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USLV.L vs. IUSE.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USLV.L vs. IUSE.L

Last updated Jun 5, 2026

USLV.L (SPDR S&P 500 Low Volatility UCITS ETF) and IUSE.L (iShares S&P 500 EUR Hedged UCITS ETF Acc) are both S&P 500 funds - USLV.L tracks the S&P 500 Low Volatility Index while IUSE.L tracks the S&P 500 EUR Hedged Index. Both are passively managed. Over the past 10 years, USLV.L returned 8.39%/yr vs 13.58%/yr for IUSE.L. At a 0.49 correlation, their price movements are largely independent. USLV.L charges 0.35%/yr vs 0.20%/yr for IUSE.L.

Performance

USLV.L vs. IUSE.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 EUR Hedged UCITS ETF Acc (IUSE.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

USLV.L is traded in GBP, while IUSE.L is traded in EUR. To make them comparable, the IUSE.L 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 IUSE.L's 8.30% return. Over the past 10 years, USLV.L has underperformed IUSE.L with an annualized return of 8.39%, while IUSE.L has yielded a comparatively higher 13.58% 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%

IUSE.L

1D
0.13%
1M
4.62%
YTD
8.30%
6M
8.64%
1Y
28.00%
3Y*
19.65%
5Y*
11.26%
10Y*
13.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
IUSE.L
iShares S&P 500 EUR Hedged UCITS ETF Acc		8.30%21.10%17.60%20.60%-17.10%20.27%21.31%19.17%-7.49%24.12%

Correlation

The correlation between USLV.L and IUSE.L is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.11

Correlation (3Y)
Calculated over the trailing 3-year period

0.14

Correlation (5Y)
Calculated over the trailing 5-year period

0.26

Correlation (10Y)
Calculated over the trailing 10-year period

0.44

Correlation (All Time)
Calculated using the full available price history since Oct 11, 2012

0.49

The correlation between USLV.L and IUSE.L shifts across timeframes, from -0.11 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

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

Sectors
USLV.L
IUSE.L

Utilities

26.8%
2.3%

Financial Services

16.6%
11.8%

Real Estate

14.8%
1.9%

Consumer Defensive

10.8%
4.9%

Industrials

10.2%
8.3%

Healthcare

6.8%
8.5%

Consumer Cyclical

5.7%
10.1%

Technology

4.6%
35.6%

Basic Materials

2.0%
1.8%

Energy

0.9%
3.5%

Communication Services

0.9%
11.2%

Utilities

USLV.L
26.8%
IUSE.L
2.3%

Financial Services

USLV.L
16.6%
IUSE.L
11.8%

Real Estate

USLV.L
14.8%
IUSE.L
1.9%

Consumer Defensive

USLV.L
10.8%
IUSE.L
4.9%

Industrials

USLV.L
10.2%
IUSE.L
8.3%

Healthcare

USLV.L
6.8%
IUSE.L
8.5%

Consumer Cyclical

USLV.L
5.7%
IUSE.L
10.1%

Technology

USLV.L
4.6%
IUSE.L
35.6%

Basic Materials

USLV.L
2.0%
IUSE.L
1.8%

Energy

USLV.L
0.9%
IUSE.L
3.5%

Communication Services

USLV.L
0.9%
IUSE.L
11.2%

Compare stocks, funds, or ETFs

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SPDR S&P 500 Low Volatility UCITS ETF

iShares S&P 500 EUR Hedged UCITS ETF Acc

Often compared with USLV.L:
USLV.L vs. BRK-BUSLV.L vs. SCHDUSLV.L vs. SPYUSLV.L vs. VOOUSLV.L vs. IUIT.LUSLV.L vs. SCHXUSLV.L vs. ^SP500TR
Often compared with IUSE.L:
IUSE.L vs. EXS1.DEIUSE.L vs. CEMS.DEIUSE.L vs. IBCK.DEIUSE.L vs. IBCF.DEIUSE.L vs. SPYIUSE.L vs. SNAW.DEIUSE.L vs. SXR8.DE

Return for Risk

USLV.L vs. IUSE.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: 1111
Overall Rank
USLV.L Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
USLV.L Sortino Ratio Rank: 1010
Sortino Ratio Rank
USLV.L Omega Ratio Rank: 1010
Omega Ratio Rank
USLV.L Calmar Ratio Rank: 1111
Calmar Ratio Rank
USLV.L Martin Ratio Rank: 1111
Martin Ratio Rank
IUSE.L
IUSE.L Risk / Return Rank: 6565
Overall Rank
IUSE.L Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
IUSE.L Sortino Ratio Rank: 6969
Sortino Ratio Rank
IUSE.L Omega Ratio Rank: 6565
Omega Ratio Rank
IUSE.L Calmar Ratio Rank: 5858
Calmar Ratio Rank
IUSE.L Martin Ratio Rank: 6767
Martin Ratio Rank
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. IUSE.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 EUR Hedged UCITS ETF Acc (IUSE.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.

USLV.LIUSE.LDifference
Sharpe ratioReturn per unit of total volatility
0.12
2.41

-2.29

Sortino ratioReturn per unit of downside risk
0.25
3.48

-3.23

Omega ratioGain probability vs. loss probability

1.03

1.43

-0.40

Calmar ratioReturn relative to maximum drawdown

0.16

3.12

-2.97

Martin ratioReturn relative to average drawdown

0.40

12.61

-12.20

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. IUSE.L - Sharpe Ratio Comparison

The current USLV.L Sharpe Ratio is 0.12, which is lower than the IUSE.L Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of USLV.L and IUSE.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.

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Sharpe Ratios by Period

USLV.LIUSE.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.12

2.41

-2.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

0.70

-0.20

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.60

0.82

-0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.78

0.75

+0.03

Drawdowns

USLV.L vs. IUSE.L - Drawdown Comparison

The maximum USLV.L drawdown since its inception was -27.37%, roughly equal to the maximum IUSE.L drawdown of -27.56%. Use the drawdown chart below to compare losses from any high point for USLV.L and IUSE.L.

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Drawdown Indicators

USLV.LIUSE.LDifference

Max Drawdown

Largest peak-to-trough decline

-27.37%

-27.56%

+0.19%

Max Drawdown (1Y)

Largest decline over 1 year

-7.96%

-8.92%

+0.96%

Max Drawdown (3Y)

Largest decline over 3 years

-10.71%

-17.08%

+6.37%

Max Drawdown (5Y)

Largest decline over 5 years

-14.56%

-23.84%

+9.28%

Max Drawdown (10Y)

Largest decline over 10 years

-27.37%

-27.56%

+0.19%

Current Drawdown

Current decline from peak

-7.23%

-0.37%

-6.86%

Average Drawdown

Average peak-to-trough decline

-5.16%

-5.11%

-0.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.13%

2.22%

+0.91%

Volatility

USLV.L vs. IUSE.L - Volatility Comparison

SPDR S&P 500 Low Volatility UCITS ETF (USLV.L) has a higher volatility of 3.76% compared to iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) at 3.55%. This indicates that USLV.L's price experiences larger fluctuations and is considered to be riskier than IUSE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USLV.LIUSE.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.76%

3.55%

+0.21%

Volatility (6M)

Calculated over the trailing 6-month period

8.01%

8.55%

-0.54%

Volatility (1Y)

Calculated over the trailing 1-year period

10.34%

11.59%

-1.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.11%

15.96%

-3.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.00%

16.56%

-2.56%

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

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

Dividends

USLV.L vs. IUSE.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

USLV.L and IUSE.L have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

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

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