USPY.L vs. ISPY.L
USPY.L (L&G Cyber Security UCITS ETF) and ISPY.L (L&G Cyber Security UCITS ETF) are both exchange-traded funds - USPY.L is a Technology Equities fund tracking the L&G Cyber Security UCITS ETF, while ISPY.L is a Cybersecurity fund tracking the ISE Cyber Security UCITS Index. Both are passively managed. Over the past 10 years, USPY.L returned 17.27%/yr vs 17.43%/yr for ISPY.L. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.69% expense ratio.
Performance
USPY.L vs. ISPY.L - Performance Comparison
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Different Trading Currencies
USPY.L is traded in USD, while ISPY.L is traded in GBp. To make them comparable, the ISPY.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with USPY.L having a 47.19% return and ISPY.L slightly higher at 47.96%. Both investments have delivered pretty close results over the past 10 years, with USPY.L having a 17.27% annualized return and ISPY.L not far ahead at 17.43%.
USPY.L
- 1D
- -0.15%
- 1M
- 11.40%
- 6M
- 50.30%
- YTD
- 47.19%
- 1Y
- 45.45%
- 3Y*
- 29.54%
- 5Y*
- 12.61%
- 10Y*
- 17.27%
ISPY.L
- 1D
- -1.85%
- 1M
- 12.14%
- 6M
- 51.23%
- YTD
- 47.96%
- 1Y
- 46.26%
- 3Y*
- 30.23%
- 5Y*
- 12.79%
- 10Y*
- 17.43%
USPY.L vs. ISPY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USPY.L L&G Cyber Security UCITS ETF | 47.19% | 7.58% | 17.82% | 42.25% | -32.63% | 7.68% | 42.21% | 29.64% | 8.27% | 24.08% |
ISPY.L L&G Cyber Security UCITS ETF | 47.96% | 7.85% | 17.69% | 41.44% | -32.64% | 8.19% | 41.44% | 30.69% | 7.98% | 23.87% |
Correlation
The correlation between USPY.L and ISPY.L is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Sep 23, 2015 | 0.94 |
The correlation between USPY.L and ISPY.L has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.
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Return for Risk
USPY.L vs. ISPY.L — Risk / Return Rank
USPY.L
ISPY.L
USPY.L vs. ISPY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Cyber Security UCITS ETF (USPY.L) and L&G Cyber Security UCITS ETF (ISPY.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.
| USPY.L | ISPY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.30 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 2.52 | +0.05 |
| Martin ratioReturn relative to average drawdown | 6.67 | 6.54 | +0.13 |
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Drawdowns
USPY.L vs. ISPY.L - Drawdown Comparison
The maximum USPY.L drawdown since its inception was -39.35%, smaller than the maximum ISPY.L drawdown of -52.67%. Use the drawdown chart below to compare losses from any high point for USPY.L and ISPY.L.
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Drawdown Indicators
| USPY.L | ISPY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.35% | -52.67% | +13.32% |
Max Drawdown (1Y)Largest decline over 1 year | -18.08% | -18.30% | +0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -27.03% | -27.67% | +0.64% |
Max Drawdown (5Y)Largest decline over 5 years | -39.35% | -39.42% | +0.07% |
Max Drawdown (10Y)Largest decline over 10 years | -39.35% | -39.42% | +0.07% |
Current DrawdownCurrent decline from peak | -2.42% | -1.85% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -9.82% | -16.00% | +6.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.98% | 7.05% | -0.07% |
Volatility
USPY.L vs. ISPY.L - Volatility Comparison
L&G Cyber Security UCITS ETF (USPY.L) has a higher volatility of 11.34% compared to L&G Cyber Security UCITS ETF (ISPY.L) at 10.74%. This indicates that USPY.L's price experiences larger fluctuations and is considered to be riskier than ISPY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USPY.L | ISPY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.34% | 10.74% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 25.24% | 24.89% | +0.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.22% | 27.98% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.09% | 28.71% | -2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.56% | 25.05% | -1.49% |
USPY.L vs. ISPY.L - Expense Ratio Comparison
Both USPY.L and ISPY.L have an expense ratio of 0.69%.
Dividends
USPY.L vs. ISPY.L - Dividend Comparison
Neither USPY.L nor ISPY.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, USPY.L and ISPY.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.
Both ETFs have the same 0.69% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
USPY.L and ISPY.L have the same expense ratio: 0.69% per year.
USPY.L is categorized as Technology Equities, while ISPY.L is Cybersecurity. USPY.L tracks L&G Cyber Security UCITS ETF, while ISPY.L tracks ISE Cyber Security UCITS Index.
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