SPMD.L vs. EWSP.L

Last updated Jun 25, 2026

SPMD.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)) and EWSP.L (iShares S&P 500 Equal Weight UCITS ETF USD (Acc)) are both S&P 500 funds from iShares - SPMD.L tracks the S&P 500 Minimum Volatility Index while EWSP.L tracks the S&P 500 Equal Weight Index. Both are passively managed. Over the past 3 years, SPMD.L returned 12.54%/yr vs 14.95%/yr for EWSP.L. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

SPMD.L vs. EWSP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) and iShares S&P 500 Equal Weight UCITS ETF USD (Acc) (EWSP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPMD.L is traded in USD, while EWSP.L is traded in GBP. To make them comparable, the EWSP.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPMD.L achieves a 2.31% return, which is significantly lower than EWSP.L's 10.29% return.

SPMD.L

• 1D: 0.51%
• 1M: -1.00%
• YTD: 2.31%
• 6M: 2.20%
• 1Y: 9.55%
• 3Y*: 12.54%
• 5Y*: 8.42%
• 10Y*: —

EWSP.L

• 1D: 1.08%
• 1M: 3.03%
• YTD: 10.29%
• 6M: 10.34%
• 1Y: 19.13%
• 3Y*: 14.95%
• 5Y*: —
• 10Y*: —

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

SPMD.L vs. EWSP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	2.31%	11.59%	18.75%	9.74%	-3.28%
EWSP.L iShares S&P 500 Equal Weight UCITS ETF USD (Acc)	10.29%	11.87%	12.06%	13.48%	-19.44%

Correlation

The correlation between SPMD.L and EWSP.L is 0.73, 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	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (All Time) Calculated using the full available price history since Aug 2, 2022	0.77

The correlation between SPMD.L and EWSP.L has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.

SPMD.L vs. EWSP.L - Sectors Allocation Comparison

Sectors	SPMD.L	EWSP.L
Technology	32.5%	20.9%
Financial Services	16.6%	13.9%
Healthcare	12.8%	11.1%
Consumer Defensive	10.0%	6.3%
Consumer Cyclical	6.7%	10.1%
Communication Services	6.2%	3.9%
Industrials	5.7%	14.2%
Energy	4.7%	4.0%
Utilities	2.6%	5.7%
Basic Materials	2.2%	3.9%
Real Estate	0.2%	6.1%

Return for Risk

SPMD.L vs. EWSP.L — Risk / Return Rank

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

SPMD.L

SPMD.L Risk / Return Rank: 35
SPMD.L Sharpe Ratio Rank: 33
SPMD.L Sortino Ratio Rank: 34
SPMD.L Omega Ratio Rank: 32
SPMD.L Calmar Ratio Rank: 34
SPMD.L Martin Ratio Rank: 41

EWSP.L

EWSP.L Risk / Return Rank: 82
EWSP.L Sharpe Ratio Rank: 82
EWSP.L Sortino Ratio Rank: 83
EWSP.L Omega Ratio Rank: 82
EWSP.L Calmar Ratio Rank: 84
EWSP.L Martin Ratio Rank: 77

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.

SPMD.L vs. EWSP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) and iShares S&P 500 Equal Weight UCITS ETF USD (Acc) (EWSP.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.

	SPMD.L	EWSP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.81	-0.70
Sortino ratio: Return per unit of downside risk	1.67	2.73	-1.06
Omega ratio: Gain probability vs. loss probability	1.20	1.31	-0.11
Calmar ratio: Return relative to maximum drawdown	1.53	2.69	-1.16
Martin ratio: Return relative to average drawdown	5.93	9.64	-3.71

SPMD.L vs. EWSP.L - Sharpe Ratio Comparison

The current SPMD.L Sharpe Ratio is 1.11, which is lower than the EWSP.L Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of SPMD.L and EWSP.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

SPMD.L vs. EWSP.L - Drawdown Comparison

The maximum SPMD.L drawdown since its inception was -33.23%, which is greater than EWSP.L's maximum drawdown of -27.73%. Use the drawdown chart below to compare losses from any high point for SPMD.L and EWSP.L.

Drawdown Indicators

	SPMD.L	EWSP.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.23%	-27.73%	-5.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-7.08%	+0.85%
Max Drawdown (3Y) Largest decline over 3 years	-12.05%	-19.07%	+7.02%
Max Drawdown (5Y) Largest decline over 5 years	-18.66%	—	—
Current Drawdown Current decline from peak	-1.79%	-0.50%	-1.29%
Average Drawdown Average peak-to-trough decline	-4.16%	-9.06%	+4.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.61%	1.98%	-0.37%

Volatility

SPMD.L vs. EWSP.L - Volatility Comparison

iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) has a higher volatility of 2.83% compared to iShares S&P 500 Equal Weight UCITS ETF USD (Acc) (EWSP.L) at 2.49%. This indicates that SPMD.L's price experiences larger fluctuations and is considered to be riskier than EWSP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPMD.L	EWSP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	2.49%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	6.44%	7.31%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	8.65%	10.61%	-1.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.61%	22.91%	-10.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.61%	22.91%	-8.30%

SPMD.L vs. EWSP.L - Expense Ratio Comparison

Both SPMD.L and EWSP.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPMD.L vs. EWSP.L - Dividend Comparison

SPMD.L's dividend yield for the trailing twelve months is around 1.18%, while EWSP.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EWSP.L iShares S&P 500 Equal Weight UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	1.18%	1.15%	1.28%	1.46%	1.35%	1.27%	1.54%	1.52%	1.13%

Frequently Asked Questions

Can I hold both SPMD.L and EWSP.L in my portfolio?

SPMD.L and EWSP.L have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPMD.L or EWSP.L?

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPMD.L or EWSP.L?

SPMD.L and EWSP.L have the same expense ratio: 0.20% per year.

What is the main difference between SPMD.L and EWSP.L?

SPMD.L tracks S&P 500 Minimum Volatility Index, while EWSP.L tracks S&P 500 Equal Weight Index.