USML.L vs. XLKQ.L

Last updated Jun 4, 2026

USML.L (Invesco S&P SmallCap 600 UCITS ETF A) and XLKQ.L (Invesco Technology S&P US Select Sector UCITS ETF GBP Acc) are both exchange-traded funds - USML.L is a Small Cap Blend Equities fund tracking the Russell 2000 TR USD, while XLKQ.L is a Technology Equities fund tracking the S&P Select Sector Capped 20% Technology Index. Both are passively managed. Over the past 5 years, USML.L returned 5.72%/yr vs 26.08%/yr for XLKQ.L. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.14% expense ratio.

Performance

USML.L vs. XLKQ.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 Technology S&P US Select Sector UCITS ETF GBP Acc (XLKQ.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

USML.L is traded in USD, while XLKQ.L is traded in GBp. To make them comparable, the XLKQ.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 14.20% return, which is significantly lower than XLKQ.L's 27.51% return.

USML.L

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

XLKQ.L

• 1D: 0.00%
• 1M: 18.87%
• YTD: 27.51%
• 6M: 26.93%
• 1Y: 58.77%
• 3Y*: 38.25%
• 5Y*: 26.08%
• 10Y*: 26.77%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
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%
XLKQ.L Invesco Technology S&P US Select Sector UCITS ETF GBP Acc	26.33%	24.49%	41.63%	59.85%	-29.07%	35.05%	42.15%	33.20%

Correlation

The correlation between USML.L and XLKQ.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.53

The correlation between USML.L and XLKQ.L shifts across timeframes, from 0.42 (3 years) to 0.53 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	USML.L	XLKQ.L
Financial Services	16.9%	7.3%
Industrials	15.5%	1.5%
Technology	15.5%	91.2%
Consumer Cyclical	13.4%	-
Healthcare	11.0%	-
Real Estate	7.7%	-
Energy	5.9%	-
Basic Materials	5.1%	-
Communication Services	3.6%	-
Consumer Defensive	3.5%	-
Utilities	2.0%	-

Return for Risk

USML.L vs. XLKQ.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: 61
USML.L Sharpe Ratio Rank: 55
USML.L Sortino Ratio Rank: 61
USML.L Omega Ratio Rank: 53
USML.L Calmar Ratio Rank: 74
USML.L Martin Ratio Rank: 64

XLKQ.L

XLKQ.L Risk / Return Rank: 75
XLKQ.L Sharpe Ratio Rank: 89
XLKQ.L Sortino Ratio Rank: 84
XLKQ.L Omega Ratio Rank: 81
XLKQ.L Calmar Ratio Rank: 69
XLKQ.L Martin Ratio Rank: 52

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. XLKQ.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 Technology S&P US Select Sector UCITS ETF GBP Acc (XLKQ.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	XLKQ.L	Difference
Sharpe ratio: Return per unit of total volatility	1.90	3.01	-1.11
Sortino ratio: Return per unit of downside risk	2.85	3.88	-1.03
Omega ratio: Gain probability vs. loss probability	1.33	1.49	-0.15
Calmar ratio: Return relative to maximum drawdown	3.70	3.48	+0.22
Martin ratio: Return relative to average drawdown	11.58	10.61	+0.97
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. XLKQ.L - Sharpe Ratio Comparison

The current USML.L Sharpe Ratio is 1.90, which is lower than the XLKQ.L Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of USML.L and XLKQ.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	XLKQ.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	3.01	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	1.12	-0.85
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	1.19	-0.79

Drawdowns

USML.L vs. XLKQ.L - Drawdown Comparison

The maximum USML.L drawdown since its inception was -42.69%, which is greater than XLKQ.L's maximum drawdown of -35.00%. Use the drawdown chart below to compare losses from any high point for USML.L and XLKQ.L.

Drawdown Indicators

	USML.L	XLKQ.L	Difference
Max Drawdown Largest peak-to-trough decline	-42.69%	-35.00%	-7.69%
Max Drawdown (1Y) Largest decline over 1 year	-8.67%	-16.81%	+8.14%
Max Drawdown (3Y) Largest decline over 3 years	-29.02%	-26.96%	-2.06%
Max Drawdown (5Y) Largest decline over 5 years	-29.02%	-35.00%	+5.98%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.00%	—
Current Drawdown Current decline from peak	-0.83%	0.00%	-0.83%
Average Drawdown Average peak-to-trough decline	-9.90%	-5.75%	-4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	5.52%	-2.75%

Volatility

USML.L vs. XLKQ.L - Volatility Comparison

The current volatility for Invesco S&P SmallCap 600 UCITS ETF A (USML.L) is 4.79%, while Invesco Technology S&P US Select Sector UCITS ETF GBP Acc (XLKQ.L) has a volatility of 5.98%. This indicates that USML.L experiences smaller price fluctuations and is considered to be less risky than XLKQ.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USML.L	XLKQ.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.79%	5.98%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	11.50%	14.68%	-3.18%
Volatility (1Y) Calculated over the trailing 1-year period	16.96%	19.52%	-2.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.17%	23.30%	-2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.82%	22.21%	+1.61%

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

Both USML.L and XLKQ.L have an expense ratio of 0.14%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

USML.L vs. XLKQ.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

USML.L and XLKQ.L have a correlation of 0.44, 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 XLKQ.L?

Both ETFs have the same 0.14% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

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

USML.L and XLKQ.L have the same expense ratio: 0.14% per year.

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

USML.L is categorized as Small Cap Blend Equities, while XLKQ.L is Technology Equities. USML.L tracks Russell 2000 TR USD, while XLKQ.L tracks S&P Select Sector Capped 20% Technology Index.