HSPS.L vs. IUSA.L
HSPS.L (HSBC S&P 500 UCITS ETF USD (Acc)) and IUSA.L (iShares S&P 500 UCITS Dist) are both S&P 500 funds tracking the S&P 500 Index, from HSBC and iShares respectively. Both are passively managed. Over the past 3 years, HSPS.L returned 19.01%/yr vs 19.42%/yr for IUSA.L. With a 0.99 correlation, they move nearly in lockstep. HSPS.L charges 0.09%/yr vs 0.07%/yr for IUSA.L.
Performance
HSPS.L vs. IUSA.L - Performance Comparison
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Different Trading Currencies
HSPS.L is traded in GBP, while IUSA.L is traded in GBp. To make them comparable, the IUSA.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with HSPS.L having a 10.51% return and IUSA.L slightly higher at 10.67%.
HSPS.L
- 1D
- -0.04%
- 1M
- 5.46%
- YTD
- 10.51%
- 6M
- 10.41%
- 1Y
- 29.09%
- 3Y*
- 19.01%
- 5Y*
- —
- 10Y*
- —
IUSA.L
- 1D
- 0.04%
- 1M
- 5.55%
- YTD
- 10.67%
- 6M
- 10.66%
- 1Y
- 29.55%
- 3Y*
- 19.42%
- 5Y*
- 15.33%
- 10Y*
- 16.52%
HSPS.L vs. IUSA.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HSPS.L HSBC S&P 500 UCITS ETF USD (Acc) | 10.51% | 9.33% | 27.36% | 19.90% | 4.27% |
IUSA.L iShares S&P 500 UCITS Dist | 10.67% | 9.70% | 27.73% | 20.24% | 4.16% |
Correlation
The correlation between HSPS.L and IUSA.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2022 | 0.99 |
The correlation between HSPS.L and IUSA.L has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
HSPS.L vs. IUSA.L — Risk / Return Rank
HSPS.L
IUSA.L
HSPS.L vs. IUSA.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC S&P 500 UCITS ETF USD (Acc) (HSPS.L) and iShares S&P 500 UCITS Dist (IUSA.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.
| HSPS.L | IUSA.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.53 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.93 | 4.20 | -0.27 |
| Martin ratioReturn relative to average drawdown | 14.12 | 15.53 | -1.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HSPS.L | IUSA.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.76 | 2.82 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.07 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.06 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.31 | 0.58 | +0.73 |
Drawdowns
HSPS.L vs. IUSA.L - Drawdown Comparison
The maximum HSPS.L drawdown since its inception was -20.94%, smaller than the maximum IUSA.L drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for HSPS.L and IUSA.L.
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Drawdown Indicators
| HSPS.L | IUSA.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.94% | -38.58% | +17.64% |
Max Drawdown (1Y)Largest decline over 1 year | -7.37% | -7.01% | -0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -20.94% | -21.08% | +0.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -21.08% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -25.42% | — |
Current DrawdownCurrent decline from peak | -0.23% | -0.22% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -3.49% | -7.29% | +3.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 1.90% | +0.15% |
Volatility
HSPS.L vs. IUSA.L - Volatility Comparison
HSBC S&P 500 UCITS ETF USD (Acc) (HSPS.L) and iShares S&P 500 UCITS Dist (IUSA.L) have volatilities of 2.63% and 2.62%, 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.
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Volatility by Period
| HSPS.L | IUSA.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 2.62% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 7.14% | 7.13% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.50% | 10.44% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.73% | 14.33% | -0.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.73% | 15.60% | -1.87% |
HSPS.L vs. IUSA.L - Expense Ratio Comparison
HSPS.L has a 0.09% expense ratio, which is higher than IUSA.L's 0.07% 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
HSPS.L vs. IUSA.L - Dividend Comparison
HSPS.L has not paid dividends to shareholders, while IUSA.L's dividend yield for the trailing twelve months is around 1.15%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HSPS.L HSBC S&P 500 UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IUSA.L iShares S&P 500 UCITS Dist | 1.15% | 1.24% | 1.28% | 1.55% | 1.74% | 1.39% | 1.80% | 1.96% | 2.22% | 1.95% | 1.75% | 2.29% |
Frequently Asked Questions
With a correlation of 0.99, HSPS.L and IUSA.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, IUSA.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IUSA.L is cheaper with a 0.07% expense ratio, compared with 0.09% for HSPS.L.
Both ETFs track S&P 500 Index. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.09% for HSPS.L and 0.07% for IUSA.L.
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