XDPU.L vs. SPMD.L

Last updated Jul 29, 2026

XDPU.L (Xtrackers S&P 500 UCITS ETF 4C) and SPMD.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)) are both S&P 500 funds - XDPU.L tracks the S&P 500 Index while SPMD.L tracks the S&P 500 Minimum Volatility Index. Both are passively managed. Over the past 3 years, XDPU.L returned 18.41%/yr vs 12.72%/yr for SPMD.L. Their correlation of 0.85 means they have usually moved in the same direction. XDPU.L charges 0.03%/yr vs 0.20%/yr for SPMD.L.

Performance

XDPU.L vs. SPMD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers S&P 500 UCITS ETF 4C (XDPU.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.

Returns By Period

In the year-to-date period, XDPU.L achieves a 7.55% return, which is significantly higher than SPMD.L's 5.21% return.

XDPU.L

• 1D: -0.87%
• 1M: -0.03%
• 6M: 6.03%
• YTD: 7.55%
• 1Y: 16.44%
• 3Y*: 18.41%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.47%

SPMD.L

• 1D: 1.10%
• 1M: 2.22%
• 6M: 4.78%
• YTD: 5.21%
• 1Y: 10.01%
• 3Y*: 12.72%
• 5Y*: 8.24%
• 10Y*: —
• ALL TIME*: 10.40%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	$834.98K	$413.49K	$210.13K
XDPU.L Xtrackers S&P 500 UCITS ETF 4C	$384.88K	$1.17M	$724.46K

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

	2026 (YTD)	2025	2024	2023	2022
XDPU.L Xtrackers S&P 500 UCITS ETF 4C	7.55%	17.36%	25.28%	26.77%	-6.22%
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	5.21%	11.59%	18.75%	9.74%	-2.33%

Correlation

The correlation between XDPU.L and SPMD.L is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (All Time) Calculated using the full available price history since Jun 8, 2022	0.85

The correlation between XDPU.L and SPMD.L has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.

Return for Risk

XDPU.L vs. SPMD.L — Risk / Return Rank

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

XDPU.L

XDPU.L Risk / Return Rank: 59
XDPU.L Sharpe Ratio Rank: 58
XDPU.L Sortino Ratio Rank: 61
XDPU.L Omega Ratio Rank: 56
XDPU.L Calmar Ratio Rank: 57
XDPU.L Martin Ratio Rank: 67

SPMD.L

SPMD.L Risk / Return Rank: 48
SPMD.L Sharpe Ratio Rank: 47
SPMD.L Sortino Ratio Rank: 48
SPMD.L Omega Ratio Rank: 45
SPMD.L Calmar Ratio Rank: 44
SPMD.L Martin Ratio Rank: 54

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.

XDPU.L vs. SPMD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 500 UCITS ETF 4C (XDPU.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.

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.

	XDPU.L	SPMD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.17	+0.21
Sortino ratio: Return per unit of downside risk	2.06	1.73	+0.33
Omega ratio: Gain probability vs. loss probability	1.25	1.21	+0.04
Calmar ratio: Return relative to maximum drawdown	2.03	1.60	+0.43
Martin ratio: Return relative to average drawdown	8.09	6.26	+1.82

XDPU.L vs. SPMD.L - Sharpe Ratio Comparison

The current XDPU.L Sharpe Ratio is 1.37, which is comparable to the SPMD.L Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of XDPU.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.

Drawdowns

XDPU.L vs. SPMD.L - Drawdown Comparison

The maximum XDPU.L drawdown since its inception was -18.25%, smaller than the maximum SPMD.L drawdown of -33.23%. Use the drawdown chart below to compare losses from any high point for XDPU.L and SPMD.L.

Drawdown Indicators

	XDPU.L	SPMD.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.25%	-33.23%	+14.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.22%	-6.23%	-1.99%
Max Drawdown (3Y) Largest decline over 3 years	-18.25%	-12.05%	-6.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.66%	—
Current Drawdown Current decline from peak	-3.08%	0.00%	-3.08%
Average Drawdown Average peak-to-trough decline	-3.05%	-4.12%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.59%	+0.48%

Volatility

XDPU.L vs. SPMD.L - Volatility Comparison

Xtrackers S&P 500 UCITS ETF 4C (XDPU.L) has a higher volatility of 3.39% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) at 2.29%. This indicates that XDPU.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.

Volatility by Period

	XDPU.L	SPMD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	2.29%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	9.46%	6.48%	+2.98%
Volatility (1Y) Calculated over the trailing 1-year period	12.17%	8.56%	+3.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.22%	12.60%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.22%	14.55%	+0.67%

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

XDPU.L has a 0.03% expense ratio, which is lower than SPMD.L's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XDPU.L vs. SPMD.L - Dividend Comparison

XDPU.L has not paid dividends to shareholders, while SPMD.L's dividend yield for the trailing twelve months is around 1.15%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	1.15%	1.15%	1.28%	1.46%	1.35%	1.27%	1.54%	1.52%	1.13%
XDPU.L Xtrackers S&P 500 UCITS ETF 4C	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 XDPU.L and SPMD.L in my portfolio?

XDPU.L and SPMD.L have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XDPU.L or SPMD.L?

On fees, XDPU.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XDPU.L or SPMD.L?

XDPU.L is cheaper with a 0.03% expense ratio, compared with 0.20% for SPMD.L.

What is the main difference between XDPU.L and SPMD.L?

XDPU.L tracks S&P 500 Index, while SPMD.L tracks S&P 500 Minimum Volatility Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.03% for XDPU.L and 0.20% for SPMD.L.