UVAL.L vs. PQVM.L

Last updated Jun 4, 2026

UVAL.L (SPDR MSCI USA Value Weighted UCITS ETF) and PQVM.L (Invesco S&P 500 QVM UCITS ETF) are both exchange-traded funds - UVAL.L is a Large Cap Value Equities fund tracking the Russell 1000 Value TR USD, while PQVM.L is a S&P 500 fund tracking the S&P 500 Quality, Value, and Momentum Multi-Factor Index. Both are passively managed. Over the past 5 years, UVAL.L returned 13.79%/yr vs 16.60%/yr for PQVM.L. A 0.78 correlation means they provide meaningful diversification when combined. UVAL.L charges 0.20%/yr vs 0.35%/yr for PQVM.L.

Performance

UVAL.L vs. PQVM.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 S&P 500 QVM UCITS ETF (PQVM.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

UVAL.L is traded in GBP, while PQVM.L is traded in USD. To make them comparable, the PQVM.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 31.16% return, which is significantly higher than PQVM.L's 16.63% return.

UVAL.L

• 1D: -0.05%
• 1M: 18.76%
• YTD: 31.16%
• 6M: 34.50%
• 1Y: 67.14%
• 3Y*: 23.73%
• 5Y*: 13.79%
• 10Y*: 13.99%

PQVM.L

• 1D: 0.60%
• 1M: 5.33%
• YTD: 16.63%
• 6M: 16.51%
• 1Y: 23.91%
• 3Y*: 21.37%
• 5Y*: 16.60%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UVAL.L SPDR MSCI USA Value Weighted UCITS ETF	31.16%	19.90%	6.56%	9.53%	-4.90%	31.55%	-1.54%	22.51%	-7.42%	9.99%
PQVM.L Invesco S&P 500 QVM UCITS ETF	16.63%	5.56%	32.44%	1.48%	12.47%	27.32%	4.88%	20.31%	-1.48%	13.86%

Correlation

The correlation between UVAL.L and PQVM.L is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 24, 2017	0.78

The correlation between UVAL.L and PQVM.L shifts across timeframes, from 0.60 (1 year) to 0.78 (all time), reflecting how their relationship changes across market environments.

UVAL.L vs. PQVM.L - Sectors Allocation Comparison

Sectors	UVAL.L	PQVM.L
Technology	41.0%	25.6%
Financial Services	11.6%	22.0%
Healthcare	9.1%	9.4%
Communication Services	9.0%	9.1%
Consumer Cyclical	8.9%	4.2%
Industrials	6.8%	13.7%
Consumer Defensive	4.3%	5.5%
Energy	3.6%	5.6%
Utilities	2.1%	2.8%
Real Estate	1.8%	-
Basic Materials	1.8%	2.2%

Return for Risk

UVAL.L vs. PQVM.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: 97
UVAL.L Sharpe Ratio Rank: 97
UVAL.L Sortino Ratio Rank: 98
UVAL.L Omega Ratio Rank: 97
UVAL.L Calmar Ratio Rank: 97
UVAL.L Martin Ratio Rank: 97

PQVM.L

PQVM.L Risk / Return Rank: 72
PQVM.L Sharpe Ratio Rank: 61
PQVM.L Sortino Ratio Rank: 70
PQVM.L Omega Ratio Rank: 61
PQVM.L Calmar Ratio Rank: 86
PQVM.L Martin Ratio Rank: 82

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. PQVM.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 S&P 500 QVM UCITS ETF (PQVM.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.

	UVAL.L	PQVM.L	Difference
Sharpe ratio: Return per unit of total volatility	4.96	2.07	+2.89
Sortino ratio: Return per unit of downside risk	6.76	2.89	+3.87
Omega ratio: Gain probability vs. loss probability	1.88	1.37	+0.51
Calmar ratio: Return relative to maximum drawdown	12.08	5.16	+6.92
Martin ratio: Return relative to average drawdown	42.84	16.86	+25.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current UVAL.L Sharpe Ratio is 4.96, which is higher than the PQVM.L Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of UVAL.L and PQVM.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.

Sharpe Ratios by Period

	UVAL.L	PQVM.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.96	2.07	+2.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	1.05	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.84	-0.11

Drawdowns

UVAL.L vs. PQVM.L - Drawdown Comparison

The maximum UVAL.L drawdown since its inception was -32.55%, which is greater than PQVM.L's maximum drawdown of -26.48%. Use the drawdown chart below to compare losses from any high point for UVAL.L and PQVM.L.

Drawdown Indicators

	UVAL.L	PQVM.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.55%	-26.48%	-6.07%
Max Drawdown (1Y) Largest decline over 1 year	-5.53%	-4.61%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-21.03%	-17.12%	-3.91%
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	-17.12%	-3.91%
Max Drawdown (10Y) Largest decline over 10 years	-32.55%	—	—
Current Drawdown Current decline from peak	-0.05%	-0.08%	+0.03%
Average Drawdown Average peak-to-trough decline	-5.12%	-4.23%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.41%	+0.15%

Volatility

UVAL.L vs. PQVM.L - Volatility Comparison

SPDR MSCI USA Value Weighted UCITS ETF (UVAL.L) has a higher volatility of 5.62% compared to Invesco S&P 500 QVM UCITS ETF (PQVM.L) at 3.60%. This indicates that UVAL.L's price experiences larger fluctuations and is considered to be riskier than PQVM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVAL.L	PQVM.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	3.60%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	9.06%	+0.90%
Volatility (1Y) Calculated over the trailing 1-year period	13.53%	11.50%	+2.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.49%	15.83%	-0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.34%	17.14%	+0.20%

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

UVAL.L has a 0.20% expense ratio, which is lower than PQVM.L's 0.35% expense ratio.

Dividends

UVAL.L vs. PQVM.L - Dividend Comparison

UVAL.L has not paid dividends to shareholders, while PQVM.L's dividend yield for the trailing twelve months is around 0.78%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQVM.L Invesco S&P 500 QVM UCITS ETF	0.78%	0.82%	0.84%	1.58%	1.79%	0.89%	1.48%	1.38%	1.68%	0.71%
UVAL.L SPDR MSCI USA Value Weighted UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

UVAL.L and PQVM.L have a correlation of 0.60, 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 PQVM.L?

On fees, UVAL.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

UVAL.L is cheaper with a 0.20% expense ratio, compared with 0.35% for PQVM.L.

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

UVAL.L is categorized as Large Cap Value Equities, while PQVM.L is S&P 500. UVAL.L tracks Russell 1000 Value TR USD, while PQVM.L tracks S&P 500 Quality, Value, and Momentum Multi-Factor Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.20% for UVAL.L and 0.35% for PQVM.L.