SPOL.L vs. IMV.L

Last updated Jun 4, 2026

SPOL.L (iShares MSCI Poland UCITS ETF USD (Acc)) and IMV.L (iShares Edge MSCI Europe Min Volatility UCITS) are both Europe Equities funds from iShares - SPOL.L tracks the MSCI Poland NR EUR while IMV.L tracks the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, SPOL.L returned 10.37%/yr vs 7.71%/yr for IMV.L. At a 0.49 correlation, their price movements are largely independent. SPOL.L charges 0.74%/yr vs 0.25%/yr for IMV.L.

Performance

SPOL.L vs. IMV.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Poland UCITS ETF USD (Acc) (SPOL.L) and iShares Edge MSCI Europe Min Volatility UCITS (IMV.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPOL.L achieves a 14.98% return, which is significantly higher than IMV.L's 4.20% return. Over the past 10 years, SPOL.L has outperformed IMV.L with an annualized return of 10.37%, while IMV.L has yielded a comparatively lower 7.71% annualized return.

SPOL.L

• 1D: 0.05%
• 1M: 6.06%
• YTD: 14.98%
• 6M: 24.72%
• 1Y: 44.16%
• 3Y*: 30.21%
• 5Y*: 14.86%
• 10Y*: 10.37%

IMV.L

• 1D: -0.02%
• 1M: -0.32%
• YTD: 4.20%
• 6M: 5.34%
• 1Y: 8.27%
• 3Y*: 10.29%
• 5Y*: 7.43%
• 10Y*: 7.71%

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

SPOL.L vs. IMV.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPOL.L iShares MSCI Poland UCITS ETF USD (Acc)	14.98%	61.27%	-4.98%	41.52%	-17.96%	8.30%	-14.19%	-9.68%	-7.69%	40.45%
IMV.L iShares Edge MSCI Europe Min Volatility UCITS	4.20%	17.66%	6.63%	8.56%	-7.83%	13.68%	1.50%	16.37%	-2.91%	13.29%

Correlation

The correlation between SPOL.L and IMV.L is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013	0.49

The correlation between SPOL.L and IMV.L shifts across timeframes, from 0.38 (1 year) to 0.50 (10 years), reflecting how their relationship changes across market environments.

SPOL.L vs. IMV.L - Sectors Allocation Comparison

Sectors	SPOL.L	IMV.L
Financial Services	48.0%	17.9%
Energy	16.7%	7.1%
Consumer Cyclical	10.9%	3.6%
Basic Materials	9.8%	5.6%
Consumer Defensive	5.4%	13.1%
Communication Services	3.2%	9.6%
Technology	2.2%	2.8%
Utilities	2.0%	10.2%
Industrials	1.9%	15.4%
Healthcare	-	13.0%
Real Estate	-	1.6%

Return for Risk

SPOL.L vs. IMV.L — Risk / Return Rank

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

SPOL.L

SPOL.L Risk / Return Rank: 62
SPOL.L Sharpe Ratio Rank: 57
SPOL.L Sortino Ratio Rank: 55
SPOL.L Omega Ratio Rank: 50
SPOL.L Calmar Ratio Rank: 85
SPOL.L Martin Ratio Rank: 62

IMV.L

IMV.L Risk / Return Rank: 24
IMV.L Sharpe Ratio Rank: 25
IMV.L Sortino Ratio Rank: 23
IMV.L Omega Ratio Rank: 25
IMV.L Calmar Ratio Rank: 21
IMV.L Martin Ratio Rank: 23

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.

SPOL.L vs. IMV.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Poland UCITS ETF USD (Acc) (SPOL.L) and iShares Edge MSCI Europe Min Volatility UCITS (IMV.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.

	SPOL.L	IMV.L	Difference
Sharpe ratio: Return per unit of total volatility	1.90	0.90	+1.00
Sortino ratio: Return per unit of downside risk	2.61	1.27	+1.34
Omega ratio: Gain probability vs. loss probability	1.31	1.17	+0.14
Calmar ratio: Return relative to maximum drawdown	4.62	0.97	+3.65
Martin ratio: Return relative to average drawdown	11.04	2.93	+8.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPOL.L vs. IMV.L - Sharpe Ratio Comparison

The current SPOL.L Sharpe Ratio is 1.90, which is higher than the IMV.L Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of SPOL.L and IMV.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

	SPOL.L	IMV.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	0.90	+1.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.68	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.63	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.71	-0.55

Drawdowns

SPOL.L vs. IMV.L - Drawdown Comparison

The maximum SPOL.L drawdown since its inception was -56.64%, which is greater than IMV.L's maximum drawdown of -24.48%. Use the drawdown chart below to compare losses from any high point for SPOL.L and IMV.L.

Drawdown Indicators

	SPOL.L	IMV.L	Difference
Max Drawdown Largest peak-to-trough decline	-56.64%	-24.48%	-32.16%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-8.50%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-19.47%	-8.50%	-10.97%
Max Drawdown (5Y) Largest decline over 5 years	-46.27%	-17.42%	-28.85%
Max Drawdown (10Y) Largest decline over 10 years	-56.64%	-24.48%	-32.16%
Current Drawdown Current decline from peak	-1.16%	-5.10%	+3.94%
Average Drawdown Average peak-to-trough decline	-21.80%	-3.57%	-18.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	2.82%	+1.17%

Volatility

SPOL.L vs. IMV.L - Volatility Comparison

iShares MSCI Poland UCITS ETF USD (Acc) (SPOL.L) has a higher volatility of 7.20% compared to iShares Edge MSCI Europe Min Volatility UCITS (IMV.L) at 3.04%. This indicates that SPOL.L's price experiences larger fluctuations and is considered to be riskier than IMV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPOL.L	IMV.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.20%	3.04%	+4.16%
Volatility (6M) Calculated over the trailing 6-month period	17.30%	7.69%	+9.61%
Volatility (1Y) Calculated over the trailing 1-year period	23.18%	9.14%	+14.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.10%	10.97%	+16.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.42%	12.31%	+13.11%

SPOL.L vs. IMV.L - Expense Ratio Comparison

SPOL.L has a 0.74% expense ratio, which is higher than IMV.L's 0.25% expense ratio.

Dividends

SPOL.L vs. IMV.L - Dividend Comparison

Neither SPOL.L nor IMV.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPOL.L and IMV.L in my portfolio?

SPOL.L and IMV.L have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPOL.L or IMV.L?

On fees, IMV.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPOL.L or IMV.L?

IMV.L is cheaper with a 0.25% expense ratio, compared with 0.74% for SPOL.L.

What is the main difference between SPOL.L and IMV.L?

SPOL.L tracks MSCI Poland NR EUR, while IMV.L tracks MSCI Europe NR EUR. Their fees differ too: 0.74% for SPOL.L and 0.25% for IMV.L.