IGUS.L vs. SPXP.L

Last updated Jun 5, 2026

IGUS.L (iShares S&P 500 GBP Hedged UCITS ETF) and SPXP.L (Invesco S&P 500 UCITS ETF) are both S&P 500 funds tracking the S&P 500 Index, from iShares and Invesco respectively. Both are passively managed. Over the past 10 years, IGUS.L returned 13.48%/yr vs 16.32%/yr for SPXP.L. A 0.69 correlation means they provide meaningful diversification when combined. IGUS.L charges 0.20%/yr vs 0.05%/yr for SPXP.L.

Performance

IGUS.L vs. SPXP.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 UCITS ETF (SPXP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IGUS.L achieves a 9.82% return, which is significantly lower than SPXP.L's 10.55% return. Over the past 10 years, IGUS.L has underperformed SPXP.L with an annualized return of 13.48%, while SPXP.L has yielded a comparatively higher 16.32% annualized return.

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%

SPXP.L

• 1D: 0.00%
• 1M: 5.53%
• YTD: 10.55%
• 6M: 10.49%
• 1Y: 29.25%
• 3Y*: 19.21%
• 5Y*: 15.15%
• 10Y*: 16.32%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGUS.L iShares S&P 500 GBP Hedged UCITS ETF	9.82%	17.39%	24.64%	24.49%	-20.60%	28.57%	14.63%	27.27%	-7.47%	19.85%
SPXP.L Invesco S&P 500 UCITS ETF	10.55%	9.53%	27.58%	20.06%	-8.79%	31.26%	13.90%	26.76%	0.26%	10.77%

Correlation

The correlation between IGUS.L and SPXP.L is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.74
Correlation (All Time) Calculated using the full available price history since Jul 15, 2014	0.69

The correlation between IGUS.L and SPXP.L shifts across timeframes, from 0.69 (all time) to 0.80 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	IGUS.L	SPXP.L
Technology	35.6%	35.6%
Financial Services	11.8%	11.8%
Communication Services	11.2%	11.2%
Consumer Cyclical	10.2%	10.1%
Healthcare	8.5%	8.5%
Industrials	8.3%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

IGUS.L vs. SPXP.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: 71
IGUS.L Sharpe Ratio Rank: 71
IGUS.L Sortino Ratio Rank: 75
IGUS.L Omega Ratio Rank: 71
IGUS.L Calmar Ratio Rank: 65
IGUS.L Martin Ratio Rank: 75

SPXP.L

SPXP.L Risk / Return Rank: 83
SPXP.L Sharpe Ratio Rank: 85
SPXP.L Sortino Ratio Rank: 84
SPXP.L Omega Ratio Rank: 86
SPXP.L Calmar Ratio Rank: 80
SPXP.L Martin Ratio Rank: 79

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. SPXP.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 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.

	IGUS.L	SPXP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.78	-0.49
Sortino ratio: Return per unit of downside risk	3.33	3.71	-0.39
Omega ratio: Gain probability vs. loss probability	1.42	1.52	-0.10
Calmar ratio: Return relative to maximum drawdown	3.20	4.11	-0.91
Martin ratio: Return relative to average drawdown	13.92	15.13	-1.21
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. SPXP.L - Sharpe Ratio Comparison

The current IGUS.L Sharpe Ratio is 2.28, which is comparable to the SPXP.L Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of IGUS.L and SPXP.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

	IGUS.L	SPXP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.28	2.78	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	1.06	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	1.10	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.15	-0.33

Drawdowns

IGUS.L vs. SPXP.L - Drawdown Comparison

The maximum IGUS.L drawdown since its inception was -36.66%, which is greater than SPXP.L's maximum drawdown of -25.46%. Use the drawdown chart below to compare losses from any high point for IGUS.L and SPXP.L.

Drawdown Indicators

	IGUS.L	SPXP.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.66%	-25.46%	-11.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.44%	-7.09%	-1.35%
Max Drawdown (3Y) Largest decline over 3 years	-18.98%	-20.77%	+1.79%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-20.77%	-4.89%
Max Drawdown (10Y) Largest decline over 10 years	-36.66%	-25.46%	-11.20%
Current Drawdown Current decline from peak	-0.46%	-0.21%	-0.25%
Average Drawdown Average peak-to-trough decline	-4.15%	-3.50%	-0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	1.93%	+0.01%

Volatility

IGUS.L vs. SPXP.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 UCITS ETF (SPXP.L) at 2.65%. This indicates that IGUS.L's price experiences larger fluctuations and is considered to be riskier than SPXP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGUS.L	SPXP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	2.65%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	8.65%	7.24%	+1.41%
Volatility (1Y) Calculated over the trailing 1-year period	11.82%	10.49%	+1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	14.23%	+1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.58%	16.22%	+0.36%

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

IGUS.L has a 0.20% 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

IGUS.L vs. SPXP.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IGUS.L and SPXP.L in my portfolio?

IGUS.L and SPXP.L have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IGUS.L or SPXP.L?

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.

Which ETF is cheaper, IGUS.L or SPXP.L?

SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.20% for IGUS.L.

What is the main difference between IGUS.L and SPXP.L?

Both ETFs track S&P 500 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.20% for IGUS.L and 0.05% for SPXP.L.