FXGB.L vs. SPXS.L

Last updated Jul 16, 2026

FXGB.L (First Trust FactorFX UCITS ETF Class B GBP) and SPXS.L (Invesco S&P 500 UCITS ETF) are both Global Equities funds - FXGB.L tracks the First Trust FactorFX UCITS ETF Class B GBP while SPXS.L tracks the Invesco S&P 500 UCITS ETF. Both are passively managed. Over the past 5 years, FXGB.L returned 5.06%/yr vs -54.77%/yr for SPXS.L. At a 0.15 correlation, their price movements are largely independent.

Performance

FXGB.L vs. SPXS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in First Trust FactorFX UCITS ETF Class B GBP (FXGB.L) and Invesco S&P 500 UCITS ETF (SPXS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FXGB.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, FXGB.L achieves a 6.36% return, which is significantly lower than SPXS.L's 9.88% return.

FXGB.L

• 1D: 1.17%
• 1M: 1.83%
• 6M: 6.32%
• YTD: 6.36%
• 1Y: 11.05%
• 3Y*: 6.35%
• 5Y*: 5.06%
• 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%

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

FXGB.L vs. SPXS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXGB.L First Trust FactorFX UCITS ETF Class B GBP	6.36%	7.73%	5.81%	10.67%	-1.83%	-2.87%	-1.20%	2.63%	-1.11%	0.76%
SPXS.L Invesco S&P 500 UCITS ETF	9.88%	-98.91%	27.76%	20.65%	-8.84%	30.87%	14.43%	25.88%	0.43%	2.13%

Correlation

The correlation between FXGB.L and SPXS.L is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Nov 29, 2017	0.15

The correlation between FXGB.L and SPXS.L shifts across timeframes, from -0.04 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FXGB.L vs. SPXS.L — Risk / Return Rank

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

FXGB.L

FXGB.L Risk / Return Rank: 42
FXGB.L Sharpe Ratio Rank: 33
FXGB.L Sortino Ratio Rank: 32
FXGB.L Omega Ratio Rank: 32
FXGB.L Calmar Ratio Rank: 63
FXGB.L Martin Ratio Rank: 52

SPXS.L

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

FXGB.L vs. SPXS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust FactorFX UCITS ETF Class B GBP (FXGB.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.

	FXGB.L	SPXS.L	Difference
Sharpe ratio: Return per unit of total volatility	0.99	-0.99	+1.98
Sortino ratio: Return per unit of downside risk	1.46	-0.78	+2.24
Omega ratio: Gain probability vs. loss probability	1.18	0.52	+0.66
Calmar ratio: Return relative to maximum drawdown	2.54	-1.00	+3.54
Martin ratio: Return relative to average drawdown	7.10	-1.23	+8.33

FXGB.L vs. SPXS.L - Sharpe Ratio Comparison

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

FXGB.L vs. SPXS.L - Drawdown Comparison

The maximum FXGB.L drawdown since its inception was -9.43%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for FXGB.L and SPXS.L.

Drawdown Indicators

	FXGB.L	SPXS.L	Difference
Max Drawdown Largest peak-to-trough decline	-9.43%	-99.07%	+89.64%
Max Drawdown (1Y) Largest decline over 1 year	-4.33%	-99.07%	+94.74%
Max Drawdown (3Y) Largest decline over 3 years	-6.86%	-99.07%	+92.21%
Max Drawdown (5Y) Largest decline over 5 years	-7.83%	-99.07%	+91.24%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.07%	—
Current Drawdown Current decline from peak	-0.01%	-98.92%	+98.91%
Average Drawdown Average peak-to-trough decline	-2.72%	-7.34%	+4.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	80.59%	-79.04%

Volatility

FXGB.L vs. SPXS.L - Volatility Comparison

First Trust FactorFX UCITS ETF Class B GBP (FXGB.L) and Invesco S&P 500 UCITS ETF (SPXS.L) have volatilities of 2.78% and 2.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXGB.L	SPXS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	2.88%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	8.42%	9.25%	-0.83%
Volatility (1Y) Calculated over the trailing 1-year period	11.11%	99.46%	-88.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.87%	46.95%	-39.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.76%	35.32%	-28.56%

Dividends

FXGB.L vs. SPXS.L - Dividend Comparison

Neither FXGB.L nor SPXS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FXGB.L and SPXS.L in my portfolio?

FXGB.L and SPXS.L have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between FXGB.L and SPXS.L?

FXGB.L tracks First Trust FactorFX UCITS ETF Class B GBP, while SPXS.L tracks Invesco S&P 500 UCITS ETF. They also come from different issuers: First Trust and Invesco.