PQVM.L vs. XDPG.L

Last updated Jun 4, 2026

PQVM.L (Invesco S&P 500 QVM UCITS ETF) and XDPG.L (Xtrackers S&P 500 UCITS ETF 2C - GBP Hedged) are both S&P 500 funds - PQVM.L tracks the S&P 500 Quality, Value, and Momentum Multi-Factor Index while XDPG.L tracks the S&P 500 GBP Hedged. Both are passively managed. Over the past 5 years, PQVM.L returned 15.36%/yr vs 11.29%/yr for XDPG.L. A 0.76 correlation means they provide meaningful diversification when combined. PQVM.L charges 0.35%/yr vs 0.09%/yr for XDPG.L.

Performance

PQVM.L vs. XDPG.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 Xtrackers S&P 500 UCITS ETF 2C - GBP Hedged (XDPG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PQVM.L is traded in USD, while XDPG.L is traded in GBp. To make them comparable, the XDPG.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 16.20% return, which is significantly higher than XDPG.L's 9.63% return.

PQVM.L

• 1D: 0.33%
• 1M: 4.17%
• YTD: 16.20%
• 6M: 17.13%
• 1Y: 23.05%
• 3Y*: 24.45%
• 5Y*: 15.36%
• 10Y*: —

XDPG.L

• 1D: -0.83%
• 1M: 3.32%
• YTD: 9.63%
• 6M: 11.24%
• 1Y: 26.62%
• 3Y*: 24.61%
• 5Y*: 11.29%
• 10Y*: 12.82%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQVM.L Invesco S&P 500 QVM UCITS ETF	16.20%	13.66%	30.17%	6.82%	0.52%	26.13%	8.05%	25.07%	-6.99%	18.70%
XDPG.L Xtrackers S&P 500 UCITS ETF 2C - GBP Hedged	9.63%	25.78%	22.82%	31.41%	-29.20%	27.70%	18.76%	32.66%	-12.81%	17.22%

Correlation

The correlation between PQVM.L and XDPG.L is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 24, 2017	0.76

The correlation between PQVM.L and XDPG.L shifts across timeframes, from 0.61 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

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

Sectors	PQVM.L	XDPG.L
Technology	25.6%	35.6%
Financial Services	22.0%	11.8%
Industrials	13.7%	8.3%
Healthcare	9.4%	8.5%
Communication Services	9.1%	11.2%
Energy	5.6%	3.5%
Consumer Defensive	5.5%	4.9%
Consumer Cyclical	4.2%	10.1%
Utilities	2.8%	2.4%
Basic Materials	2.2%	1.8%
Real Estate	-	1.9%

Return for Risk

PQVM.L vs. XDPG.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: 72
PQVM.L Sharpe Ratio Rank: 61
PQVM.L Sortino Ratio Rank: 70
PQVM.L Omega Ratio Rank: 61
PQVM.L Calmar Ratio Rank: 86
PQVM.L Martin Ratio Rank: 82

XDPG.L

XDPG.L Risk / Return Rank: 73
XDPG.L Sharpe Ratio Rank: 73
XDPG.L Sortino Ratio Rank: 78
XDPG.L Omega Ratio Rank: 72
XDPG.L Calmar Ratio Rank: 67
XDPG.L Martin Ratio Rank: 75

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. XDPG.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 Xtrackers S&P 500 UCITS ETF 2C - GBP Hedged (XDPG.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.L	XDPG.L	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.80	+0.29
Sortino ratio: Return per unit of downside risk	3.18	2.70	+0.48
Omega ratio: Gain probability vs. loss probability	1.38	1.31	+0.06
Calmar ratio: Return relative to maximum drawdown	4.75	2.10	+2.66
Martin ratio: Return relative to average drawdown	16.42	8.25	+8.17
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. XDPG.L - Sharpe Ratio Comparison

The current PQVM.L Sharpe Ratio is 2.09, which is comparable to the XDPG.L Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of PQVM.L and XDPG.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.

Sharpe Ratios by Period

	PQVM.L	XDPG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	1.80	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	0.55	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.54	+0.33

Drawdowns

PQVM.L vs. XDPG.L - Drawdown Comparison

The maximum PQVM.L drawdown since its inception was -34.42%, smaller than the maximum XDPG.L drawdown of -43.10%. Use the drawdown chart below to compare losses from any high point for PQVM.L and XDPG.L.

Drawdown Indicators

	PQVM.L	XDPG.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.42%	-43.10%	+8.68%
Max Drawdown (1Y) Largest decline over 1 year	-4.83%	-12.65%	+7.82%
Max Drawdown (3Y) Largest decline over 3 years	-15.49%	-18.58%	+3.09%
Max Drawdown (5Y) Largest decline over 5 years	-17.35%	-39.97%	+22.62%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.10%	—
Current Drawdown Current decline from peak	-0.26%	-0.83%	+0.57%
Average Drawdown Average peak-to-trough decline	-3.90%	-9.03%	+5.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	3.22%	-1.82%

Volatility

PQVM.L vs. XDPG.L - Volatility Comparison

The current volatility for Invesco S&P 500 QVM UCITS ETF (PQVM.L) is 3.14%, while Xtrackers S&P 500 UCITS ETF 2C - GBP Hedged (XDPG.L) has a volatility of 3.83%. This indicates that PQVM.L experiences smaller price fluctuations and is considered to be less risky than XDPG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PQVM.L	XDPG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	3.83%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	8.76%	11.00%	-2.24%
Volatility (1Y) Calculated over the trailing 1-year period	11.02%	14.75%	-3.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	20.43%	-4.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	21.10%	-3.96%

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

PQVM.L has a 0.35% expense ratio, which is higher than XDPG.L's 0.09% expense ratio.

Dividends

PQVM.L vs. XDPG.L - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQVM.L Invesco S&P 500 QVM UCITS ETF	0.78%	0.82%	0.84%	1.58%	1.79%	0.89%	1.48%	1.38%	1.68%	0.71%
XDPG.L Xtrackers S&P 500 UCITS ETF 2C - GBP Hedged	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

PQVM.L and XDPG.L have a correlation of 0.61, 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 XDPG.L?

On fees, XDPG.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XDPG.L is cheaper with a 0.09% expense ratio, compared with 0.35% for PQVM.L.

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

PQVM.L tracks S&P 500 Quality, Value, and Momentum Multi-Factor Index, while XDPG.L tracks S&P 500 GBP Hedged. They also come from different issuers: Invesco and Xtrackers. Their fees differ too: 0.35% for PQVM.L and 0.09% for XDPG.L.