USVL.L vs. SPXS.L
USVL.L (State Street SPDR MSCI USA Value UCITS ETF USD Acc) and SPXS.L (Invesco S&P 500 UCITS ETF) are both Global Equities funds - USVL.L tracks the State Street SPDR MSCI USA Value UCITS ETF USD Acc while SPXS.L tracks the Invesco S&P 500 UCITS ETF. Both are passively managed. Over the past 10 years, USVL.L returned 12.08%/yr vs -27.39%/yr for SPXS.L. Their correlation of 0.82 suggests significant overlap in exposure. USVL.L charges 0.20%/yr vs 0.05%/yr for SPXS.L.
Performance
USVL.L vs. SPXS.L - Performance Comparison
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Returns By Period
In the year-to-date period, USVL.L achieves a 23.80% return, which is significantly higher than SPXS.L's 10.20% return. Over the past 10 years, USVL.L has outperformed SPXS.L with an annualized return of 12.08%, while SPXS.L has yielded a comparatively lower -27.39% annualized return.
USVL.L
- 1D
- -0.23%
- 1M
- -3.95%
- 6M
- 20.72%
- YTD
- 23.80%
- 1Y
- 48.22%
- 3Y*
- 22.39%
- 5Y*
- 12.09%
- 10Y*
- 12.08%
SPXS.L
- 1D
- -0.12%
- 1M
- -0.05%
- 6M
- 9.96%
- YTD
- 10.20%
- 1Y
- -98.78%
- 3Y*
- -74.11%
- 5Y*
- -54.94%
- 10Y*
- -27.39%
USVL.L vs. SPXS.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 | 23.80% | 28.52% | 4.90% | 15.93% | -15.04% | 29.87% | 1.93% | 26.43% | -10.49% | 16.19% |
SPXS.L Invesco S&P 500 UCITS ETF | 10.20% | -98.82% | 25.56% | 27.00% | -18.53% | 29.64% | 17.89% | 30.86% | -5.19% | 21.62% |
Correlation
The correlation between USVL.L and SPXS.L is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2015 | 0.82 |
The correlation between USVL.L and SPXS.L has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.
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Return for Risk
USVL.L vs. SPXS.L — Risk / Return Rank
USVL.L
SPXS.L
USVL.L vs. SPXS.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 S&P 500 UCITS ETF (SPXS.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 | SPXS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +4.27 | ||
| Sortino ratioReturn per unit of downside risk | +5.45 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 0.52 | +1.04 |
| Calmar ratioReturn relative to maximum drawdown | 6.46 | -1.00 | +7.46 |
| Martin ratioReturn relative to average drawdown | 19.45 | -1.23 | +20.68 |
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Drawdowns
USVL.L vs. SPXS.L - Drawdown Comparison
The maximum USVL.L drawdown since its inception was -40.24%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for USVL.L and SPXS.L.
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Drawdown Indicators
| USVL.L | SPXS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.24% | -99.07% | +58.83% |
Max Drawdown (1Y)Largest decline over 1 year | -7.74% | -99.07% | +91.33% |
Max Drawdown (3Y)Largest decline over 3 years | -19.59% | -99.07% | +79.48% |
Max Drawdown (5Y)Largest decline over 5 years | -25.55% | -99.07% | +73.52% |
Max Drawdown (10Y)Largest decline over 10 years | -40.24% | -99.07% | +58.83% |
Current DrawdownCurrent decline from peak | -5.75% | -98.90% | +93.15% |
Average DrawdownAverage peak-to-trough decline | -6.34% | -7.67% | +1.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 80.57% | -77.99% |
Volatility
USVL.L vs. SPXS.L - Volatility Comparison
State Street SPDR MSCI USA Value UCITS ETF USD Acc (USVL.L) has a higher volatility of 4.22% compared to Invesco S&P 500 UCITS ETF (SPXS.L) at 2.73%. This indicates that USVL.L's price experiences larger fluctuations and is considered to be riskier than SPXS.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 | SPXS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.22% | 2.73% | +1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 12.26% | 9.24% | +3.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.37% | 99.43% | -84.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.46% | 47.13% | -29.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.17% | 35.27% | -17.10% |
USVL.L vs. SPXS.L - Expense Ratio Comparison
USVL.L has a 0.20% expense ratio, which is higher than SPXS.L's 0.05% expense ratio. However, 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. SPXS.L - Dividend Comparison
Neither USVL.L nor SPXS.L has paid dividends to shareholders.
Frequently Asked Questions
USVL.L and SPXS.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXS.L is cheaper with a 0.05% expense ratio, compared with 0.20% for USVL.L.
USVL.L tracks State Street SPDR MSCI USA Value UCITS ETF USD Acc, while SPXS.L tracks Invesco S&P 500 UCITS ETF. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for USVL.L and 0.05% for SPXS.L.
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