USVL.L vs. IUVF.L
USVL.L (State Street SPDR MSCI USA Value UCITS ETF USD (Acc)) and IUVF.L (iShares Edge MSCI USA Value Factor UCITS) are both Large Cap Value Equities funds - USVL.L tracks the MSCI USA Value Exposure Select Index while IUVF.L tracks the Russell 1000 Value TR USD. Both are passively managed. Over the past 5 years, USVL.L returned 12.22%/yr vs 15.62%/yr for IUVF.L. Their correlation of 0.87 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.
Performance
USVL.L vs. IUVF.L - Performance Comparison
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Different Trading Currencies
USVL.L is traded in USD, while IUVF.L is traded in GBp. To make them comparable, the IUVF.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, USVL.L achieves a 24.47% return, which is significantly lower than IUVF.L's 38.92% return.
USVL.L
- 1D
- 0.16%
- 1M
- -2.10%
- 6M
- 20.13%
- YTD
- 24.47%
- 1Y
- 49.93%
- 3Y*
- 22.22%
- 5Y*
- 12.22%
- 10Y*
- 12.16%
IUVF.L
- 1D
- -0.10%
- 1M
- -4.03%
- 6M
- 32.77%
- YTD
- 38.92%
- 1Y
- 70.10%
- 3Y*
- 28.54%
- 5Y*
- 15.62%
- 10Y*
- —
USVL.L vs. IUVF.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USVL.L State Street SPDR MSCI USA Value UCITS ETF USD (Acc) | 24.47% | 28.52% | 4.90% | 15.93% | -15.04% | 29.87% | 1.93% | 26.43% | -10.49% | 16.19% |
IUVF.L iShares Edge MSCI USA Value Factor UCITS | 38.92% | 33.27% | 6.43% | 13.99% | -14.83% | 30.10% | -1.83% | 27.01% | -12.42% | 21.44% |
Correlation
The correlation between USVL.L and IUVF.L is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2016 | 0.87 |
The correlation between USVL.L and IUVF.L has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.
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Return for Risk
USVL.L vs. IUVF.L — Risk / Return Rank
USVL.L
IUVF.L
USVL.L vs. IUVF.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR MSCI USA Value UCITS ETF USD (Acc) (USVL.L) and iShares Edge MSCI USA Value Factor UCITS (IUVF.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.
| USVL.L | IUVF.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.65 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 6.42 | 9.03 | -2.61 |
| Martin ratioReturn relative to average drawdown | 19.17 | 30.57 | -11.39 |
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Drawdowns
USVL.L vs. IUVF.L - Drawdown Comparison
The maximum USVL.L drawdown since its inception was -40.24%, roughly equal to the maximum IUVF.L drawdown of -39.29%. Use the drawdown chart below to compare losses from any high point for USVL.L and IUVF.L.
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Drawdown Indicators
| USVL.L | IUVF.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.24% | -39.29% | -0.95% |
Max Drawdown (1Y)Largest decline over 1 year | -7.74% | -7.73% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -19.59% | -18.56% | -1.03% |
Max Drawdown (5Y)Largest decline over 5 years | -25.55% | -27.00% | +1.45% |
Max Drawdown (10Y)Largest decline over 10 years | -40.24% | — | — |
Current DrawdownCurrent decline from peak | -5.24% | -6.76% | +1.52% |
Average DrawdownAverage peak-to-trough decline | -6.34% | -7.34% | +1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.29% | +0.31% |
Volatility
USVL.L vs. IUVF.L - Volatility Comparison
The current volatility for State Street SPDR MSCI USA Value UCITS ETF USD (Acc) (USVL.L) is 3.96%, while iShares Edge MSCI USA Value Factor UCITS (IUVF.L) has a volatility of 7.59%. This indicates that USVL.L experiences smaller price fluctuations and is considered to be less risky than IUVF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USVL.L | IUVF.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.96% | 7.59% | -3.63% |
Volatility (6M)Calculated over the trailing 6-month period | 12.24% | 15.52% | -3.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.29% | 18.07% | -2.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.45% | 17.82% | -0.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.17% | 19.07% | -0.90% |
USVL.L vs. IUVF.L - Expense Ratio Comparison
Both USVL.L and IUVF.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
USVL.L vs. IUVF.L - Dividend Comparison
Neither USVL.L nor IUVF.L has paid dividends to shareholders.
Frequently Asked Questions
USVL.L and IUVF.L have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
USVL.L and IUVF.L have the same expense ratio: 0.20% per year.
USVL.L tracks MSCI USA Value Exposure Select Index, while IUVF.L tracks Russell 1000 Value TR USD. They also come from different issuers: State Street and iShares.
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