GLT5.L vs. SPEX.L

Last updated Jun 14, 2026

GLT5.L (Invesco UK Gilt 1-5 Year UCITS ETF Dist) and SPEX.L (Invesco S&P 500 Equal Weight UCITS ETF Acc) are both exchange-traded funds - GLT5.L is a European Government Bonds fund tracking the FTSE Act UK Cnvt Gilts All Stocks TR GBP, while SPEX.L is a S&P 500 fund tracking the S&P 500 Equal Weight Index. Both are passively managed. Over the past 5 years, GLT5.L returned 0.95%/yr vs 9.48%/yr for SPEX.L. At a 0.05 correlation, their price movements are largely independent. GLT5.L charges 0.06%/yr vs 0.20%/yr for SPEX.L.

Performance

GLT5.L vs. SPEX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco UK Gilt 1-5 Year UCITS ETF Dist (GLT5.L) and Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLT5.L achieves a 0.50% return, which is significantly lower than SPEX.L's 10.36% return.

GLT5.L

• 1D: 0.20%
• 1M: 0.78%
• YTD: 0.50%
• 6M: 0.86%
• 1Y: 2.92%
• 3Y*: 4.55%
• 5Y*: 0.95%
• 10Y*: —

SPEX.L

• 1D: 1.36%
• 1M: 4.17%
• YTD: 10.36%
• 6M: 9.63%
• 1Y: 21.84%
• 3Y*: 12.03%
• 5Y*: 9.48%
• 10Y*: —

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

GLT5.L vs. SPEX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GLT5.L Invesco UK Gilt 1-5 Year UCITS ETF Dist	0.50%	5.31%	2.14%	3.86%	-5.44%	-1.08%
SPEX.L Invesco S&P 500 Equal Weight UCITS ETF Acc	10.36%	3.90%	14.09%	7.64%	-1.17%	8,302.22%

Correlation

The correlation between GLT5.L and SPEX.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since Apr 6, 2021	0.05

The correlation between GLT5.L and SPEX.L shifts across timeframes, from 0.05 (5 years) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GLT5.L vs. SPEX.L — Risk / Return Rank

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

GLT5.L

GLT5.L Risk / Return Rank: 30
GLT5.L Sharpe Ratio Rank: 30
GLT5.L Sortino Ratio Rank: 29
GLT5.L Omega Ratio Rank: 33
GLT5.L Calmar Ratio Rank: 29
GLT5.L Martin Ratio Rank: 31

SPEX.L

SPEX.L Risk / Return Rank: 78
SPEX.L Sharpe Ratio Rank: 79
SPEX.L Sortino Ratio Rank: 78
SPEX.L Omega Ratio Rank: 77
SPEX.L Calmar Ratio Rank: 80
SPEX.L Martin Ratio Rank: 73

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.

GLT5.L vs. SPEX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco UK Gilt 1-5 Year UCITS ETF Dist (GLT5.L) and Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.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.

	GLT5.L	SPEX.L	Difference
Sharpe ratio: Return per unit of total volatility	0.95	2.21	-1.26
Sortino ratio: Return per unit of downside risk	1.41	3.07	-1.65
Omega ratio: Gain probability vs. loss probability	1.20	1.40	-0.20
Calmar ratio: Return relative to maximum drawdown	1.30	3.73	-2.43
Martin ratio: Return relative to average drawdown	4.08	12.14	-8.06

GLT5.L vs. SPEX.L - Sharpe Ratio Comparison

The current GLT5.L Sharpe Ratio is 0.95, which is lower than the SPEX.L Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of GLT5.L and SPEX.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

GLT5.L vs. SPEX.L - Drawdown Comparison

The maximum GLT5.L drawdown since its inception was -10.98%, smaller than the maximum SPEX.L drawdown of -20.03%. Use the drawdown chart below to compare losses from any high point for GLT5.L and SPEX.L.

Drawdown Indicators

	GLT5.L	SPEX.L	Difference
Max Drawdown Largest peak-to-trough decline	-10.98%	-20.03%	+9.05%
Max Drawdown (1Y) Largest decline over 1 year	-2.20%	-5.73%	+3.53%
Max Drawdown (3Y) Largest decline over 3 years	-2.20%	-20.03%	+17.83%
Max Drawdown (5Y) Largest decline over 5 years	-10.32%	-20.03%	+9.71%
Current Drawdown Current decline from peak	-0.62%	0.00%	-0.62%
Average Drawdown Average peak-to-trough decline	-2.48%	-5.59%	+3.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	1.77%	-1.07%

Volatility

GLT5.L vs. SPEX.L - Volatility Comparison

The current volatility for Invesco UK Gilt 1-5 Year UCITS ETF Dist (GLT5.L) is 1.82%, while Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L) has a volatility of 2.40%. This indicates that GLT5.L experiences smaller price fluctuations and is considered to be less risky than SPEX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLT5.L	SPEX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	2.40%	-0.58%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	6.74%	-4.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	9.70%	-6.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.24%	19.59%	-16.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.81%	2,846.16%	-2,843.35%

GLT5.L vs. SPEX.L - Expense Ratio Comparison

GLT5.L has a 0.06% expense ratio, which is lower than SPEX.L's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GLT5.L vs. SPEX.L - Dividend Comparison

GLT5.L's dividend yield for the trailing twelve months is around 4.13%, while SPEX.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GLT5.L Invesco UK Gilt 1-5 Year UCITS ETF Dist	4.13%	4.12%	4.43%	3.76%	1.01%	0.19%	0.33%	0.44%
SPEX.L Invesco S&P 500 Equal Weight UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLT5.L and SPEX.L in my portfolio?

GLT5.L and SPEX.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLT5.L or SPEX.L?

On fees, GLT5.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLT5.L or SPEX.L?

GLT5.L is cheaper with a 0.06% expense ratio, compared with 0.20% for SPEX.L.

What is the main difference between GLT5.L and SPEX.L?

GLT5.L is categorized as European Government Bonds, while SPEX.L is S&P 500. GLT5.L tracks FTSE Act UK Cnvt Gilts All Stocks TR GBP, while SPEX.L tracks S&P 500 Equal Weight Index. Their fees differ too: 0.06% for GLT5.L and 0.20% for SPEX.L.