UPAD.L vs. MVUS.L

Last updated Jun 5, 2026

UPAD.L (iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist) and MVUS.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)) are both S&P 500 funds from iShares - UPAD.L tracks the S&P 500 Net Zero 2050 Paris-Aligned Sustainability Screened Index while MVUS.L tracks the S&P 500 Index. Both are passively managed. Over the past 3 years, UPAD.L returned 20.59%/yr vs 13.69%/yr for MVUS.L. A 0.73 correlation means they provide meaningful diversification when combined. UPAD.L charges 0.07%/yr vs 0.20%/yr for MVUS.L.

Performance

UPAD.L vs. MVUS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist (UPAD.L) and iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (MVUS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, UPAD.L achieves a 6.78% return, which is significantly higher than MVUS.L's 4.19% return.

UPAD.L

• 1D: 0.45%
• 1M: 4.86%
• YTD: 6.78%
• 6M: 7.86%
• 1Y: 22.18%
• 3Y*: 20.59%
• 5Y*: —
• 10Y*: —

MVUS.L

• 1D: 0.27%
• 1M: 4.01%
• YTD: 4.19%
• 6M: 5.65%
• 1Y: 11.46%
• 3Y*: 13.69%
• 5Y*: 8.93%
• 10Y*: 10.58%

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

UPAD.L vs. MVUS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UPAD.L iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist	6.78%	15.19%	26.23%	31.08%	-9.48%
MVUS.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)	4.19%	11.72%	18.70%	9.31%	-4.61%

Correlation

The correlation between UPAD.L and MVUS.L is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 3, 2022	0.73

The correlation between UPAD.L and MVUS.L has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

UPAD.L vs. MVUS.L - Sectors Allocation Comparison

Sectors	UPAD.L	MVUS.L
Technology	39.8%	31.0%
Financial Services	13.0%	17.2%
Communication Services	12.1%	6.2%
Consumer Cyclical	10.3%	6.7%
Healthcare	9.2%	13.0%
Industrials	6.1%	5.6%
Consumer Defensive	4.9%	10.4%
Real Estate	2.2%	0.2%
Basic Materials	1.7%	2.2%
Utilities	0.8%	2.7%
Energy	0.0%	5.0%

Return for Risk

UPAD.L vs. MVUS.L — Risk / Return Rank

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

UPAD.L

UPAD.L Risk / Return Rank: 53
UPAD.L Sharpe Ratio Rank: 58
UPAD.L Sortino Ratio Rank: 61
UPAD.L Omega Ratio Rank: 58
UPAD.L Calmar Ratio Rank: 42
UPAD.L Martin Ratio Rank: 49

MVUS.L

MVUS.L Risk / Return Rank: 45
MVUS.L Sharpe Ratio Rank: 45
MVUS.L Sortino Ratio Rank: 45
MVUS.L Omega Ratio Rank: 44
MVUS.L Calmar Ratio Rank: 47
MVUS.L Martin Ratio Rank: 45

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.

UPAD.L vs. MVUS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist (UPAD.L) and iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (MVUS.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.

	UPAD.L	MVUS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.39	+0.52
Sortino ratio: Return per unit of downside risk	2.81	2.03	+0.77
Omega ratio: Gain probability vs. loss probability	1.35	1.24	+0.11
Calmar ratio: Return relative to maximum drawdown	2.05	1.74	+0.31
Martin ratio: Return relative to average drawdown	8.12	7.03	+1.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPAD.L vs. MVUS.L - Sharpe Ratio Comparison

The current UPAD.L Sharpe Ratio is 1.91, which is higher than the MVUS.L Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of UPAD.L and MVUS.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

	UPAD.L	MVUS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	1.39	+0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.87	+0.12

Drawdowns

UPAD.L vs. MVUS.L - Drawdown Comparison

The maximum UPAD.L drawdown since its inception was -18.94%, smaller than the maximum MVUS.L drawdown of -33.05%. Use the drawdown chart below to compare losses from any high point for UPAD.L and MVUS.L.

Drawdown Indicators

	UPAD.L	MVUS.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.94%	-33.05%	+14.11%
Max Drawdown (1Y) Largest decline over 1 year	-10.76%	-6.55%	-4.21%
Max Drawdown (3Y) Largest decline over 3 years	-18.94%	-12.02%	-6.92%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.44%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.05%	—
Current Drawdown Current decline from peak	-0.38%	0.00%	-0.38%
Average Drawdown Average peak-to-trough decline	-3.60%	-3.25%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	1.63%	+1.10%

Volatility

UPAD.L vs. MVUS.L - Volatility Comparison

iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist (UPAD.L) has a higher volatility of 3.14% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (MVUS.L) at 1.57%. This indicates that UPAD.L's price experiences larger fluctuations and is considered to be riskier than MVUS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPAD.L	MVUS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	1.57%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	8.76%	5.82%	+2.94%
Volatility (1Y) Calculated over the trailing 1-year period	11.58%	8.21%	+3.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.36%	12.66%	+3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.36%	13.93%	+2.43%

UPAD.L vs. MVUS.L - Expense Ratio Comparison

UPAD.L has a 0.07% expense ratio, which is lower than MVUS.L's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

UPAD.L vs. MVUS.L - Dividend Comparison

UPAD.L's dividend yield for the trailing twelve months is around 0.80%, while MVUS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
MVUS.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%
UPAD.L iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist	0.80%	0.82%	0.88%	1.01%	0.33%

Frequently Asked Questions

Can I hold both UPAD.L and MVUS.L in my portfolio?

UPAD.L and MVUS.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UPAD.L or MVUS.L?

On fees, UPAD.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UPAD.L or MVUS.L?

UPAD.L is cheaper with a 0.07% expense ratio, compared with 0.20% for MVUS.L.

What is the main difference between UPAD.L and MVUS.L?

UPAD.L tracks S&P 500 Net Zero 2050 Paris-Aligned Sustainability Screened Index, while MVUS.L tracks S&P 500 Index. Their fees differ too: 0.07% for UPAD.L and 0.20% for MVUS.L.