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UC04.L vs. MXUS.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UC04.L vs. MXUS.L

Last updated Jun 5, 2026

UC04.L (UBS ETF (IE) MSCI USA UCITS ETF (USD) A-dis) and MXUS.L (Invesco MSCI USA UCITS ETF) are both Large Cap Blend Equities funds tracking the Russell 1000 TR USD, from UBS and Invesco respectively. Both are passively managed. Over the past 10 years, UC04.L returned 16.01%/yr vs 16.19%/yr for MXUS.L. Their correlation of 0.92 suggests significant overlap in exposure. UC04.L charges 0.14%/yr vs 0.05%/yr for MXUS.L.

Performance

UC04.L vs. MXUS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (IE) MSCI USA UCITS ETF (USD) A-dis (UC04.L) and Invesco MSCI USA UCITS ETF (MXUS.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

UC04.L is traded in GBp, while MXUS.L is traded in USD. To make them comparable, the MXUS.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 UC04.L having a 10.50% return and MXUS.L slightly higher at 10.76%. Both investments have delivered pretty close results over the past 10 years, with UC04.L having a 16.01% annualized return and MXUS.L not far ahead at 16.19%.

UC04.L

1D
0.01%
1M
4.68%
YTD
10.50%
6M
9.68%
1Y
28.68%
3Y*
19.17%
5Y*
14.74%
10Y*
16.01%

MXUS.L

1D
0.02%
1M
5.55%
YTD
10.76%
6M
10.22%
1Y
28.98%
3Y*
19.40%
5Y*
14.80%
10Y*
16.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UC04.L vs. MXUS.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UC04.L
UBS ETF (IE) MSCI USA UCITS ETF (USD) A-dis		10.50%9.28%27.38%20.52%-10.51%28.96%16.61%26.56%-0.32%10.74%
MXUS.L
Invesco MSCI USA UCITS ETF		10.73%8.98%27.76%21.45%-10.52%29.11%17.43%26.02%0.17%10.92%

Correlation

The correlation between UC04.L and MXUS.L is 0.91, 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

0.91

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

0.91

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

0.90

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

0.91

Correlation (All Time)
Calculated using the full available price history since May 14, 2013

0.92

The correlation between UC04.L and MXUS.L has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

UC04.L vs. MXUS.L - Sectors Allocation Comparison

Sectors
UC04.L
MXUS.L

Technology

37.7%
35.4%

Financial Services

11.2%
11.6%

Communication Services

10.9%
11.3%

Consumer Cyclical

9.9%
10.1%

Healthcare

8.5%
8.6%

Industrials

8.1%
8.6%

Consumer Defensive

4.7%
4.8%

Energy

3.4%
3.6%

Utilities

2.1%
2.3%

Real Estate

1.9%
1.9%

Basic Materials

1.7%
1.8%

Technology

UC04.L
37.7%
MXUS.L
35.4%

Financial Services

UC04.L
11.2%
MXUS.L
11.6%

Communication Services

UC04.L
10.9%
MXUS.L
11.3%

Consumer Cyclical

UC04.L
9.9%
MXUS.L
10.1%

Healthcare

UC04.L
8.5%
MXUS.L
8.6%

Industrials

UC04.L
8.1%
MXUS.L
8.6%

Consumer Defensive

UC04.L
4.7%
MXUS.L
4.8%

Energy

UC04.L
3.4%
MXUS.L
3.6%

Utilities

UC04.L
2.1%
MXUS.L
2.3%

Real Estate

UC04.L
1.9%
MXUS.L
1.9%

Basic Materials

UC04.L
1.7%
MXUS.L
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

UBS ETF (IE) MSCI USA UCITS ETF (USD) A-dis

Invesco MSCI USA UCITS ETF

Often compared with UC04.L:
UC04.L vs. SMHUC04.L vs. HMCA.LUC04.L vs. QQQUC04.L vs. ^GSPCUC04.L vs. SPX5.LUC04.L vs. SPYUC04.L vs. SEMC.L
Often compared with MXUS.L:
MXUS.L vs. USSC.LMXUS.L vs. BIRDXMXUS.L vs. INAA.LMXUS.L vs. UC96.LMXUS.L vs. QUALMXUS.L vs. VOOMXUS.L vs. ACWI

Return for Risk

UC04.L vs. MXUS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UC04.L
UC04.L Risk / Return Rank: 7979
Overall Rank
UC04.L Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
UC04.L Sortino Ratio Rank: 8282
Sortino Ratio Rank
UC04.L Omega Ratio Rank: 8484
Omega Ratio Rank
UC04.L Calmar Ratio Rank: 7676
Calmar Ratio Rank
UC04.L Martin Ratio Rank: 7171
Martin Ratio Rank
MXUS.L
MXUS.L Risk / Return Rank: 7474
Overall Rank
MXUS.L Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
MXUS.L Sortino Ratio Rank: 7878
Sortino Ratio Rank
MXUS.L Omega Ratio Rank: 7474
Omega Ratio Rank
MXUS.L Calmar Ratio Rank: 6868
Calmar Ratio Rank
MXUS.L Martin Ratio Rank: 7575
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.

UC04.L vs. MXUS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (IE) MSCI USA UCITS ETF (USD) A-dis (UC04.L) and Invesco MSCI USA UCITS ETF (MXUS.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.

UC04.LMXUS.LDifference
Sharpe ratioReturn per unit of total volatility
2.70
2.42

+0.28

Sortino ratioReturn per unit of downside risk
3.61
3.26

+0.34

Omega ratioGain probability vs. loss probability

1.50

1.45

+0.05

Calmar ratioReturn relative to maximum drawdown

3.74

3.80

-0.06

Martin ratioReturn relative to average drawdown

13.07

12.47

+0.60

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

UC04.L vs. MXUS.L - Sharpe Ratio Comparison

The current UC04.L Sharpe Ratio is 2.70, which is comparable to the MXUS.L Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of UC04.L and MXUS.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

UC04.LMXUS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.70

2.42

+0.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.01

0.95

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.02

0.97

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.98

1.02

-0.04

Drawdowns

UC04.L vs. MXUS.L - Drawdown Comparison

The maximum UC04.L drawdown since its inception was -25.93%, roughly equal to the maximum MXUS.L drawdown of -26.52%. Use the drawdown chart below to compare losses from any high point for UC04.L and MXUS.L.

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Drawdown Indicators

UC04.LMXUS.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.93%

-26.52%

+0.59%

Max Drawdown (1Y)

Largest decline over 1 year

-7.67%

-7.59%

-0.08%

Max Drawdown (3Y)

Largest decline over 3 years

-21.14%

-21.41%

+0.27%

Max Drawdown (5Y)

Largest decline over 5 years

-21.14%

-21.41%

+0.27%

Max Drawdown (10Y)

Largest decline over 10 years

-25.93%

-26.52%

+0.59%

Current Drawdown

Current decline from peak

-0.17%

-0.09%

-0.08%

Average Drawdown

Average peak-to-trough decline

-3.46%

-3.30%

-0.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.20%

2.32%

-0.12%

Volatility

UC04.L vs. MXUS.L - Volatility Comparison

The current volatility for UBS ETF (IE) MSCI USA UCITS ETF (USD) A-dis (UC04.L) is 2.72%, while Invesco MSCI USA UCITS ETF (MXUS.L) has a volatility of 3.47%. This indicates that UC04.L experiences smaller price fluctuations and is considered to be less risky than MXUS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UC04.LMXUS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.72%

3.47%

-0.75%

Volatility (6M)

Calculated over the trailing 6-month period

7.24%

8.61%

-1.37%

Volatility (1Y)

Calculated over the trailing 1-year period

10.63%

11.90%

-1.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.66%

15.66%

-1.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.86%

16.66%

-0.80%

UC04.L vs. MXUS.L - Expense Ratio Comparison

UC04.L has a 0.14% expense ratio, which is higher than MXUS.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

UC04.L vs. MXUS.L - Dividend Comparison

UC04.L's dividend yield for the trailing twelve months is around 0.84%, while MXUS.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
MXUS.L
Invesco MSCI USA 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%
UC04.L
UBS ETF (IE) MSCI USA UCITS ETF (USD) A-dis		0.84%0.96%0.95%1.12%1.19%0.89%1.28%1.40%1.50%1.32%1.52%1.44%

Frequently Asked Questions

With a correlation of 0.91, UC04.L and MXUS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, MXUS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

MXUS.L is cheaper with a 0.05% expense ratio, compared with 0.14% for UC04.L.

Both ETFs track Russell 1000 TR USD. They also come from different issuers: UBS and Invesco. Their fees differ too: 0.14% for UC04.L and 0.05% for MXUS.L.

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