USDC.L vs. ISPY.L

Last updated Jul 16, 2026

USDC.L (L&G USD Corporate Bond Screened UCITS ETF USD Distributing) and ISPY.L (L&G Cyber Security UCITS ETF) are both exchange-traded funds - USDC.L is a Corporate Bonds fund tracking the L&G USD Corporate Bond Screened UCITS ETF USD Distributing, while ISPY.L is a Cybersecurity fund tracking the ISE Cyber Security UCITS Index. Both are passively managed. Over the past 5 years, USDC.L returned 0.12%/yr vs 12.79%/yr for ISPY.L. At a 0.24 correlation, their price movements are largely independent. USDC.L charges 0.09%/yr vs 0.69%/yr for ISPY.L.

Performance

USDC.L vs. ISPY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in L&G USD Corporate Bond Screened UCITS ETF USD Distributing (USDC.L) and L&G Cyber Security UCITS ETF (ISPY.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, USDC.L achieves a -2.14% return, which is significantly lower than ISPY.L's 47.96% return.

USDC.L

• 1D: 0.12%
• 1M: -0.69%
• 6M: -2.91%
• YTD: -2.14%
• 1Y: 2.26%
• 3Y*: 4.32%
• 5Y*: 0.12%
• 10Y*: —

ISPY.L

• 1D: -1.85%
• 1M: 12.14%
• 6M: 51.23%
• YTD: 47.96%
• 1Y: 46.26%
• 3Y*: 30.23%
• 5Y*: 12.79%
• 10Y*: 17.43%

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

USDC.L vs. ISPY.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD Distributing	-2.14%	7.42%	3.13%	8.35%	-13.91%	-0.43%
ISPY.L L&G Cyber Security UCITS ETF	47.96%	7.85%	17.69%	41.44%	-32.64%	5.34%

Correlation

The correlation between USDC.L and ISPY.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jan 15, 2021	0.24

Return for Risk

USDC.L vs. ISPY.L — Risk / Return Rank

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

USDC.L

USDC.L Risk / Return Rank: 15
USDC.L Sharpe Ratio Rank: 16
USDC.L Sortino Ratio Rank: 13
USDC.L Omega Ratio Rank: 15
USDC.L Calmar Ratio Rank: 15
USDC.L Martin Ratio Rank: 15

ISPY.L

ISPY.L Risk / Return Rank: 53
ISPY.L Sharpe Ratio Rank: 58
ISPY.L Sortino Ratio Rank: 55
ISPY.L Omega Ratio Rank: 60
ISPY.L Calmar Ratio Rank: 53
ISPY.L Martin Ratio Rank: 41

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.

USDC.L vs. ISPY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G USD Corporate Bond Screened UCITS ETF USD Distributing (USDC.L) and L&G Cyber Security UCITS ETF (ISPY.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.

	USDC.L	ISPY.L	Difference
Sharpe ratio: Return per unit of total volatility	0.38	1.65	-1.26
Sortino ratio: Return per unit of downside risk	0.51	2.25	-1.74
Omega ratio: Gain probability vs. loss probability	1.08	1.30	-0.22
Calmar ratio: Return relative to maximum drawdown	0.46	2.52	-2.06
Martin ratio: Return relative to average drawdown	1.07	6.54	-5.48

USDC.L vs. ISPY.L - Sharpe Ratio Comparison

The current USDC.L Sharpe Ratio is 0.38, which is lower than the ISPY.L Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of USDC.L and ISPY.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.

Drawdowns

USDC.L vs. ISPY.L - Drawdown Comparison

The maximum USDC.L drawdown since its inception was -20.07%, smaller than the maximum ISPY.L drawdown of -52.67%. Use the drawdown chart below to compare losses from any high point for USDC.L and ISPY.L.

Drawdown Indicators

	USDC.L	ISPY.L	Difference
Max Drawdown Largest peak-to-trough decline	-20.07%	-52.67%	+32.60%
Max Drawdown (1Y) Largest decline over 1 year	-4.92%	-18.30%	+13.38%
Max Drawdown (3Y) Largest decline over 3 years	-4.92%	-27.67%	+22.75%
Max Drawdown (5Y) Largest decline over 5 years	-20.07%	-39.42%	+19.35%
Max Drawdown (10Y) Largest decline over 10 years	—	-39.42%	—
Current Drawdown Current decline from peak	-2.91%	-1.85%	-1.06%
Average Drawdown Average peak-to-trough decline	-6.76%	-16.00%	+9.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	7.05%	-4.94%

Volatility

USDC.L vs. ISPY.L - Volatility Comparison

The current volatility for L&G USD Corporate Bond Screened UCITS ETF USD Distributing (USDC.L) is 1.13%, while L&G Cyber Security UCITS ETF (ISPY.L) has a volatility of 10.74%. This indicates that USDC.L experiences smaller price fluctuations and is considered to be less risky than ISPY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USDC.L	ISPY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	10.74%	-9.61%
Volatility (6M) Calculated over the trailing 6-month period	4.95%	24.89%	-19.94%
Volatility (1Y) Calculated over the trailing 1-year period	5.88%	27.98%	-22.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.28%	28.71%	-22.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.13%	25.05%	-18.92%

USDC.L vs. ISPY.L - Expense Ratio Comparison

USDC.L has a 0.09% expense ratio, which is lower than ISPY.L's 0.69% expense ratio.

Dividends

USDC.L vs. ISPY.L - Dividend Comparison

USDC.L's dividend yield for the trailing twelve months is around 2.32%, while ISPY.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
ISPY.L L&G Cyber Security UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USDC.L L&G USD Corporate Bond Screened UCITS ETF USD Distributing	2.32%	4.47%	4.08%	3.24%	2.36%	0.78%

Frequently Asked Questions

Can I hold both USDC.L and ISPY.L in my portfolio?

USDC.L and ISPY.L have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USDC.L or ISPY.L?

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

Which ETF is cheaper, USDC.L or ISPY.L?

USDC.L is cheaper with a 0.09% expense ratio, compared with 0.69% for ISPY.L.

What is the main difference between USDC.L and ISPY.L?

USDC.L is categorized as Corporate Bonds, while ISPY.L is Cybersecurity. USDC.L tracks L&G USD Corporate Bond Screened UCITS ETF USD Distributing, while ISPY.L tracks ISE Cyber Security UCITS Index. Their fees differ too: 0.09% for USDC.L and 0.69% for ISPY.L.