%
1Y
-0.22%
3Y*
7.58%
5Y*
6.43%
10Y*
7.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P 500 QVM UCITS ETF

SPDR S&P 500 Low Volatility UCITS ETF

Often compared with PQVM.L:
PQVM.L vs. SPMOPQVM.L vs. VOOPQVM.L vs. UETW.DEPQVM.L vs. WEBN.DEPQVM.L vs. swda.lPQVM.L vs. vooPQVM.L vs. SWDA.L
Often compared with USLV.L:
USLV.L vs. SPYUSLV.L vs. BRK-BUSLV.L vs. SCHDUSLV.L vs. VOOUSLV.L vs. IUIT.LUSLV.L vs. SCHXUSLV.L vs. ^SP500TR

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

Both PQVM.L and USLV.L have an expense ratio of 0.35%.

PQVM.L
Invesco S&P 500 QVM UCITS ETF
USLV.L
SPDR S&P 500 Low Volatility UCITS ETF

Return for Risk

PQVM.L vs. USLV.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: 6666
Overall Rank
PQVM.L Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
PQVM.L Sortino Ratio Rank: 6262
Sortino Ratio Rank
PQVM.L Omega Ratio Rank: 6262
Omega Ratio Rank
PQVM.L Calmar Ratio Rank: 6666
Calmar Ratio Rank
PQVM.L Martin Ratio Rank: 8181
Martin Ratio Rank
USLV.L
USLV.L Risk / Return Rank: 66
Overall Rank
USLV.L Sharpe Ratio Rank: 77
Sharpe Ratio Rank
USLV.L Sortino Ratio Rank: 77
Sortino Ratio Rank
USLV.L Omega Ratio Rank: 77
Omega Ratio Rank
USLV.L Calmar Ratio Rank: 55
Calmar Ratio Rank
USLV.L Martin Ratio Rank: 66
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.

PQVM.L vs. USLV.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 SPDR S&P 500 Low Volatility UCITS ETF (USLV.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.

PQVM.LUSLV.LDifference

Sharpe ratio

Return per unit of total volatility

1.12

-0.02

+1.14

Sortino ratio

Return per unit of downside risk

1.65

0.06

+1.58

Omega ratio

Gain probability vs. loss probability

1.24

1.01

+0.23

Calmar ratio

Return relative to maximum drawdown

1.79

-0.07

+1.86

Martin ratio

Return relative to average drawdown

9.66

-0.23

+9.89

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

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

The current PQVM.L Sharpe Ratio is 1.12, which is higher than the USLV.L Sharpe Ratio of -0.02. The chart below compares the historical Sharpe Ratios of PQVM.L and USLV.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

PQVM.LUSLV.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.12

-0.02

+1.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.89

0.52

+0.37

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.57

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

0.71

+0.09

Correlation

The correlation between PQVM.L and USLV.L is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PQVM.L vs. USLV.L - Dividend Comparison

PQVM.L's dividend yield for the trailing twelve months is around 0.86%, while USLV.L has not paid dividends to shareholders.

TTM202520242023202220212020201920182017
PQVM.L
Invesco S&P 500 QVM UCITS ETF		0.86%0.82%0.84%1.58%1.79%0.89%1.48%1.38%1.68%0.71%
USLV.L
SPDR S&P 500 Low Volatility UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

PQVM.L vs. USLV.L - Drawdown Comparison

The maximum PQVM.L drawdown since its inception was -34.42%, roughly equal to the maximum USLV.L drawdown of -35.51%. Use the drawdown chart below to compare losses from any high point for PQVM.L and USLV.L.

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Drawdown Indicators

PQVM.LUSLV.LDifference

Max Drawdown

Largest peak-to-trough decline

-34.42%

-27.37%

-7.05%

Max Drawdown (1Y)

Largest decline over 1 year

-11.81%

-8.66%

-3.15%

Max Drawdown (5Y)

Largest decline over 5 years

-17.35%

-14.56%

-2.79%

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.37%

—

Current Drawdown

Current decline from peak

-2.67%

-5.12%

+2.45%

Average Drawdown

Average peak-to-trough decline

-3.96%

-5.15%

+1.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.70%

4.10%

-2.40%

Volatility

PQVM.L vs. USLV.L - Volatility Comparison

Invesco S&P 500 QVM UCITS ETF (PQVM.L) has a higher volatility of 4.47% compared to SPDR S&P 500 Low Volatility UCITS ETF (USLV.L) at 3.17%. This indicates that PQVM.L's price experiences larger fluctuations and is considered to be riskier than USLV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PQVM.LUSLV.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.47%

3.17%

+1.30%

Volatility (6M)

Calculated over the trailing 6-month period

8.14%

6.86%

+1.28%

Volatility (1Y)

Calculated over the trailing 1-year period

15.10%

12.91%

+2.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.10%

12.31%

+3.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.20%

13.70%

+3.50%