ERO.L vs. X7PS.L
ERO.L (SPDR MSCI Europe UCITS ETF) and X7PS.L (Invesco STOXX Europe 600 Optimised Banks UCITS ETF EUR (Acc)) are both Europe Equities funds - ERO.L tracks the MSCI Europe NR EUR while X7PS.L tracks the STOXX Europe 600 Optimised Banks Index (EUR). Both are passively managed. Over the past 10 years, ERO.L returned 9.64%/yr vs 16.34%/yr for X7PS.L. A 0.70 correlation means they provide meaningful diversification when combined. ERO.L charges 0.25%/yr vs 0.20%/yr for X7PS.L.
Performance
ERO.L vs. X7PS.L - Performance Comparison
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Different Trading Currencies
ERO.L is traded in GBP, while X7PS.L is traded in EUR. To make them comparable, the X7PS.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, ERO.L achieves a 7.98% return, which is significantly lower than X7PS.L's 13.65% return. Over the past 10 years, ERO.L has underperformed X7PS.L with an annualized return of 9.64%, while X7PS.L has yielded a comparatively higher 16.34% annualized return.
ERO.L
- 1D
- -0.06%
- 1M
- -1.37%
- 6M
- 4.82%
- YTD
- 7.98%
- 1Y
- 18.23%
- 3Y*
- 14.22%
- 5Y*
- 10.17%
- 10Y*
- 9.64%
X7PS.L
- 1D
- -0.99%
- 1M
- -0.04%
- 6M
- 10.58%
- YTD
- 13.65%
- 1Y
- 47.90%
- 3Y*
- 43.02%
- 5Y*
- 31.54%
- 10Y*
- 16.34%
ERO.L vs. X7PS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERO.L SPDR MSCI Europe UCITS ETF | 7.98% | 25.68% | 3.93% | 13.00% | -3.77% | 16.91% | 2.21% | 19.36% | -9.30% | 14.82% |
X7PS.L Invesco STOXX Europe 600 Optimised Banks UCITS ETF EUR (Acc) | 13.65% | 87.84% | 27.12% | 23.19% | 5.63% | 30.02% | -18.45% | 7.52% | -25.50% | 16.45% |
Correlation
The correlation between ERO.L and X7PS.L is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Dec 9, 2014 | 0.70 |
The correlation between ERO.L and X7PS.L has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.
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Return for Risk
ERO.L vs. X7PS.L — Risk / Return Rank
ERO.L
X7PS.L
ERO.L vs. X7PS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI Europe UCITS ETF (ERO.L) and Invesco STOXX Europe 600 Optimised Banks UCITS ETF EUR (Acc) (X7PS.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.
| ERO.L | X7PS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.35 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | 2.97 | -1.27 |
| Martin ratioReturn relative to average drawdown | 5.97 | 9.92 | -3.95 |
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Drawdowns
ERO.L vs. X7PS.L - Drawdown Comparison
The maximum ERO.L drawdown since its inception was -28.41%, smaller than the maximum X7PS.L drawdown of -56.34%. Use the drawdown chart below to compare losses from any high point for ERO.L and X7PS.L.
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Drawdown Indicators
| ERO.L | X7PS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.41% | -56.34% | +27.93% |
Max Drawdown (1Y)Largest decline over 1 year | -10.73% | -16.07% | +5.34% |
Max Drawdown (3Y)Largest decline over 3 years | -12.84% | -18.22% | +5.38% |
Max Drawdown (5Y)Largest decline over 5 years | -15.76% | -30.73% | +14.97% |
Max Drawdown (10Y)Largest decline over 10 years | -28.41% | -56.34% | +27.93% |
Current DrawdownCurrent decline from peak | -2.68% | -2.58% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -4.30% | -14.49% | +10.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.05% | 4.81% | -1.76% |
Volatility
ERO.L vs. X7PS.L - Volatility Comparison
The current volatility for SPDR MSCI Europe UCITS ETF (ERO.L) is 3.43%, while Invesco STOXX Europe 600 Optimised Banks UCITS ETF EUR (Acc) (X7PS.L) has a volatility of 5.51%. This indicates that ERO.L experiences smaller price fluctuations and is considered to be less risky than X7PS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERO.L | X7PS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.43% | 5.51% | -2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 10.76% | 18.93% | -8.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.57% | 22.34% | -9.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.83% | 23.77% | -9.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.80% | 24.61% | -9.81% |
ERO.L vs. X7PS.L - Expense Ratio Comparison
ERO.L has a 0.25% expense ratio, which is higher than X7PS.L's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ERO.L vs. X7PS.L - Dividend Comparison
Neither ERO.L nor X7PS.L has paid dividends to shareholders.
Frequently Asked Questions
ERO.L and X7PS.L have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, X7PS.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
X7PS.L is cheaper with a 0.20% expense ratio, compared with 0.25% for ERO.L.
ERO.L tracks MSCI Europe NR EUR, while X7PS.L tracks STOXX Europe 600 Optimised Banks Index (EUR). They also come from different issuers: State Street and Invesco. Their fees differ too: 0.25% for ERO.L and 0.20% for X7PS.L.
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