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UC48.L vs. IVV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UC48.L vs. IVV

Last updated Jun 26, 2026

UC48.L (UBS ETF (IE) MSCI AC Asia Ex Japan SF UCITS ETF (USD) A-acc) and IVV (iShares Core S&P 500 ETF) are both exchange-traded funds - UC48.L is a Asia Pacific Equities fund tracking the MSCI AC Asia Ex Japan NR USD, while IVV is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UC48.L returned 7.85%/yr vs 15.82%/yr for IVV. At a 0.33 correlation, their price movements are largely independent. UC48.L charges 0.23%/yr vs 0.03%/yr for IVV.

Performance

UC48.L vs. IVV - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in UBS ETF (IE) MSCI AC Asia Ex Japan SF UCITS ETF (USD) A-acc (UC48.L) and iShares Core S&P 500 ETF (IVV). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

UC48.L is traded in GBp, while IVV is traded in USD. To make them comparable, the IVV values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, UC48.L achieves a 29.73% return, which is significantly higher than IVV's 10.36% return. Over the past 10 years, UC48.L has underperformed IVV with an annualized return of 7.85%, while IVV has yielded a comparatively higher 15.82% annualized return.

UC48.L

1D
0.30%
1M
2.38%
YTD
29.73%
6M
31.13%
1Y
50.89%
3Y*
23.04%
5Y*
8.43%
10Y*
7.85%

IVV

1D
-0.24%
1M
-0.21%
YTD
10.36%
6M
9.29%
1Y
26.48%
3Y*
19.42%
5Y*
14.17%
10Y*
15.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UC48.L vs. IVV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UC48.L
UBS ETF (IE) MSCI AC Asia Ex Japan SF UCITS ETF (USD) A-acc		29.73%23.58%13.94%-1.31%-10.09%-4.06%20.65%13.67%-10.64%4.56%
IVV
iShares Core S&P 500 ETF		10.36%9.45%27.12%19.99%-8.43%29.98%14.92%26.08%1.17%11.23%

Correlation

The correlation between UC48.L and IVV is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.47

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

0.36

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

0.33

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

0.38

Correlation (All Time)
Calculated using the full available price history since Aug 21, 2012

0.33

The correlation between UC48.L and IVV shifts across timeframes, from 0.33 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.

UC48.L vs. IVV - Sectors Allocation Comparison

Sectors
UC48.L
IVV

Technology

48.5%
39.0%

Financial Services

15.9%
11.1%

Consumer Cyclical

9.1%
9.9%

Industrials

7.4%
7.8%

Communication Services

6.0%
10.6%

Basic Materials

3.0%
1.7%

Healthcare

2.6%
8.3%

Energy

2.2%
3.1%

Consumer Defensive

2.1%
4.5%

Utilities

1.6%
2.1%

Real Estate

1.5%
1.8%

Technology

UC48.L
48.5%
IVV
39.0%

Financial Services

UC48.L
15.9%
IVV
11.1%

Consumer Cyclical

UC48.L
9.1%
IVV
9.9%

Industrials

UC48.L
7.4%
IVV
7.8%

Communication Services

UC48.L
6.0%
IVV
10.6%

Basic Materials

UC48.L
3.0%
IVV
1.7%

Healthcare

UC48.L
2.6%
IVV
8.3%

Energy

UC48.L
2.2%
IVV
3.1%

Consumer Defensive

UC48.L
2.1%
IVV
4.5%

Utilities

UC48.L
1.6%
IVV
2.1%

Real Estate

UC48.L
1.5%
IVV
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 AC Asia Ex Japan SF UCITS ETF (USD) A-acc

iShares Core S&P 500 ETF

Often compared with UC48.L:
UC48.L vs. SPYUC48.L vs. PADV.LUC48.L vs. HKOR.LUC48.L vs. PAXG.LUC48.L vs. UC99.LUC48.L vs. LCAL.LUC48.L vs. UC44.L
Often compared with IVV:
IVV vs. VOOIVV vs. SPYIVV vs. FXAIXIVV vs. QQQIVV vs. VTIIVV vs. IOOIVV vs. CSPX.L

Return for Risk

UC48.L vs. IVV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UC48.L
UC48.L Risk / Return Rank: 8787
Overall Rank
UC48.L Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
UC48.L Sortino Ratio Rank: 8585
Sortino Ratio Rank
UC48.L Omega Ratio Rank: 8989
Omega Ratio Rank
UC48.L Calmar Ratio Rank: 8888
Calmar Ratio Rank
UC48.L Martin Ratio Rank: 8383
Martin Ratio Rank
IVV
IVV Risk / Return Rank: 6363
Overall Rank
IVV Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
IVV Sortino Ratio Rank: 6161
Sortino Ratio Rank
IVV Omega Ratio Rank: 6262
Omega Ratio Rank
IVV Calmar Ratio Rank: 5959
Calmar Ratio Rank
IVV Martin Ratio Rank: 6969
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.

UC48.L vs. IVV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UBS ETF (IE) MSCI AC Asia Ex Japan SF UCITS ETF (USD) A-acc (UC48.L) and iShares Core S&P 500 ETF (IVV). 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.

UC48.LIVVDifference
Sharpe ratioReturn per unit of total volatility
2.62
2.23

+0.39

Sortino ratioReturn per unit of downside risk
3.32
2.90

+0.42

Omega ratioGain probability vs. loss probability

1.48

1.42

+0.07

Calmar ratioReturn relative to maximum drawdown

4.55

3.47

+1.08

Martin ratioReturn relative to average drawdown

14.74

13.04

+1.70

UC48.L vs. IVV - Sharpe Ratio Comparison

The current UC48.L Sharpe Ratio is 2.62, which is comparable to the IVV Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of UC48.L and IVV, 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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Drawdowns

UC48.L vs. IVV - Drawdown Comparison

The maximum UC48.L drawdown since its inception was -32.18%, smaller than the maximum IVV drawdown of -34.69%. Use the drawdown chart below to compare losses from any high point for UC48.L and IVV.

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Drawdown Indicators

UC48.LIVVDifference

Max Drawdown

Largest peak-to-trough decline

-32.18%

-34.69%

+2.51%

Max Drawdown (1Y)

Largest decline over 1 year

-11.13%

-7.67%

-3.46%

Max Drawdown (3Y)

Largest decline over 3 years

-17.18%

-21.93%

+4.75%

Max Drawdown (5Y)

Largest decline over 5 years

-27.26%

-21.93%

-5.33%

Max Drawdown (10Y)

Largest decline over 10 years

-32.18%

-25.98%

-6.20%

Current Drawdown

Current decline from peak

-4.49%

-1.72%

-2.77%

Average Drawdown

Average peak-to-trough decline

-12.97%

-4.75%

-8.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.44%

2.04%

+1.40%

Volatility

UC48.L vs. IVV - Volatility Comparison

UBS ETF (IE) MSCI AC Asia Ex Japan SF UCITS ETF (USD) A-acc (UC48.L) has a higher volatility of 9.65% compared to iShares Core S&P 500 ETF (IVV) at 4.30%. This indicates that UC48.L's price experiences larger fluctuations and is considered to be riskier than IVV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UC48.LIVVDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.65%

4.30%

+5.35%

Volatility (6M)

Calculated over the trailing 6-month period

16.93%

8.91%

+8.02%

Volatility (1Y)

Calculated over the trailing 1-year period

19.35%

11.93%

+7.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.69%

15.93%

+1.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.88%

18.06%

+0.82%

UC48.L vs. IVV - Expense Ratio Comparison

UC48.L has a 0.23% expense ratio, which is higher than IVV's 0.03% 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

UC48.L vs. IVV - Dividend Comparison

UC48.L has not paid dividends to shareholders, while IVV's dividend yield for the trailing twelve months is around 1.11%.

PositionTTM20252024202320222021202020192018201720162015
IVV
iShares Core S&P 500 ETF		1.11%1.17%1.30%1.44%1.66%1.20%1.57%1.85%2.21%1.75%2.01%2.27%
UC48.L
UBS ETF (IE) MSCI AC Asia Ex Japan SF UCITS ETF (USD) A-acc		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

UC48.L and IVV have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IVV is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IVV is cheaper with a 0.03% expense ratio, compared with 0.23% for UC48.L.

UC48.L is categorized as Asia Pacific Equities, while IVV is S&P 500. UC48.L tracks MSCI AC Asia Ex Japan NR USD, while IVV tracks S&P 500 Index. They also come from different issuers: UBS and iShares. Their fees differ too: 0.23% for UC48.L and 0.03% for IVV.

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