SPLG.L vs. IWVL.L

Last updated Jul 21, 2026

SPLG.L (Invesco S&P 500 Low Volatility UCITS ETF USD (Acc)) and IWVL.L (iShares Edge MSCI World Value Factor UCITS ETF USD (Acc)) are both exchange-traded funds - SPLG.L is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while IWVL.L is a Global Equities fund tracking the MSCI World Enhanced Value Index. Both are passively managed. Over the past 5 years, SPLG.L returned 6.37%/yr vs 16.79%/yr for IWVL.L. At a 0.28 correlation, their price movements are largely independent. Both charge a 0.25% expense ratio.

Performance

SPLG.L vs. IWVL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco S&P 500 Low Volatility UCITS ETF USD (Acc) (SPLG.L) and iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) (IWVL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, SPLG.L achieves a 7.42% return, which is significantly lower than IWVL.L's 28.40% return.

SPLG.L

• 1D: -1.07%
• 1M: 3.09%
• 6M: 5.64%
• YTD: 7.42%
• 1Y: 6.93%
• 3Y*: 6.39%
• 5Y*: 6.37%
• 10Y*: —
• ALL TIME*: -0.03%

IWVL.L

• 1D: 0.61%
• 1M: -5.56%
• 6M: 24.36%
• YTD: 28.40%
• 1Y: 54.48%
• 3Y*: 23.69%
• 5Y*: 16.79%
• 10Y*: 12.03%
• ALL TIME*: 11.73%

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

SPLG.L vs. IWVL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPLG.L Invesco S&P 500 Low Volatility UCITS ETF USD (Acc)	7.42%	-2.34%	15.31%	-5.86%	6.95%	-18.01%
IWVL.L iShares Edge MSCI World Value Factor UCITS ETF USD (Acc)	28.40%	30.42%	6.96%	13.56%	0.94%	5.27%

Correlation

The correlation between SPLG.L and IWVL.L is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jul 14, 2021	0.28

The correlation between SPLG.L and IWVL.L shifts across timeframes, from -0.05 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

SPLG.L vs. IWVL.L - Sectors Allocation Comparison

Sectors	SPLG.L	IWVL.L
Utilities	25.4%	2.4%
Financial Services	21.5%	15.0%
Real Estate	17.9%	1.6%
Industrials	10.9%	10.9%
Consumer Defensive	9.2%	4.8%
Healthcare	4.1%	8.3%
Consumer Cyclical	3.9%	8.3%
Energy	2.6%	3.4%
Basic Materials	2.2%	2.5%
Technology	1.7%	35.5%
Communication Services	0.7%	7.4%

Return for Risk

SPLG.L vs. IWVL.L — Risk / Return Rank

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

SPLG.L

SPLG.L Risk / Return Rank: 24
SPLG.L Sharpe Ratio Rank: 24
SPLG.L Sortino Ratio Rank: 24
SPLG.L Omega Ratio Rank: 21
SPLG.L Calmar Ratio Rank: 25
SPLG.L Martin Ratio Rank: 25

IWVL.L

IWVL.L Risk / Return Rank: 95
IWVL.L Sharpe Ratio Rank: 96
IWVL.L Sortino Ratio Rank: 96
IWVL.L Omega Ratio Rank: 95
IWVL.L Calmar Ratio Rank: 96
IWVL.L Martin Ratio Rank: 95

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.

SPLG.L vs. IWVL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility UCITS ETF USD (Acc) (SPLG.L) and iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) (IWVL.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.

	SPLG.L	IWVL.L	Difference
Sharpe ratio: Return per unit of total volatility	0.64	3.30	-2.66
Sortino ratio: Return per unit of downside risk	1.01	4.46	-3.45
Omega ratio: Gain probability vs. loss probability	1.11	1.60	-0.48
Calmar ratio: Return relative to maximum drawdown	0.88	6.93	-6.05
Martin ratio: Return relative to average drawdown	2.15	23.48	-21.33

SPLG.L vs. IWVL.L - Sharpe Ratio Comparison

The current SPLG.L Sharpe Ratio is 0.64, which is lower than the IWVL.L Sharpe Ratio of 3.30. The chart below compares the historical Sharpe Ratios of SPLG.L and IWVL.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

SPLG.L vs. IWVL.L - Drawdown Comparison

The maximum SPLG.L drawdown since its inception was -27.94%, roughly equal to the maximum IWVL.L drawdown of -28.56%. Use the drawdown chart below to compare losses from any high point for SPLG.L and IWVL.L.

Drawdown Indicators

	SPLG.L	IWVL.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.94%	-28.56%	+0.62%
Max Drawdown (1Y) Largest decline over 1 year	-7.84%	-7.82%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-20.63%	-14.14%	-6.49%
Max Drawdown (5Y) Largest decline over 5 years	-20.63%	-14.14%	-6.49%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.56%	—
Current Drawdown Current decline from peak	-1.61%	-6.48%	+4.87%
Average Drawdown Average peak-to-trough decline	-13.14%	-4.50%	-8.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	2.31%	+0.90%

Volatility

SPLG.L vs. IWVL.L - Volatility Comparison

The current volatility for Invesco S&P 500 Low Volatility UCITS ETF USD (Acc) (SPLG.L) is 3.98%, while iShares Edge MSCI World Value Factor UCITS ETF USD (Acc) (IWVL.L) has a volatility of 6.19%. This indicates that SPLG.L experiences smaller price fluctuations and is considered to be less risky than IWVL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPLG.L	IWVL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	6.19%	-2.21%
Volatility (6M) Calculated over the trailing 6-month period	8.58%	14.55%	-5.97%
Volatility (1Y) Calculated over the trailing 1-year period	10.81%	16.46%	-5.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.71%	14.62%	+4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.49%	16.11%	+6.38%

SPLG.L vs. IWVL.L - Expense Ratio Comparison

Both SPLG.L and IWVL.L have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPLG.L vs. IWVL.L - Dividend Comparison

Neither SPLG.L nor IWVL.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPLG.L and IWVL.L in my portfolio?

SPLG.L and IWVL.L have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPLG.L or IWVL.L?

Both ETFs have the same 0.25% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPLG.L or IWVL.L?

SPLG.L and IWVL.L have the same expense ratio: 0.25% per year.

What is the main difference between SPLG.L and IWVL.L?

SPLG.L is categorized as S&P 500, while IWVL.L is Global Equities. SPLG.L tracks S&P 500 Low Volatility Index, while IWVL.L tracks MSCI World Enhanced Value Index. They also come from different issuers: Invesco and iShares.