BBUD.L vs. SPXS.L

Last updated Jul 17, 2026

BBUD.L (JPM BetaBuilders US Equity UCITS ETF - USD (dist)) and SPXS.L (Invesco S&P 500 UCITS ETF USD (Acc)) are both exchange-traded funds - BBUD.L is a Large Cap Blend Equities fund tracking the Morningstar US Target Market Exposure Index, while SPXS.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, BBUD.L returned 12.46%/yr vs -54.92%/yr for SPXS.L. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.05% expense ratio.

Performance

BBUD.L vs. SPXS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPM BetaBuilders US Equity UCITS ETF - USD (dist) (BBUD.L) and Invesco S&P 500 UCITS ETF USD (Acc) (SPXS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with BBUD.L having a 9.91% return and SPXS.L slightly higher at 10.40%.

BBUD.L

• 1D: 0.06%
• 1M: 0.34%
• 6M: 8.63%
• YTD: 9.91%
• 1Y: 21.77%
• 3Y*: 19.99%
• 5Y*: 12.46%
• 10Y*: —

SPXS.L

• 1D: 0.07%
• 1M: 0.33%
• 6M: 9.13%
• YTD: 10.40%
• 1Y: -98.77%
• 3Y*: -74.10%
• 5Y*: -54.92%
• 10Y*: -27.38%

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

BBUD.L vs. SPXS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BBUD.L JPM BetaBuilders US Equity UCITS ETF - USD (dist)	9.91%	17.41%	25.12%	27.64%	-19.95%	27.63%	20.16%	13.29%
SPXS.L Invesco S&P 500 UCITS ETF USD (Acc)	10.40%	-98.82%	25.56%	27.00%	-18.53%	29.64%	17.89%	14.09%

Correlation

The correlation between BBUD.L and SPXS.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Apr 3, 2019	0.98

The correlation between BBUD.L and SPXS.L has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

BBUD.L vs. SPXS.L — Risk / Return Rank

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

BBUD.L

BBUD.L Risk / Return Rank: 67
BBUD.L Sharpe Ratio Rank: 67
BBUD.L Sortino Ratio Rank: 71
BBUD.L Omega Ratio Rank: 66
BBUD.L Calmar Ratio Rank: 61
BBUD.L Martin Ratio Rank: 70

SPXS.L

SPXS.L Risk / Return Rank: 2
SPXS.L Sharpe Ratio Rank: 2
SPXS.L Sortino Ratio Rank: 4
SPXS.L Omega Ratio Rank: 0
SPXS.L Calmar Ratio Rank: 0
SPXS.L Martin Ratio Rank: 3

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.

BBUD.L vs. SPXS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPM BetaBuilders US Equity UCITS ETF - USD (dist) (BBUD.L) and Invesco S&P 500 UCITS ETF USD (Acc) (SPXS.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.

	BBUD.L	SPXS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.74	-0.99	+2.74
Sortino ratio: Return per unit of downside risk	2.59	-0.77	+3.37
Omega ratio: Gain probability vs. loss probability	1.31	0.52	+0.79
Calmar ratio: Return relative to maximum drawdown	2.46	-1.00	+3.46
Martin ratio: Return relative to average drawdown	10.00	-1.23	+11.23

BBUD.L vs. SPXS.L - Sharpe Ratio Comparison

The current BBUD.L Sharpe Ratio is 1.74, which is higher than the SPXS.L Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of BBUD.L and SPXS.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

BBUD.L vs. SPXS.L - Drawdown Comparison

The maximum BBUD.L drawdown since its inception was -34.19%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for BBUD.L and SPXS.L.

Drawdown Indicators

	BBUD.L	SPXS.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.19%	-99.07%	+64.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.61%	-99.07%	+90.46%
Max Drawdown (3Y) Largest decline over 3 years	-19.33%	-99.07%	+79.74%
Max Drawdown (5Y) Largest decline over 5 years	-25.33%	-99.07%	+73.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.07%	—
Current Drawdown Current decline from peak	-0.66%	-98.90%	+98.24%
Average Drawdown Average peak-to-trough decline	-5.30%	-7.67%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	80.57%	-78.45%

Volatility

BBUD.L vs. SPXS.L - Volatility Comparison

JPM BetaBuilders US Equity UCITS ETF - USD (dist) (BBUD.L) has a higher volatility of 3.03% compared to Invesco S&P 500 UCITS ETF USD (Acc) (SPXS.L) at 2.73%. This indicates that BBUD.L's price experiences larger fluctuations and is considered to be riskier than SPXS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BBUD.L	SPXS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	2.73%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	9.43%	9.23%	+0.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.14%	99.43%	-87.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.21%	47.13%	-30.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.73%	35.27%	-17.54%

BBUD.L vs. SPXS.L - Expense Ratio Comparison

Both BBUD.L and SPXS.L have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

BBUD.L vs. SPXS.L - Dividend Comparison

BBUD.L's dividend yield for the trailing twelve months is around 1.10%, while SPXS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BBUD.L JPM BetaBuilders US Equity UCITS ETF - USD (dist)	1.10%	1.10%	1.01%	1.29%	1.46%	0.95%	1.37%	0.74%
SPXS.L Invesco S&P 500 UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BBUD.L and SPXS.L in my portfolio?

With a correlation of 0.99, BBUD.L and SPXS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, BBUD.L or SPXS.L?

Both ETFs have the same 0.05% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BBUD.L or SPXS.L?

BBUD.L and SPXS.L have the same expense ratio: 0.05% per year.

What is the main difference between BBUD.L and SPXS.L?

BBUD.L is categorized as Large Cap Blend Equities, while SPXS.L is S&P 500. BBUD.L tracks Morningstar US Target Market Exposure Index, while SPXS.L tracks S&P 500 Index. They also come from different issuers: JPMorgan and Invesco.