USLV.L vs. SPEX.L

Last updated Jun 5, 2026

USLV.L (SPDR S&P 500 Low Volatility UCITS ETF) and SPEX.L (Invesco S&P 500 Equal Weight UCITS ETF Acc) are both S&P 500 funds - USLV.L tracks the S&P 500 Low Volatility Index while SPEX.L tracks the S&P 500 Equal Weight Index. Both are passively managed. Over the past 5 years, USLV.L returned 6.11%/yr vs 9.41%/yr for SPEX.L. A 0.63 correlation means they provide meaningful diversification when combined. USLV.L charges 0.35%/yr vs 0.20%/yr for SPEX.L.

Performance

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

Different Trading Currencies

USLV.L is traded in GBP, while SPEX.L is traded in GBp. To make them comparable, the SPEX.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 SPEX.L's 9.62% 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%

SPEX.L

• 1D: 0.47%
• 1M: 4.77%
• YTD: 9.62%
• 6M: 10.01%
• 1Y: 21.02%
• 3Y*: 12.25%
• 5Y*: 9.41%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
USLV.L SPDR S&P 500 Low Volatility UCITS ETF	1.11%	-2.67%	15.49%	-6.05%	6.92%	19.20%
SPEX.L Invesco S&P 500 Equal Weight UCITS ETF Acc	9.62%	3.90%	14.09%	7.64%	-1.17%	28.05%

Correlation

The correlation between USLV.L and SPEX.L is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Apr 9, 2021	0.63

The correlation between USLV.L and SPEX.L shifts across timeframes, from 0.49 (1 year) to 0.64 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	USLV.L	SPEX.L
Utilities	26.8%	5.8%
Financial Services	16.6%	14.2%
Real Estate	14.8%	6.2%
Consumer Defensive	10.8%	6.5%
Industrials	10.2%	14.1%
Healthcare	6.8%	11.2%
Consumer Cyclical	5.7%	9.9%
Technology	4.6%	20.1%
Basic Materials	2.0%	3.9%
Energy	0.9%	4.2%
Communication Services	0.9%	3.9%

Return for Risk

USLV.L vs. SPEX.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: 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

SPEX.L

SPEX.L Risk / Return Rank: 68
SPEX.L Sharpe Ratio Rank: 67
SPEX.L Sortino Ratio Rank: 67
SPEX.L Omega Ratio Rank: 66
SPEX.L Calmar Ratio Rank: 74
SPEX.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.

USLV.L vs. SPEX.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 Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.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.L	SPEX.L	Difference
Sharpe ratio: Return per unit of total volatility	0.12	2.18	-2.05
Sortino ratio: Return per unit of downside risk	0.25	3.01	-2.76
Omega ratio: Gain probability vs. loss probability	1.03	1.39	-0.36
Calmar ratio: Return relative to maximum drawdown	0.16	3.65	-3.49
Martin ratio: Return relative to average drawdown	0.40	11.85	-11.44
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. SPEX.L - Sharpe Ratio Comparison

The current USLV.L Sharpe Ratio is 0.12, which is lower than the SPEX.L Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of USLV.L and SPEX.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.

Sharpe Ratios by Period

	USLV.L	SPEX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.12	2.18	-2.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.67	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.80	-0.02

Drawdowns

USLV.L vs. SPEX.L - Drawdown Comparison

The maximum USLV.L drawdown since its inception was -27.37%, which is greater than SPEX.L's maximum drawdown of -19.65%. Use the drawdown chart below to compare losses from any high point for USLV.L and SPEX.L.

Drawdown Indicators

	USLV.L	SPEX.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.37%	-19.65%	-7.72%
Max Drawdown (1Y) Largest decline over 1 year	-7.96%	-5.73%	-2.23%
Max Drawdown (3Y) Largest decline over 3 years	-10.71%	-19.65%	+8.94%
Max Drawdown (5Y) Largest decline over 5 years	-14.56%	-19.65%	+5.09%
Max Drawdown (10Y) Largest decline over 10 years	-27.37%	—	—
Current Drawdown Current decline from peak	-7.23%	0.00%	-7.23%
Average Drawdown Average peak-to-trough decline	-5.16%	-4.12%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	1.77%	+1.36%

Volatility

USLV.L vs. SPEX.L - Volatility Comparison

SPDR S&P 500 Low Volatility UCITS ETF (USLV.L) has a higher volatility of 3.76% compared to Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L) at 1.97%. This indicates that USLV.L's price experiences larger fluctuations and is considered to be riskier than SPEX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USLV.L	SPEX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	1.97%	+1.79%
Volatility (6M) Calculated over the trailing 6-month period	8.01%	6.62%	+1.39%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	9.62%	+0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.11%	14.05%	-1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.00%	14.60%	-0.60%

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

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

Dividends

USLV.L vs. SPEX.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

USLV.L and SPEX.L have a correlation of 0.49, 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 SPEX.L?

On fees, SPEX.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 SPEX.L?

SPEX.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 SPEX.L?

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