USML.L vs. CUSS.L
USML.L (Invesco S&P SmallCap 600 UCITS ETF A) and CUSS.L (iShares MSCI USA Small Cap CTB Enhanced ESG UCITS ETF USD (Acc)) are both Small Cap Blend Equities funds - USML.L tracks the Russell 2000 TR USD while CUSS.L tracks the MSCI USA Small Cap ESG Enhanced CTB Index. Both are passively managed. Over the past 5 years, USML.L returned 7.89%/yr vs 7.45%/yr for CUSS.L. With a 0.96 correlation, they move nearly in lockstep. USML.L charges 0.14%/yr vs 0.43%/yr for CUSS.L.
Performance
USML.L vs. CUSS.L - Performance Comparison
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Returns By Period
In the year-to-date period, USML.L achieves a 20.96% return, which is significantly higher than CUSS.L's 16.17% return.
USML.L
- 1D
- 0.78%
- 1M
- 1.77%
- 6M
- 15.86%
- YTD
- 20.96%
- 1Y
- 32.28%
- 3Y*
- 14.91%
- 5Y*
- 7.89%
- 10Y*
- —
CUSS.L
- 1D
- -0.63%
- 1M
- -1.86%
- 6M
- 11.10%
- YTD
- 16.17%
- 1Y
- 29.03%
- 3Y*
- 13.99%
- 5Y*
- 7.45%
- 10Y*
- 10.74%
USML.L vs. CUSS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
USML.L Invesco S&P SmallCap 600 UCITS ETF A | 20.96% | 6.57% | 7.78% | 17.52% | -15.95% | 26.49% | 11.11% | 12.51% |
CUSS.L iShares MSCI USA Small Cap CTB Enhanced ESG UCITS ETF USD (Acc) | 16.17% | 10.15% | 9.80% | 17.73% | -17.15% | 18.55% | 18.55% | 14.91% |
Correlation
The correlation between USML.L and CUSS.L is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2019 | 0.96 |
The correlation between USML.L and CUSS.L has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.
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Return for Risk
USML.L vs. CUSS.L — Risk / Return Rank
USML.L
CUSS.L
USML.L vs. CUSS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600 UCITS ETF A (USML.L) and iShares MSCI USA Small Cap CTB Enhanced ESG UCITS ETF USD (Acc) (CUSS.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.
| USML.L | CUSS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.33 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.71 | 3.74 | -0.03 |
| Martin ratioReturn relative to average drawdown | 11.82 | 12.44 | -0.62 |
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Drawdowns
USML.L vs. CUSS.L - Drawdown Comparison
The maximum USML.L drawdown since its inception was -42.69%, roughly equal to the maximum CUSS.L drawdown of -42.70%. Use the drawdown chart below to compare losses from any high point for USML.L and CUSS.L.
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Drawdown Indicators
| USML.L | CUSS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.69% | -42.70% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -8.38% | -0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -29.02% | -27.77% | -1.25% |
Max Drawdown (5Y)Largest decline over 5 years | -29.02% | -28.73% | -0.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -42.70% | — |
Current DrawdownCurrent decline from peak | -1.92% | -3.61% | +1.69% |
Average DrawdownAverage peak-to-trough decline | -9.69% | -6.94% | -2.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.73% | 2.52% | +0.21% |
Volatility
USML.L vs. CUSS.L - Volatility Comparison
The current volatility for Invesco S&P SmallCap 600 UCITS ETF A (USML.L) is 4.32%, while iShares MSCI USA Small Cap CTB Enhanced ESG UCITS ETF USD (Acc) (CUSS.L) has a volatility of 4.69%. This indicates that USML.L experiences smaller price fluctuations and is considered to be less risky than CUSS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USML.L | CUSS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.32% | 4.69% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 12.22% | 12.22% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.92% | 16.59% | +0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.14% | 21.16% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.62% | 20.92% | +2.70% |
USML.L vs. CUSS.L - Expense Ratio Comparison
USML.L has a 0.14% expense ratio, which is lower than CUSS.L's 0.43% expense ratio.
Dividends
USML.L vs. CUSS.L - Dividend Comparison
Neither USML.L nor CUSS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, USML.L and CUSS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, USML.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USML.L is cheaper with a 0.14% expense ratio, compared with 0.43% for CUSS.L.
USML.L tracks Russell 2000 TR USD, while CUSS.L tracks MSCI USA Small Cap ESG Enhanced CTB Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.14% for USML.L and 0.43% for CUSS.L.
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