CS1.L vs. ^GSPC

Last updated Jun 5, 2026

CS1.L (Amundi ETF MSCI Spain UCITS ETF EUR (C)) is Europe Equities fund tracking the BME IBEX 35 NR EUR, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, CS1.L returned 12.13%/yr vs 14.50%/yr for ^GSPC. At a 0.34 correlation, their price movements are largely independent.

Performance

CS1.L vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Amundi ETF MSCI Spain UCITS ETF EUR (C) (CS1.L) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CS1.L is traded in GBp, while ^GSPC is traded in USD. To make them comparable, the ^GSPC values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, CS1.L achieves a 6.29% return, which is significantly lower than ^GSPC's 11.24% return. Over the past 10 years, CS1.L has underperformed ^GSPC with an annualized return of 12.13%, while ^GSPC has yielded a comparatively higher 14.50% annualized return.

CS1.L

• 1D: 0.91%
• 1M: 3.97%
• YTD: 6.29%
• 6M: 10.00%
• 1Y: 37.36%
• 3Y*: 30.04%
• 5Y*: 19.41%
• 10Y*: 12.13%

^GSPC

• 1D: 0.41%
• 1M: 5.44%
• YTD: 11.24%
• 6M: 9.84%
• 1Y: 28.25%
• 3Y*: 18.03%
• 5Y*: 13.60%
• 10Y*: 14.50%

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

CS1.L vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CS1.L Amundi ETF MSCI Spain UCITS ETF EUR (C)	6.29%	62.63%	14.12%	24.14%	4.89%	0.59%	-7.48%	8.06%	-11.27%	15.93%
^GSPC S&P 500 Index	11.24%	8.10%	25.46%	18.02%	-9.86%	28.09%	12.84%	23.98%	-0.68%	9.09%

Correlation

The correlation between CS1.L and ^GSPC is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Dec 20, 2011	0.34

The correlation between CS1.L and ^GSPC shifts across timeframes, from 0.19 (3 years) to 0.38 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CS1.L vs. ^GSPC — Risk / Return Rank

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

CS1.L

CS1.L Risk / Return Rank: 70
CS1.L Sharpe Ratio Rank: 72
CS1.L Sortino Ratio Rank: 68
CS1.L Omega Ratio Rank: 71
CS1.L Calmar Ratio Rank: 73
CS1.L Martin Ratio Rank: 67

^GSPC

^GSPC Risk / Return Rank: 80
^GSPC Sharpe Ratio Rank: 79
^GSPC Sortino Ratio Rank: 79
^GSPC Omega Ratio Rank: 79
^GSPC Calmar Ratio Rank: 76
^GSPC Martin Ratio Rank: 86

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.

CS1.L vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi ETF MSCI Spain UCITS ETF EUR (C) (CS1.L) and S&P 500 Index (^GSPC). 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.

	CS1.L	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.46	-0.16
Sortino ratio: Return per unit of downside risk	3.07	3.20	-0.13
Omega ratio: Gain probability vs. loss probability	1.42	1.46	-0.04
Calmar ratio: Return relative to maximum drawdown	3.60	3.53	+0.06
Martin ratio: Return relative to average drawdown	12.14	13.19	-1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CS1.L vs. ^GSPC - Sharpe Ratio Comparison

The current CS1.L Sharpe Ratio is 2.30, which is comparable to the ^GSPC Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of CS1.L and ^GSPC, 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

	CS1.L	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.46	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.16	0.86	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.80	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.58	-0.09

Drawdowns

CS1.L vs. ^GSPC - Drawdown Comparison

The maximum CS1.L drawdown since its inception was -38.87%, roughly equal to the maximum ^GSPC drawdown of -37.07%. Use the drawdown chart below to compare losses from any high point for CS1.L and ^GSPC.

Drawdown Indicators

	CS1.L	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-38.87%	-37.07%	-1.80%
Max Drawdown (1Y) Largest decline over 1 year	-10.34%	-8.03%	-2.31%
Max Drawdown (3Y) Largest decline over 3 years	-10.34%	-22.15%	+11.81%
Max Drawdown (5Y) Largest decline over 5 years	-18.82%	-22.15%	+3.33%
Max Drawdown (10Y) Largest decline over 10 years	-38.87%	-26.01%	-12.86%
Current Drawdown Current decline from peak	-0.98%	0.00%	-0.98%
Average Drawdown Average peak-to-trough decline	-10.34%	-5.32%	-5.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	2.15%	+0.92%

Volatility

CS1.L vs. ^GSPC - Volatility Comparison

Amundi ETF MSCI Spain UCITS ETF EUR (C) (CS1.L) has a higher volatility of 4.68% compared to S&P 500 Index (^GSPC) at 2.60%. This indicates that CS1.L's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CS1.L	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	2.60%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	13.37%	8.20%	+5.17%
Volatility (1Y) Calculated over the trailing 1-year period	16.14%	11.52%	+4.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.72%	15.85%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.48%	18.15%	+0.33%

Frequently Asked Questions

Can I hold both CS1.L and ^GSPC in my portfolio?

CS1.L and ^GSPC have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.