USML.L vs. EQGB.L

Last updated Jun 5, 2026

USML.L (Invesco S&P SmallCap 600 UCITS ETF A) and EQGB.L (Invesco EQQQ Nasdaq-100 UCITS ETF GBP Hdg Acc) are both exchange-traded funds - USML.L is a Small Cap Blend Equities fund tracking the Russell 2000 TR USD, while EQGB.L is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 5 years, USML.L returned 5.94%/yr vs 15.13%/yr for EQGB.L. A 0.61 correlation means they provide meaningful diversification when combined. USML.L charges 0.14%/yr vs 0.35%/yr for EQGB.L.

Performance

USML.L vs. EQGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap 600 UCITS ETF A (USML.L) and Invesco EQQQ Nasdaq-100 UCITS ETF GBP Hdg Acc (EQGB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

USML.L is traded in USD, while EQGB.L is traded in GBp. To make them comparable, the EQGB.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, USML.L achieves a 15.40% return, which is significantly lower than EQGB.L's 18.57% return.

USML.L

• 1D: 1.05%
• 1M: 1.79%
• YTD: 15.40%
• 6M: 15.62%
• 1Y: 33.26%
• 3Y*: 15.56%
• 5Y*: 5.94%
• 10Y*: —

EQGB.L

• 1D: -0.66%
• 1M: 7.50%
• YTD: 18.57%
• 6M: 19.28%
• 1Y: 37.80%
• 3Y*: 30.52%
• 5Y*: 15.13%
• 10Y*: —

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

USML.L vs. EQGB.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
USML.L Invesco S&P SmallCap 600 UCITS ETF A	15.40%	6.56%	7.78%	17.52%	-15.95%	26.49%	11.11%	5.73%
EQGB.L Invesco EQQQ Nasdaq-100 UCITS ETF GBP Hdg Acc	18.57%	28.61%	24.02%	62.04%	-42.01%	26.53%	49.89%	24.63%

Correlation

The correlation between USML.L and EQGB.L is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.61

The correlation between USML.L and EQGB.L has been stable across timeframes, ranging from 0.57 to 0.64 - a consistent structural relationship.

USML.L vs. EQGB.L - Sectors Allocation Comparison

Sectors	USML.L	EQGB.L
Financial Services	16.9%	0.2%
Industrials	15.5%	3.1%
Technology	15.5%	53.6%
Consumer Cyclical	13.4%	12.2%
Healthcare	11.0%	4.2%
Real Estate	7.7%	0.1%
Energy	5.9%	0.6%
Basic Materials	5.1%	1.1%
Communication Services	3.6%	15.8%
Consumer Defensive	3.5%	7.7%
Utilities	2.0%	1.4%

Return for Risk

USML.L vs. EQGB.L — Risk / Return Rank

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

USML.L

USML.L Risk / Return Rank: 64
USML.L Sharpe Ratio Rank: 59
USML.L Sortino Ratio Rank: 64
USML.L Omega Ratio Rank: 56
USML.L Calmar Ratio Rank: 76
USML.L Martin Ratio Rank: 66

EQGB.L

EQGB.L Risk / Return Rank: 73
EQGB.L Sharpe Ratio Rank: 77
EQGB.L Sortino Ratio Rank: 77
EQGB.L Omega Ratio Rank: 72
EQGB.L Calmar Ratio Rank: 70
EQGB.L Martin Ratio Rank: 68

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.

USML.L vs. EQGB.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 Invesco EQQQ Nasdaq-100 UCITS ETF GBP Hdg Acc (EQGB.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.

	USML.L	EQGB.L	Difference
Sharpe ratio: Return per unit of total volatility	1.95	2.05	-0.09
Sortino ratio: Return per unit of downside risk	2.93	2.92	+0.01
Omega ratio: Gain probability vs. loss probability	1.34	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	3.82	2.52	+1.30
Martin ratio: Return relative to average drawdown	11.96	9.34	+2.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USML.L vs. EQGB.L - Sharpe Ratio Comparison

The current USML.L Sharpe Ratio is 1.95, which is comparable to the EQGB.L Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of USML.L and EQGB.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

	USML.L	EQGB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	2.05	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.61	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.79	-0.39

Drawdowns

USML.L vs. EQGB.L - Drawdown Comparison

The maximum USML.L drawdown since its inception was -42.69%, smaller than the maximum EQGB.L drawdown of -47.56%. Use the drawdown chart below to compare losses from any high point for USML.L and EQGB.L.

Drawdown Indicators

	USML.L	EQGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-42.69%	-47.56%	+4.87%
Max Drawdown (1Y) Largest decline over 1 year	-8.67%	-14.96%	+6.29%
Max Drawdown (3Y) Largest decline over 3 years	-29.02%	-22.21%	-6.81%
Max Drawdown (5Y) Largest decline over 5 years	-29.02%	-47.56%	+18.54%
Current Drawdown Current decline from peak	0.00%	-1.12%	+1.12%
Average Drawdown Average peak-to-trough decline	-9.90%	-9.54%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	4.03%	-1.26%

Volatility

USML.L vs. EQGB.L - Volatility Comparison

The current volatility for Invesco S&P SmallCap 600 UCITS ETF A (USML.L) is 4.88%, while Invesco EQQQ Nasdaq-100 UCITS ETF GBP Hdg Acc (EQGB.L) has a volatility of 5.53%. This indicates that USML.L experiences smaller price fluctuations and is considered to be less risky than EQGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USML.L	EQGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	5.53%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	11.53%	13.97%	-2.44%
Volatility (1Y) Calculated over the trailing 1-year period	16.94%	18.40%	-1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	24.75%	-3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.82%	24.79%	-0.97%

USML.L vs. EQGB.L - Expense Ratio Comparison

USML.L has a 0.14% expense ratio, which is lower than EQGB.L's 0.35% expense ratio.

Dividends

USML.L vs. EQGB.L - Dividend Comparison

Neither USML.L nor EQGB.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EQGB.L Invesco EQQQ Nasdaq-100 UCITS ETF GBP Hdg Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.04%
USML.L Invesco S&P SmallCap 600 UCITS ETF A	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USML.L and EQGB.L in my portfolio?

USML.L and EQGB.L have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USML.L or EQGB.L?

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.

Which ETF is cheaper, USML.L or EQGB.L?

USML.L is cheaper with a 0.14% expense ratio, compared with 0.35% for EQGB.L.

What is the main difference between USML.L and EQGB.L?

USML.L is categorized as Small Cap Blend Equities, while EQGB.L is Nasdaq-100. USML.L tracks Russell 2000 TR USD, while EQGB.L tracks NASDAQ-100 Index. Their fees differ too: 0.14% for USML.L and 0.35% for EQGB.L.