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SPY5.L vs. USSC.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPY5.L vs. USSC.L

Last updated Jun 5, 2026

SPY5.L (State Street SPDR S&P 500 UCITS ETF) and USSC.L (SPDR MSCI USA Small Cap Value Weighted UCITS ETF) are both exchange-traded funds - SPY5.L is a S&P 500 fund tracking the S&P 500, 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 10 years, SPY5.L returned 15.36%/yr vs 11.88%/yr for USSC.L. A 0.75 correlation means they provide meaningful diversification when combined. SPY5.L charges 0.09%/yr vs 0.30%/yr for USSC.L.

Performance

SPY5.L vs. USSC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 UCITS ETF (SPY5.L) and SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPY5.L achieves a 10.31% return, which is significantly lower than USSC.L's 13.75% return. Over the past 10 years, SPY5.L has outperformed USSC.L with an annualized return of 15.36%, while USSC.L has yielded a comparatively lower 11.88% annualized return.

SPY5.L

1D
0.01%
1M
4.49%
YTD
10.31%
6M
11.16%
1Y
27.83%
3Y*
22.16%
5Y*
13.71%
10Y*
15.36%

USSC.L

1D
0.73%
1M
1.65%
YTD
13.75%
6M
14.39%
1Y
36.72%
3Y*
19.78%
5Y*
9.64%
10Y*
11.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPY5.L vs. USSC.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPY5.L
State Street SPDR S&P 500 UCITS ETF		10.31%17.43%25.36%26.64%-18.68%29.28%17.52%30.85%-5.09%22.58%
USSC.L
SPDR MSCI USA Small Cap Value Weighted UCITS ETF		13.75%14.73%8.33%23.17%-10.14%35.22%8.76%23.19%-15.30%9.79%

Correlation

The correlation between SPY5.L and USSC.L is 0.65, 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

0.65

Correlation (3Y)
Calculated over the trailing 3-year period

0.67

Correlation (5Y)
Calculated over the trailing 5-year period

0.76

Correlation (10Y)
Calculated over the trailing 10-year period

0.74

Correlation (All Time)
Calculated using the full available price history since Feb 23, 2015

0.75

The correlation between SPY5.L and USSC.L shifts across timeframes, from 0.65 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

SPY5.L vs. USSC.L - Sectors Allocation Comparison

Sectors
SPY5.L
USSC.L

Technology

38.0%
9.4%

Financial Services

11.3%
19.8%

Communication Services

10.6%
2.7%

Consumer Cyclical

9.8%
14.0%

Healthcare

8.4%
7.5%

Industrials

7.6%
14.7%

Consumer Defensive

4.7%
6.0%

Energy

3.4%
11.2%

Utilities

2.6%
2.5%

Real Estate

1.8%
6.2%

Basic Materials

1.7%
6.1%

Technology

SPY5.L
38.0%
USSC.L
9.4%

Financial Services

SPY5.L
11.3%
USSC.L
19.8%

Communication Services

SPY5.L
10.6%
USSC.L
2.7%

Consumer Cyclical

SPY5.L
9.8%
USSC.L
14.0%

Healthcare

SPY5.L
8.4%
USSC.L
7.5%

Industrials

SPY5.L
7.6%
USSC.L
14.7%

Consumer Defensive

SPY5.L
4.7%
USSC.L
6.0%

Energy

SPY5.L
3.4%
USSC.L
11.2%

Utilities

SPY5.L
2.6%
USSC.L
2.5%

Real Estate

SPY5.L
1.8%
USSC.L
6.2%

Basic Materials

SPY5.L
1.7%
USSC.L
6.1%

Compare stocks, funds, or ETFs

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State Street SPDR S&P 500 UCITS ETF

SPDR MSCI USA Small Cap Value Weighted UCITS ETF

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Often compared with USSC.L:
USSC.L vs. R2SC.LUSSC.L vs. SPYUSSC.L vs. SLYVUSSC.L vs. IEUSUSSC.L vs. VBRUSSC.L vs. IMID.LUSSC.L vs. MOGB.L

Return for Risk

SPY5.L vs. USSC.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPY5.L
SPY5.L Risk / Return Rank: 7575
Overall Rank
SPY5.L Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
SPY5.L Sortino Ratio Rank: 7979
Sortino Ratio Rank
SPY5.L Omega Ratio Rank: 7575
Omega Ratio Rank
SPY5.L Calmar Ratio Rank: 6969
Calmar Ratio Rank
SPY5.L Martin Ratio Rank: 7777
Martin Ratio Rank
USSC.L
USSC.L Risk / Return Rank: 7575
Overall Rank
USSC.L Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
USSC.L Sortino Ratio Rank: 7575
Sortino Ratio Rank
USSC.L Omega Ratio Rank: 6666
Omega Ratio Rank
USSC.L Calmar Ratio Rank: 8484
Calmar Ratio Rank
USSC.L Martin Ratio Rank: 7676
Martin Ratio Rank
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.

SPY5.L vs. USSC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 UCITS ETF (SPY5.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.

SPY5.LUSSC.LDifference
Sharpe ratioReturn per unit of total volatility
2.39
2.29

+0.10

Sortino ratioReturn per unit of downside risk
3.51
3.34

+0.17

Omega ratioGain probability vs. loss probability

1.44

1.39

+0.05

Calmar ratioReturn relative to maximum drawdown

3.39

4.50

-1.11

Martin ratioReturn relative to average drawdown

14.64

14.41

+0.23

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPY5.L vs. USSC.L - Sharpe Ratio Comparison

The current SPY5.L Sharpe Ratio is 2.39, which is comparable to the USSC.L Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of SPY5.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.

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Sharpe Ratios by Period

SPY5.LUSSC.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.39

2.29

+0.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.86

0.45

+0.42

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.94

0.52

+0.42

Sharpe Ratio (All Time)

Calculated using the full available price history

0.95

0.45

+0.49

Drawdowns

SPY5.L vs. USSC.L - Drawdown Comparison

The maximum SPY5.L drawdown since its inception was -33.89%, smaller than the maximum USSC.L drawdown of -48.99%. Use the drawdown chart below to compare losses from any high point for SPY5.L and USSC.L.

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Drawdown Indicators

SPY5.LUSSC.LDifference

Max Drawdown

Largest peak-to-trough decline

-33.89%

-48.99%

+15.10%

Max Drawdown (1Y)

Largest decline over 1 year

-8.18%

-8.12%

-0.06%

Max Drawdown (3Y)

Largest decline over 3 years

-18.37%

-27.47%

+9.10%

Max Drawdown (5Y)

Largest decline over 5 years

-24.37%

-27.47%

+3.10%

Max Drawdown (10Y)

Largest decline over 10 years

-33.89%

-48.99%

+15.10%

Current Drawdown

Current decline from peak

-0.55%

0.00%

-0.55%

Average Drawdown

Average peak-to-trough decline

-3.70%

-7.70%

+4.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.90%

2.54%

-0.64%

Volatility

SPY5.L vs. USSC.L - Volatility Comparison

The current volatility for State Street SPDR S&P 500 UCITS ETF (SPY5.L) is 3.17%, while SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC.L) has a volatility of 4.10%. This indicates that SPY5.L experiences smaller price fluctuations and is considered to be less risky than USSC.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPY5.LUSSC.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.17%

4.10%

-0.93%

Volatility (6M)

Calculated over the trailing 6-month period

8.48%

10.09%

-1.61%

Volatility (1Y)

Calculated over the trailing 1-year period

11.59%

15.95%

-4.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.92%

21.62%

-5.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.24%

22.81%

-6.57%

SPY5.L vs. USSC.L - Expense Ratio Comparison

SPY5.L has a 0.09% expense ratio, which is lower than USSC.L's 0.30% expense ratio.

Dividends

SPY5.L vs. USSC.L - Dividend Comparison

SPY5.L's dividend yield for the trailing twelve months is around 0.89%, while USSC.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SPY5.L
State Street SPDR S&P 500 UCITS ETF		0.89%0.97%1.06%1.19%1.40%0.99%1.28%1.71%2.20%2.29%1.64%1.73%
USSC.L
SPDR MSCI USA Small Cap Value Weighted UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SPY5.L and USSC.L have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPY5.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPY5.L is cheaper with a 0.09% expense ratio, compared with 0.30% for USSC.L.

SPY5.L is categorized as S&P 500, while USSC.L is Small Cap Value Equities. SPY5.L tracks S&P 500, while USSC.L tracks MSCI USA Small Cap Value Weighted Index. Their fees differ too: 0.09% for SPY5.L and 0.30% for USSC.L.

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