I500.L vs. SPEP.L

Last updated Jun 26, 2026

I500.L (iShares S&P 500 Swap UCITS ETF) and SPEP.L (Invesco S&P 500 Scored & Screened ETF Acc) are both S&P 500 funds - I500.L tracks the S&P 500 Net Dividends Reinvested Index (Net USD) while SPEP.L tracks the S&P 500 ESG Index. Both are passively managed. Over the past 5 years, I500.L returned 14.22%/yr vs 15.11%/yr for SPEP.L. With a 0.98 correlation, they move nearly in lockstep. I500.L charges 0.07%/yr vs 0.09%/yr for SPEP.L.

Performance

I500.L vs. SPEP.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 Invesco S&P 500 Scored & Screened ETF Acc (SPEP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

I500.L is traded in GBP, while SPEP.L is traded in GBp. To make them comparable, the SPEP.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, I500.L achieves a 9.62% return, which is significantly lower than SPEP.L's 10.66% return.

I500.L

• 1D: -0.95%
• 1M: -0.11%
• YTD: 9.62%
• 6M: 9.75%
• 1Y: 26.22%
• 3Y*: 19.31%
• 5Y*: 14.22%
• 10Y*: —

SPEP.L

• 1D: -0.44%
• 1M: 1.51%
• YTD: 10.66%
• 6M: 11.05%
• 1Y: 30.32%
• 3Y*: 19.45%
• 5Y*: 15.11%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
I500.L iShares S&P 500 Swap UCITS ETF	9.62%	9.51%	27.54%	20.08%	-8.74%	31.23%	-15.42%
SPEP.L Invesco S&P 500 Scored & Screened ETF Acc	10.66%	9.94%	26.61%	21.47%	-8.35%	34.02%	5.42%

Correlation

The correlation between I500.L and SPEP.L is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (All Time) Calculated using the full available price history since Sep 24, 2020	0.98

The correlation between I500.L and SPEP.L has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

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

Sectors	I500.L	SPEP.L
Technology	39.0%	38.0%
Financial Services	11.1%	12.3%
Communication Services	10.6%	12.6%
Consumer Cyclical	9.9%	5.0%
Healthcare	8.3%	10.6%
Industrials	7.8%	8.2%
Consumer Defensive	4.5%	5.1%
Energy	3.1%	2.7%
Utilities	2.1%	1.4%
Real Estate	1.8%	2.2%
Basic Materials	1.7%	2.0%

Return for Risk

I500.L vs. SPEP.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: 83
I500.L Sharpe Ratio Rank: 86
I500.L Sortino Ratio Rank: 85
I500.L Omega Ratio Rank: 85
I500.L Calmar Ratio Rank: 81
I500.L Martin Ratio Rank: 79

SPEP.L

SPEP.L Risk / Return Rank: 90
SPEP.L Sharpe Ratio Rank: 92
SPEP.L Sortino Ratio Rank: 92
SPEP.L Omega Ratio Rank: 91
SPEP.L Calmar Ratio Rank: 87
SPEP.L Martin Ratio Rank: 88

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. SPEP.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 Invesco S&P 500 Scored & Screened ETF Acc (SPEP.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.

	I500.L	SPEP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.77	-0.36
Sortino ratio: Return per unit of downside risk	3.28	3.82	-0.54
Omega ratio: Gain probability vs. loss probability	1.44	1.51	-0.07
Calmar ratio: Return relative to maximum drawdown	3.71	4.35	-0.64
Martin ratio: Return relative to average drawdown	13.25	16.79	-3.54

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

The current I500.L Sharpe Ratio is 2.41, which is comparable to the SPEP.L Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of I500.L and SPEP.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

I500.L vs. SPEP.L - Drawdown Comparison

The maximum I500.L drawdown since its inception was -24.54%, which is greater than SPEP.L's maximum drawdown of -21.07%. Use the drawdown chart below to compare losses from any high point for I500.L and SPEP.L.

Drawdown Indicators

	I500.L	SPEP.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-21.07%	-3.47%
Max Drawdown (1Y) Largest decline over 1 year	-7.04%	-6.93%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-20.76%	-21.07%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	-20.76%	-21.07%	+0.31%
Current Drawdown Current decline from peak	-1.48%	-0.95%	-0.53%
Average Drawdown Average peak-to-trough decline	-6.50%	-4.48%	-2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.80%	+0.17%

Volatility

I500.L vs. SPEP.L - Volatility Comparison

iShares S&P 500 Swap UCITS ETF (I500.L) and Invesco S&P 500 Scored & Screened ETF Acc (SPEP.L) have volatilities of 3.50% and 3.56%, 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

	I500.L	SPEP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	3.56%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	7.62%	7.60%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	10.81%	10.91%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.92%	20.10%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.47%	20.79%	+0.68%

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

I500.L has a 0.07% expense ratio, which is lower than SPEP.L's 0.09% 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

I500.L vs. SPEP.L - Dividend Comparison

Neither I500.L nor SPEP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both I500.L and SPEP.L in my portfolio?

With a correlation of 0.96, I500.L and SPEP.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.

Which ETF is better, I500.L or SPEP.L?

On fees, I500.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, I500.L or SPEP.L?

I500.L is cheaper with a 0.07% expense ratio, compared with 0.09% for SPEP.L.

What is the main difference between I500.L and SPEP.L?

I500.L tracks S&P 500 Net Dividends Reinvested Index (Net USD), while SPEP.L tracks S&P 500 ESG Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for I500.L and 0.09% for SPEP.L.