SPMV.L vs. SPXP.L
SPMV.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)) and SPXP.L (Invesco S&P 500 UCITS ETF) are both S&P 500 funds - SPMV.L tracks the S&P 500 Minimum Volatility Net in USD while SPXP.L tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SPMV.L returned 9.98%/yr vs -27.44%/yr for SPXP.L. Their correlation of 0.80 suggests significant overlap in exposure. SPMV.L charges 0.20%/yr vs 0.05%/yr for SPXP.L.
Performance
SPMV.L vs. SPXP.L - Performance Comparison
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Different Trading Currencies
SPMV.L is traded in USD, while SPXP.L is traded in GBp. To make them comparable, the SPXP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPMV.L achieves a 4.24% return, which is significantly lower than SPXP.L's 8.99% return. Over the past 10 years, SPMV.L has outperformed SPXP.L with an annualized return of 9.98%, while SPXP.L has yielded a comparatively lower -27.44% annualized return.
SPMV.L
- 1D
- -0.19%
- 1M
- 0.14%
- 6M
- 4.46%
- YTD
- 4.24%
- 1Y
- 10.52%
- 3Y*
- 12.84%
- 5Y*
- 8.28%
- 10Y*
- 9.98%
SPXP.L
- 1D
- -1.26%
- 1M
- 0.17%
- 6M
- 8.09%
- YTD
- 8.99%
- 1Y
- -98.80%
- 3Y*
- -74.22%
- 5Y*
- -55.01%
- 10Y*
- -27.44%
SPMV.L vs. SPXP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMV.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) | 4.24% | 11.55% | 18.68% | 9.94% | -11.05% | 24.98% | 7.41% | 31.25% | -5.35% | 16.05% |
SPXP.L Invesco S&P 500 UCITS ETF | 8.99% | -98.82% | 25.46% | 26.40% | -18.54% | 30.07% | 17.39% | 31.85% | -5.42% | 21.32% |
Correlation
The correlation between SPMV.L and SPXP.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 | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2014 | 0.80 |
The correlation between SPMV.L and SPXP.L has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.
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Return for Risk
SPMV.L vs. SPXP.L — Risk / Return Rank
SPMV.L
SPXP.L
SPMV.L vs. SPXP.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 (Acc) (SPMV.L) and Invesco S&P 500 UCITS ETF (SPXP.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.
| SPMV.L | SPXP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.23 | ||
| Sortino ratioReturn per unit of downside risk | +2.65 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.50 | +0.72 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | -1.00 | +2.68 |
| Martin ratioReturn relative to average drawdown | 6.62 | -1.22 | +7.84 |
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Drawdowns
SPMV.L vs. SPXP.L - Drawdown Comparison
The maximum SPMV.L drawdown since its inception was -33.34%, smaller than the maximum SPXP.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for SPMV.L and SPXP.L.
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Drawdown Indicators
| SPMV.L | SPXP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.34% | -99.07% | +65.73% |
Max Drawdown (1Y)Largest decline over 1 year | -6.23% | -99.07% | +92.84% |
Max Drawdown (3Y)Largest decline over 3 years | -12.31% | -99.07% | +86.76% |
Max Drawdown (5Y)Largest decline over 5 years | -18.58% | -99.07% | +80.49% |
Max Drawdown (10Y)Largest decline over 10 years | -33.34% | -99.07% | +65.73% |
Current DrawdownCurrent decline from peak | -0.75% | -98.91% | +98.16% |
Average DrawdownAverage peak-to-trough decline | -3.13% | -9.46% | +6.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | 80.81% | -79.22% |
Volatility
SPMV.L vs. SPXP.L - Volatility Comparison
The current volatility for iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (SPMV.L) is 1.82%, while Invesco S&P 500 UCITS ETF (SPXP.L) has a volatility of 3.26%. This indicates that SPMV.L experiences smaller price fluctuations and is considered to be less risky than SPXP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPMV.L | SPXP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.82% | 3.26% | -1.44% |
Volatility (6M)Calculated over the trailing 6-month period | 6.37% | 8.79% | -2.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.50% | 99.37% | -90.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.67% | 46.96% | -34.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.77% | 35.19% | -21.42% |
SPMV.L vs. SPXP.L - Expense Ratio Comparison
SPMV.L has a 0.20% expense ratio, which is higher than SPXP.L's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPMV.L vs. SPXP.L - Dividend Comparison
Neither SPMV.L nor SPXP.L has paid dividends to shareholders.
Frequently Asked Questions
SPMV.L and SPXP.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.
On fees, SPXP.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.20% for SPMV.L.
SPMV.L tracks S&P 500 Minimum Volatility Net in USD, while SPXP.L tracks S&P 500 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.20% for SPMV.L and 0.05% for SPXP.L.
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