USVL.L vs. IWVU.L
USVL.L (State Street SPDR MSCI USA Value UCITS ETF USD (Acc)) and IWVU.L (iShares Edge MSCI World Value Factor UCITS ETF USD (Dist)) are both Large Cap Value Equities funds - USVL.L tracks the MSCI USA Value Exposure Select Index while IWVU.L tracks the MSCI World Enhanced Value Index (Net). Both are passively managed. Over the past 5 years, USVL.L returned 12.22%/yr vs 16.21%/yr for IWVU.L. Their correlation of 0.86 suggests significant overlap in exposure. USVL.L charges 0.20%/yr vs 0.25%/yr for IWVU.L.
Performance
USVL.L vs. IWVU.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 IWVU.L's 27.54% 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%
IWVU.L
- 1D
- -0.32%
- 1M
- -4.79%
- 6M
- 23.40%
- YTD
- 27.54%
- 1Y
- 54.31%
- 3Y*
- 25.62%
- 5Y*
- 16.21%
- 10Y*
- —
USVL.L vs. IWVU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -10.10% |
IWVU.L iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) | 27.54% | 40.59% | 4.85% | 19.74% | -9.88% | 20.13% | -3.59% | 18.01% | -15.78% |
Correlation
The correlation between USVL.L and IWVU.L is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2018 | 0.86 |
The correlation between USVL.L and IWVU.L has been stable across timeframes, ranging from 0.84 to 0.88 - a consistent structural relationship.
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Return for Risk
USVL.L vs. IWVU.L — Risk / Return Rank
USVL.L
IWVU.L
USVL.L vs. IWVU.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 World Value Factor UCITS ETF USD (Dist) (IWVU.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 | IWVU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.56 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 6.42 | 6.31 | +0.11 |
| Martin ratioReturn relative to average drawdown | 19.17 | 21.28 | -2.11 |
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Drawdowns
USVL.L vs. IWVU.L - Drawdown Comparison
The maximum USVL.L drawdown since its inception was -40.24%, which is greater than IWVU.L's maximum drawdown of -36.21%. Use the drawdown chart below to compare losses from any high point for USVL.L and IWVU.L.
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Drawdown Indicators
| USVL.L | IWVU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.24% | -36.21% | -4.03% |
Max Drawdown (1Y)Largest decline over 1 year | -7.74% | -8.56% | +0.82% |
Max Drawdown (3Y)Largest decline over 3 years | -19.59% | -14.45% | -5.14% |
Max Drawdown (5Y)Largest decline over 5 years | -25.55% | -26.58% | +1.03% |
Max Drawdown (10Y)Largest decline over 10 years | -40.24% | — | — |
Current DrawdownCurrent decline from peak | -5.24% | -5.83% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -6.34% | -6.67% | +0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.54% | +0.06% |
Volatility
USVL.L vs. IWVU.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 World Value Factor UCITS ETF USD (Dist) (IWVU.L) has a volatility of 6.28%. This indicates that USVL.L experiences smaller price fluctuations and is considered to be less risky than IWVU.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 | IWVU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.96% | 6.28% | -2.32% |
Volatility (6M)Calculated over the trailing 6-month period | 12.24% | 14.95% | -2.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.29% | 17.06% | -1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.45% | 16.30% | +1.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.17% | 17.90% | +0.27% |
USVL.L vs. IWVU.L - Expense Ratio Comparison
USVL.L has a 0.20% expense ratio, which is lower than IWVU.L's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
USVL.L vs. IWVU.L - Dividend Comparison
USVL.L has not paid dividends to shareholders, while IWVU.L's dividend yield for the trailing twelve months is around 1.93%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IWVU.L iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) | 1.93% | 2.50% | 3.17% | 3.23% | 3.17% | 2.63% | 2.25% | 2.83% | 2.51% |
USVL.L State Street SPDR MSCI USA Value UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
USVL.L and IWVU.L have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USVL.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USVL.L is cheaper with a 0.20% expense ratio, compared with 0.25% for IWVU.L.
USVL.L tracks MSCI USA Value Exposure Select Index, while IWVU.L tracks MSCI World Enhanced Value Index (Net). They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for USVL.L and 0.25% for IWVU.L.
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