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UVAL.L vs. SPMD.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UVAL.L vs. SPMD.L

Last updated Jun 4, 2026

UVAL.L (SPDR MSCI USA Value Weighted UCITS ETF) and SPMD.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)) are both exchange-traded funds - UVAL.L is a Large Cap Value Equities fund tracking the Russell 1000 Value TR USD, while SPMD.L is a S&P 500 fund tracking the S&P 500 Minimum Volatility Index. Both are passively managed. Over the past 5 years, UVAL.L returned 13.79%/yr vs 10.04%/yr for SPMD.L. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

UVAL.L vs. SPMD.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 iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

UVAL.L is traded in GBP, while SPMD.L is traded in USD. To make them comparable, the SPMD.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 SPMD.L's 4.40% 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%

SPMD.L

1D
0.30%
1M
4.57%
YTD
4.40%
6M
4.99%
1Y
12.36%
3Y*
11.06%
5Y*
10.04%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
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%-4.24%
SPMD.L
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)		4.40%3.61%20.77%4.38%-0.37%26.11%4.44%25.95%4.53%

Correlation

The correlation between UVAL.L and SPMD.L is 0.58, 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

0.58

Correlation (3Y)
Calculated over the trailing 3-year period

0.64

Correlation (5Y)
Calculated over the trailing 5-year period

0.67

Correlation (All Time)
Calculated using the full available price history since Feb 26, 2018

0.73

The correlation between UVAL.L and SPMD.L shifts across timeframes, from 0.58 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

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

Sectors
UVAL.L
SPMD.L

Technology

41.0%
29.0%

Financial Services

11.6%
17.8%

Healthcare

9.1%
13.3%

Communication Services

9.0%
6.5%

Consumer Cyclical

8.9%
6.9%

Industrials

6.8%
5.7%

Consumer Defensive

4.3%
10.4%

Energy

3.6%
5.2%

Utilities

2.1%
2.9%

Real Estate

1.8%
0.2%

Basic Materials

1.8%
2.3%

Technology

UVAL.L
41.0%
SPMD.L
29.0%

Financial Services

UVAL.L
11.6%
SPMD.L
17.8%

Healthcare

UVAL.L
9.1%
SPMD.L
13.3%

Communication Services

UVAL.L
9.0%
SPMD.L
6.5%

Consumer Cyclical

UVAL.L
8.9%
SPMD.L
6.9%

Industrials

UVAL.L
6.8%
SPMD.L
5.7%

Consumer Defensive

UVAL.L
4.3%
SPMD.L
10.4%

Energy

UVAL.L
3.6%
SPMD.L
5.2%

Utilities

UVAL.L
2.1%
SPMD.L
2.9%

Real Estate

UVAL.L
1.8%
SPMD.L
0.2%

Basic Materials

UVAL.L
1.8%
SPMD.L
2.3%

Compare stocks, funds, or ETFs

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SPDR MSCI USA Value Weighted UCITS ETF

iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)

Often compared with UVAL.L:
UVAL.L vs. IUVD.LUVAL.L vs. IUVL.LUVAL.L vs. IUSVUVAL.L vs. UC07.LUVAL.L vs. USLV.LUVAL.L vs. UC96.LUVAL.L vs. ACWD.L
Often compared with SPMD.L:
SPMD.L vs. VOOSPMD.L vs. VUAG.LSPMD.L vs. LGLVSPMD.L vs. SPYSPMD.L vs. VTISPMD.L vs. USMVSPMD.L vs. CSPX.L

Return for Risk

UVAL.L vs. SPMD.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: 9797
Overall Rank
UVAL.L Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
UVAL.L Sortino Ratio Rank: 9898
Sortino Ratio Rank
UVAL.L Omega Ratio Rank: 9797
Omega Ratio Rank
UVAL.L Calmar Ratio Rank: 9797
Calmar Ratio Rank
UVAL.L Martin Ratio Rank: 9797
Martin Ratio Rank
SPMD.L
SPMD.L Risk / Return Rank: 4040
Overall Rank
SPMD.L Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
SPMD.L Sortino Ratio Rank: 4141
Sortino Ratio Rank
SPMD.L Omega Ratio Rank: 3838
Omega Ratio Rank
SPMD.L Calmar Ratio Rank: 3737
Calmar Ratio Rank
SPMD.L Martin Ratio Rank: 4545
Martin Ratio Rank
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. SPMD.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 iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.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.LSPMD.LDifference
Sharpe ratioReturn per unit of total volatility
4.96
1.31

+3.65

Sortino ratioReturn per unit of downside risk
6.76
1.88

+4.89

Omega ratioGain probability vs. loss probability

1.88

1.24

+0.64

Calmar ratioReturn relative to maximum drawdown

12.08

2.41

+9.67

Martin ratioReturn relative to average drawdown

42.84

7.13

+35.71

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. SPMD.L - Sharpe Ratio Comparison

The current UVAL.L Sharpe Ratio is 4.96, which is higher than the SPMD.L Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of UVAL.L and SPMD.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.

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Sharpe Ratios by Period

UVAL.LSPMD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.96

1.31

+3.65

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.89

0.79

+0.10

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

0.74

0.00

Drawdowns

UVAL.L vs. SPMD.L - Drawdown Comparison

The maximum UVAL.L drawdown since its inception was -32.55%, which is greater than SPMD.L's maximum drawdown of -25.24%. Use the drawdown chart below to compare losses from any high point for UVAL.L and SPMD.L.

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Drawdown Indicators

UVAL.LSPMD.LDifference

Max Drawdown

Largest peak-to-trough decline

-32.55%

-25.24%

-7.31%

Max Drawdown (1Y)

Largest decline over 1 year

-5.53%

-5.10%

-0.43%

Max Drawdown (3Y)

Largest decline over 3 years

-21.03%

-14.40%

-6.63%

Max Drawdown (5Y)

Largest decline over 5 years

-21.03%

-14.40%

-6.63%

Max Drawdown (10Y)

Largest decline over 10 years

-32.55%

—

—

Current Drawdown

Current decline from peak

-0.05%

0.00%

-0.05%

Average Drawdown

Average peak-to-trough decline

-5.12%

-3.86%

-1.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.56%

1.73%

-0.17%

Volatility

UVAL.L vs. SPMD.L - Volatility Comparison

SPDR MSCI USA Value Weighted UCITS ETF (UVAL.L) has a higher volatility of 5.62% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) at 2.95%. This indicates that UVAL.L's price experiences larger fluctuations and is considered to be riskier than SPMD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UVAL.LSPMD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.62%

2.95%

+2.67%

Volatility (6M)

Calculated over the trailing 6-month period

9.96%

6.96%

+3.00%

Volatility (1Y)

Calculated over the trailing 1-year period

13.53%

9.40%

+4.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.49%

12.64%

+2.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.34%

14.71%

+2.63%

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

Both UVAL.L and SPMD.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

UVAL.L vs. SPMD.L - Dividend Comparison

UVAL.L has not paid dividends to shareholders, while SPMD.L's dividend yield for the trailing twelve months is around 1.16%.

PositionTTM20252024202320222021202020192018
SPMD.L
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)		1.16%1.15%1.28%1.46%1.35%1.27%1.54%1.52%1.13%
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%

Frequently Asked Questions

UVAL.L and SPMD.L have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

UVAL.L and SPMD.L have the same expense ratio: 0.20% per year.

UVAL.L is categorized as Large Cap Value Equities, while SPMD.L is S&P 500. UVAL.L tracks Russell 1000 Value TR USD, while SPMD.L tracks S&P 500 Minimum Volatility Index. They also come from different issuers: State Street and iShares.

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