USVL.L vs. SPMD.L
USVL.L (State Street SPDR MSCI USA Value UCITS ETF USD (Acc)) and SPMD.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)) are both exchange-traded funds - USVL.L is a Large Cap Value Equities fund tracking the MSCI USA Value Exposure Select Index, while SPMD.L is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index. Both are passively managed. Over the past 5 years, USVL.L returned 12.22%/yr vs 8.29%/yr for SPMD.L. A 0.75 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.
Performance
USVL.L vs. SPMD.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 higher than SPMD.L's 4.28% 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%
SPMD.L
- 1D
- -0.10%
- 1M
- 0.20%
- 6M
- 4.60%
- YTD
- 4.28%
- 1Y
- 10.57%
- 3Y*
- 12.79%
- 5Y*
- 8.29%
- 10Y*
- —
USVL.L vs. SPMD.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% |
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) | 4.28% | 11.59% | 18.75% | 9.74% | -10.93% | 24.96% | 7.60% | 30.96% | -4.05% |
Correlation
The correlation between USVL.L and SPMD.L is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2018 | 0.75 |
The correlation between USVL.L and SPMD.L has been stable across timeframes, ranging from 0.70 to 0.76 - a consistent structural relationship.
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Return for Risk
USVL.L vs. SPMD.L — Risk / Return Rank
USVL.L
SPMD.L
USVL.L vs. SPMD.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 S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.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 | SPMD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.01 | ||
| Sortino ratioReturn per unit of downside risk | +2.80 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.23 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 6.42 | 1.69 | +4.73 |
| Martin ratioReturn relative to average drawdown | 19.17 | 6.61 | +12.57 |
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Drawdowns
USVL.L vs. SPMD.L - Drawdown Comparison
The maximum USVL.L drawdown since its inception was -40.24%, which is greater than SPMD.L's maximum drawdown of -33.23%. Use the drawdown chart below to compare losses from any high point for USVL.L and SPMD.L.
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Drawdown Indicators
| USVL.L | SPMD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.24% | -33.23% | -7.01% |
Max Drawdown (1Y)Largest decline over 1 year | -7.74% | -6.23% | -1.51% |
Max Drawdown (3Y)Largest decline over 3 years | -19.59% | -12.05% | -7.54% |
Max Drawdown (5Y)Largest decline over 5 years | -25.55% | -18.66% | -6.89% |
Max Drawdown (10Y)Largest decline over 10 years | -40.24% | — | — |
Current DrawdownCurrent decline from peak | -5.24% | -0.69% | -4.55% |
Average DrawdownAverage peak-to-trough decline | -6.34% | -4.13% | -2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 1.60% | +1.00% |
Volatility
USVL.L vs. SPMD.L - Volatility Comparison
State Street SPDR MSCI USA Value UCITS ETF USD (Acc) (USVL.L) has a higher volatility of 3.96% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) at 1.83%. This indicates that USVL.L's price experiences larger fluctuations and is considered to be riskier than SPMD.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 | SPMD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.96% | 1.83% | +2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 12.24% | 6.37% | +5.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.29% | 8.46% | +6.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.45% | 12.60% | +4.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.17% | 14.56% | +3.61% |
USVL.L vs. SPMD.L - Expense Ratio Comparison
Both USVL.L and SPMD.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. SPMD.L - Dividend Comparison
USVL.L has not paid dividends to shareholders, while SPMD.L's dividend yield for the trailing twelve months is around 1.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) | 1.16% | 1.15% | 1.28% | 1.46% | 1.35% | 1.27% | 1.54% | 1.52% | 1.13% |
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 SPMD.L have a correlation of 0.70, 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 SPMD.L have the same expense ratio: 0.20% per year.
USVL.L is categorized as Large Cap Value Equities, while SPMD.L is S&P 500. USVL.L tracks MSCI USA Value Exposure Select Index, while SPMD.L tracks S&P 500 Minimum Volatility Index. They also come from different issuers: State Street and iShares.
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