UVAL.L vs. VHYG.L

Last updated Jun 5, 2026

UVAL.L (SPDR MSCI USA Value Weighted UCITS ETF) and VHYG.L (Vanguard FTSE All-World High Dividend Yield UCITS ETF) are both exchange-traded funds - UVAL.L is a Large Cap Value Equities fund tracking the Russell 1000 Value TR USD, while VHYG.L is a Global Equities fund tracking the MSCI World High Dividend Yield NR USD. Both are passively managed. Over the past 5 years, UVAL.L returned 13.72%/yr vs 11.68%/yr for VHYG.L. Their correlation of 0.81 suggests significant overlap in exposure. UVAL.L charges 0.20%/yr vs 0.29%/yr for VHYG.L.

Performance

UVAL.L vs. VHYG.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 Vanguard FTSE All-World High Dividend Yield UCITS ETF (VHYG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UVAL.L achieves a 30.75% return, which is significantly higher than VHYG.L's 11.62% return.

UVAL.L

• 1D: -0.32%
• 1M: 15.38%
• YTD: 30.75%
• 6M: 33.50%
• 1Y: 66.09%
• 3Y*: 23.43%
• 5Y*: 13.72%
• 10Y*: 13.76%

VHYG.L

• 1D: 0.37%
• 1M: 3.93%
• YTD: 11.62%
• 6M: 13.20%
• 1Y: 28.51%
• 3Y*: 15.99%
• 5Y*: 11.68%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
UVAL.L SPDR MSCI USA Value Weighted UCITS ETF	30.75%	19.90%	6.56%	9.53%	-4.90%	31.55%	-1.54%	2.96%
VHYG.L Vanguard FTSE All-World High Dividend Yield UCITS ETF	11.62%	18.36%	10.99%	5.01%	6.20%	19.28%	-3.61%	-18.20%

Correlation

The correlation between UVAL.L and VHYG.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	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Sep 25, 2019	0.81

Over the past year, the correlation between UVAL.L and VHYG.L has dropped to 0.58 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.

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

Sectors	UVAL.L	VHYG.L
Technology	41.0%	7.7%
Financial Services	11.6%	28.6%
Healthcare	9.1%	11.2%
Communication Services	9.0%	3.5%
Consumer Cyclical	8.9%	7.0%
Industrials	6.8%	12.3%
Consumer Defensive	4.3%	8.7%
Energy	3.6%	9.4%
Utilities	2.1%	5.7%
Real Estate	1.8%	0.9%
Basic Materials	1.8%	5.1%

Return for Risk

UVAL.L vs. VHYG.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: 97
UVAL.L Omega Ratio Rank: 97
UVAL.L Calmar Ratio Rank: 97
UVAL.L Martin Ratio Rank: 97

VHYG.L

VHYG.L Risk / Return Rank: 86
VHYG.L Sharpe Ratio Rank: 90
VHYG.L Sortino Ratio Rank: 90
VHYG.L Omega Ratio Rank: 90
VHYG.L Calmar Ratio Rank: 80
VHYG.L Martin Ratio Rank: 78

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. VHYG.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 Vanguard FTSE All-World High Dividend Yield UCITS ETF (VHYG.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	VHYG.L	Difference
Sharpe ratio: Return per unit of total volatility	4.88	3.10	+1.78
Sortino ratio: Return per unit of downside risk	6.68	4.11	+2.57
Omega ratio: Gain probability vs. loss probability	1.86	1.58	+0.28
Calmar ratio: Return relative to maximum drawdown	11.89	4.10	+7.80
Martin ratio: Return relative to average drawdown	42.16	14.82	+27.34
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. VHYG.L - Sharpe Ratio Comparison

The current UVAL.L Sharpe Ratio is 4.88, which is higher than the VHYG.L Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of UVAL.L and VHYG.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	VHYG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.88	3.10	+1.78
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	0.80	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.42	+0.32

Drawdowns

UVAL.L vs. VHYG.L - Drawdown Comparison

The maximum UVAL.L drawdown since its inception was -32.55%, smaller than the maximum VHYG.L drawdown of -39.80%. Use the drawdown chart below to compare losses from any high point for UVAL.L and VHYG.L.

Drawdown Indicators

	UVAL.L	VHYG.L	Difference
Max Drawdown Largest peak-to-trough decline	-32.55%	-39.80%	+7.25%
Max Drawdown (1Y) Largest decline over 1 year	-5.53%	-6.93%	+1.40%
Max Drawdown (3Y) Largest decline over 3 years	-21.03%	-12.76%	-8.27%
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	-12.76%	-8.27%
Max Drawdown (10Y) Largest decline over 10 years	-32.55%	—	—
Current Drawdown Current decline from peak	-0.36%	0.00%	-0.36%
Average Drawdown Average peak-to-trough decline	-5.12%	-8.23%	+3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.92%	-0.36%

Volatility

UVAL.L vs. VHYG.L - Volatility Comparison

SPDR MSCI USA Value Weighted UCITS ETF (UVAL.L) has a higher volatility of 5.41% compared to Vanguard FTSE All-World High Dividend Yield UCITS ETF (VHYG.L) at 2.27%. This indicates that UVAL.L's price experiences larger fluctuations and is considered to be riskier than VHYG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UVAL.L	VHYG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.41%	2.27%	+3.14%
Volatility (6M) Calculated over the trailing 6-month period	9.97%	7.12%	+2.85%
Volatility (1Y) Calculated over the trailing 1-year period	13.47%	9.16%	+4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.49%	11.12%	+4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.34%	15.91%	+1.43%

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

UVAL.L has a 0.20% expense ratio, which is lower than VHYG.L's 0.29% expense ratio.

Dividends

UVAL.L vs. VHYG.L - Dividend Comparison

Neither UVAL.L nor VHYG.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

UVAL.L and VHYG.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.

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

UVAL.L is cheaper with a 0.20% expense ratio, compared with 0.29% for VHYG.L.

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

UVAL.L is categorized as Large Cap Value Equities, while VHYG.L is Global Equities. UVAL.L tracks Russell 1000 Value TR USD, while VHYG.L tracks MSCI World High Dividend Yield NR USD. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.20% for UVAL.L and 0.29% for VHYG.L.