USVL.L vs. PSRF.L

Last updated Jul 18, 2026

USVL.L (State Street SPDR MSCI USA Value UCITS ETF USD (Acc)) and PSRF.L (Invesco FTSE RAFI US 1000 UCITS ETF) are both Large Cap Value Equities funds - USVL.L tracks the MSCI USA Value Exposure Select Index while PSRF.L tracks the Russell 1000 Value TR USD. Both are passively managed. Over the past 10 years, USVL.L returned 12.16%/yr vs 13.01%/yr for PSRF.L. Their correlation of 0.84 suggests significant overlap in exposure. USVL.L charges 0.20%/yr vs 0.39%/yr for PSRF.L.

Performance

USVL.L vs. PSRF.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR MSCI USA Value UCITS ETF USD (Acc) (USVL.L) and Invesco FTSE RAFI US 1000 UCITS ETF (PSRF.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

USVL.L is traded in USD, while PSRF.L is traded in GBp. To make them comparable, the PSRF.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 higher than PSRF.L's 16.62% return. Over the past 10 years, USVL.L has underperformed PSRF.L with an annualized return of 12.16%, while PSRF.L has yielded a comparatively higher 13.01% annualized 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%

PSRF.L

• 1D: -0.45%
• 1M: 1.58%
• 6M: 13.22%
• YTD: 16.62%
• 1Y: 28.53%
• 3Y*: 19.08%
• 5Y*: 12.75%
• 10Y*: 13.01%

*Multi-year figures are annualized to reflect compound growth (CAGR)

USVL.L vs. PSRF.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%
PSRF.L Invesco FTSE RAFI US 1000 UCITS ETF	16.62%	16.77%	16.14%	15.31%	-8.11%	31.70%	6.36%	27.40%	-9.64%	15.30%

Correlation

The correlation between USVL.L and PSRF.L is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Feb 18, 2015	0.84

The correlation between USVL.L and PSRF.L shifts across timeframes, from 0.74 (1 year) to 0.85 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

USVL.L vs. PSRF.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

USVL.L

USVL.L Risk / Return Rank: 95
USVL.L Sharpe Ratio Rank: 96
USVL.L Sortino Ratio Rank: 96
USVL.L Omega Ratio Rank: 94
USVL.L Calmar Ratio Rank: 96
USVL.L Martin Ratio Rank: 94

PSRF.L

PSRF.L Risk / Return Rank: 95
PSRF.L Sharpe Ratio Rank: 96
PSRF.L Sortino Ratio Rank: 95
PSRF.L Omega Ratio Rank: 95
PSRF.L Calmar Ratio Rank: 95
PSRF.L Martin Ratio Rank: 95

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.

USVL.L vs. PSRF.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 Invesco FTSE RAFI US 1000 UCITS ETF (PSRF.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	PSRF.L	Difference
Sharpe ratio: Return per unit of total volatility	3.25	2.93	+0.33
Sortino ratio: Return per unit of downside risk	4.65	4.36	+0.29
Omega ratio: Gain probability vs. loss probability	1.56	1.54	+0.03
Calmar ratio: Return relative to maximum drawdown	6.42	4.53	+1.89
Martin ratio: Return relative to average drawdown	19.17	17.47	+1.70

USVL.L vs. PSRF.L - Sharpe Ratio Comparison

The current USVL.L Sharpe Ratio is 3.25, which is comparable to the PSRF.L Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of USVL.L and PSRF.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

USVL.L vs. PSRF.L - Drawdown Comparison

The maximum USVL.L drawdown since its inception was -40.24%, smaller than the maximum PSRF.L drawdown of -78.32%. Use the drawdown chart below to compare losses from any high point for USVL.L and PSRF.L.

Drawdown Indicators

	USVL.L	PSRF.L	Difference
Max Drawdown Largest peak-to-trough decline	-40.24%	-78.32%	+38.08%
Max Drawdown (1Y) Largest decline over 1 year	-7.74%	-6.27%	-1.47%
Max Drawdown (3Y) Largest decline over 3 years	-19.59%	-16.55%	-3.04%
Max Drawdown (5Y) Largest decline over 5 years	-25.55%	-19.73%	-5.82%
Max Drawdown (10Y) Largest decline over 10 years	-40.24%	-37.46%	-2.78%
Current Drawdown Current decline from peak	-5.24%	-0.48%	-4.76%
Average Drawdown Average peak-to-trough decline	-6.34%	-20.71%	+14.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.60%	1.63%	+0.97%

Volatility

USVL.L vs. PSRF.L - Volatility Comparison

State Street SPDR MSCI USA Value UCITS ETF USD (Acc) (USVL.L) has a higher volatility of 3.96% compared to Invesco FTSE RAFI US 1000 UCITS ETF (PSRF.L) at 1.53%. This indicates that USVL.L's price experiences larger fluctuations and is considered to be riskier than PSRF.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USVL.L	PSRF.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	1.53%	+2.43%
Volatility (6M) Calculated over the trailing 6-month period	12.24%	7.00%	+5.24%
Volatility (1Y) Calculated over the trailing 1-year period	15.29%	9.81%	+5.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	14.61%	+2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	16.13%	+2.04%

USVL.L vs. PSRF.L - Expense Ratio Comparison

USVL.L has a 0.20% expense ratio, which is lower than PSRF.L's 0.39% expense ratio.

Dividends

USVL.L vs. PSRF.L - Dividend Comparison

USVL.L has not paid dividends to shareholders, while PSRF.L's dividend yield for the trailing twelve months is around 1.16%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSRF.L Invesco FTSE RAFI US 1000 UCITS ETF	1.16%	1.37%	1.46%	1.59%	1.70%	1.29%	1.78%	1.67%	1.78%	1.60%	1.51%	1.65%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USVL.L and PSRF.L in my portfolio?

USVL.L and PSRF.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USVL.L or PSRF.L?

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.

Which ETF is cheaper, USVL.L or PSRF.L?

USVL.L is cheaper with a 0.20% expense ratio, compared with 0.39% for PSRF.L.

What is the main difference between USVL.L and PSRF.L?

USVL.L tracks MSCI USA Value Exposure Select Index, while PSRF.L tracks Russell 1000 Value TR USD. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for USVL.L and 0.39% for PSRF.L.