SPX4.L vs. IUSF.L
SPX4.L (SPDR S&P 400 US Mid Cap UCITS ETF) and IUSF.L (iShares Edge MSCI USA Size Factor UCITS ETF) are both Mid Cap Blend Equities funds tracking the Russell Mid Cap TR USD, from State Street and iShares respectively. Both are passively managed. Over the past 5 years, SPX4.L returned 2.49%/yr vs 7.07%/yr for IUSF.L. A 0.70 correlation means they provide meaningful diversification when combined. SPX4.L charges 0.30%/yr vs 0.20%/yr for IUSF.L.
Performance
SPX4.L vs. IUSF.L - Performance Comparison
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Different Trading Currencies
SPX4.L is traded in GBP, while IUSF.L is traded in GBp. To make them comparable, the IUSF.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPX4.L achieves a 14.27% return, which is significantly higher than IUSF.L's 8.56% return.
SPX4.L
- 1D
- 0.00%
- 1M
- -1.08%
- 6M
- 7.82%
- YTD
- 14.27%
- 1Y
- 20.65%
- 3Y*
- 11.74%
- 5Y*
- 2.49%
- 10Y*
- 7.27%
IUSF.L
- 1D
- -0.15%
- 1M
- 0.31%
- 6M
- 4.64%
- YTD
- 8.56%
- 1Y
- 13.53%
- 3Y*
- 10.58%
- 5Y*
- 7.07%
- 10Y*
- —
SPX4.L vs. IUSF.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPX4.L SPDR S&P 400 US Mid Cap UCITS ETF | 14.27% | 0.12% | 14.37% | 10.71% | -28.36% | 24.10% | 12.97% | 25.47% | -11.60% | 15.60% |
IUSF.L iShares Edge MSCI USA Size Factor UCITS ETF | 8.56% | 1.00% | 14.60% | 10.79% | -8.57% | 27.74% | 13.62% | 23.94% | -5.85% | 7.91% |
Correlation
The correlation between SPX4.L and IUSF.L is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2016 | 0.70 |
The correlation between SPX4.L and IUSF.L shifts across timeframes, from 0.70 (all time) to 0.92 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPX4.L vs. IUSF.L — Risk / Return Rank
SPX4.L
IUSF.L
SPX4.L vs. IUSF.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L) and iShares Edge MSCI USA Size Factor UCITS ETF (IUSF.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.
| SPX4.L | IUSF.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.21 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | 1.82 | +1.31 |
| Martin ratioReturn relative to average drawdown | 9.93 | 5.55 | +4.38 |
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Drawdowns
SPX4.L vs. IUSF.L - Drawdown Comparison
The maximum SPX4.L drawdown since its inception was -42.03%, which is greater than IUSF.L's maximum drawdown of -33.67%. Use the drawdown chart below to compare losses from any high point for SPX4.L and IUSF.L.
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Drawdown Indicators
| SPX4.L | IUSF.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.03% | -33.67% | -8.36% |
Max Drawdown (1Y)Largest decline over 1 year | -6.63% | -7.39% | +0.76% |
Max Drawdown (3Y)Largest decline over 3 years | -26.24% | -22.73% | -3.51% |
Max Drawdown (5Y)Largest decline over 5 years | -37.77% | -22.73% | -15.04% |
Max Drawdown (10Y)Largest decline over 10 years | -42.03% | — | — |
Current DrawdownCurrent decline from peak | -2.75% | -2.39% | -0.36% |
Average DrawdownAverage peak-to-trough decline | -8.82% | -5.38% | -3.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.09% | 2.43% | -0.34% |
Volatility
SPX4.L vs. IUSF.L - Volatility Comparison
SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L) has a higher volatility of 4.48% compared to iShares Edge MSCI USA Size Factor UCITS ETF (IUSF.L) at 3.65%. This indicates that SPX4.L's price experiences larger fluctuations and is considered to be riskier than IUSF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPX4.L | IUSF.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 3.65% | +0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 10.36% | 8.05% | +2.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.75% | 11.19% | +2.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.63% | 15.99% | +4.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.35% | 17.26% | +4.09% |
SPX4.L vs. IUSF.L - Expense Ratio Comparison
SPX4.L has a 0.30% expense ratio, which is higher than IUSF.L's 0.20% expense ratio.
Dividends
SPX4.L vs. IUSF.L - Dividend Comparison
Neither SPX4.L nor IUSF.L has paid dividends to shareholders.
Frequently Asked Questions
SPX4.L and IUSF.L have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IUSF.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IUSF.L is cheaper with a 0.20% expense ratio, compared with 0.30% for SPX4.L.
Both ETFs track Russell Mid Cap TR USD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.30% for SPX4.L and 0.20% for IUSF.L.
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