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IGUS.L vs. SPEX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGUS.L vs. SPEX.L

Last updated Jun 5, 2026

IGUS.L (iShares S&P 500 GBP Hedged UCITS ETF) and SPEX.L (Invesco S&P 500 Equal Weight UCITS ETF Acc) are both S&P 500 funds - IGUS.L tracks the S&P 500 Index while SPEX.L tracks the S&P 500 Equal Weight Index. Both are passively managed. Over the past 5 years, IGUS.L returned 12.46%/yr vs 9.41%/yr for SPEX.L. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

IGUS.L vs. SPEX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares S&P 500 GBP Hedged UCITS ETF (IGUS.L) and Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with IGUS.L having a 9.82% return and SPEX.L slightly lower at 9.62%.

IGUS.L

1D
0.06%
1M
4.70%
YTD
9.82%
6M
10.53%
1Y
27.11%
3Y*
21.32%
5Y*
12.46%
10Y*
13.48%

SPEX.L

1D
0.47%
1M
4.77%
YTD
9.62%
6M
10.01%
1Y
21.02%
3Y*
12.25%
5Y*
9.41%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IGUS.L vs. SPEX.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
IGUS.L
iShares S&P 500 GBP Hedged UCITS ETF		9.82%17.39%24.64%24.49%-20.60%16.96%
SPEX.L
Invesco S&P 500 Equal Weight UCITS ETF Acc		9.62%3.90%14.09%7.64%-1.17%28.05%

Correlation

The correlation between IGUS.L and SPEX.L is 0.51, 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

0.51

Correlation (3Y)
Calculated over the trailing 3-year period

0.59

Correlation (5Y)
Calculated over the trailing 5-year period

0.68

Correlation (All Time)
Calculated using the full available price history since Apr 9, 2021

0.68

The correlation between IGUS.L and SPEX.L shifts across timeframes, from 0.51 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

IGUS.L vs. SPEX.L - Sectors Allocation Comparison

Sectors
IGUS.L
SPEX.L

Technology

35.6%
20.1%

Financial Services

11.8%
14.2%

Communication Services

11.2%
3.9%

Consumer Cyclical

10.2%
9.9%

Healthcare

8.5%
11.2%

Industrials

8.3%
14.1%

Consumer Defensive

4.9%
6.5%

Energy

3.5%
4.2%

Utilities

2.3%
5.8%

Real Estate

1.9%
6.2%

Basic Materials

1.8%
3.9%

Technology

IGUS.L
35.6%
SPEX.L
20.1%

Financial Services

IGUS.L
11.8%
SPEX.L
14.2%

Communication Services

IGUS.L
11.2%
SPEX.L
3.9%

Consumer Cyclical

IGUS.L
10.2%
SPEX.L
9.9%

Healthcare

IGUS.L
8.5%
SPEX.L
11.2%

Industrials

IGUS.L
8.3%
SPEX.L
14.1%

Consumer Defensive

IGUS.L
4.9%
SPEX.L
6.5%

Energy

IGUS.L
3.5%
SPEX.L
4.2%

Utilities

IGUS.L
2.3%
SPEX.L
5.8%

Real Estate

IGUS.L
1.9%
SPEX.L
6.2%

Basic Materials

IGUS.L
1.8%
SPEX.L
3.9%

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iShares S&P 500 GBP Hedged UCITS ETF

Invesco S&P 500 Equal Weight UCITS ETF Acc

Often compared with IGUS.L:
IGUS.L vs. VUAG.LIGUS.L vs. VUSA.LIGUS.L vs. CSP1.LIGUS.L vs. WENS.LIGUS.L vs. JPJP.LIGUS.L vs. SAEMXIGUS.L vs. GSPX.L
Often compared with SPEX.L:
SPEX.L vs. RSPSPEX.L vs. ^SPXEWSPEX.L vs. WELE.DESPEX.L vs. SPYSPEX.L vs. EWSP.LSPEX.L vs. BTC-USDSPEX.L vs. VOO

Return for Risk

IGUS.L vs. SPEX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGUS.L
IGUS.L Risk / Return Rank: 7171
Overall Rank
IGUS.L Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
IGUS.L Sortino Ratio Rank: 7575
Sortino Ratio Rank
IGUS.L Omega Ratio Rank: 7171
Omega Ratio Rank
IGUS.L Calmar Ratio Rank: 6565
Calmar Ratio Rank
IGUS.L Martin Ratio Rank: 7575
Martin Ratio Rank
SPEX.L
SPEX.L Risk / Return Rank: 6868
Overall Rank
SPEX.L Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
SPEX.L Sortino Ratio Rank: 6767
Sortino Ratio Rank
SPEX.L Omega Ratio Rank: 6666
Omega Ratio Rank
SPEX.L Calmar Ratio Rank: 7474
Calmar Ratio Rank
SPEX.L Martin Ratio Rank: 6666
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.

IGUS.L vs. SPEX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 GBP Hedged UCITS ETF (IGUS.L) and Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.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.

IGUS.LSPEX.LDifference
Sharpe ratioReturn per unit of total volatility
2.28
2.18

+0.11

Sortino ratioReturn per unit of downside risk
3.33
3.01

+0.32

Omega ratioGain probability vs. loss probability

1.42

1.39

+0.03

Calmar ratioReturn relative to maximum drawdown

3.20

3.65

-0.45

Martin ratioReturn relative to average drawdown

13.92

11.85

+2.07

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

IGUS.L vs. SPEX.L - Sharpe Ratio Comparison

The current IGUS.L Sharpe Ratio is 2.28, which is comparable to the SPEX.L Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of IGUS.L and SPEX.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

IGUS.LSPEX.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.28

2.18

+0.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.77

0.67

+0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.81

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.82

0.80

+0.02

Drawdowns

IGUS.L vs. SPEX.L - Drawdown Comparison

The maximum IGUS.L drawdown since its inception was -36.66%, which is greater than SPEX.L's maximum drawdown of -19.65%. Use the drawdown chart below to compare losses from any high point for IGUS.L and SPEX.L.

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Drawdown Indicators

IGUS.LSPEX.LDifference

Max Drawdown

Largest peak-to-trough decline

-36.66%

-19.65%

-17.01%

Max Drawdown (1Y)

Largest decline over 1 year

-8.44%

-5.73%

-2.71%

Max Drawdown (3Y)

Largest decline over 3 years

-18.98%

-19.65%

+0.67%

Max Drawdown (5Y)

Largest decline over 5 years

-25.66%

-19.65%

-6.01%

Max Drawdown (10Y)

Largest decline over 10 years

-36.66%

—

—

Current Drawdown

Current decline from peak

-0.46%

0.00%

-0.46%

Average Drawdown

Average peak-to-trough decline

-4.15%

-4.12%

-0.03%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.94%

1.77%

+0.17%

Volatility

IGUS.L vs. SPEX.L - Volatility Comparison

iShares S&P 500 GBP Hedged UCITS ETF (IGUS.L) has a higher volatility of 3.21% compared to Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L) at 1.97%. This indicates that IGUS.L's price experiences larger fluctuations and is considered to be riskier than SPEX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IGUS.LSPEX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.21%

1.97%

+1.24%

Volatility (6M)

Calculated over the trailing 6-month period

8.65%

6.62%

+2.03%

Volatility (1Y)

Calculated over the trailing 1-year period

11.82%

9.62%

+2.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.11%

14.05%

+2.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.58%

14.60%

+1.98%

IGUS.L vs. SPEX.L - Expense Ratio Comparison

Both IGUS.L and SPEX.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IGUS.L vs. SPEX.L - Dividend Comparison

Neither IGUS.L nor SPEX.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

IGUS.L and SPEX.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

IGUS.L and SPEX.L have the same expense ratio: 0.20% per year.

IGUS.L tracks S&P 500 Index, while SPEX.L tracks S&P 500 Equal Weight Index. They also come from different issuers: iShares and Invesco.

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