VALW.L vs. CSH2.L

Last updated Jun 24, 2026

VALW.L (SPDR MSCI World Value UCITS ETF) and CSH2.L (Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc) are both exchange-traded funds - VALW.L is a Global Equities fund tracking the MSCI ACWI Value NR USD, while CSH2.L is a Money Market fund tracking the SONIA Compounded (GBP Hedged). Both are passively managed. Over the past 5 years, VALW.L returned 14.43%/yr vs 3.70%/yr for CSH2.L. At a correlation of -0.02, they often move in opposite directions. VALW.L charges 0.25%/yr vs 0.10%/yr for CSH2.L.

Performance

VALW.L vs. CSH2.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI World Value UCITS ETF (VALW.L) and Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VALW.L is traded in GBP, while CSH2.L is traded in GBp. To make them comparable, the CSH2.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, VALW.L achieves a 18.06% return, which is significantly higher than CSH2.L's 1.93% return.

VALW.L

• 1D: -1.34%
• 1M: 1.41%
• YTD: 18.06%
• 6M: 17.79%
• 1Y: 44.53%
• 3Y*: 21.00%
• 5Y*: 14.43%
• 10Y*: —

CSH2.L

• 1D: 0.01%
• 1M: 0.33%
• YTD: 1.93%
• 6M: 1.99%
• 1Y: 4.35%
• 3Y*: 4.97%
• 5Y*: 3.70%
• 10Y*: 2.09%

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

VALW.L vs. CSH2.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VALW.L SPDR MSCI World Value UCITS ETF	18.06%	27.02%	5.92%	16.41%	0.09%	20.68%	-18.17%
CSH2.L Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc	1.93%	4.67%	5.61%	4.72%	1.54%	0.13%	0.05%

Correlation

The correlation between VALW.L and CSH2.L is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Sep 2, 2020	-0.02

Return for Risk

VALW.L vs. CSH2.L — Risk / Return Rank

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

VALW.L

VALW.L Risk / Return Rank: 94
VALW.L Sharpe Ratio Rank: 95
VALW.L Sortino Ratio Rank: 95
VALW.L Omega Ratio Rank: 95
VALW.L Calmar Ratio Rank: 93
VALW.L Martin Ratio Rank: 93

CSH2.L

CSH2.L Risk / Return Rank: 99
CSH2.L Sharpe Ratio Rank: 99
CSH2.L Sortino Ratio Rank: 99
CSH2.L Omega Ratio Rank: 99
CSH2.L Calmar Ratio Rank: 99
CSH2.L Martin Ratio Rank: 99

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.

VALW.L vs. CSH2.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World Value UCITS ETF (VALW.L) and Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.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.

	VALW.L	CSH2.L	Difference
Sharpe ratio: Return per unit of total volatility	3.64	8.13	-4.50
Sortino ratio: Return per unit of downside risk	5.00	15.20	-10.20
Omega ratio: Gain probability vs. loss probability	1.67	4.49	-2.82
Calmar ratio: Return relative to maximum drawdown	6.30	27.47	-21.17
Martin ratio: Return relative to average drawdown	23.08	160.87	-137.79

VALW.L vs. CSH2.L - Sharpe Ratio Comparison

The current VALW.L Sharpe Ratio is 3.64, which is lower than the CSH2.L Sharpe Ratio of 8.13. The chart below compares the historical Sharpe Ratios of VALW.L and CSH2.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

VALW.L vs. CSH2.L - Drawdown Comparison

The maximum VALW.L drawdown since its inception was -28.59%, which is greater than CSH2.L's maximum drawdown of -0.37%. Use the drawdown chart below to compare losses from any high point for VALW.L and CSH2.L.

Drawdown Indicators

	VALW.L	CSH2.L	Difference
Max Drawdown Largest peak-to-trough decline	-28.59%	-0.37%	-28.22%
Max Drawdown (1Y) Largest decline over 1 year	-7.04%	-0.16%	-6.88%
Max Drawdown (3Y) Largest decline over 3 years	-19.71%	-0.29%	-19.42%
Max Drawdown (5Y) Largest decline over 5 years	-19.71%	-0.29%	-19.42%
Max Drawdown (10Y) Largest decline over 10 years	—	-0.37%	—
Current Drawdown Current decline from peak	-1.34%	0.00%	-1.34%
Average Drawdown Average peak-to-trough decline	-6.89%	-0.00%	-6.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.03%	+1.89%

Volatility

VALW.L vs. CSH2.L - Volatility Comparison

SPDR MSCI World Value UCITS ETF (VALW.L) has a higher volatility of 4.37% compared to Amundi Smart Overnight Return UCITS ETF GBP Hedged Acc (CSH2.L) at 0.06%. This indicates that VALW.L's price experiences larger fluctuations and is considered to be riskier than CSH2.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VALW.L	CSH2.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	0.06%	+4.31%
Volatility (6M) Calculated over the trailing 6-month period	10.06%	0.23%	+9.83%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	0.53%	+11.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.60%	0.56%	+18.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.88%	0.44%	+20.44%

VALW.L vs. CSH2.L - Expense Ratio Comparison

VALW.L has a 0.25% expense ratio, which is higher than CSH2.L's 0.10% 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

VALW.L vs. CSH2.L - Dividend Comparison

Neither VALW.L nor CSH2.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VALW.L and CSH2.L in my portfolio?

VALW.L and CSH2.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VALW.L or CSH2.L?

On fees, CSH2.L is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VALW.L or CSH2.L?

CSH2.L is cheaper with a 0.10% expense ratio, compared with 0.25% for VALW.L.

What is the main difference between VALW.L and CSH2.L?

VALW.L is categorized as Global Equities, while CSH2.L is Money Market. VALW.L tracks MSCI ACWI Value NR USD, while CSH2.L tracks SONIA Compounded (GBP Hedged). They also come from different issuers: State Street and Amundi. Their fees differ too: 0.25% for VALW.L and 0.10% for CSH2.L.