I500.L vs. SPYL.L

Last updated Jun 5, 2026

I500.L (iShares S&P 500 Swap UCITS ETF) and SPYL.L (SPDR S&P 500 UCITS ETF USD Acc) are both S&P 500 funds - I500.L tracks the S&P 500 Net Dividends Reinvested Index (Net USD) while SPYL.L tracks the S&P 500. Both are passively managed. Over the past year, I500.L returned 29.34% vs 29.05% for SPYL.L. Their correlation of 0.92 suggests significant overlap in exposure. I500.L charges 0.07%/yr vs 0.03%/yr for SPYL.L.

Performance

I500.L vs. SPYL.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 SPDR S&P 500 UCITS ETF USD Acc (SPYL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

I500.L is traded in GBP, while SPYL.L is traded in USD. To make them comparable, the SPYL.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 SPYL.L slightly higher at 10.73%.

I500.L

• 1D: 0.05%
• 1M: 5.52%
• YTD: 10.61%
• 6M: 10.52%
• 1Y: 29.34%
• 3Y*: 19.22%
• 5Y*: 15.15%
• 10Y*: —

SPYL.L

• 1D: 0.00%
• 1M: 5.43%
• YTD: 10.73%
• 6M: 10.28%
• 1Y: 29.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
I500.L iShares S&P 500 Swap UCITS ETF	10.61%	9.56%	27.57%	9.58%
SPYL.L SPDR S&P 500 UCITS ETF USD Acc	10.80%	9.03%	27.52%	9.22%

Correlation

The correlation between I500.L and SPYL.L is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	0.92

The correlation between I500.L and SPYL.L has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

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

Sectors	I500.L	SPYL.L
Technology	35.6%	35.6%
Financial Services	11.8%	11.8%
Communication Services	11.2%	11.2%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.5%	8.5%
Industrials	8.3%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.4%	2.3%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

I500.L vs. SPYL.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: 86
I500.L Calmar Ratio Rank: 80
I500.L Martin Ratio Rank: 79

SPYL.L

SPYL.L Risk / Return Rank: 74
SPYL.L Sharpe Ratio Rank: 74
SPYL.L Sortino Ratio Rank: 79
SPYL.L Omega Ratio Rank: 73
SPYL.L Calmar Ratio Rank: 68
SPYL.L Martin Ratio Rank: 77

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. SPYL.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 SPDR S&P 500 UCITS ETF USD Acc (SPYL.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.L	SPYL.L	Difference
Sharpe ratio: Return per unit of total volatility	2.81	2.42	+0.39
Sortino ratio: Return per unit of downside risk	3.77	3.30	+0.47
Omega ratio: Gain probability vs. loss probability	1.52	1.45	+0.08
Calmar ratio: Return relative to maximum drawdown	4.13	3.96	+0.17
Martin ratio: Return relative to average drawdown	15.23	13.51	+1.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current I500.L Sharpe Ratio is 2.81, which is comparable to the SPYL.L Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of I500.L and SPYL.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.

Sharpe Ratios by Period

	I500.L	SPYL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.81	2.42	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	1.55	-0.41

Drawdowns

I500.L vs. SPYL.L - Drawdown Comparison

The maximum I500.L drawdown since its inception was -20.75%, roughly equal to the maximum SPYL.L drawdown of -21.16%. Use the drawdown chart below to compare losses from any high point for I500.L and SPYL.L.

Drawdown Indicators

	I500.L	SPYL.L	Difference
Max Drawdown Largest peak-to-trough decline	-20.75%	-21.16%	+0.41%
Max Drawdown (1Y) Largest decline over 1 year	-7.08%	-7.21%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	-20.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.75%	—	—
Current Drawdown Current decline from peak	-0.23%	-0.28%	+0.05%
Average Drawdown Average peak-to-trough decline	-3.35%	-2.95%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	2.13%	-0.21%

Volatility

I500.L vs. SPYL.L - Volatility Comparison

The current volatility for iShares S&P 500 Swap UCITS ETF (I500.L) is 2.59%, while SPDR S&P 500 UCITS ETF USD Acc (SPYL.L) has a volatility of 3.48%. This indicates that I500.L experiences smaller price fluctuations and is considered to be less risky than SPYL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	I500.L	SPYL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	3.48%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	8.60%	-1.48%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	11.82%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.21%	14.13%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.30%	14.13%	+0.17%

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

I500.L has a 0.07% expense ratio, which is higher than SPYL.L's 0.03% 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

I500.L vs. SPYL.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.91, I500.L and SPYL.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 SPYL.L?

On fees, SPYL.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

SPYL.L is cheaper with a 0.03% expense ratio, compared with 0.07% for I500.L.

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

I500.L tracks S&P 500 Net Dividends Reinvested Index (Net USD), while SPYL.L tracks S&P 500. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for I500.L and 0.03% for SPYL.L.