USLV.L vs. ^SP500TR

Last updated Jun 5, 2026

USLV.L (SPDR S&P 500 Low Volatility UCITS ETF) is S&P 500 fund tracking the S&P 500 Low Volatility Index, while ^SP500TR (S&P 500 Total Return) is an index. Over the past 10 years, USLV.L returned 8.39%/yr vs 16.45%/yr for ^SP500TR. At a 0.42 correlation, their price movements are largely independent.

Performance

USLV.L vs. ^SP500TR - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR S&P 500 Low Volatility UCITS ETF (USLV.L) and S&P 500 Total Return (^SP500TR). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

USLV.L is traded in GBP, while ^SP500TR is traded in USD. To make them comparable, the ^SP500TR values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, USLV.L achieves a 1.11% return, which is significantly lower than ^SP500TR's 11.81% return. Over the past 10 years, USLV.L has underperformed ^SP500TR with an annualized return of 8.39%, while ^SP500TR has yielded a comparatively higher 16.45% annualized return.

USLV.L

• 1D: -0.07%
• 1M: -1.11%
• YTD: 1.11%
• 6M: 0.76%
• 1Y: 1.27%
• 3Y*: 4.40%
• 5Y*: 6.11%
• 10Y*: 8.39%

^SP500TR

• 1D: 0.42%
• 1M: 5.57%
• YTD: 11.81%
• 6M: 10.50%
• 1Y: 29.83%
• 3Y*: 19.64%
• 5Y*: 15.25%
• 10Y*: 16.45%

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

USLV.L vs. ^SP500TR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USLV.L SPDR S&P 500 Low Volatility UCITS ETF	1.11%	-2.67%	15.49%	-6.05%	6.92%	26.04%	-5.76%	22.99%	4.45%	6.15%
^SP500TR S&P 500 Total Return	11.81%	9.48%	27.20%	19.98%	-8.37%	29.92%	14.92%	26.48%	1.29%	11.30%

Correlation

The correlation between USLV.L and ^SP500TR is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Oct 11, 2012	0.42

The correlation between USLV.L and ^SP500TR shifts across timeframes, from -0.00 (1 year) to 0.42 (all time), reflecting how their relationship changes across market environments.

Return for Risk

USLV.L vs. ^SP500TR — Risk / Return Rank

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

USLV.L

USLV.L Risk / Return Rank: 11
USLV.L Sharpe Ratio Rank: 11
USLV.L Sortino Ratio Rank: 10
USLV.L Omega Ratio Rank: 10
USLV.L Calmar Ratio Rank: 11
USLV.L Martin Ratio Rank: 11

^SP500TR

^SP500TR Risk / Return Rank: 84
^SP500TR Sharpe Ratio Rank: 83
^SP500TR Sortino Ratio Rank: 85
^SP500TR Omega Ratio Rank: 83
^SP500TR Calmar Ratio Rank: 80
^SP500TR Martin Ratio Rank: 90

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.

USLV.L vs. ^SP500TR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P 500 Low Volatility UCITS ETF (USLV.L) and S&P 500 Total Return (^SP500TR). 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.

	USLV.L	^SP500TR	Difference
Sharpe ratio: Return per unit of total volatility	0.12	2.60	-2.48
Sortino ratio: Return per unit of downside risk	0.25	3.37	-3.12
Omega ratio: Gain probability vs. loss probability	1.03	1.49	-0.46
Calmar ratio: Return relative to maximum drawdown	0.16	3.98	-3.82
Martin ratio: Return relative to average drawdown	0.40	15.35	-14.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USLV.L vs. ^SP500TR - Sharpe Ratio Comparison

The current USLV.L Sharpe Ratio is 0.12, which is lower than the ^SP500TR Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of USLV.L and ^SP500TR, 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

	USLV.L	^SP500TR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.12	2.60	-2.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.97	-0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.91	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.69	+0.09

Drawdowns

USLV.L vs. ^SP500TR - Drawdown Comparison

The maximum USLV.L drawdown since its inception was -27.37%, smaller than the maximum ^SP500TR drawdown of -34.87%. Use the drawdown chart below to compare losses from any high point for USLV.L and ^SP500TR.

Drawdown Indicators

	USLV.L	^SP500TR	Difference
Max Drawdown Largest peak-to-trough decline	-27.37%	-34.87%	+7.50%
Max Drawdown (1Y) Largest decline over 1 year	-7.96%	-7.54%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-10.71%	-21.89%	+11.18%
Max Drawdown (5Y) Largest decline over 5 years	-14.56%	-21.89%	+7.33%
Max Drawdown (10Y) Largest decline over 10 years	-27.37%	-25.86%	-1.51%
Current Drawdown Current decline from peak	-7.23%	0.00%	-7.23%
Average Drawdown Average peak-to-trough decline	-5.16%	-4.76%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	1.95%	+1.18%

Volatility

USLV.L vs. ^SP500TR - Volatility Comparison

SPDR S&P 500 Low Volatility UCITS ETF (USLV.L) has a higher volatility of 3.76% compared to S&P 500 Total Return (^SP500TR) at 2.60%. This indicates that USLV.L's price experiences larger fluctuations and is considered to be riskier than ^SP500TR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USLV.L	^SP500TR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	2.60%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	8.01%	8.20%	-0.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	11.52%	-1.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.11%	15.85%	-3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.00%	18.15%	-4.15%

Frequently Asked Questions

Can I hold both USLV.L and ^SP500TR in my portfolio?

USLV.L and ^SP500TR have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.