USML.L vs. I500.DE
USML.L (Invesco S&P SmallCap 600 UCITS ETF A) and I500.DE (iShares S&P 500 Swap UCITS ETF USD (Acc)) are both exchange-traded funds - USML.L is a Small Cap Blend Equities fund tracking the Russell 2000 TR USD, while I500.DE is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, USML.L returned 5.94%/yr vs 13.93%/yr for I500.DE. A 0.68 correlation means they provide meaningful diversification when combined. USML.L charges 0.14%/yr vs 0.07%/yr for I500.DE.
Performance
USML.L vs. I500.DE - Performance Comparison
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Different Trading Currencies
USML.L is traded in USD, while I500.DE is traded in EUR. To make them comparable, the I500.DE 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 higher than I500.DE's 10.17% 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*
- —
I500.DE
- 1D
- -0.00%
- 1M
- 4.51%
- YTD
- 10.17%
- 6M
- 11.18%
- 1Y
- 27.94%
- 3Y*
- 22.33%
- 5Y*
- 13.93%
- 10Y*
- —
USML.L vs. I500.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
USML.L Invesco S&P SmallCap 600 UCITS ETF A | 15.40% | 6.56% | 7.78% | 17.52% | -15.95% | 26.49% | 31.83% |
I500.DE iShares S&P 500 Swap UCITS ETF USD (Acc) | 10.17% | 18.47% | 24.92% | 26.70% | -18.81% | 29.92% | 12.40% |
Correlation
The correlation between USML.L and I500.DE is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2020 | 0.68 |
The correlation between USML.L and I500.DE has been stable across timeframes, ranging from 0.62 to 0.69 - a consistent structural relationship.
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Return for Risk
USML.L vs. I500.DE — Risk / Return Rank
USML.L
I500.DE
USML.L vs. I500.DE - 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 S&P 500 Swap UCITS ETF USD (Acc) (I500.DE). 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 | I500.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.42 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 3.82 | 3.26 | +0.56 |
| Martin ratioReturn relative to average drawdown | 11.96 | 13.84 | -1.87 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| USML.L | I500.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.95 | 2.40 | -0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.87 | -0.59 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 1.06 | -0.66 |
Drawdowns
USML.L vs. I500.DE - Drawdown Comparison
The maximum USML.L drawdown since its inception was -42.69%, which is greater than I500.DE's maximum drawdown of -24.15%. Use the drawdown chart below to compare losses from any high point for USML.L and I500.DE.
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Drawdown Indicators
| USML.L | I500.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.69% | -24.15% | -18.54% |
Max Drawdown (1Y)Largest decline over 1 year | -8.67% | -8.53% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -29.02% | -19.39% | -9.63% |
Max Drawdown (5Y)Largest decline over 5 years | -29.02% | -24.15% | -4.87% |
Current DrawdownCurrent decline from peak | 0.00% | -0.62% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -9.90% | -5.02% | -4.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 2.01% | +0.76% |
Volatility
USML.L vs. I500.DE - Volatility Comparison
Invesco S&P SmallCap 600 UCITS ETF A (USML.L) has a higher volatility of 4.88% compared to iShares S&P 500 Swap UCITS ETF USD (Acc) (I500.DE) at 2.82%. This indicates that USML.L's price experiences larger fluctuations and is considered to be riskier than I500.DE 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 | I500.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.88% | 2.82% | +2.06% |
Volatility (6M)Calculated over the trailing 6-month period | 11.53% | 8.11% | +3.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.94% | 11.62% | +5.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.17% | 15.90% | +5.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.82% | 15.89% | +7.93% |
USML.L vs. I500.DE - Expense Ratio Comparison
USML.L has a 0.14% expense ratio, which is higher than I500.DE's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
USML.L vs. I500.DE - Dividend Comparison
Neither USML.L nor I500.DE has paid dividends to shareholders.
Frequently Asked Questions
USML.L and I500.DE have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, I500.DE is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
I500.DE is cheaper with a 0.07% expense ratio, compared with 0.14% for USML.L.
USML.L is categorized as Small Cap Blend Equities, while I500.DE is S&P 500. USML.L tracks Russell 2000 TR USD, while I500.DE tracks S&P 500 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.14% for USML.L and 0.07% for I500.DE.
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