BYBG.L vs. SPEX.L

Last updated Jun 5, 2026

BYBG.L (Amundi S&P 500 Buyback ETF-C USD) and SPEX.L (Invesco S&P 500 Equal Weight UCITS ETF Acc) are both S&P 500 funds - BYBG.L tracks the S&P 500 Buyback NTR while SPEX.L tracks the S&P 500 Equal Weight Index. Both are passively managed. Over the past 5 years, BYBG.L returned 11.34%/yr vs 9.41%/yr for SPEX.L. Their correlation of 0.93 suggests significant overlap in exposure. BYBG.L charges 0.15%/yr vs 0.20%/yr for SPEX.L.

Performance

BYBG.L vs. SPEX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi S&P 500 Buyback ETF-C USD (BYBG.L) and Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BYBG.L achieves a 8.46% return, which is significantly lower than SPEX.L's 9.62% return.

BYBG.L

• 1D: 0.96%
• 1M: 5.70%
• YTD: 8.46%
• 6M: 9.28%
• 1Y: 23.82%
• 3Y*: 15.56%
• 5Y*: 11.34%
• 10Y*: 13.89%

SPEX.L

• 1D: 0.47%
• 1M: 4.77%
• YTD: 9.62%
• 6M: 10.01%
• 1Y: 21.02%
• 3Y*: 12.25%
• 5Y*: 9.41%
• 10Y*: —

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

BYBG.L vs. SPEX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BYBG.L Amundi S&P 500 Buyback ETF-C USD	8.46%	9.41%	15.83%	9.58%	-1.29%	16.01%
SPEX.L Invesco S&P 500 Equal Weight UCITS ETF Acc	9.62%	3.90%	14.09%	7.64%	-1.17%	28.05%

Correlation

The correlation between BYBG.L and SPEX.L is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Apr 9, 2021	0.93

The correlation between BYBG.L and SPEX.L has been stable across timeframes, ranging from 0.87 to 0.93 - a consistent structural relationship.

BYBG.L vs. SPEX.L - Sectors Allocation Comparison

Sectors	BYBG.L	SPEX.L
Financial Services	27.9%	14.2%
Technology	22.4%	20.1%
Consumer Cyclical	15.8%	9.9%
Industrials	9.0%	14.1%
Healthcare	7.5%	11.2%
Energy	5.2%	4.2%
Communication Services	4.6%	3.9%
Consumer Defensive	3.7%	6.5%
Basic Materials	3.1%	3.9%
Utilities	0.9%	5.8%
Real Estate	-	6.2%

Return for Risk

BYBG.L vs. SPEX.L — Risk / Return Rank

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

BYBG.L

BYBG.L Risk / Return Rank: 71
BYBG.L Sharpe Ratio Rank: 66
BYBG.L Sortino Ratio Rank: 65
BYBG.L Omega Ratio Rank: 63
BYBG.L Calmar Ratio Rank: 87
BYBG.L Martin Ratio Rank: 74

SPEX.L

SPEX.L Risk / Return Rank: 68
SPEX.L Sharpe Ratio Rank: 67
SPEX.L Sortino Ratio Rank: 67
SPEX.L Omega Ratio Rank: 66
SPEX.L Calmar Ratio Rank: 74
SPEX.L Martin Ratio Rank: 66

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.

BYBG.L vs. SPEX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi S&P 500 Buyback ETF-C USD (BYBG.L) and Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.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.

	BYBG.L	SPEX.L	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.18	-0.02
Sortino ratio: Return per unit of downside risk	2.99	3.01	-0.02
Omega ratio: Gain probability vs. loss probability	1.38	1.39	-0.01
Calmar ratio: Return relative to maximum drawdown	4.88	3.65	+1.23
Martin ratio: Return relative to average drawdown	13.84	11.85	+1.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BYBG.L vs. SPEX.L - Sharpe Ratio Comparison

The current BYBG.L Sharpe Ratio is 2.15, which is comparable to the SPEX.L Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of BYBG.L and SPEX.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.

Sharpe Ratios by Period

	BYBG.L	SPEX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.18	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.67	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.80	-0.12

Drawdowns

BYBG.L vs. SPEX.L - Drawdown Comparison

The maximum BYBG.L drawdown since its inception was -35.57%, which is greater than SPEX.L's maximum drawdown of -19.65%. Use the drawdown chart below to compare losses from any high point for BYBG.L and SPEX.L.

Drawdown Indicators

	BYBG.L	SPEX.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.57%	-19.65%	-15.92%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-5.73%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	-20.63%	-19.65%	-0.98%
Max Drawdown (5Y) Largest decline over 5 years	-20.63%	-19.65%	-0.98%
Max Drawdown (10Y) Largest decline over 10 years	-35.57%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.68%	-4.12%	-0.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	1.77%	-0.05%

Volatility

BYBG.L vs. SPEX.L - Volatility Comparison

Amundi S&P 500 Buyback ETF-C USD (BYBG.L) has a higher volatility of 2.72% compared to Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L) at 1.97%. This indicates that BYBG.L's price experiences larger fluctuations and is considered to be riskier than SPEX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BYBG.L	SPEX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.72%	1.97%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	7.49%	6.62%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	11.02%	9.62%	+1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.15%	14.05%	+1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.02%	14.60%	+3.42%

BYBG.L vs. SPEX.L - Expense Ratio Comparison

BYBG.L has a 0.15% expense ratio, which is lower than SPEX.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

BYBG.L vs. SPEX.L - Dividend Comparison

Neither BYBG.L nor SPEX.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BYBG.L and SPEX.L in my portfolio?

BYBG.L and SPEX.L have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BYBG.L or SPEX.L?

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

Which ETF is cheaper, BYBG.L or SPEX.L?

BYBG.L is cheaper with a 0.15% expense ratio, compared with 0.20% for SPEX.L.

What is the main difference between BYBG.L and SPEX.L?

BYBG.L tracks S&P 500 Buyback NTR, while SPEX.L tracks S&P 500 Equal Weight Index. They also come from different issuers: Amundi and Invesco. Their fees differ too: 0.15% for BYBG.L and 0.20% for SPEX.L.