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USML.L vs. ISP6.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USML.L vs. ISP6.L

Last updated Jun 4, 2026

USML.L (Invesco S&P SmallCap 600 UCITS ETF A) and ISP6.L (iShares S&P SmallCap 600 UCITS ETF) are both Small Cap Blend Equities funds tracking the Russell 2000 TR USD, from Invesco and iShares respectively. Both are passively managed. Over the past 5 years, USML.L returned 5.72%/yr vs 5.29%/yr for ISP6.L. With a 0.96 correlation, they move nearly in lockstep. USML.L charges 0.14%/yr vs 0.40%/yr for ISP6.L.

Performance

USML.L vs. ISP6.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 SmallCap 600 UCITS ETF (ISP6.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

USML.L is traded in USD, while ISP6.L is traded in GBp. To make them comparable, the ISP6.L values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with USML.L having a 14.20% return and ISP6.L slightly lower at 13.93%.

USML.L

1D
-0.52%
1M
1.20%
YTD
14.20%
6M
14.90%
1Y
32.20%
3Y*
14.83%
5Y*
5.72%
10Y*
—

ISP6.L

1D
-0.47%
1M
1.47%
YTD
13.93%
6M
14.41%
1Y
31.77%
3Y*
14.47%
5Y*
5.29%
10Y*
10.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USML.L vs. ISP6.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
USML.L
Invesco S&P SmallCap 600 UCITS ETF A		14.20%6.56%7.78%17.52%-15.95%26.49%11.11%5.73%
ISP6.L
iShares S&P SmallCap 600 UCITS ETF		13.93%6.57%6.95%16.83%-16.69%26.70%10.14%6.06%

Correlation

The correlation between USML.L and ISP6.L is 0.95 - 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

0.95

Correlation (3Y)
Calculated over the trailing 3-year period

0.96

Correlation (5Y)
Calculated over the trailing 5-year period

0.96

Correlation (All Time)
Calculated using the full available price history since Feb 19, 2019

0.96

The correlation between USML.L and ISP6.L has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

USML.L vs. ISP6.L - Sectors Allocation Comparison

Sectors
USML.L
ISP6.L

Financial Services

16.9%
16.8%

Industrials

15.5%
15.1%

Technology

15.5%
17.0%

Consumer Cyclical

13.4%
12.7%

Healthcare

11.0%
11.0%

Real Estate

7.7%
7.6%

Energy

5.9%
5.8%

Basic Materials

5.1%
4.9%

Communication Services

3.6%
3.5%

Consumer Defensive

3.5%
3.6%

Utilities

2.0%
1.9%

Financial Services

USML.L
16.9%
ISP6.L
16.8%

Industrials

USML.L
15.5%
ISP6.L
15.1%

Technology

USML.L
15.5%
ISP6.L
17.0%

Consumer Cyclical

USML.L
13.4%
ISP6.L
12.7%

Healthcare

USML.L
11.0%
ISP6.L
11.0%

Real Estate

USML.L
7.7%
ISP6.L
7.6%

Energy

USML.L
5.9%
ISP6.L
5.8%

Basic Materials

USML.L
5.1%
ISP6.L
4.9%

Communication Services

USML.L
3.6%
ISP6.L
3.5%

Consumer Defensive

USML.L
3.5%
ISP6.L
3.6%

Utilities

USML.L
2.0%
ISP6.L
1.9%

Compare stocks, funds, or ETFs

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Invesco S&P SmallCap 600 UCITS ETF A

iShares S&P SmallCap 600 UCITS ETF

Often compared with USML.L:
USML.L vs. IGSU.LUSML.L vs. IJRUSML.L vs. SPSMUSML.L vs. VIOOUSML.L vs. SLYVUSML.L vs. VWRA.LUSML.L vs. DFSV
Often compared with ISP6.L:
ISP6.L vs. IJRISP6.L vs. IEEM.LISP6.L vs. USSC.LISP6.L vs. IWMISP6.L vs. CSPX.ASISP6.L vs. VIGISP6.L vs. VOO

Return for Risk

USML.L vs. ISP6.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: 6161
Overall Rank
USML.L Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
USML.L Sortino Ratio Rank: 6161
Sortino Ratio Rank
USML.L Omega Ratio Rank: 5353
Omega Ratio Rank
USML.L Calmar Ratio Rank: 7474
Calmar Ratio Rank
USML.L Martin Ratio Rank: 6464
Martin Ratio Rank
ISP6.L
ISP6.L Risk / Return Rank: 7070
Overall Rank
ISP6.L Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
ISP6.L Sortino Ratio Rank: 6262
Sortino Ratio Rank
ISP6.L Omega Ratio Rank: 6161
Omega Ratio Rank
ISP6.L Calmar Ratio Rank: 8787
Calmar Ratio Rank
ISP6.L Martin Ratio Rank: 7878
Martin Ratio Rank
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. ISP6.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 SmallCap 600 UCITS ETF (ISP6.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.LISP6.LDifference
Sharpe ratioReturn per unit of total volatility
1.90
1.93

-0.03

Sortino ratioReturn per unit of downside risk
2.85
2.86

-0.01

Omega ratioGain probability vs. loss probability

1.33

1.33

0.00

Calmar ratioReturn relative to maximum drawdown

3.70

3.85

-0.15

Martin ratioReturn relative to average drawdown

11.58

11.59

-0.01

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. ISP6.L - Sharpe Ratio Comparison

The current USML.L Sharpe Ratio is 1.90, which is comparable to the ISP6.L Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of USML.L and ISP6.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.

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Sharpe Ratios by Period

USML.LISP6.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.90

1.93

-0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.27

0.26

+0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.47

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.44

-0.05

Drawdowns

USML.L vs. ISP6.L - Drawdown Comparison

The maximum USML.L drawdown since its inception was -42.69%, smaller than the maximum ISP6.L drawdown of -50.11%. Use the drawdown chart below to compare losses from any high point for USML.L and ISP6.L.

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Drawdown Indicators

USML.LISP6.LDifference

Max Drawdown

Largest peak-to-trough decline

-42.69%

-50.11%

+7.42%

Max Drawdown (1Y)

Largest decline over 1 year

-8.67%

-8.22%

-0.45%

Max Drawdown (3Y)

Largest decline over 3 years

-29.02%

-28.89%

-0.13%

Max Drawdown (5Y)

Largest decline over 5 years

-29.02%

-28.89%

-0.13%

Max Drawdown (10Y)

Largest decline over 10 years

—

-45.15%

—

Current Drawdown

Current decline from peak

-0.83%

-1.09%

+0.26%

Average Drawdown

Average peak-to-trough decline

-9.90%

-8.68%

-1.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.77%

2.73%

+0.04%

Volatility

USML.L vs. ISP6.L - Volatility Comparison

Invesco S&P SmallCap 600 UCITS ETF A (USML.L) has a higher volatility of 4.79% compared to iShares S&P SmallCap 600 UCITS ETF (ISP6.L) at 4.35%. This indicates that USML.L's price experiences larger fluctuations and is considered to be riskier than ISP6.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.LISP6.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.79%

4.35%

+0.44%

Volatility (6M)

Calculated over the trailing 6-month period

11.50%

10.86%

+0.64%

Volatility (1Y)

Calculated over the trailing 1-year period

16.96%

16.45%

+0.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.17%

20.69%

+0.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.82%

21.48%

+2.34%

USML.L vs. ISP6.L - Expense Ratio Comparison

USML.L has a 0.14% expense ratio, which is lower than ISP6.L's 0.40% expense ratio.

Dividends

USML.L vs. ISP6.L - Dividend Comparison

USML.L has not paid dividends to shareholders, while ISP6.L's dividend yield for the trailing twelve months is around 1.03%.

PositionTTM20252024202320222021202020192018201720162015
ISP6.L
iShares S&P SmallCap 600 UCITS ETF		1.03%1.22%1.15%1.08%1.00%0.65%0.94%0.97%0.96%0.78%0.77%0.53%
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

With a correlation of 0.95, USML.L and ISP6.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 0.40% for ISP6.L.

Both ETFs track Russell 2000 TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.14% for USML.L and 0.40% for ISP6.L.

Portfolio Optimizer

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