UVAL.L vs. FASE.L

Last updated Jul 17, 2026

UVAL.L (SPDR MSCI USA Value Weighted UCITS ETF) and FASE.L (Invesco FTSE All Share Screened & Tilted UCITS ETF GBP (Dist)) are both exchange-traded funds - UVAL.L is a Large Cap Value Equities fund tracking the Russell 1000 Value TR USD, while FASE.L is a Europe Equities fund tracking the FTSE All-Share ex Investment Trusts ESG Climate Select Index. Both are passively managed. Over the past 5 years, UVAL.L returned 12.68%/yr vs 8.64%/yr for FASE.L. A 0.52 correlation means they provide meaningful diversification when combined. UVAL.L charges 0.20%/yr vs 0.12%/yr for FASE.L.

Performance

UVAL.L vs. FASE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI USA Value Weighted UCITS ETF (UVAL.L) and Invesco FTSE All Share Screened & Tilted UCITS ETF GBP (Dist) (FASE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UVAL.L is traded in GBP, while FASE.L is traded in GBp. To make them comparable, the FASE.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, UVAL.L achieves a 23.98% return, which is significantly higher than FASE.L's 5.03% return.

UVAL.L

• 1D: 0.17%
• 1M: -3.14%
• 6M: 18.49%
• YTD: 23.98%
• 1Y: 50.83%
• 3Y*: 21.32%
• 5Y*: 12.68%
• 10Y*: 11.97%

FASE.L

• 1D: 0.22%
• 1M: 1.49%
• 6M: 2.98%
• YTD: 5.03%
• 1Y: 15.45%
• 3Y*: 12.81%
• 5Y*: 8.64%
• 10Y*: —

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

UVAL.L vs. FASE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
UVAL.L SPDR MSCI USA Value Weighted UCITS ETF	23.98%	19.90%	6.56%	9.53%	-4.90%	16.59%
FASE.L Invesco FTSE All Share Screened & Tilted UCITS ETF GBP (Dist)	5.03%	20.17%	9.31%	4.95%	-2.71%	15.34%

Correlation

The correlation between UVAL.L and FASE.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Mar 10, 2021	0.52

The correlation between UVAL.L and FASE.L shifts across timeframes, from 0.41 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

Return for Risk

UVAL.L vs. FASE.L — Risk / Return Rank

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

UVAL.L

UVAL.L Risk / Return Rank: 96
UVAL.L Sharpe Ratio Rank: 97
UVAL.L Sortino Ratio Rank: 97
UVAL.L Omega Ratio Rank: 96
UVAL.L Calmar Ratio Rank: 97
UVAL.L Martin Ratio Rank: 96

FASE.L

FASE.L Risk / Return Rank: 39
FASE.L Sharpe Ratio Rank: 43
FASE.L Sortino Ratio Rank: 42
FASE.L Omega Ratio Rank: 41
FASE.L Calmar Ratio Rank: 33
FASE.L Martin Ratio Rank: 36

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.

UVAL.L vs. FASE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI USA Value Weighted UCITS ETF (UVAL.L) and Invesco FTSE All Share Screened & Tilted UCITS ETF GBP (Dist) (FASE.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.

	UVAL.L	FASE.L	Difference
Sharpe ratio: Return per unit of total volatility	3.65	1.26	+2.39
Sortino ratio: Return per unit of downside risk	5.03	1.81	+3.22
Omega ratio: Gain probability vs. loss probability	1.65	1.23	+0.42
Calmar ratio: Return relative to maximum drawdown	8.50	1.41	+7.08
Martin ratio: Return relative to average drawdown	25.05	4.40	+20.64

UVAL.L vs. FASE.L - Sharpe Ratio Comparison

The current UVAL.L Sharpe Ratio is 3.65, which is higher than the FASE.L Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of UVAL.L and FASE.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

UVAL.L vs. FASE.L - Drawdown Comparison

The maximum UVAL.L drawdown since its inception was -43.04%, which is greater than FASE.L's maximum drawdown of -12.61%. Use the drawdown chart below to compare losses from any high point for UVAL.L and FASE.L.

Drawdown Indicators

	UVAL.L	FASE.L	Difference
Max Drawdown Largest peak-to-trough decline	-43.04%	-12.61%	-30.43%
Max Drawdown (1Y) Largest decline over 1 year	-5.95%	-10.89%	+4.94%
Max Drawdown (3Y) Largest decline over 3 years	-21.03%	-12.20%	-8.83%
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	-12.61%	-8.42%
Max Drawdown (10Y) Largest decline over 10 years	-33.84%	—	—
Current Drawdown Current decline from peak	-5.53%	-1.70%	-3.83%
Average Drawdown Average peak-to-trough decline	-12.99%	-2.94%	-10.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	3.50%	-1.48%

Volatility

UVAL.L vs. FASE.L - Volatility Comparison

SPDR MSCI USA Value Weighted UCITS ETF (UVAL.L) has a higher volatility of 4.13% compared to Invesco FTSE All Share Screened & Tilted UCITS ETF GBP (Dist) (FASE.L) at 3.84%. This indicates that UVAL.L's price experiences larger fluctuations and is considered to be riskier than FASE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVAL.L	FASE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	3.84%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	10.96%	9.95%	+1.01%
Volatility (1Y) Calculated over the trailing 1-year period	14.02%	12.19%	+1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.67%	13.07%	+7.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.39%	12.95%	+9.44%

UVAL.L vs. FASE.L - Expense Ratio Comparison

UVAL.L has a 0.20% expense ratio, which is higher than FASE.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

UVAL.L vs. FASE.L - Dividend Comparison

UVAL.L has not paid dividends to shareholders, while FASE.L's dividend yield for the trailing twelve months is around 2.71%.

Position	TTM	2025	2024	2023	2022	2021
FASE.L Invesco FTSE All Share Screened & Tilted UCITS ETF GBP (Dist)	2.71%	2.61%	3.72%	3.54%	3.47%	2.35%
UVAL.L SPDR MSCI USA Value Weighted UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both UVAL.L and FASE.L in my portfolio?

UVAL.L and FASE.L have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UVAL.L or FASE.L?

On fees, FASE.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UVAL.L or FASE.L?

FASE.L is cheaper with a 0.12% expense ratio, compared with 0.20% for UVAL.L.

What is the main difference between UVAL.L and FASE.L?

UVAL.L is categorized as Large Cap Value Equities, while FASE.L is Europe Equities. UVAL.L tracks Russell 1000 Value TR USD, while FASE.L tracks FTSE All-Share ex Investment Trusts ESG Climate Select Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for UVAL.L and 0.12% for FASE.L.