FASE.L vs. SPXP.L

Last updated Jul 16, 2026

FASE.L (Invesco Markets II PLC - Invesco FTSE All Share Screened & Tilted UCITS ETF) and SPXP.L (Invesco S&P 500 UCITS ETF) are both exchange-traded funds - FASE.L is a Global Equities fund tracking the Invesco Markets II PLC - Invesco FTSE All Share Screened & Tilted UCITS ETF, while SPXP.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, FASE.L returned 8.64%/yr vs -54.72%/yr for SPXP.L. At a 0.48 correlation, their price movements are largely independent. FASE.L charges 0.12%/yr vs 0.05%/yr for SPXP.L.

Performance

FASE.L vs. SPXP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Markets II PLC - Invesco FTSE All Share Screened & Tilted UCITS ETF (FASE.L) and Invesco S&P 500 UCITS ETF (SPXP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FASE.L achieves a 5.03% return, which is significantly lower than SPXP.L's 10.10% return.

FASE.L

• 1D: 0.22%
• 1M: 2.11%
• 6M: 3.40%
• YTD: 5.03%
• 1Y: 15.43%
• 3Y*: 12.81%
• 5Y*: 8.64%
• 10Y*: —

SPXP.L

• 1D: -0.46%
• 1M: -0.34%
• 6M: 9.72%
• YTD: 10.10%
• 1Y: -98.79%
• 3Y*: -74.34%
• 5Y*: -54.72%
• 10Y*: -27.50%

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

FASE.L vs. SPXP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FASE.L Invesco Markets II PLC - Invesco FTSE All Share Screened & Tilted UCITS ETF	5.03%	20.17%	9.31%	4.95%	-2.71%	15.34%
SPXP.L Invesco S&P 500 UCITS ETF	10.10%	-98.90%	27.58%	20.06%	-8.79%	27.77%

Correlation

The correlation between FASE.L and SPXP.L is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Mar 10, 2021	0.48

Return for Risk

FASE.L vs. SPXP.L — Risk / Return Rank

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

FASE.L

FASE.L Risk / Return Rank: 39
FASE.L Sharpe Ratio Rank: 43
FASE.L Sortino Ratio Rank: 42
FASE.L Omega Ratio Rank: 41
FASE.L Calmar Ratio Rank: 33
FASE.L Martin Ratio Rank: 36

SPXP.L

SPXP.L Risk / Return Rank: 2
SPXP.L Sharpe Ratio Rank: 2
SPXP.L Sortino Ratio Rank: 4
SPXP.L Omega Ratio Rank: 0
SPXP.L Calmar Ratio Rank: 0
SPXP.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.

FASE.L vs. SPXP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Markets II PLC - Invesco FTSE All Share Screened & Tilted UCITS ETF (FASE.L) and Invesco S&P 500 UCITS ETF (SPXP.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.

	FASE.L	SPXP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.26	-0.99	+2.26
Sortino ratio: Return per unit of downside risk	1.81	-0.79	+2.60
Omega ratio: Gain probability vs. loss probability	1.23	0.49	+0.73
Calmar ratio: Return relative to maximum drawdown	1.41	-1.00	+2.41
Martin ratio: Return relative to average drawdown	4.40	-1.23	+5.63

FASE.L vs. SPXP.L - Sharpe Ratio Comparison

The current FASE.L Sharpe Ratio is 1.26, which is higher than the SPXP.L Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of FASE.L and SPXP.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

FASE.L vs. SPXP.L - Drawdown Comparison

The maximum FASE.L drawdown since its inception was -12.61%, smaller than the maximum SPXP.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for FASE.L and SPXP.L.

Drawdown Indicators

	FASE.L	SPXP.L	Difference
Max Drawdown Largest peak-to-trough decline	-12.61%	-99.07%	+86.46%
Max Drawdown (1Y) Largest decline over 1 year	-10.89%	-99.07%	+88.18%
Max Drawdown (3Y) Largest decline over 3 years	-12.20%	-99.07%	+86.87%
Max Drawdown (5Y) Largest decline over 5 years	-12.61%	-99.07%	+86.46%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.07%	—
Current Drawdown Current decline from peak	-1.70%	-98.92%	+97.22%
Average Drawdown Average peak-to-trough decline	-2.94%	-8.68%	+5.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.50%	80.35%	-76.85%

Volatility

FASE.L vs. SPXP.L - Volatility Comparison

Invesco Markets II PLC - Invesco FTSE All Share Screened & Tilted UCITS ETF (FASE.L) has a higher volatility of 3.84% compared to Invesco S&P 500 UCITS ETF (SPXP.L) at 2.93%. This indicates that FASE.L's price experiences larger fluctuations and is considered to be riskier than SPXP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FASE.L	SPXP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	2.93%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	9.95%	7.90%	+2.05%
Volatility (1Y) Calculated over the trailing 1-year period	12.19%	99.31%	-87.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.07%	46.56%	-33.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	34.90%	-21.95%

FASE.L vs. SPXP.L - Expense Ratio Comparison

FASE.L has a 0.12% expense ratio, which is higher than SPXP.L's 0.05% 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

FASE.L vs. SPXP.L - Dividend Comparison

FASE.L's dividend yield for the trailing twelve months is around 2.71%, while SPXP.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
FASE.L Invesco Markets II PLC - Invesco FTSE All Share Screened & Tilted UCITS ETF	2.71%	2.61%	3.72%	3.54%	3.47%	2.35%
SPXP.L Invesco S&P 500 UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FASE.L and SPXP.L in my portfolio?

FASE.L and SPXP.L have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FASE.L or SPXP.L?

On fees, SPXP.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FASE.L or SPXP.L?

SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.12% for FASE.L.

What is the main difference between FASE.L and SPXP.L?

FASE.L is categorized as Global Equities, while SPXP.L is S&P 500. FASE.L tracks Invesco Markets II PLC - Invesco FTSE All Share Screened & Tilted UCITS ETF, while SPXP.L tracks S&P 500 Index. Their fees differ too: 0.12% for FASE.L and 0.05% for SPXP.L.