USVL.L vs. UVAL.L
USVL.L (State Street SPDR MSCI USA Value UCITS ETF USD (Acc)) and UVAL.L (SPDR MSCI USA Value Weighted UCITS ETF) are both Large Cap Value Equities funds from State Street - USVL.L tracks the MSCI USA Value Exposure Select Index while UVAL.L tracks the Russell 1000 Value TR USD. Both are passively managed. Over the past 10 years, USVL.L returned 12.16%/yr vs 12.19%/yr for UVAL.L. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.
Performance
USVL.L vs. UVAL.L - Performance Comparison
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Different Trading Currencies
USVL.L is traded in USD, while UVAL.L is traded in GBP. To make them comparable, the UVAL.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with USVL.L having a 24.47% return and UVAL.L slightly higher at 24.48%. Both investments have delivered pretty close results over the past 10 years, with USVL.L having a 12.16% annualized return and UVAL.L not far ahead at 12.19%.
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%
UVAL.L
- 1D
- 0.25%
- 1M
- -1.26%
- 6M
- 20.26%
- YTD
- 24.48%
- 1Y
- 50.25%
- 3Y*
- 22.31%
- 5Y*
- 12.27%
- 10Y*
- 12.19%
USVL.L vs. UVAL.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% |
UVAL.L SPDR MSCI USA Value Weighted UCITS ETF | 24.48% | 28.95% | 4.78% | 15.31% | -15.06% | 30.35% | 1.47% | 27.42% | -11.83% | 17.38% |
Correlation
The correlation between USVL.L and UVAL.L is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2015 | 0.90 |
The correlation between USVL.L and UVAL.L has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.
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Return for Risk
USVL.L vs. UVAL.L — Risk / Return Rank
USVL.L
UVAL.L
USVL.L vs. UVAL.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 SPDR MSCI USA Value Weighted UCITS ETF (UVAL.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 | UVAL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.59 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 6.42 | 6.71 | -0.29 |
| Martin ratioReturn relative to average drawdown | 19.17 | 20.07 | -0.90 |
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Drawdowns
USVL.L vs. UVAL.L - Drawdown Comparison
The maximum USVL.L drawdown since its inception was -40.24%, smaller than the maximum UVAL.L drawdown of -45.37%. Use the drawdown chart below to compare losses from any high point for USVL.L and UVAL.L.
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Drawdown Indicators
| USVL.L | UVAL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.24% | -45.37% | +5.13% |
Max Drawdown (1Y)Largest decline over 1 year | -7.74% | -7.45% | -0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -19.59% | -19.48% | -0.11% |
Max Drawdown (5Y)Largest decline over 5 years | -25.55% | -25.73% | +0.18% |
Max Drawdown (10Y)Largest decline over 10 years | -40.24% | -40.10% | -0.14% |
Current DrawdownCurrent decline from peak | -5.24% | -5.21% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -6.34% | -15.71% | +9.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.60% | 2.50% | +0.10% |
Volatility
USVL.L vs. UVAL.L - Volatility Comparison
State Street SPDR MSCI USA Value UCITS ETF USD (Acc) (USVL.L) and SPDR MSCI USA Value Weighted UCITS ETF (UVAL.L) have volatilities of 3.96% and 3.80%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USVL.L | UVAL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.96% | 3.80% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 12.24% | 11.54% | +0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.29% | 14.68% | +0.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.45% | 21.74% | -4.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.17% | 23.10% | -4.93% |
USVL.L vs. UVAL.L - Expense Ratio Comparison
Both USVL.L and UVAL.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. UVAL.L - Dividend Comparison
Neither USVL.L nor UVAL.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, USVL.L and UVAL.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 UVAL.L have the same expense ratio: 0.20% per year.
USVL.L tracks MSCI USA Value Exposure Select Index, while UVAL.L tracks Russell 1000 Value TR USD.
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