USML.L vs. VBR

Last updated Jun 5, 2026

USML.L (Invesco S&P SmallCap 600 UCITS ETF A) and VBR (Vanguard Small-Cap Value ETF) are both exchange-traded funds - USML.L is a Small Cap Blend Equities fund tracking the Russell 2000 TR USD, while VBR is a Small Cap Value Equities fund tracking the CRSP US Small Cap Value Index. Both are passively managed. Over the past 5 years, USML.L returned 5.94%/yr vs 8.12%/yr for VBR. A 0.63 correlation means they provide meaningful diversification when combined. USML.L charges 0.14%/yr vs 0.05%/yr for VBR.

Performance

USML.L vs. VBR - 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 Vanguard Small-Cap Value ETF (VBR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USML.L achieves a 15.40% return, which is significantly higher than VBR's 12.51% 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*: —

VBR

• 1D: 0.76%
• 1M: 2.07%
• YTD: 12.51%
• 6M: 12.70%
• 1Y: 27.37%
• 3Y*: 17.22%
• 5Y*: 8.12%
• 10Y*: 10.49%

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

USML.L vs. VBR - 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%
VBR Vanguard Small-Cap Value ETF	12.51%	9.09%	12.40%	16.00%	-9.38%	28.08%	5.90%	6.28%

Correlation

The correlation between USML.L and VBR is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.65
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	0.63

The correlation between USML.L and VBR has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.

USML.L vs. VBR - Sectors Allocation Comparison

Sectors	USML.L	VBR
Financial Services	16.9%	17.6%
Industrials	15.5%	18.1%
Technology	15.5%	10.6%
Consumer Cyclical	13.4%	12.4%
Healthcare	11.0%	7.9%
Real Estate	7.7%	10.1%
Energy	5.9%	5.2%
Basic Materials	5.1%	6.3%
Communication Services	3.6%	2.5%
Consumer Defensive	3.5%	4.0%
Utilities	2.0%	4.8%

Return for Risk

USML.L vs. VBR — 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

VBR

VBR Risk / Return Rank: 58
VBR Sharpe Ratio Rank: 54
VBR Sortino Ratio Rank: 57
VBR Omega Ratio Rank: 52
VBR Calmar Ratio Rank: 63
VBR Martin Ratio Rank: 62

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. VBR - 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 Vanguard Small-Cap Value ETF (VBR). 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	VBR	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.82	+0.14
Sortino ratio: Return per unit of downside risk	2.93	2.66	+0.27
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.03
Calmar ratio: Return relative to maximum drawdown	3.82	3.11	+0.71
Martin ratio: Return relative to average drawdown	11.96	10.96	+1.01
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. VBR - Sharpe Ratio Comparison

The current USML.L Sharpe Ratio is 1.95, which is comparable to the VBR Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of USML.L and VBR, 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	VBR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	1.82	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.41	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.42	-0.02

Drawdowns

USML.L vs. VBR - Drawdown Comparison

The maximum USML.L drawdown since its inception was -42.69%, smaller than the maximum VBR drawdown of -61.98%. Use the drawdown chart below to compare losses from any high point for USML.L and VBR.

Drawdown Indicators

	USML.L	VBR	Difference
Max Drawdown Largest peak-to-trough decline	-42.69%	-61.98%	+19.29%
Max Drawdown (1Y) Largest decline over 1 year	-8.67%	-8.85%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-29.02%	-24.19%	-4.83%
Max Drawdown (5Y) Largest decline over 5 years	-29.02%	-24.19%	-4.83%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.28%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-9.90%	-8.27%	-1.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	2.50%	+0.27%

Volatility

USML.L vs. VBR - Volatility Comparison

Invesco S&P SmallCap 600 UCITS ETF A (USML.L) has a higher volatility of 4.88% compared to Vanguard Small-Cap Value ETF (VBR) at 3.89%. This indicates that USML.L's price experiences larger fluctuations and is considered to be riskier than VBR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USML.L	VBR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	3.89%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	11.53%	10.47%	+1.06%
Volatility (1Y) Calculated over the trailing 1-year period	16.94%	15.14%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	19.77%	+1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.82%	21.73%	+2.09%

USML.L vs. VBR - Expense Ratio Comparison

USML.L has a 0.14% expense ratio, which is higher than VBR's 0.05% 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. VBR - Dividend Comparison

USML.L has not paid dividends to shareholders, while VBR's dividend yield for the trailing twelve months is around 1.75%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VBR Vanguard Small-Cap Value ETF	1.75%	1.95%	1.98%	2.12%	2.03%	1.75%	1.68%	2.06%	2.35%	1.79%	1.77%	1.99%

Frequently Asked Questions

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

USML.L and VBR have a correlation of 0.68, 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 VBR?

On fees, VBR is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USML.L or VBR?

VBR is cheaper with a 0.05% expense ratio, compared with 0.14% for USML.L.

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

USML.L is categorized as Small Cap Blend Equities, while VBR is Small Cap Value Equities. USML.L tracks Russell 2000 TR USD, while VBR tracks CRSP US Small Cap Value Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.14% for USML.L and 0.05% for VBR.