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

XDWE.L vs. SPMD.L

Last updated Jun 5, 2026

XDWE.L (Xtrackers S&P 500 Equal Weight UCITS ETF 1C) and SPMD.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)) are both S&P 500 funds - XDWE.L tracks the S&P 500 Equal Weight Index while SPMD.L tracks the S&P 500 Minimum Volatility Index. Both are passively managed. Over the past 5 years, XDWE.L returned 9.36%/yr vs 10.08%/yr for SPMD.L. Their correlation of 0.80 suggests significant overlap in exposure. Both charge a 0.20% expense ratio.

Performance

XDWE.L vs. SPMD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers S&P 500 Equal Weight UCITS ETF 1C (XDWE.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

XDWE.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, XDWE.L achieves a 9.58% return, which is significantly higher than SPMD.L's 4.59% return.

XDWE.L

1D
0.42%
1M
4.78%
YTD
9.58%
6M
9.98%
1Y
21.00%
3Y*
12.24%
5Y*
9.36%
10Y*
12.33%

SPMD.L

1D
0.15%
1M
4.71%
YTD
4.59%
6M
4.74%
1Y
12.46%
3Y*
10.96%
5Y*
10.08%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
XDWE.L
Xtrackers S&P 500 Equal Weight UCITS ETF 1C		9.58%3.94%14.06%7.78%-1.34%31.37%7.89%23.88%-0.07%
SPMD.L
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)		4.59%3.61%20.77%4.38%-0.37%26.11%4.44%25.95%4.53%

Correlation

The correlation between XDWE.L and SPMD.L is 0.71, 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

0.71

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

0.75

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

0.76

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

0.80

The correlation between XDWE.L and SPMD.L has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.

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

Sectors
XDWE.L
SPMD.L

Technology

18.3%
29.0%

Industrials

14.7%
5.7%

Financial Services

14.4%
17.8%

Healthcare

10.9%
13.3%

Consumer Cyclical

10.3%
6.9%

Consumer Defensive

6.5%
10.4%

Real Estate

6.2%
0.2%

Utilities

6.1%
2.9%

Energy

4.6%
5.2%

Basic Materials

4.1%
2.3%

Communication Services

4.0%
6.5%

Technology

XDWE.L
18.3%
SPMD.L
29.0%

Industrials

XDWE.L
14.7%
SPMD.L
5.7%

Financial Services

XDWE.L
14.4%
SPMD.L
17.8%

Healthcare

XDWE.L
10.9%
SPMD.L
13.3%

Consumer Cyclical

XDWE.L
10.3%
SPMD.L
6.9%

Consumer Defensive

XDWE.L
6.5%
SPMD.L
10.4%

Real Estate

XDWE.L
6.2%
SPMD.L
0.2%

Utilities

XDWE.L
6.1%
SPMD.L
2.9%

Energy

XDWE.L
4.6%
SPMD.L
5.2%

Basic Materials

XDWE.L
4.1%
SPMD.L
2.3%

Communication Services

XDWE.L
4.0%
SPMD.L
6.5%

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Xtrackers S&P 500 Equal Weight UCITS ETF 1C

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

Often compared with XDWE.L:
XDWE.L vs. VUAA.LXDWE.L vs. RSPXDWE.L vs. EWSP.LXDWE.L vs. IUCM.LXDWE.L vs. XESC.LXDWE.L vs. SCHDXDWE.L vs. CNX1.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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XDWE.L
XDWE.L Risk / Return Rank: 6868
Overall Rank
XDWE.L Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
XDWE.L Sortino Ratio Rank: 6666
Sortino Ratio Rank
XDWE.L Omega Ratio Rank: 6666
Omega Ratio Rank
XDWE.L Calmar Ratio Rank: 7575
Calmar Ratio Rank
XDWE.L Martin Ratio Rank: 6666
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: 4444
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.

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

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 500 Equal Weight UCITS ETF 1C (XDWE.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.

XDWE.LSPMD.LDifference
Sharpe ratioReturn per unit of total volatility
2.17
1.33

+0.84

Sortino ratioReturn per unit of downside risk
3.01
1.89

+1.12

Omega ratioGain probability vs. loss probability

1.39

1.24

+0.15

Calmar ratioReturn relative to maximum drawdown

3.71

2.43

+1.28

Martin ratioReturn relative to average drawdown

11.83

7.18

+4.65

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XDWE.L Sharpe Ratio is 2.17, which is higher than the SPMD.L Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of XDWE.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

XDWE.LSPMD.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.17

1.33

+0.84

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

0.80

-0.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.77

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.76

0.74

+0.02

Drawdowns

XDWE.L vs. SPMD.L - Drawdown Comparison

The maximum XDWE.L drawdown since its inception was -31.08%, 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 XDWE.L and SPMD.L.

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Drawdown Indicators

XDWE.LSPMD.LDifference

Max Drawdown

Largest peak-to-trough decline

-31.08%

-25.24%

-5.84%

Max Drawdown (1Y)

Largest decline over 1 year

-5.64%

-5.10%

-0.54%

Max Drawdown (3Y)

Largest decline over 3 years

-19.67%

-14.40%

-5.27%

Max Drawdown (5Y)

Largest decline over 5 years

-19.67%

-14.40%

-5.27%

Max Drawdown (10Y)

Largest decline over 10 years

-31.08%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-4.20%

-3.86%

-0.34%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.77%

1.73%

+0.04%

Volatility

XDWE.L vs. SPMD.L - Volatility Comparison

The current volatility for Xtrackers S&P 500 Equal Weight UCITS ETF 1C (XDWE.L) is 2.03%, while iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) has a volatility of 2.89%. This indicates that XDWE.L experiences smaller price fluctuations and is considered to be less risky 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

XDWE.LSPMD.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.03%

2.89%

-0.86%

Volatility (6M)

Calculated over the trailing 6-month period

6.45%

6.94%

-0.49%

Volatility (1Y)

Calculated over the trailing 1-year period

9.64%

9.35%

+0.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.95%

12.64%

+1.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.09%

14.70%

+1.39%

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

Both XDWE.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

XDWE.L vs. SPMD.L - Dividend Comparison

XDWE.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%
XDWE.L
Xtrackers S&P 500 Equal Weight UCITS ETF 1C		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XDWE.L and SPMD.L have a correlation of 0.71, 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.

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

XDWE.L tracks S&P 500 Equal Weight Index, while SPMD.L tracks S&P 500 Minimum Volatility Index. They also come from different issuers: Xtrackers and iShares.

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