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

USML.L vs. XSVM

Last updated Jun 5, 2026

USML.L (Invesco S&P SmallCap 600 UCITS ETF A) and XSVM (Invesco S&P SmallCap Value with Momentum ETF) are both exchange-traded funds - USML.L is a Small Cap Blend Equities fund tracking the Russell 2000 TR USD, while XSVM is a Momentum fund tracking the S&P SmallCap 600 High Momentum Value Index. Both are passively managed. Over the past 5 years, USML.L returned 5.94%/yr vs 6.67%/yr for XSVM. A 0.62 correlation means they provide meaningful diversification when combined. USML.L charges 0.14%/yr vs 0.37%/yr for XSVM.

Performance

USML.L vs. XSVM - 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 S&P SmallCap Value with Momentum ETF (XSVM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, USML.L achieves a 15.40% return, which is significantly lower than XSVM's 18.52% 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*
—

XSVM

1D
1.41%
1M
1.89%
YTD
18.52%
6M
18.72%
1Y
37.81%
3Y*
17.43%
5Y*
6.67%
10Y*
12.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USML.L vs. XSVM - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
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%
XSVM
Invesco S&P SmallCap Value with Momentum ETF		18.52%7.47%2.30%20.20%-13.63%56.36%5.08%12.75%

Correlation

The correlation between USML.L and XSVM is 0.65, 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

0.65

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

0.63

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

0.62

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

0.62

The correlation between USML.L and XSVM has been stable across timeframes, ranging from 0.62 to 0.65 - a consistent structural relationship.

USML.L vs. XSVM - Sectors Allocation Comparison

Sectors
USML.L
XSVM

Financial Services

16.9%
38.8%

Industrials

15.5%
6.7%

Technology

15.5%
7.8%

Consumer Cyclical

13.4%
17.0%

Healthcare

11.0%
1.4%

Real Estate

7.7%
5.0%

Energy

5.9%
9.9%

Basic Materials

5.1%
1.9%

Communication Services

3.6%
2.9%

Consumer Defensive

3.5%
7.3%

Utilities

2.0%
1.3%

Financial Services

USML.L
16.9%
XSVM
38.8%

Industrials

USML.L
15.5%
XSVM
6.7%

Technology

USML.L
15.5%
XSVM
7.8%

Consumer Cyclical

USML.L
13.4%
XSVM
17.0%

Healthcare

USML.L
11.0%
XSVM
1.4%

Real Estate

USML.L
7.7%
XSVM
5.0%

Energy

USML.L
5.9%
XSVM
9.9%

Basic Materials

USML.L
5.1%
XSVM
1.9%

Communication Services

USML.L
3.6%
XSVM
2.9%

Consumer Defensive

USML.L
3.5%
XSVM
7.3%

Utilities

USML.L
2.0%
XSVM
1.3%

Compare stocks, funds, or ETFs

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Invesco S&P SmallCap 600 UCITS ETF A

Invesco S&P SmallCap Value with Momentum 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 XSVM:
XSVM vs. XSMOXSVM vs. AVUVXSVM vs. RWJXSVM vs. XSHQXSVM vs. SPHBXSVM vs. DGRSXSVM vs. RYPRX

Return for Risk

USML.L vs. XSVM — 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: 6464
Overall Rank
USML.L Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
USML.L Sortino Ratio Rank: 6464
Sortino Ratio Rank
USML.L Omega Ratio Rank: 5656
Omega Ratio Rank
USML.L Calmar Ratio Rank: 7676
Calmar Ratio Rank
USML.L Martin Ratio Rank: 6666
Martin Ratio Rank
XSVM
XSVM Risk / Return Rank: 6565
Overall Rank
XSVM Sharpe Ratio Rank: 6262
Sharpe Ratio Rank
XSVM Sortino Ratio Rank: 6464
Sortino Ratio Rank
XSVM Omega Ratio Rank: 6060
Omega Ratio Rank
XSVM Calmar Ratio Rank: 7676
Calmar Ratio Rank
XSVM Martin Ratio Rank: 6565
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. XSVM - 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 S&P SmallCap Value with Momentum ETF (XSVM). 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.LXSVMDifference
Sharpe ratioReturn per unit of total volatility
1.95
2.05

-0.09

Sortino ratioReturn per unit of downside risk
2.93
2.94

-0.01

Omega ratioGain probability vs. loss probability

1.34

1.36

-0.02

Calmar ratioReturn relative to maximum drawdown

3.82

3.77

+0.05

Martin ratioReturn relative to average drawdown

11.96

11.60

+0.36

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. XSVM - Sharpe Ratio Comparison

The current USML.L Sharpe Ratio is 1.95, which is comparable to the XSVM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of USML.L and XSVM, 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.LXSVMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.95

2.05

-0.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.28

0.29

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.51

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.40

0.37

+0.03

Drawdowns

USML.L vs. XSVM - Drawdown Comparison

The maximum USML.L drawdown since its inception was -42.69%, smaller than the maximum XSVM drawdown of -62.57%. Use the drawdown chart below to compare losses from any high point for USML.L and XSVM.

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Drawdown Indicators

USML.LXSVMDifference

Max Drawdown

Largest peak-to-trough decline

-42.69%

-62.57%

+19.88%

Max Drawdown (1Y)

Largest decline over 1 year

-8.67%

-10.08%

+1.41%

Max Drawdown (3Y)

Largest decline over 3 years

-29.02%

-26.21%

-2.81%

Max Drawdown (5Y)

Largest decline over 5 years

-29.02%

-26.21%

-2.81%

Max Drawdown (10Y)

Largest decline over 10 years

—

-49.02%

—

Current Drawdown

Current decline from peak

0.00%

-0.07%

+0.07%

Average Drawdown

Average peak-to-trough decline

-9.90%

-11.56%

+1.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.77%

3.27%

-0.50%

Volatility

USML.L vs. XSVM - Volatility Comparison

The current volatility for Invesco S&P SmallCap 600 UCITS ETF A (USML.L) is 4.88%, while Invesco S&P SmallCap Value with Momentum ETF (XSVM) has a volatility of 5.29%. This indicates that USML.L experiences smaller price fluctuations and is considered to be less risky than XSVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USML.LXSVMDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.88%

5.29%

-0.41%

Volatility (6M)

Calculated over the trailing 6-month period

11.53%

12.11%

-0.58%

Volatility (1Y)

Calculated over the trailing 1-year period

16.94%

18.60%

-1.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.17%

22.72%

-1.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.82%

25.09%

-1.27%

USML.L vs. XSVM - Expense Ratio Comparison

USML.L has a 0.14% expense ratio, which is lower than XSVM's 0.37% expense ratio.

Dividends

USML.L vs. XSVM - Dividend Comparison

USML.L has not paid dividends to shareholders, while XSVM's dividend yield for the trailing twelve months is around 1.79%.

PositionTTM20252024202320222021202020192018201720162015
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%
XSVM
Invesco S&P SmallCap Value with Momentum ETF		1.79%2.29%1.69%1.31%1.79%1.23%1.21%1.22%2.54%1.90%2.29%2.68%

Frequently Asked Questions

USML.L and XSVM have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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 0.37% for XSVM.

USML.L is categorized as Small Cap Blend Equities, while XSVM is Momentum. USML.L tracks Russell 2000 TR USD, while XSVM tracks S&P SmallCap 600 High Momentum Value Index. Their fees differ too: 0.14% for USML.L and 0.37% for XSVM.

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