USVL.L vs. SWRD.L
USVL.L (State Street SPDR MSCI USA Value UCITS ETF USD Acc) and SWRD.L (State Street SPDR MSCI World UCITS ETF) are both Global Equities funds from State Street - USVL.L tracks the State Street SPDR MSCI USA Value UCITS ETF USD Acc while SWRD.L tracks the MSCI World Index. Both are passively managed. Over the past 5 years, USVL.L returned 12.09%/yr vs 11.75%/yr for SWRD.L. Their correlation of 0.84 suggests significant overlap in exposure. USVL.L charges 0.20%/yr vs 0.12%/yr for SWRD.L.
Performance
USVL.L vs. SWRD.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 SWRD.L's 10.19% 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%
SWRD.L
- 1D
- 0.15%
- 1M
- 0.23%
- 6M
- 9.05%
- YTD
- 10.19%
- 1Y
- 22.09%
- 3Y*
- 18.96%
- 5Y*
- 11.75%
- 10Y*
- —
USVL.L vs. SWRD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
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% | 12.22% |
SWRD.L State Street SPDR MSCI World UCITS ETF | 10.19% | 21.08% | 19.29% | 24.40% | -17.81% | 22.11% | 15.89% | 14.62% |
Correlation
The correlation between USVL.L and SWRD.L is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2019 | 0.84 |
The correlation between USVL.L and SWRD.L has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.
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Return for Risk
USVL.L vs. SWRD.L — Risk / Return Rank
USVL.L
SWRD.L
USVL.L vs. SWRD.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 State Street SPDR MSCI World UCITS ETF (SWRD.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 | SWRD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.47 | ||
| Sortino ratioReturn per unit of downside risk | +1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.33 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 6.46 | 2.65 | +3.82 |
| Martin ratioReturn relative to average drawdown | 19.45 | 10.79 | +8.66 |
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Drawdowns
USVL.L vs. SWRD.L - Drawdown Comparison
The maximum USVL.L drawdown since its inception was -40.24%, which is greater than SWRD.L's maximum drawdown of -34.10%. Use the drawdown chart below to compare losses from any high point for USVL.L and SWRD.L.
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Drawdown Indicators
| USVL.L | SWRD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.24% | -34.10% | -6.14% |
Max Drawdown (1Y)Largest decline over 1 year | -7.74% | -8.31% | +0.57% |
Max Drawdown (3Y)Largest decline over 3 years | -19.59% | -16.89% | -2.70% |
Max Drawdown (5Y)Largest decline over 5 years | -25.55% | -25.54% | -0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -40.24% | — | — |
Current DrawdownCurrent decline from peak | -5.75% | -0.21% | -5.54% |
Average DrawdownAverage peak-to-trough decline | -6.34% | -4.95% | -1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.58% | 2.04% | +0.54% |
Volatility
USVL.L vs. SWRD.L - Volatility Comparison
State Street SPDR MSCI USA Value UCITS ETF USD Acc (USVL.L) has a higher volatility of 4.22% compared to State Street SPDR MSCI World UCITS ETF (SWRD.L) at 2.90%. This indicates that USVL.L's price experiences larger fluctuations and is considered to be riskier than SWRD.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 | SWRD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.22% | 2.90% | +1.32% |
Volatility (6M)Calculated over the trailing 6-month period | 12.26% | 9.74% | +2.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.37% | 12.18% | +3.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.46% | 15.58% | +1.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.17% | 17.17% | +1.00% |
USVL.L vs. SWRD.L - Expense Ratio Comparison
USVL.L has a 0.20% expense ratio, which is higher than SWRD.L's 0.12% 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. SWRD.L - Dividend Comparison
Neither USVL.L nor SWRD.L has paid dividends to shareholders.
Frequently Asked Questions
USVL.L and SWRD.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SWRD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SWRD.L is cheaper with a 0.12% expense ratio, compared with 0.20% for USVL.L.
USVL.L tracks State Street SPDR MSCI USA Value UCITS ETF USD Acc, while SWRD.L tracks MSCI World Index. Their fees differ too: 0.20% for USVL.L and 0.12% for SWRD.L.
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