BUT.L vs. GSPX.L
BUT.L (Brunner Investment Trust) is a stock, while GSPX.L (iShares Core S&P 500 UCITS ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, BUT.L returned 10.16%/yr vs 11.59%/yr for GSPX.L. At a 0.47 correlation, their price movements are largely independent.
Performance
BUT.L vs. GSPX.L - Performance Comparison
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Different Trading Currencies
BUT.L is traded in GBp, while GSPX.L is traded in GBP. To make them comparable, the GSPX.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, BUT.L achieves a 6.53% return, which is significantly lower than GSPX.L's 8.94% return.
BUT.L
- 1D
- 0.80%
- 1M
- 1.48%
- 6M
- 3.92%
- YTD
- 6.53%
- 1Y
- 8.23%
- 3Y*
- 13.70%
- 5Y*
- 10.16%
- 10Y*
- 12.44%
- ALL TIME*
- 9.13%
GSPX.L
- 1D
- 0.24%
- 1M
- 0.08%
- 6M
- 9.41%
- YTD
- 8.94%
- 1Y
- 18.88%
- 3Y*
- 18.74%
- 5Y*
- 11.59%
- 10Y*
- —
- ALL TIME*
- 13.43%
BUT.L vs. GSPX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BUT.L Brunner Investment Trust | 6.53% | -1.01% | 24.71% | 20.20% | -6.09% | 31.65% | -3.13% | 33.31% | -12.03% |
GSPX.L iShares Core S&P 500 UCITS ETF | 8.94% | 17.16% | 24.72% | 24.87% | -20.64% | 28.96% | 15.11% | 27.76% | -7.71% |
Correlation
The correlation between BUT.L and GSPX.L is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2018 | 0.47 |
The correlation between BUT.L and GSPX.L has been stable across timeframes, ranging from 0.47 to 0.56 - a consistent structural relationship.
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Return for Risk
BUT.L vs. GSPX.L — Risk / Return Rank
BUT.L
GSPX.L
BUT.L vs. GSPX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Brunner Investment Trust (BUT.L) and iShares Core S&P 500 UCITS ETF (GSPX.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.
| BUT.L | GSPX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.28 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 2.25 | -1.38 |
| Martin ratioReturn relative to average drawdown | 2.63 | 9.15 | -6.52 |
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Drawdowns
BUT.L vs. GSPX.L - Drawdown Comparison
The maximum BUT.L drawdown since its inception was -47.11%, which is greater than GSPX.L's maximum drawdown of -34.98%. Use the drawdown chart below to compare losses from any high point for BUT.L and GSPX.L.
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Drawdown Indicators
| BUT.L | GSPX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.11% | -34.98% | -12.13% |
Max Drawdown (1Y)Largest decline over 1 year | -9.45% | -8.37% | -1.08% |
Max Drawdown (3Y)Largest decline over 3 years | -24.93% | -18.97% | -5.96% |
Max Drawdown (5Y)Largest decline over 5 years | -24.93% | -25.80% | +0.87% |
Max Drawdown (10Y)Largest decline over 10 years | -37.37% | — | — |
Current DrawdownCurrent decline from peak | -0.66% | -1.49% | +0.83% |
Average DrawdownAverage peak-to-trough decline | -7.43% | -5.55% | -1.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.12% | 2.06% | +1.06% |
Volatility
BUT.L vs. GSPX.L - Volatility Comparison
Brunner Investment Trust (BUT.L) and iShares Core S&P 500 UCITS ETF (GSPX.L) have volatilities of 3.07% and 3.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BUT.L | GSPX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.07% | 3.08% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 10.89% | 9.25% | +1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.81% | 12.01% | +1.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.86% | 16.12% | +2.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.52% | 17.61% | +1.91% |
Dividends
BUT.L vs. GSPX.L - Dividend Comparison
BUT.L's dividend yield for the trailing twelve months is around 1.69%, more than GSPX.L's 0.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BUT.L Brunner Investment Trust | 1.69% | 1.73% | 1.62% | 1.89% | 2.11% | 1.82% | 2.32% | 1.53% | 0.86% |
GSPX.L iShares Core S&P 500 UCITS ETF | 0.81% | 0.89% | 0.99% | 1.15% | 1.40% | 0.96% | 1.31% | 1.50% | 0.11% |
Frequently Asked Questions
BUT.L and GSPX.L have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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