VPAC.L vs. IWVU.L
VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc)) and IWVU.L (iShares Edge MSCI World Value Factor UCITS ETF USD (Dist)) are both exchange-traded funds - VPAC.L is a Preferred Stock/Convertible Bonds fund tracking the ICE Diversified Variable Rate Preferred & Hybrid Securities Index, while IWVU.L is a Large Cap Value Equities fund tracking the MSCI World Enhanced Value Index (Net). Both are passively managed. Over the past 5 years, VPAC.L returned 3.51%/yr vs 16.21%/yr for IWVU.L. At a 0.47 correlation, their price movements are largely independent. VPAC.L charges 0.50%/yr vs 0.25%/yr for IWVU.L.
Performance
VPAC.L vs. IWVU.L - Performance Comparison
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Returns By Period
In the year-to-date period, VPAC.L achieves a 2.04% return, which is significantly lower than IWVU.L's 27.54% return.
VPAC.L
- 1D
- -0.12%
- 1M
- 0.08%
- 6M
- 1.60%
- YTD
- 2.04%
- 1Y
- 4.91%
- 3Y*
- 8.42%
- 5Y*
- 3.51%
- 10Y*
- —
IWVU.L
- 1D
- -0.32%
- 1M
- -4.79%
- 6M
- 23.40%
- YTD
- 27.54%
- 1Y
- 54.31%
- 3Y*
- 25.62%
- 5Y*
- 16.21%
- 10Y*
- —
VPAC.L vs. IWVU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) | 2.04% | 6.34% | 10.84% | 9.27% | -9.70% | 3.64% | 4.81% | 17.14% | -1.27% |
IWVU.L iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) | 27.54% | 40.59% | 4.85% | 19.74% | -9.88% | 20.13% | -3.59% | 18.01% | -4.11% |
Correlation
The correlation between VPAC.L and IWVU.L is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2018 | 0.47 |
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Return for Risk
VPAC.L vs. IWVU.L — Risk / Return Rank
VPAC.L
IWVU.L
VPAC.L vs. IWVU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.L) and iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) (IWVU.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.
| VPAC.L | IWVU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -1.95 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.56 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 6.31 | -3.77 |
| Martin ratioReturn relative to average drawdown | 9.98 | 21.28 | -11.30 |
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Drawdowns
VPAC.L vs. IWVU.L - Drawdown Comparison
The maximum VPAC.L drawdown since its inception was -34.25%, smaller than the maximum IWVU.L drawdown of -36.21%. Use the drawdown chart below to compare losses from any high point for VPAC.L and IWVU.L.
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Drawdown Indicators
| VPAC.L | IWVU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.25% | -36.21% | +1.96% |
Max Drawdown (1Y)Largest decline over 1 year | -2.02% | -8.56% | +6.54% |
Max Drawdown (3Y)Largest decline over 3 years | -3.40% | -14.45% | +11.05% |
Max Drawdown (5Y)Largest decline over 5 years | -13.89% | -26.58% | +12.69% |
Current DrawdownCurrent decline from peak | -0.33% | -5.83% | +5.50% |
Average DrawdownAverage peak-to-trough decline | -3.14% | -6.67% | +3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.52% | 2.54% | -2.02% |
Volatility
VPAC.L vs. IWVU.L - Volatility Comparison
The current volatility for Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.L) is 0.74%, while iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) (IWVU.L) has a volatility of 6.28%. This indicates that VPAC.L experiences smaller price fluctuations and is considered to be less risky than IWVU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VPAC.L | IWVU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 6.28% | -5.54% |
Volatility (6M)Calculated over the trailing 6-month period | 2.28% | 14.95% | -12.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.17% | 17.06% | -13.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.30% | 16.30% | -11.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.00% | 17.90% | -6.90% |
VPAC.L vs. IWVU.L - Expense Ratio Comparison
VPAC.L has a 0.50% expense ratio, which is higher than IWVU.L's 0.25% expense ratio.
Dividends
VPAC.L vs. IWVU.L - Dividend Comparison
VPAC.L has not paid dividends to shareholders, while IWVU.L's dividend yield for the trailing twelve months is around 1.93%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
IWVU.L iShares Edge MSCI World Value Factor UCITS ETF USD (Dist) | 1.93% | 2.50% | 3.17% | 3.23% | 3.17% | 2.63% | 2.25% | 2.83% | 2.51% |
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VPAC.L and IWVU.L have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IWVU.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IWVU.L is cheaper with a 0.25% expense ratio, compared with 0.50% for VPAC.L.
VPAC.L is categorized as Preferred Stock/Convertible Bonds, while IWVU.L is Large Cap Value Equities. VPAC.L tracks ICE Diversified Variable Rate Preferred & Hybrid Securities Index, while IWVU.L tracks MSCI World Enhanced Value Index (Net). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for VPAC.L and 0.25% for IWVU.L.
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