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HSPX.L vs. IUSA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HSPX.L vs. IUSA.L

Last updated Jun 5, 2026

HSPX.L (HSBC S&P 500 UCITS ETF) 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 10 years, HSPX.L returned 16.09%/yr vs 16.52%/yr for IUSA.L. With a 0.99 correlation, they move nearly in lockstep. HSPX.L charges 0.09%/yr vs 0.07%/yr for IUSA.L.

Performance

HSPX.L vs. IUSA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC S&P 500 UCITS ETF (HSPX.L) and iShares S&P 500 UCITS Dist (IUSA.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with HSPX.L having a 10.50% return and IUSA.L slightly higher at 10.67%. Both investments have delivered pretty close results over the past 10 years, with HSPX.L having a 16.09% annualized return and IUSA.L not far ahead at 16.52%.

HSPX.L

1D
0.01%
1M
5.44%
YTD
10.50%
6M
10.42%
1Y
29.12%
3Y*
19.02%
5Y*
14.91%
10Y*
16.09%

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

HSPX.L vs. IUSA.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HSPX.L
HSBC S&P 500 UCITS ETF		10.50%9.36%27.32%19.94%-9.10%30.95%13.89%26.37%0.09%10.81%
IUSA.L
iShares S&P 500 UCITS Dist		10.67%9.70%27.73%20.24%-8.72%31.54%14.15%27.06%0.51%11.19%

Correlation

The correlation between HSPX.L and IUSA.L is 1.00 - 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

1.00

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (10Y)
Calculated over the trailing 10-year period

0.99

Correlation (All Time)
Calculated using the full available price history since May 18, 2010

0.99

The correlation between HSPX.L and IUSA.L has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

HSPX.L vs. IUSA.L - Sectors Allocation Comparison

Sectors
HSPX.L
IUSA.L

Technology

38.0%
38.2%

Financial Services

11.3%
11.1%

Communication Services

10.8%
10.9%

Consumer Cyclical

9.9%
10.0%

Healthcare

8.4%
8.3%

Industrials

7.8%
7.9%

Consumer Defensive

4.7%
4.7%

Energy

3.4%
3.2%

Utilities

2.2%
2.2%

Real Estate

1.9%
1.9%

Basic Materials

1.7%
1.7%

Technology

HSPX.L
38.0%
IUSA.L
38.2%

Financial Services

HSPX.L
11.3%
IUSA.L
11.1%

Communication Services

HSPX.L
10.8%
IUSA.L
10.9%

Consumer Cyclical

HSPX.L
9.9%
IUSA.L
10.0%

Healthcare

HSPX.L
8.4%
IUSA.L
8.3%

Industrials

HSPX.L
7.8%
IUSA.L
7.9%

Consumer Defensive

HSPX.L
4.7%
IUSA.L
4.7%

Energy

HSPX.L
3.4%
IUSA.L
3.2%

Utilities

HSPX.L
2.2%
IUSA.L
2.2%

Real Estate

HSPX.L
1.9%
IUSA.L
1.9%

Basic Materials

HSPX.L
1.7%
IUSA.L
1.7%

Compare stocks, funds, or ETFs

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HSBC S&P 500 UCITS ETF

iShares S&P 500 UCITS Dist

Often compared with HSPX.L:
HSPX.L vs. HSPD.LHSPX.L vs. VOOHSPX.L vs. SPYHSPX.L vs. VUSA.LHSPX.L vs. I500.LHSPX.L vs. SPX5.LHSPX.L vs. VOOG
Often compared with IUSA.L:
IUSA.L vs. CSP1.LIUSA.L vs. VUAA.LIUSA.L vs. IAPD.ASIUSA.L vs. SPX5.LIUSA.L vs. SPXP.LIUSA.L vs. VOOIUSA.L vs. IVV

Return for Risk

HSPX.L vs. IUSA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HSPX.L
HSPX.L Risk / Return Rank: 8282
Overall Rank
HSPX.L Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
HSPX.L Sortino Ratio Rank: 8282
Sortino Ratio Rank
HSPX.L Omega Ratio Rank: 8585
Omega Ratio Rank
HSPX.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
HSPX.L Martin Ratio Rank: 7878
Martin Ratio Rank
IUSA.L
IUSA.L Risk / Return Rank: 8484
Overall Rank
IUSA.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
IUSA.L Sortino Ratio Rank: 8585
Sortino Ratio Rank
IUSA.L Omega Ratio Rank: 8686
Omega Ratio Rank
IUSA.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
IUSA.L Martin Ratio Rank: 8080
Martin Ratio Rank
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.

HSPX.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 (HSPX.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.

HSPX.LIUSA.LDifference
Sharpe ratioReturn per unit of total volatility
2.72
2.82

-0.10

Sortino ratioReturn per unit of downside risk
3.64
3.78

-0.14

Omega ratioGain probability vs. loss probability

1.51

1.53

-0.02

Calmar ratioReturn relative to maximum drawdown

4.05

4.20

-0.15

Martin ratioReturn relative to average drawdown

14.81

15.53

-0.72

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HSPX.L vs. IUSA.L - Sharpe Ratio Comparison

The current HSPX.L Sharpe Ratio is 2.72, which is comparable to the IUSA.L Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of HSPX.L and IUSA.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.

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Sharpe Ratios by Period

HSPX.LIUSA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.72

2.82

-0.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.05

1.07

-0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.04

1.06

-0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.97

0.58

+0.38

Drawdowns

HSPX.L vs. IUSA.L - Drawdown Comparison

The maximum HSPX.L drawdown since its inception was -25.43%, smaller than the maximum IUSA.L drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for HSPX.L and IUSA.L.

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Drawdown Indicators

HSPX.LIUSA.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.43%

-38.58%

+13.15%

Max Drawdown (1Y)

Largest decline over 1 year

-7.16%

-7.01%

-0.15%

Max Drawdown (3Y)

Largest decline over 3 years

-20.76%

-21.08%

+0.32%

Max Drawdown (5Y)

Largest decline over 5 years

-20.76%

-21.08%

+0.32%

Max Drawdown (10Y)

Largest decline over 10 years

-25.43%

-25.42%

-0.01%

Current Drawdown

Current decline from peak

-0.24%

-0.22%

-0.02%

Average Drawdown

Average peak-to-trough decline

-3.44%

-7.29%

+3.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.96%

1.90%

+0.06%

Volatility

HSPX.L vs. IUSA.L - Volatility Comparison

HSBC S&P 500 UCITS ETF (HSPX.L) and iShares S&P 500 UCITS Dist (IUSA.L) have volatilities of 2.66% 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

HSPX.LIUSA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.66%

2.62%

+0.04%

Volatility (6M)

Calculated over the trailing 6-month period

7.23%

7.13%

+0.10%

Volatility (1Y)

Calculated over the trailing 1-year period

10.65%

10.44%

+0.21%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.22%

14.33%

-0.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.47%

15.60%

-0.13%

HSPX.L vs. IUSA.L - Expense Ratio Comparison

HSPX.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

HSPX.L vs. IUSA.L - Dividend Comparison

HSPX.L's dividend yield for the trailing twelve months is around 0.82%, less than IUSA.L's 1.15% yield.

PositionTTM20252024202320222021202020192018201720162015
HSPX.L
HSBC S&P 500 UCITS ETF		0.82%0.93%0.98%1.19%1.27%0.95%1.41%1.47%1.60%1.54%1.49%1.61%
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 1.00, HSPX.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 HSPX.L.

Both ETFs track S&P 500 Index. They also come from different issuers: HSBC and iShares. Their fees differ too: 0.09% for HSPX.L and 0.07% for IUSA.L.

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