USLV.L vs. EWSP.L

Last updated Jul 21, 2026

USLV.L (SPDR S&P 500 Low Volatility UCITS ETF) and EWSP.L (iShares S&P 500 Equal Weight UCITS ETF USD (Acc)) are both S&P 500 funds - USLV.L tracks the S&P 500 Low Volatility Index while EWSP.L tracks the S&P 500 Equal Weight Index. Both are passively managed. Over the past 3 years, USLV.L returned 6.32%/yr vs 11.26%/yr for EWSP.L. A 0.62 correlation means they provide meaningful diversification when combined. USLV.L charges 0.35%/yr vs 0.20%/yr for EWSP.L.

Performance

USLV.L vs. EWSP.L - 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 iShares S&P 500 Equal Weight UCITS ETF USD (Acc) (EWSP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USLV.L achieves a 7.48% return, which is significantly lower than EWSP.L's 11.39% return.

USLV.L

• 1D: -1.03%
• 1M: 3.22%
• 6M: 5.43%
• YTD: 7.48%
• 1Y: 6.85%
• 3Y*: 6.32%
• 5Y*: 6.29%
• 10Y*: 7.41%
• ALL TIME*: 7.02%

EWSP.L

• 1D: -0.35%
• 1M: 0.17%
• 6M: 8.66%
• YTD: 11.39%
• 1Y: 17.52%
• 3Y*: 11.26%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.68%

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

USLV.L vs. EWSP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
USLV.L SPDR S&P 500 Low Volatility UCITS ETF	7.48%	-2.67%	15.48%	-6.04%	2.36%
EWSP.L iShares S&P 500 Equal Weight UCITS ETF USD (Acc)	11.39%	4.02%	13.96%	7.79%	-18.92%

Correlation

The correlation between USLV.L and EWSP.L is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Aug 2, 2022	0.62

The correlation between USLV.L and EWSP.L shifts across timeframes, from 0.43 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

USLV.L vs. EWSP.L - Sectors Allocation Comparison

Sectors	USLV.L	EWSP.L
Utilities	25.4%	6.3%
Financial Services	21.5%	14.6%
Real Estate	17.9%	5.9%
Industrials	10.9%	15.3%
Consumer Defensive	9.2%	6.4%
Healthcare	4.0%	12.1%
Consumer Cyclical	3.9%	10.7%
Energy	2.6%	4.1%
Basic Materials	2.2%	3.9%
Technology	1.8%	16.8%
Communication Services	0.7%	4.0%

Return for Risk

USLV.L vs. EWSP.L — 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: 23
USLV.L Sharpe Ratio Rank: 24
USLV.L Sortino Ratio Rank: 23
USLV.L Omega Ratio Rank: 21
USLV.L Calmar Ratio Rank: 25
USLV.L Martin Ratio Rank: 24

EWSP.L

EWSP.L Risk / Return Rank: 76
EWSP.L Sharpe Ratio Rank: 77
EWSP.L Sortino Ratio Rank: 75
EWSP.L Omega Ratio Rank: 76
EWSP.L Calmar Ratio Rank: 80
EWSP.L Martin Ratio Rank: 73

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. EWSP.L - 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 iShares S&P 500 Equal Weight UCITS ETF USD (Acc) (EWSP.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.

	USLV.L	EWSP.L	Difference
Sharpe ratio: Return per unit of total volatility	0.62	1.84	-1.22
Sortino ratio: Return per unit of downside risk	0.99	2.55	-1.57
Omega ratio: Gain probability vs. loss probability	1.11	1.34	-0.23
Calmar ratio: Return relative to maximum drawdown	0.86	3.09	-2.23
Martin ratio: Return relative to average drawdown	2.09	9.78	-7.69

USLV.L vs. EWSP.L - Sharpe Ratio Comparison

The current USLV.L Sharpe Ratio is 0.62, which is lower than the EWSP.L Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of USLV.L and EWSP.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

USLV.L vs. EWSP.L - Drawdown Comparison

The maximum USLV.L drawdown since its inception was -40.77%, which is greater than EWSP.L's maximum drawdown of -22.80%. Use the drawdown chart below to compare losses from any high point for USLV.L and EWSP.L.

Drawdown Indicators

	USLV.L	EWSP.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.77%	-22.80%	-17.97%
Max Drawdown (1Y) Largest decline over 1 year	-7.95%	-5.65%	-2.30%
Max Drawdown (3Y) Largest decline over 3 years	-20.65%	-20.12%	-0.53%
Max Drawdown (5Y) Largest decline over 5 years	-20.65%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-27.37%	—	—
Current Drawdown Current decline from peak	-1.77%	-1.70%	-0.07%
Average Drawdown Average peak-to-trough decline	-9.78%	-10.30%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	1.79%	+1.48%

Volatility

USLV.L vs. EWSP.L - Volatility Comparison

SPDR S&P 500 Low Volatility UCITS ETF (USLV.L) has a higher volatility of 3.93% compared to iShares S&P 500 Equal Weight UCITS ETF USD (Acc) (EWSP.L) at 2.85%. This indicates that USLV.L's price experiences larger fluctuations and is considered to be riskier than EWSP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USLV.L	EWSP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	2.85%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	8.68%	6.61%	+2.07%
Volatility (1Y) Calculated over the trailing 1-year period	10.94%	9.49%	+1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.70%	22.04%	-3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	22.04%	-5.17%

USLV.L vs. EWSP.L - Expense Ratio Comparison

USLV.L has a 0.35% expense ratio, which is higher than EWSP.L's 0.20% expense ratio.

Dividends

USLV.L vs. EWSP.L - Dividend Comparison

Neither USLV.L nor EWSP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

USLV.L and EWSP.L have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USLV.L or EWSP.L?

On fees, EWSP.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USLV.L or EWSP.L?

EWSP.L is cheaper with a 0.20% expense ratio, compared with 0.35% for USLV.L.

What is the main difference between USLV.L and EWSP.L?

USLV.L tracks S&P 500 Low Volatility Index, while EWSP.L tracks S&P 500 Equal Weight Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for USLV.L and 0.20% for EWSP.L.