USML.L vs. IDP6.L

Last updated Jul 16, 2026

USML.L (Invesco S&P SmallCap 600 UCITS ETF A) and IDP6.L (iShares S&P Small Cap 600 UCITS ETF USD (Dist)) are both Small Cap Blend Equities funds - USML.L tracks the Russell 2000 TR USD while IDP6.L tracks the iShares S&P Small Cap 600 UCITS ETF USD (Dist). Both are passively managed. Over the past 5 years, USML.L returned 7.89%/yr vs 7.17%/yr for IDP6.L. With a 0.99 correlation, they move nearly in lockstep. USML.L charges 0.14%/yr vs 0.40%/yr for IDP6.L.

Performance

USML.L vs. IDP6.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 iShares S&P Small Cap 600 UCITS ETF USD (Dist) (IDP6.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USML.L achieves a 20.96% return, which is significantly higher than IDP6.L's 19.44% 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*: —

IDP6.L

• 1D: -0.60%
• 1M: 1.24%
• 6M: 14.55%
• YTD: 19.44%
• 1Y: 30.44%
• 3Y*: 13.63%
• 5Y*: 7.17%
• 10Y*: 10.14%

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

USML.L vs. IDP6.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%
IDP6.L iShares S&P Small Cap 600 UCITS ETF USD (Dist)	19.44%	6.28%	7.11%	17.37%	-16.73%	26.35%	10.58%	11.87%

Correlation

The correlation between USML.L and IDP6.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 29, 2019	0.99

The correlation between USML.L and IDP6.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

USML.L vs. IDP6.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: 78
USML.L Sharpe Ratio Rank: 74
USML.L Sortino Ratio Rank: 81
USML.L Omega Ratio Rank: 71
USML.L Calmar Ratio Rank: 85
USML.L Martin Ratio Rank: 78

IDP6.L

IDP6.L Risk / Return Rank: 79
IDP6.L Sharpe Ratio Rank: 77
IDP6.L Sortino Ratio Rank: 82
IDP6.L Omega Ratio Rank: 73
IDP6.L Calmar Ratio Rank: 86
IDP6.L Martin Ratio Rank: 80

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. IDP6.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 S&P Small Cap 600 UCITS ETF USD (Dist) (IDP6.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	IDP6.L	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.96	-0.05
Sortino ratio: Return per unit of downside risk	2.89	2.93	-0.04
Omega ratio: Gain probability vs. loss probability	1.34	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	3.71	3.80	-0.09
Martin ratio: Return relative to average drawdown	11.82	12.09	-0.27

USML.L vs. IDP6.L - Sharpe Ratio Comparison

The current USML.L Sharpe Ratio is 1.90, which is comparable to the IDP6.L Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of USML.L and IDP6.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.

Drawdowns

USML.L vs. IDP6.L - Drawdown Comparison

The maximum USML.L drawdown since its inception was -42.69%, smaller than the maximum IDP6.L drawdown of -52.21%. Use the drawdown chart below to compare losses from any high point for USML.L and IDP6.L.

Drawdown Indicators

	USML.L	IDP6.L	Difference
Max Drawdown Largest peak-to-trough decline	-42.69%	-52.21%	+9.52%
Max Drawdown (1Y) Largest decline over 1 year	-8.67%	-8.66%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-29.02%	-28.99%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-29.02%	-28.99%	-0.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.49%	—
Current Drawdown Current decline from peak	-1.92%	-2.42%	+0.50%
Average Drawdown Average peak-to-trough decline	-9.69%	-9.38%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	2.73%	0.00%

Volatility

USML.L vs. IDP6.L - Volatility Comparison

Invesco S&P SmallCap 600 UCITS ETF A (USML.L) and iShares S&P Small Cap 600 UCITS ETF USD (Dist) (IDP6.L) have volatilities of 4.32% and 4.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USML.L	IDP6.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.32%	4.36%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	12.22%	12.06%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.92%	16.95%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.14%	21.13%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.62%	21.67%	+1.95%

USML.L vs. IDP6.L - Expense Ratio Comparison

USML.L has a 0.14% expense ratio, which is lower than IDP6.L's 0.40% expense ratio.

Dividends

USML.L vs. IDP6.L - Dividend Comparison

USML.L has not paid dividends to shareholders, while IDP6.L's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IDP6.L iShares S&P Small Cap 600 UCITS ETF USD (Dist)	1.01%	1.16%	1.18%	1.07%	1.06%	0.66%	0.88%	0.94%	1.01%	0.72%	0.87%	0.56%
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%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USML.L and IDP6.L in my portfolio?

With a correlation of 0.98, USML.L and IDP6.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.

Which ETF is better, USML.L or IDP6.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 IDP6.L?

USML.L is cheaper with a 0.14% expense ratio, compared with 0.40% for IDP6.L.

What is the main difference between USML.L and IDP6.L?

USML.L tracks Russell 2000 TR USD, while IDP6.L tracks iShares S&P Small Cap 600 UCITS ETF USD (Dist). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.14% for USML.L and 0.40% for IDP6.L.