SPX4.L vs. USSC.L

Last updated Jun 5, 2026

SPX4.L (SPDR S&P 400 US Mid Cap UCITS ETF) and USSC.L (SPDR MSCI USA Small Cap Value Weighted UCITS ETF) are both exchange-traded funds - SPX4.L is a Mid Cap Blend Equities fund tracking the Russell Mid Cap TR USD, while USSC.L is a Small Cap Value Equities fund tracking the MSCI USA Small Cap Value Weighted Index. Both are passively managed. Over the past 3 years, SPX4.L returned 13.07%/yr vs 16.76%/yr for USSC.L. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.30% expense ratio.

Performance

SPX4.L vs. USSC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L) and SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPX4.L is traded in GBP, while USSC.L is traded in USD. To make them comparable, the USSC.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with SPX4.L having a 13.69% return and USSC.L slightly higher at 14.18%.

SPX4.L

• 1D: 0.40%
• 1M: 2.49%
• YTD: 13.69%
• 6M: 12.94%
• 1Y: 27.04%
• 3Y*: 13.07%
• 5Y*: —
• 10Y*: —

USSC.L

• 1D: 0.70%
• 1M: 1.74%
• YTD: 14.18%
• 6M: 13.21%
• 1Y: 38.35%
• 3Y*: 16.76%
• 5Y*: 10.82%
• 10Y*: 12.71%

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

SPX4.L vs. USSC.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPX4.L SPDR S&P 400 US Mid Cap UCITS ETF	13.69%	0.12%	14.37%	10.71%	-1.28%
USSC.L SPDR MSCI USA Small Cap Value Weighted UCITS ETF	14.18%	6.56%	10.22%	17.02%	-1.42%

Correlation

The correlation between SPX4.L and USSC.L is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.90

The correlation between SPX4.L and USSC.L has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

Return for Risk

SPX4.L vs. USSC.L — Risk / Return Rank

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

SPX4.L

SPX4.L Risk / Return Rank: 64
SPX4.L Sharpe Ratio Rank: 59
SPX4.L Sortino Ratio Rank: 57
SPX4.L Omega Ratio Rank: 56
SPX4.L Calmar Ratio Rank: 79
SPX4.L Martin Ratio Rank: 70

USSC.L

USSC.L Risk / Return Rank: 75
USSC.L Sharpe Ratio Rank: 71
USSC.L Sortino Ratio Rank: 75
USSC.L Omega Ratio Rank: 66
USSC.L Calmar Ratio Rank: 84
USSC.L Martin Ratio Rank: 76

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.

SPX4.L vs. USSC.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 SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.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.

	SPX4.L	USSC.L	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.41	-0.45
Sortino ratio: Return per unit of downside risk	2.70	3.24	-0.54
Omega ratio: Gain probability vs. loss probability	1.34	1.42	-0.08
Calmar ratio: Return relative to maximum drawdown	3.98	5.31	-1.32
Martin ratio: Return relative to average drawdown	12.97	17.66	-4.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPX4.L vs. USSC.L - Sharpe Ratio Comparison

The current SPX4.L Sharpe Ratio is 1.96, which is comparable to the USSC.L Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of SPX4.L and USSC.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

	SPX4.L	USSC.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.41	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.53	-0.13

Drawdowns

SPX4.L vs. USSC.L - Drawdown Comparison

The maximum SPX4.L drawdown since its inception was -26.24%, smaller than the maximum USSC.L drawdown of -43.40%. Use the drawdown chart below to compare losses from any high point for SPX4.L and USSC.L.

Drawdown Indicators

	SPX4.L	USSC.L	Difference
Max Drawdown Largest peak-to-trough decline	-26.24%	-43.40%	+17.16%
Max Drawdown (1Y) Largest decline over 1 year	-6.63%	-7.13%	+0.50%
Max Drawdown (3Y) Largest decline over 3 years	-26.24%	-28.91%	+2.67%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.91%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.40%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.81%	-7.95%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	2.15%	-0.11%

Volatility

SPX4.L vs. USSC.L - Volatility Comparison

SPDR S&P 400 US Mid Cap UCITS ETF (SPX4.L) and SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.L) have volatilities of 3.61% and 3.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPX4.L	USSC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	3.68%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	10.23%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	13.50%	15.72%	-2.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.46%	20.60%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.46%	22.18%	+0.28%

SPX4.L vs. USSC.L - Expense Ratio Comparison

Both SPX4.L and USSC.L have an expense ratio of 0.30%.

Dividends

SPX4.L vs. USSC.L - Dividend Comparison

Neither SPX4.L nor USSC.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPX4.L and USSC.L in my portfolio?

SPX4.L and USSC.L have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPX4.L or USSC.L?

Both ETFs have the same 0.30% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPX4.L or USSC.L?

SPX4.L and USSC.L have the same expense ratio: 0.30% per year.

What is the main difference between SPX4.L and USSC.L?

SPX4.L is categorized as Mid Cap Blend Equities, while USSC.L is Small Cap Value Equities. SPX4.L tracks Russell Mid Cap TR USD, while USSC.L tracks MSCI USA Small Cap Value Weighted Index.