USVL.L vs. IUVL.L
USVL.L (State Street SPDR MSCI USA Value UCITS ETF USD (Acc)) and IUVL.L (iShares Edge MSCI USA Value Factor UCITS ETF USD (Acc)) are both Large Cap Value Equities funds - USVL.L tracks the MSCI USA Value Exposure Select Index while IUVL.L tracks the MSCI USA Enhanced Value Index. Both are passively managed. Over the past 5 years, USVL.L returned 12.22%/yr vs 15.58%/yr for IUVL.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.
Performance
USVL.L vs. IUVL.L - Performance Comparison
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Returns By Period
In the year-to-date period, USVL.L achieves a 24.47% return, which is significantly lower than IUVL.L's 39.17% 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%
IUVL.L
- 1D
- 0.06%
- 1M
- -4.71%
- 6M
- 32.87%
- YTD
- 39.17%
- 1Y
- 70.48%
- 3Y*
- 28.56%
- 5Y*
- 15.58%
- 10Y*
- —
USVL.L vs. IUVL.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% |
IUVL.L iShares Edge MSCI USA Value Factor UCITS ETF USD (Acc) | 39.17% | 33.10% | 6.39% | 14.59% | -14.87% | 29.80% | -1.49% | 25.93% | -12.11% | 21.68% |
Correlation
The correlation between USVL.L and IUVL.L is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 13, 2016 | 0.92 |
The correlation between USVL.L and IUVL.L has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.
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Return for Risk
USVL.L vs. IUVL.L — Risk / Return Rank
USVL.L
IUVL.L
USVL.L vs. IUVL.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 ETF USD (Acc) (IUVL.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 | IUVL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.65 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 6.42 | 8.28 | -1.87 |
| Martin ratioReturn relative to average drawdown | 19.17 | 28.55 | -9.37 |
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Drawdowns
USVL.L vs. IUVL.L - Drawdown Comparison
The maximum USVL.L drawdown since its inception was -40.24%, roughly equal to the maximum IUVL.L drawdown of -39.73%. Use the drawdown chart below to compare losses from any high point for USVL.L and IUVL.L.
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Drawdown Indicators
| USVL.L | IUVL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.24% | -39.73% | -0.51% |
Max Drawdown (1Y)Largest decline over 1 year | -7.74% | -8.47% | +0.73% |
Max Drawdown (3Y)Largest decline over 3 years | -19.59% | -18.93% | -0.66% |
Max Drawdown (5Y)Largest decline over 5 years | -25.55% | -26.70% | +1.15% |
Max Drawdown (10Y)Largest decline over 10 years | -40.24% | — | — |
Current DrawdownCurrent decline from peak | -5.24% | -6.62% | +1.38% |
Average DrawdownAverage peak-to-trough decline | -6.34% | -7.23% | +0.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.46% | +0.14% |
Volatility
USVL.L vs. IUVL.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 ETF USD (Acc) (IUVL.L) has a volatility of 7.55%. This indicates that USVL.L experiences smaller price fluctuations and is considered to be less risky than IUVL.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 | IUVL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.96% | 7.55% | -3.59% |
Volatility (6M)Calculated over the trailing 6-month period | 12.24% | 16.09% | -3.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.29% | 18.57% | -3.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.45% | 18.25% | -0.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.17% | 19.08% | -0.91% |
USVL.L vs. IUVL.L - Expense Ratio Comparison
Both USVL.L and IUVL.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. IUVL.L - Dividend Comparison
Neither USVL.L nor IUVL.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, USVL.L and IUVL.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 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
USVL.L and IUVL.L have the same expense ratio: 0.20% per year.
USVL.L tracks MSCI USA Value Exposure Select Index, while IUVL.L tracks MSCI USA Enhanced Value Index. They also come from different issuers: State Street and iShares.
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