UPAD.L vs. SPMV.L
UPAD.L (iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist) and SPMV.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 SPMV.L tracks the S&P 500 Minimum Volatility Net in USD. Both are passively managed. Over the past 3 years, UPAD.L returned 17.78%/yr vs 12.84%/yr for SPMV.L. Their correlation of 0.84 suggests significant overlap in exposure. UPAD.L charges 0.07%/yr vs 0.20%/yr for SPMV.L.
Performance
UPAD.L vs. SPMV.L - Performance Comparison
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Returns By Period
In the year-to-date period, UPAD.L achieves a 5.34% return, which is significantly higher than SPMV.L's 4.24% return.
UPAD.L
- 1D
- -1.12%
- 1M
- -0.23%
- 6M
- 5.59%
- YTD
- 5.34%
- 1Y
- 15.38%
- 3Y*
- 17.78%
- 5Y*
- —
- 10Y*
- —
SPMV.L
- 1D
- -0.19%
- 1M
- 0.14%
- 6M
- 4.46%
- YTD
- 4.24%
- 1Y
- 10.52%
- 3Y*
- 12.84%
- 5Y*
- 8.28%
- 10Y*
- 9.98%
UPAD.L vs. SPMV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UPAD.L iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist | 5.34% | 15.10% | 26.30% | 31.10% | -9.44% |
SPMV.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) | 4.24% | 11.55% | 18.68% | 9.94% | -5.55% |
Correlation
The correlation between UPAD.L and SPMV.L is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Apr 29, 2022 | 0.84 |
The correlation between UPAD.L and SPMV.L has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.
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Return for Risk
UPAD.L vs. SPMV.L — Risk / Return Rank
UPAD.L
SPMV.L
UPAD.L vs. SPMV.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) (SPMV.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.
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.
| UPAD.L | SPMV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.22 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 1.68 | -0.26 |
| Martin ratioReturn relative to average drawdown | 5.37 | 6.62 | -1.24 |
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Drawdowns
UPAD.L vs. SPMV.L - Drawdown Comparison
The maximum UPAD.L drawdown since its inception was -18.97%, smaller than the maximum SPMV.L drawdown of -33.34%. Use the drawdown chart below to compare losses from any high point for UPAD.L and SPMV.L.
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Drawdown Indicators
| UPAD.L | SPMV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.97% | -33.34% | +14.37% |
Max Drawdown (1Y)Largest decline over 1 year | -10.79% | -6.23% | -4.56% |
Max Drawdown (3Y)Largest decline over 3 years | -18.97% | -12.31% | -6.66% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.58% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.34% | — |
Current DrawdownCurrent decline from peak | -1.78% | -0.75% | -1.03% |
Average DrawdownAverage peak-to-trough decline | -3.57% | -3.13% | -0.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 1.59% | +1.27% |
Volatility
UPAD.L vs. SPMV.L - Volatility Comparison
iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist (UPAD.L) has a higher volatility of 3.27% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (SPMV.L) at 1.82%. This indicates that UPAD.L's price experiences larger fluctuations and is considered to be riskier than SPMV.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UPAD.L | SPMV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 1.82% | +1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 9.70% | 6.37% | +3.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.16% | 8.50% | +3.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.30% | 12.67% | +3.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.30% | 13.77% | +2.53% |
UPAD.L vs. SPMV.L - Expense Ratio Comparison
UPAD.L has a 0.07% expense ratio, which is lower than SPMV.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. SPMV.L - Dividend Comparison
UPAD.L's dividend yield for the trailing twelve months is around 0.81%, while SPMV.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
SPMV.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 | 0.81% | 0.82% | 0.88% | 1.01% | 0.33% |
Frequently Asked Questions
UPAD.L and SPMV.L have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
UPAD.L is cheaper with a 0.07% expense ratio, compared with 0.20% for SPMV.L.
UPAD.L tracks S&P 500 Net Zero 2050 Paris-Aligned Sustainability Screened Index, while SPMV.L tracks S&P 500 Minimum Volatility Net in USD. Their fees differ too: 0.07% for UPAD.L and 0.20% for SPMV.L.
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