FEX.L vs. G500.L
FEX.L (First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD) and G500.L (Invesco S&P 500 UCITS ETF GBP Hedged (Acc)) are both exchange-traded funds - FEX.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD, while G500.L is a US Equities fund tracking the S&P 500 GBP Daily Hedged Index. Both are passively managed. Over the past 5 years, FEX.L returned 11.38%/yr vs 11.89%/yr for G500.L. A 0.70 correlation means they provide meaningful diversification when combined. FEX.L charges 0.75%/yr vs 0.05%/yr for G500.L.
Performance
FEX.L vs. G500.L - Performance Comparison
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Returns By Period
In the year-to-date period, FEX.L achieves a 13.84% return, which is significantly higher than G500.L's 8.63% return.
FEX.L
- 1D
- 0.04%
- 1M
- -2.62%
- 6M
- 9.66%
- YTD
- 13.84%
- 1Y
- 22.87%
- 3Y*
- 16.09%
- 5Y*
- 11.38%
- 10Y*
- 12.11%
G500.L
- 1D
- -1.25%
- 1M
- -0.62%
- 6M
- 7.69%
- YTD
- 8.63%
- 1Y
- 19.40%
- 3Y*
- 18.98%
- 5Y*
- 11.89%
- 10Y*
- —
FEX.L vs. G500.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FEX.L First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD | 13.84% | 7.34% | 18.68% | 8.36% | -1.83% | 28.60% | 13.08% |
G500.L Invesco S&P 500 UCITS ETF GBP Hedged (Acc) | 8.63% | 17.45% | 24.98% | 24.88% | -19.98% | 28.95% | 20.65% |
Correlation
The correlation between FEX.L and G500.L is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2020 | 0.70 |
The correlation between FEX.L and G500.L has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.
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Return for Risk
FEX.L vs. G500.L — Risk / Return Rank
FEX.L
G500.L
FEX.L vs. G500.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) and Invesco S&P 500 UCITS ETF GBP Hedged (Acc) (G500.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.
| FEX.L | G500.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.29 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 4.92 | 2.35 | +2.56 |
| Martin ratioReturn relative to average drawdown | 13.80 | 9.47 | +4.33 |
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Drawdowns
FEX.L vs. G500.L - Drawdown Comparison
The maximum FEX.L drawdown since its inception was -36.86%, which is greater than G500.L's maximum drawdown of -25.20%. Use the drawdown chart below to compare losses from any high point for FEX.L and G500.L.
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Drawdown Indicators
| FEX.L | G500.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.86% | -25.20% | -11.66% |
Max Drawdown (1Y)Largest decline over 1 year | -4.63% | -8.21% | +3.58% |
Max Drawdown (3Y)Largest decline over 3 years | -21.34% | -18.22% | -3.12% |
Max Drawdown (5Y)Largest decline over 5 years | -21.34% | -25.20% | +3.86% |
Max Drawdown (10Y)Largest decline over 10 years | -31.58% | — | — |
Current DrawdownCurrent decline from peak | -4.33% | -1.81% | -2.52% |
Average DrawdownAverage peak-to-trough decline | -7.89% | -5.31% | -2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.65% | 2.04% | -0.39% |
Volatility
FEX.L vs. G500.L - Volatility Comparison
First Trust US Large Cap Core AlphaDEX® UCITS ETF Class A USD (FEX.L) has a higher volatility of 4.13% compared to Invesco S&P 500 UCITS ETF GBP Hedged (Acc) (G500.L) at 3.04%. This indicates that FEX.L's price experiences larger fluctuations and is considered to be riskier than G500.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FEX.L | G500.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.13% | 3.04% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 8.32% | 9.37% | -1.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.53% | 12.11% | -0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.63% | 16.00% | -1.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.35% | 15.87% | +0.48% |
FEX.L vs. G500.L - Expense Ratio Comparison
FEX.L has a 0.75% expense ratio, which is higher than G500.L's 0.05% expense ratio.
Dividends
FEX.L vs. G500.L - Dividend Comparison
Neither FEX.L nor G500.L has paid dividends to shareholders.
Frequently Asked Questions
FEX.L and G500.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, G500.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
G500.L is cheaper with a 0.05% expense ratio, compared with 0.75% for FEX.L.
FEX.L is categorized as Large Cap Blend Equities, while G500.L is US Equities. FEX.L tracks Russell 1000 TR USD, while G500.L tracks S&P 500 GBP Daily Hedged Index. They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.75% for FEX.L and 0.05% for G500.L.
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