I500.L vs. XEWG.L

Last updated Jul 16, 2026

I500.L (iShares S&P 500 Swap UCITS ETF) and XEWG.L (Xtrackers S&P 500 Equal Weight UCITS ETF 1D GBP Hedged) are both S&P 500 funds - I500.L tracks the S&P 500 Net Dividends Reinvested Index (Net USD) while XEWG.L tracks the S&P 500 Equal Weight (GBP Hedged) Index. Both are passively managed. Over the past 3 years, I500.L returned 19.12%/yr vs 12.87%/yr for XEWG.L. A 0.63 correlation means they provide meaningful diversification when combined. I500.L charges 0.07%/yr vs 0.30%/yr for XEWG.L.

Performance

I500.L vs. XEWG.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 Xtrackers S&P 500 Equal Weight UCITS ETF 1D GBP Hedged (XEWG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, I500.L achieves a 10.09% return, which is significantly lower than XEWG.L's 11.11% return.

I500.L

• 1D: -0.64%
• 1M: -0.32%
• 6M: 9.58%
• YTD: 10.09%
• 1Y: 21.03%
• 3Y*: 19.12%
• 5Y*: 13.74%
• 10Y*: —

XEWG.L

• 1D: -0.19%
• 1M: 0.39%
• 6M: 8.22%
• YTD: 11.11%
• 1Y: 17.71%
• 3Y*: 12.87%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
I500.L iShares S&P 500 Swap UCITS ETF	10.09%	9.51%	27.54%	20.08%	-8.74%	4.29%
XEWG.L Xtrackers S&P 500 Equal Weight UCITS ETF 1D GBP Hedged	11.11%	11.06%	11.66%	11.87%	-14.09%	1.47%

Correlation

The correlation between I500.L and XEWG.L is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021	0.63

The correlation between I500.L and XEWG.L shifts across timeframes, from 0.50 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

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

Sectors	I500.L	XEWG.L
Technology	39.0%	20.9%
Financial Services	11.1%	13.9%
Communication Services	10.6%	3.9%
Consumer Cyclical	9.9%	10.0%
Healthcare	8.3%	11.1%
Industrials	7.8%	14.2%
Consumer Defensive	4.5%	6.4%
Energy	3.1%	4.0%
Utilities	2.1%	5.7%
Real Estate	1.8%	6.1%
Basic Materials	1.7%	3.9%

Return for Risk

I500.L vs. XEWG.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: 74
I500.L Sharpe Ratio Rank: 75
I500.L Sortino Ratio Rank: 74
I500.L Omega Ratio Rank: 75
I500.L Calmar Ratio Rank: 73
I500.L Martin Ratio Rank: 72

XEWG.L

XEWG.L Risk / Return Rank: 63
XEWG.L Sharpe Ratio Rank: 61
XEWG.L Sortino Ratio Rank: 68
XEWG.L Omega Ratio Rank: 60
XEWG.L Calmar Ratio Rank: 64
XEWG.L Martin Ratio Rank: 63

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. XEWG.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 Xtrackers S&P 500 Equal Weight UCITS ETF 1D GBP Hedged (XEWG.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	XEWG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.66	+0.26
Sortino ratio: Return per unit of downside risk	2.65	2.53	+0.13
Omega ratio: Gain probability vs. loss probability	1.35	1.30	+0.05
Calmar ratio: Return relative to maximum drawdown	2.98	2.60	+0.38
Martin ratio: Return relative to average drawdown	10.57	9.11	+1.45

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

The current I500.L Sharpe Ratio is 1.92, which is comparable to the XEWG.L Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of I500.L and XEWG.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. XEWG.L - Drawdown Comparison

The maximum I500.L drawdown since its inception was -24.54%, which is greater than XEWG.L's maximum drawdown of -22.63%. Use the drawdown chart below to compare losses from any high point for I500.L and XEWG.L.

Drawdown Indicators

	I500.L	XEWG.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-22.63%	-1.91%
Max Drawdown (1Y) Largest decline over 1 year	-7.04%	-6.80%	-0.24%
Max Drawdown (3Y) Largest decline over 3 years	-20.76%	-18.48%	-2.28%
Max Drawdown (5Y) Largest decline over 5 years	-20.76%	—	—
Current Drawdown Current decline from peak	-1.05%	-0.77%	-0.28%
Average Drawdown Average peak-to-trough decline	-6.45%	-6.73%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.94%	+0.05%

Volatility

I500.L vs. XEWG.L - Volatility Comparison

iShares S&P 500 Swap UCITS ETF (I500.L) and Xtrackers S&P 500 Equal Weight UCITS ETF 1D GBP Hedged (XEWG.L) have volatilities of 2.91% and 2.87%, 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	XEWG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	2.87%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	7.74%	7.78%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	10.89%	10.64%	+0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.93%	16.41%	+3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.38%	16.41%	+4.97%

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

I500.L has a 0.07% expense ratio, which is lower than XEWG.L's 0.30% expense ratio.

Dividends

I500.L vs. XEWG.L - Dividend Comparison

I500.L has not paid dividends to shareholders, while XEWG.L's dividend yield for the trailing twelve months is around 1.16%.

Position	TTM	2025	2024	2023	2022
I500.L iShares S&P 500 Swap UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%
XEWG.L Xtrackers S&P 500 Equal Weight UCITS ETF 1D GBP Hedged	1.16%	1.25%	1.50%	1.24%	1.20%

Frequently Asked Questions

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

I500.L and XEWG.L have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

I500.L is cheaper with a 0.07% expense ratio, compared with 0.30% for XEWG.L.

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

I500.L tracks S&P 500 Net Dividends Reinvested Index (Net USD), while XEWG.L tracks S&P 500 Equal Weight (GBP Hedged) Index. They also come from different issuers: iShares and Xtrackers. Their fees differ too: 0.07% for I500.L and 0.30% for XEWG.L.