USDV.L vs. MXUD.L

Last updated Jun 26, 2026

USDV.L (SPDR S&P US Dividend Aristocrats UCITS ETF Dis) and MXUD.L (Invesco MSCI USA UCITS ETF Dist) are both Large Cap Blend Equities funds - USDV.L tracks the S&P High Yield Dividend Aristocrats Index while MXUD.L tracks the Russell 1000 TR USD. Both are passively managed. Over the past 5 years, USDV.L returned 7.81%/yr vs 13.62%/yr for MXUD.L. A 0.59 correlation means they provide meaningful diversification when combined. USDV.L charges 0.35%/yr vs 0.05%/yr for MXUD.L.

Performance

USDV.L vs. MXUD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P US Dividend Aristocrats UCITS ETF Dis (USDV.L) and Invesco MSCI USA UCITS ETF Dist (MXUD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

USDV.L is traded in GBP, while MXUD.L is traded in USD. To make them comparable, the MXUD.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, USDV.L achieves a 11.92% return, which is significantly higher than MXUD.L's 9.60% return.

USDV.L

• 1D: 0.33%
• 1M: 4.00%
• YTD: 11.92%
• 6M: 12.84%
• 1Y: 19.94%
• 3Y*: 9.34%
• 5Y*: 7.81%
• 10Y*: 9.41%

MXUD.L

• 1D: -0.99%
• 1M: 0.08%
• YTD: 9.60%
• 6M: 9.58%
• 1Y: 26.08%
• 3Y*: 19.39%
• 5Y*: 13.62%
• 10Y*: —

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

USDV.L vs. MXUD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
USDV.L SPDR S&P US Dividend Aristocrats UCITS ETF Dis	11.92%	1.15%	9.34%	-3.51%	11.56%	26.74%	-2.72%	-1.00%
MXUD.L Invesco MSCI USA UCITS ETF Dist	9.60%	9.07%	27.65%	21.46%	-10.38%	28.98%	17.31%	1.52%

Correlation

The correlation between USDV.L and MXUD.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Nov 11, 2019	0.59

Over the past year, the correlation between USDV.L and MXUD.L has dropped to 0.22 - well below their long-term average of 0.59, suggesting their price drivers have been diverging.

USDV.L vs. MXUD.L - Sectors Allocation Comparison

Sectors	USDV.L	MXUD.L
Industrials	17.3%	8.6%
Consumer Defensive	16.3%	4.8%
Utilities	14.2%	2.3%
Technology	12.1%	35.4%
Financial Services	12.0%	11.6%
Healthcare	7.5%	8.6%
Basic Materials	5.4%	1.8%
Consumer Cyclical	5.1%	10.1%
Real Estate	4.5%	1.9%
Energy	3.1%	3.6%
Communication Services	2.6%	11.3%

Return for Risk

USDV.L vs. MXUD.L — Risk / Return Rank

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

USDV.L

USDV.L Risk / Return Rank: 69
USDV.L Sharpe Ratio Rank: 75
USDV.L Sortino Ratio Rank: 79
USDV.L Omega Ratio Rank: 71
USDV.L Calmar Ratio Rank: 69
USDV.L Martin Ratio Rank: 51

MXUD.L

MXUD.L Risk / Return Rank: 62
MXUD.L Sharpe Ratio Rank: 61
MXUD.L Sortino Ratio Rank: 66
MXUD.L Omega Ratio Rank: 60
MXUD.L Calmar Ratio Rank: 59
MXUD.L Martin Ratio Rank: 66

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.

USDV.L vs. MXUD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P US Dividend Aristocrats UCITS ETF Dis (USDV.L) and Invesco MSCI USA UCITS ETF Dist (MXUD.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.

	USDV.L	MXUD.L	Difference
Sharpe ratio: Return per unit of total volatility	2.08	2.10	-0.02
Sortino ratio: Return per unit of downside risk	3.04	2.89	+0.16
Omega ratio: Gain probability vs. loss probability	1.36	1.38	-0.02
Calmar ratio: Return relative to maximum drawdown	3.01	3.44	-0.44
Martin ratio: Return relative to average drawdown	7.69	11.08	-3.39

USDV.L vs. MXUD.L - Sharpe Ratio Comparison

The current USDV.L Sharpe Ratio is 2.08, which is comparable to the MXUD.L Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of USDV.L and MXUD.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

USDV.L vs. MXUD.L - Drawdown Comparison

The maximum USDV.L drawdown since its inception was -37.29%, which is greater than MXUD.L's maximum drawdown of -26.56%. Use the drawdown chart below to compare losses from any high point for USDV.L and MXUD.L.

Drawdown Indicators

	USDV.L	MXUD.L	Difference
Max Drawdown Largest peak-to-trough decline	-37.29%	-26.56%	-10.73%
Max Drawdown (1Y) Largest decline over 1 year	-6.60%	-7.54%	+0.94%
Max Drawdown (3Y) Largest decline over 3 years	-16.30%	-21.48%	+5.18%
Max Drawdown (5Y) Largest decline over 5 years	-16.30%	-21.48%	+5.18%
Max Drawdown (10Y) Largest decline over 10 years	-27.79%	—	—
Current Drawdown Current decline from peak	0.00%	-1.40%	+1.40%
Average Drawdown Average peak-to-trough decline	-7.45%	-3.86%	-3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	2.35%	+0.24%

Volatility

USDV.L vs. MXUD.L - Volatility Comparison

The current volatility for SPDR S&P US Dividend Aristocrats UCITS ETF Dis (USDV.L) is 2.34%, while Invesco MSCI USA UCITS ETF Dist (MXUD.L) has a volatility of 4.24%. This indicates that USDV.L experiences smaller price fluctuations and is considered to be less risky than MXUD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USDV.L	MXUD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	4.24%	-1.90%
Volatility (6M) Calculated over the trailing 6-month period	7.13%	9.35%	-2.22%
Volatility (1Y) Calculated over the trailing 1-year period	9.61%	12.37%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.79%	15.76%	-2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.17%	17.56%	-2.39%

USDV.L vs. MXUD.L - Expense Ratio Comparison

USDV.L has a 0.35% expense ratio, which is higher than MXUD.L's 0.05% expense ratio.

Dividends

USDV.L vs. MXUD.L - Dividend Comparison

USDV.L's dividend yield for the trailing twelve months is around 2.01%, more than MXUD.L's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MXUD.L Invesco MSCI USA UCITS ETF Dist	1.10%	1.13%	1.30%	1.47%	1.66%	1.27%	1.47%	0.20%	0.00%	0.00%	0.00%	0.00%
USDV.L SPDR S&P US Dividend Aristocrats UCITS ETF Dis	2.01%	2.20%	1.99%	2.28%	2.11%	2.13%	2.57%	2.07%	2.19%	1.85%	1.65%	2.00%

Frequently Asked Questions

Can I hold both USDV.L and MXUD.L in my portfolio?

USDV.L and MXUD.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USDV.L or MXUD.L?

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

Which ETF is cheaper, USDV.L or MXUD.L?

MXUD.L is cheaper with a 0.05% expense ratio, compared with 0.35% for USDV.L.

What is the main difference between USDV.L and MXUD.L?

USDV.L tracks S&P High Yield Dividend Aristocrats Index, while MXUD.L tracks Russell 1000 TR USD. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.35% for USDV.L and 0.05% for MXUD.L.