FLPE.L vs. SPXS.L
FLPE.L (Northern Trust Listed Private Equity UCITS ETF) and SPXS.L (Invesco S&P 500 UCITS ETF) are both Global Equities funds - FLPE.L tracks the Northern Trust Listed Private Equity UCITS ETF while SPXS.L tracks the Invesco S&P 500 UCITS ETF. Both are passively managed. Over the past 3 years, FLPE.L returned 10.46%/yr vs -74.39%/yr for SPXS.L. A 0.66 correlation means they provide meaningful diversification when combined. FLPE.L charges 0.40%/yr vs 0.05%/yr for SPXS.L.
Performance
FLPE.L vs. SPXS.L - Performance Comparison
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Different Trading Currencies
FLPE.L is traded in GBP, while SPXS.L is traded in USD. To make them comparable, the SPXS.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, FLPE.L achieves a -13.96% return, which is significantly lower than SPXS.L's 9.88% return.
FLPE.L
- 1D
- -1.43%
- 1M
- -0.02%
- 6M
- -14.85%
- YTD
- -13.96%
- 1Y
- -15.94%
- 3Y*
- 10.46%
- 5Y*
- —
- 10Y*
- —
SPXS.L
- 1D
- 0.00%
- 1M
- -0.81%
- 6M
- 9.42%
- YTD
- 9.88%
- 1Y
- -98.79%
- 3Y*
- -74.39%
- 5Y*
- -54.77%
- 10Y*
- -27.53%
FLPE.L vs. SPXS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLPE.L Northern Trust Listed Private Equity UCITS ETF | -13.96% | -1.74% | 31.38% | 35.15% | -37.39% |
SPXS.L Invesco S&P 500 UCITS ETF | 9.88% | -98.91% | 27.76% | 20.65% | -1.31% |
Correlation
The correlation between FLPE.L and SPXS.L is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2022 | 0.66 |
The correlation between FLPE.L and SPXS.L has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.
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Return for Risk
FLPE.L vs. SPXS.L — Risk / Return Rank
FLPE.L
SPXS.L
FLPE.L vs. SPXS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Trust Listed Private Equity UCITS ETF (FLPE.L) and Invesco S&P 500 UCITS ETF (SPXS.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.
| FLPE.L | SPXS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.52 | +0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | -1.00 | +0.43 |
| Martin ratioReturn relative to average drawdown | -1.06 | -1.23 | +0.17 |
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Drawdowns
FLPE.L vs. SPXS.L - Drawdown Comparison
The maximum FLPE.L drawdown since its inception was -43.46%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for FLPE.L and SPXS.L.
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Drawdown Indicators
| FLPE.L | SPXS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.46% | -99.07% | +55.61% |
Max Drawdown (1Y)Largest decline over 1 year | -28.35% | -99.07% | +70.72% |
Max Drawdown (3Y)Largest decline over 3 years | -30.16% | -99.07% | +68.91% |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.07% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.07% | — |
Current DrawdownCurrent decline from peak | -21.58% | -98.92% | +77.34% |
Average DrawdownAverage peak-to-trough decline | -20.81% | -7.34% | -13.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.26% | 80.59% | -65.33% |
Volatility
FLPE.L vs. SPXS.L - Volatility Comparison
Northern Trust Listed Private Equity UCITS ETF (FLPE.L) has a higher volatility of 6.26% compared to Invesco S&P 500 UCITS ETF (SPXS.L) at 2.88%. This indicates that FLPE.L's price experiences larger fluctuations and is considered to be riskier than SPXS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLPE.L | SPXS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.26% | 2.88% | +3.38% |
Volatility (6M)Calculated over the trailing 6-month period | 17.73% | 9.25% | +8.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.61% | 99.46% | -77.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.11% | 46.95% | -20.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.11% | 35.32% | -9.21% |
FLPE.L vs. SPXS.L - Expense Ratio Comparison
FLPE.L has a 0.40% expense ratio, which is higher than SPXS.L's 0.05% expense ratio.
Dividends
FLPE.L vs. SPXS.L - Dividend Comparison
Neither FLPE.L nor SPXS.L has paid dividends to shareholders.
Frequently Asked Questions
FLPE.L and SPXS.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXS.L is cheaper with a 0.05% expense ratio, compared with 0.40% for FLPE.L.
FLPE.L tracks Northern Trust Listed Private Equity UCITS ETF, while SPXS.L tracks Invesco S&P 500 UCITS ETF. They also come from different issuers: Northern Trust and Invesco. Their fees differ too: 0.40% for FLPE.L and 0.05% for SPXS.L.
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