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I500.L vs. IUSA.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

I500.L vs. IUSA.L

Last updated Jun 5, 2026

I500.L (iShares S&P 500 Swap UCITS ETF) and IUSA.L (iShares S&P 500 UCITS Dist) are both S&P 500 funds from iShares - I500.L tracks the S&P 500 Net Dividends Reinvested Index (Net USD) while IUSA.L tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, I500.L returned 15.15%/yr vs 15.33%/yr for IUSA.L. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.07% expense ratio.

Performance

I500.L vs. IUSA.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares S&P 500 Swap UCITS ETF (I500.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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Different Trading Currencies

I500.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 I500.L having a 10.61% return and IUSA.L slightly higher at 10.67%.

I500.L

1D
0.05%
1M
5.52%
YTD
10.61%
6M
10.52%
1Y
29.34%
3Y*
19.22%
5Y*
15.15%
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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

I500.L vs. IUSA.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
I500.L
iShares S&P 500 Swap UCITS ETF		10.61%9.56%27.57%20.04%-8.74%31.23%5.72%
IUSA.L
iShares S&P 500 UCITS Dist		10.67%9.70%27.73%20.24%-8.72%31.54%5.75%

Correlation

The correlation between I500.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 (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (All Time)
Calculated using the full available price history since Sep 30, 2020

0.99

The correlation between I500.L and IUSA.L has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

I500.L vs. IUSA.L - Sectors Allocation Comparison

Sectors
I500.L
IUSA.L

Technology

35.6%
38.2%

Financial Services

11.8%
11.1%

Communication Services

11.2%
10.9%

Consumer Cyclical

10.1%
10.0%

Healthcare

8.5%
8.3%

Industrials

8.3%
7.9%

Consumer Defensive

4.9%
4.7%

Energy

3.5%
3.2%

Utilities

2.4%
2.2%

Real Estate

1.9%
1.9%

Basic Materials

1.8%
1.7%

Technology

I500.L
35.6%
IUSA.L
38.2%

Financial Services

I500.L
11.8%
IUSA.L
11.1%

Communication Services

I500.L
11.2%
IUSA.L
10.9%

Consumer Cyclical

I500.L
10.1%
IUSA.L
10.0%

Healthcare

I500.L
8.5%
IUSA.L
8.3%

Industrials

I500.L
8.3%
IUSA.L
7.9%

Consumer Defensive

I500.L
4.9%
IUSA.L
4.7%

Energy

I500.L
3.5%
IUSA.L
3.2%

Utilities

I500.L
2.4%
IUSA.L
2.2%

Real Estate

I500.L
1.9%
IUSA.L
1.9%

Basic Materials

I500.L
1.8%
IUSA.L
1.7%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P 500 Swap UCITS ETF

iShares S&P 500 UCITS Dist

Often compared with I500.L:
I500.L vs. CSPX.LI500.L vs. CSP1.LI500.L vs. VUAG.LI500.L vs. VUAA.LI500.L vs. HSPX.LI500.L vs. VOOI500.L vs. NASL.L
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

I500.L vs. IUSA.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
I500.L
I500.L Risk / Return Rank: 8383
Overall Rank
I500.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
I500.L Sortino Ratio Rank: 8585
Sortino Ratio Rank
I500.L Omega Ratio Rank: 8686
Omega Ratio Rank
I500.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
I500.L Martin Ratio Rank: 7979
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.

I500.L vs. IUSA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Swap UCITS ETF (I500.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.

I500.LIUSA.LDifference
Sharpe ratioReturn per unit of total volatility
2.81
2.82

-0.01

Sortino ratioReturn per unit of downside risk
3.77
3.78

-0.01

Omega ratioGain probability vs. loss probability

1.52

1.53

0.00

Calmar ratioReturn relative to maximum drawdown

4.13

4.20

-0.07

Martin ratioReturn relative to average drawdown

15.23

15.53

-0.30

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

I500.L vs. IUSA.L - Sharpe Ratio Comparison

The current I500.L Sharpe Ratio is 2.81, which is comparable to the IUSA.L Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of I500.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

I500.LIUSA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.81

2.82

-0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.07

1.07

0.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

1.06

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.13

0.58

+0.55

Drawdowns

I500.L vs. IUSA.L - Drawdown Comparison

The maximum I500.L drawdown since its inception was -20.75%, smaller than the maximum IUSA.L drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for I500.L and IUSA.L.

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Drawdown Indicators

I500.LIUSA.LDifference

Max Drawdown

Largest peak-to-trough decline

-20.75%

-38.58%

+17.83%

Max Drawdown (1Y)

Largest decline over 1 year

-7.08%

-7.01%

-0.07%

Max Drawdown (3Y)

Largest decline over 3 years

-20.75%

-21.08%

+0.33%

Max Drawdown (5Y)

Largest decline over 5 years

-20.75%

-21.08%

+0.33%

Max Drawdown (10Y)

Largest decline over 10 years

—

-25.42%

—

Current Drawdown

Current decline from peak

-0.23%

-0.22%

-0.01%

Average Drawdown

Average peak-to-trough decline

-3.35%

-7.29%

+3.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.92%

1.90%

+0.02%

Volatility

I500.L vs. IUSA.L - Volatility Comparison

iShares S&P 500 Swap UCITS ETF (I500.L) and iShares S&P 500 UCITS Dist (IUSA.L) have volatilities of 2.59% 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

I500.LIUSA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.59%

2.62%

-0.03%

Volatility (6M)

Calculated over the trailing 6-month period

7.12%

7.13%

-0.01%

Volatility (1Y)

Calculated over the trailing 1-year period

10.40%

10.44%

-0.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.21%

14.33%

-0.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.30%

15.60%

-1.30%

I500.L vs. IUSA.L - Expense Ratio Comparison

Both I500.L and IUSA.L have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

I500.L vs. IUSA.L - Dividend Comparison

I500.L has not paid dividends to shareholders, while IUSA.L's dividend yield for the trailing twelve months is around 1.15%.

PositionTTM20252024202320222021202020192018201720162015
I500.L
iShares S&P 500 Swap UCITS ETF		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, I500.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.

Both ETFs have the same 0.07% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

I500.L and IUSA.L have the same expense ratio: 0.07% per year.

I500.L tracks S&P 500 Net Dividends Reinvested Index (Net USD), while IUSA.L tracks S&P 500 Index.

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