ICLU.L vs. SPXP.L
ICLU.L (Invesco USD AAA CLO UCITS ETF Acc) and SPXP.L (Invesco S&P 500 UCITS ETF) are both exchange-traded funds - ICLU.L is a CLO fund actively managed by Invesco, while SPXP.L is a S&P 500 fund tracking the S&P 500 Index. ICLU.L is actively managed, while SPXP.L is passively managed. Over the past year, ICLU.L returned 5.34% vs 29.08% for SPXP.L. At a 0.02 correlation, their price movements are largely independent. ICLU.L charges 0.25%/yr vs 0.05%/yr for SPXP.L.
Performance
ICLU.L vs. SPXP.L - Performance Comparison
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Different Trading Currencies
ICLU.L is traded in USD, while SPXP.L is traded in GBp. To make them comparable, the SPXP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ICLU.L achieves a 2.17% return, which is significantly lower than SPXP.L's 10.87% return.
ICLU.L
- 1D
- 0.00%
- 1M
- 0.47%
- YTD
- 2.17%
- 6M
- 2.52%
- 1Y
- 5.34%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXP.L
- 1D
- 0.00%
- 1M
- 5.36%
- YTD
- 10.87%
- 6M
- 11.77%
- 1Y
- 29.08%
- 3Y*
- 22.76%
- 5Y*
- 14.06%
- 10Y*
- 15.55%
ICLU.L vs. SPXP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICLU.L Invesco USD AAA CLO UCITS ETF Acc | 2.17% | 4.23% |
SPXP.L Invesco S&P 500 UCITS ETF | 10.29% | 15.06% |
Correlation
The correlation between ICLU.L and SPXP.L is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025 | 0.02 |
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Return for Risk
ICLU.L vs. SPXP.L — Risk / Return Rank
ICLU.L
SPXP.L
ICLU.L vs. SPXP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco USD AAA CLO UCITS ETF Acc (ICLU.L) and Invesco S&P 500 UCITS ETF (SPXP.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.
| ICLU.L | SPXP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.59 | ||
| Sortino ratioReturn per unit of downside risk | +2.55 | ||
| Omega ratioGain probability vs. loss probability | 2.27 | 1.48 | +0.80 |
| Calmar ratioReturn relative to maximum drawdown | 8.47 | 3.35 | +5.13 |
| Martin ratioReturn relative to average drawdown | 39.67 | 14.50 | +25.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ICLU.L | SPXP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.22 | 2.63 | +1.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.90 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.02 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.37 | 0.97 | +2.40 |
Drawdowns
ICLU.L vs. SPXP.L - Drawdown Comparison
The maximum ICLU.L drawdown since its inception was -0.91%, smaller than the maximum SPXP.L drawdown of -33.47%. Use the drawdown chart below to compare losses from any high point for ICLU.L and SPXP.L.
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Drawdown Indicators
| ICLU.L | SPXP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.91% | -33.47% | +32.56% |
Max Drawdown (1Y)Largest decline over 1 year | -0.63% | -8.65% | +8.02% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.72% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.04% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.47% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -4.48% | +4.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 2.00% | -1.87% |
Volatility
ICLU.L vs. SPXP.L - Volatility Comparison
The current volatility for Invesco USD AAA CLO UCITS ETF Acc (ICLU.L) is 0.19%, while Invesco S&P 500 UCITS ETF (SPXP.L) has a volatility of 2.47%. This indicates that ICLU.L experiences smaller price fluctuations and is considered to be less risky than SPXP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICLU.L | SPXP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 2.47% | -2.28% |
Volatility (6M)Calculated over the trailing 6-month period | 0.82% | 8.00% | -7.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.26% | 11.05% | -9.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.46% | 15.56% | -14.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.46% | 16.75% | -15.29% |
ICLU.L vs. SPXP.L - Expense Ratio Comparison
ICLU.L has a 0.25% expense ratio, which is higher than SPXP.L's 0.05% 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
ICLU.L vs. SPXP.L - Dividend Comparison
Neither ICLU.L nor SPXP.L has paid dividends to shareholders.
Frequently Asked Questions
ICLU.L and SPXP.L have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXP.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.25% for ICLU.L.
ICLU.L is categorized as CLO, while SPXP.L is S&P 500. Their fees differ too: 0.25% for ICLU.L and 0.05% for SPXP.L.
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