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XSPX.L vs. MVUS.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSPX.L vs. MVUS.L

Last updated Jun 5, 2026

XSPX.L (Xtrackers S&P 500 Swap UCITS ETF 1C) and MVUS.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)) are both S&P 500 funds tracking the S&P 500 Index, from Xtrackers and iShares respectively. Both are passively managed. Over the past 10 years, XSPX.L returned 16.30%/yr vs 11.39%/yr for MVUS.L. Their correlation of 0.89 suggests significant overlap in exposure. XSPX.L charges 0.15%/yr vs 0.20%/yr for MVUS.L.

Performance

XSPX.L vs. MVUS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers S&P 500 Swap UCITS ETF 1C (XSPX.L) and iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (MVUS.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XSPX.L achieves a 10.56% return, which is significantly higher than MVUS.L's 4.45% return. Over the past 10 years, XSPX.L has outperformed MVUS.L with an annualized return of 16.30%, while MVUS.L has yielded a comparatively lower 11.39% annualized return.

XSPX.L

1D
-0.01%
1M
5.51%
YTD
10.56%
6M
10.49%
1Y
29.14%
3Y*
19.11%
5Y*
15.05%
10Y*
16.30%

MVUS.L

1D
0.22%
1M
4.90%
YTD
4.45%
6M
4.88%
1Y
12.53%
3Y*
10.84%
5Y*
10.08%
10Y*
11.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSPX.L vs. MVUS.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XSPX.L
Xtrackers S&P 500 Swap UCITS ETF 1C		10.56%9.46%27.43%19.97%-8.90%31.28%13.93%26.82%0.30%11.07%
MVUS.L
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)		4.45%3.88%20.71%3.83%-0.36%26.59%3.87%26.86%-0.36%6.22%

Correlation

The correlation between XSPX.L and MVUS.L is 0.72, 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

0.72

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

0.79

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

0.83

Correlation (10Y)
Calculated over the trailing 10-year period

0.89

Correlation (All Time)
Calculated using the full available price history since Feb 7, 2013

0.89

The correlation between XSPX.L and MVUS.L shifts across timeframes, from 0.72 (1 year) to 0.89 (10 years), reflecting how their relationship changes across market environments.

XSPX.L vs. MVUS.L - Sectors Allocation Comparison

Sectors
XSPX.L
MVUS.L

Technology

35.6%
31.0%

Financial Services

11.8%
17.2%

Communication Services

11.2%
6.2%

Consumer Cyclical

10.1%
6.7%

Healthcare

8.5%
13.0%

Industrials

8.3%
5.6%

Consumer Defensive

4.9%
10.4%

Energy

3.5%
5.0%

Utilities

2.4%
2.7%

Real Estate

1.9%
0.2%

Basic Materials

1.8%
2.2%

Technology

XSPX.L
35.6%
MVUS.L
31.0%

Financial Services

XSPX.L
11.8%
MVUS.L
17.2%

Communication Services

XSPX.L
11.2%
MVUS.L
6.2%

Consumer Cyclical

XSPX.L
10.1%
MVUS.L
6.7%

Healthcare

XSPX.L
8.5%
MVUS.L
13.0%

Industrials

XSPX.L
8.3%
MVUS.L
5.6%

Consumer Defensive

XSPX.L
4.9%
MVUS.L
10.4%

Energy

XSPX.L
3.5%
MVUS.L
5.0%

Utilities

XSPX.L
2.4%
MVUS.L
2.7%

Real Estate

XSPX.L
1.9%
MVUS.L
0.2%

Basic Materials

XSPX.L
1.8%
MVUS.L
2.2%

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Xtrackers S&P 500 Swap UCITS ETF 1C

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

Often compared with XSPX.L:
XSPX.L vs. FWAFXXSPX.L vs. FWCFXXSPX.L vs. FWIFXXSPX.L vs. SUSW.LXSPX.L vs. TEMWXXSPX.L vs. SPYXSPX.L vs. VOO
Often compared with MVUS.L:
MVUS.L vs. USMVMVUS.L vs. XDEB.LMVUS.L vs. MVEA.LMVUS.L vs. GLTS.LMVUS.L vs. HMUD.LMVUS.L vs. XLPP.LMVUS.L vs. JURE.L

Return for Risk

XSPX.L vs. MVUS.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSPX.L
XSPX.L Risk / Return Rank: 8282
Overall Rank
XSPX.L Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
XSPX.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
XSPX.L Omega Ratio Rank: 8686
Omega Ratio Rank
XSPX.L Calmar Ratio Rank: 7979
Calmar Ratio Rank
XSPX.L Martin Ratio Rank: 7676
Martin Ratio Rank
MVUS.L
MVUS.L Risk / Return Rank: 4545
Overall Rank
MVUS.L Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
MVUS.L Sortino Ratio Rank: 4545
Sortino Ratio Rank
MVUS.L Omega Ratio Rank: 4444
Omega Ratio Rank
MVUS.L Calmar Ratio Rank: 4747
Calmar Ratio Rank
MVUS.L Martin Ratio Rank: 4545
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.

XSPX.L vs. MVUS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 500 Swap UCITS ETF 1C (XSPX.L) and iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (MVUS.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.

XSPX.LMVUS.LDifference
Sharpe ratioReturn per unit of total volatility
2.76
1.55

+1.21

Sortino ratioReturn per unit of downside risk
3.69
2.19

+1.49

Omega ratioGain probability vs. loss probability

1.52

1.28

+0.24

Calmar ratioReturn relative to maximum drawdown

3.98

2.32

+1.67

Martin ratioReturn relative to average drawdown

14.33

7.24

+7.09

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

XSPX.L vs. MVUS.L - Sharpe Ratio Comparison

The current XSPX.L Sharpe Ratio is 2.76, which is higher than the MVUS.L Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of XSPX.L and MVUS.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

XSPX.LMVUS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.76

1.55

+1.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.05

0.86

+0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.05

0.83

+0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.99

0.95

+0.04

Drawdowns

XSPX.L vs. MVUS.L - Drawdown Comparison

The maximum XSPX.L drawdown since its inception was -25.50%, roughly equal to the maximum MVUS.L drawdown of -24.85%. Use the drawdown chart below to compare losses from any high point for XSPX.L and MVUS.L.

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Drawdown Indicators

XSPX.LMVUS.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.50%

-24.85%

-0.65%

Max Drawdown (1Y)

Largest decline over 1 year

-7.28%

-5.39%

-1.89%

Max Drawdown (3Y)

Largest decline over 3 years

-21.09%

-14.19%

-6.90%

Max Drawdown (5Y)

Largest decline over 5 years

-21.09%

-14.19%

-6.90%

Max Drawdown (10Y)

Largest decline over 10 years

-25.50%

-24.85%

-0.65%

Current Drawdown

Current decline from peak

-0.23%

0.00%

-0.23%

Average Drawdown

Average peak-to-trough decline

-3.37%

-3.44%

+0.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

1.73%

+0.30%

Volatility

XSPX.L vs. MVUS.L - Volatility Comparison

Xtrackers S&P 500 Swap UCITS ETF 1C (XSPX.L) has a higher volatility of 2.62% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (MVUS.L) at 2.24%. This indicates that XSPX.L's price experiences larger fluctuations and is considered to be riskier than MVUS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XSPX.LMVUS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.62%

2.24%

+0.38%

Volatility (6M)

Calculated over the trailing 6-month period

7.15%

5.65%

+1.50%

Volatility (1Y)

Calculated over the trailing 1-year period

10.49%

8.05%

+2.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.28%

11.72%

+2.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.53%

13.78%

+1.75%

XSPX.L vs. MVUS.L - Expense Ratio Comparison

XSPX.L has a 0.15% expense ratio, which is lower than MVUS.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

XSPX.L vs. MVUS.L - Dividend Comparison

Neither XSPX.L nor MVUS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

XSPX.L and MVUS.L have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XSPX.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XSPX.L is cheaper with a 0.15% expense ratio, compared with 0.20% for MVUS.L.

Both ETFs track S&P 500 Index. They also come from different issuers: Xtrackers and iShares. Their fees differ too: 0.15% for XSPX.L and 0.20% for MVUS.L.

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