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

IGUS.L vs. SPY

Last updated Jun 5, 2026

IGUS.L (iShares S&P 500 GBP Hedged UCITS ETF) and SPY (State Street SPDR S&P 500 ETF) are both S&P 500 funds tracking the S&P 500 Index, from iShares and State Street respectively. Both are passively managed. Over the past 10 years, IGUS.L returned 13.48%/yr vs 16.34%/yr for SPY. At a 0.44 correlation, their price movements are largely independent. IGUS.L charges 0.20%/yr vs 0.09%/yr for SPY.

Performance

IGUS.L vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

IGUS.L is traded in GBp, while SPY is traded in USD. To make them comparable, the SPY values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, IGUS.L achieves a 9.82% return, which is significantly lower than SPY's 11.78% return. Over the past 10 years, IGUS.L has underperformed SPY with an annualized return of 13.48%, while SPY has yielded a comparatively higher 16.34% 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%

SPY

1D
0.38%
1M
5.56%
YTD
11.78%
6M
10.48%
1Y
29.74%
3Y*
19.51%
5Y*
15.14%
10Y*
16.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IGUS.L vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SPY
State Street SPDR S&P 500 ETF		11.78%9.33%27.07%19.87%-8.45%29.95%14.86%26.23%1.09%11.18%

Correlation

The correlation between IGUS.L and SPY 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

0.44

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

0.42

Correlation (10Y)
Calculated over the trailing 10-year period

0.42

Correlation (All Time)
Calculated using the full available price history since Oct 7, 2010

0.44

The correlation between IGUS.L and SPY has been stable across timeframes, ranging from 0.42 to 0.51 - a consistent structural relationship.

IGUS.L vs. SPY - Sectors Allocation Comparison

Sectors
IGUS.L
SPY

Technology

35.6%
35.9%

Financial Services

11.8%
11.8%

Communication Services

11.2%
11.3%

Consumer Cyclical

10.2%
10.3%

Healthcare

8.5%
8.4%

Industrials

8.3%
7.8%

Consumer Defensive

4.9%
4.8%

Energy

3.5%
3.6%

Utilities

2.3%
2.4%

Real Estate

1.9%
1.9%

Basic Materials

1.8%
1.8%

Technology

IGUS.L
35.6%
SPY
35.9%

Financial Services

IGUS.L
11.8%
SPY
11.8%

Communication Services

IGUS.L
11.2%
SPY
11.3%

Consumer Cyclical

IGUS.L
10.2%
SPY
10.3%

Healthcare

IGUS.L
8.5%
SPY
8.4%

Industrials

IGUS.L
8.3%
SPY
7.8%

Consumer Defensive

IGUS.L
4.9%
SPY
4.8%

Energy

IGUS.L
3.5%
SPY
3.6%

Utilities

IGUS.L
2.3%
SPY
2.4%

Real Estate

IGUS.L
1.9%
SPY
1.9%

Basic Materials

IGUS.L
1.8%
SPY
1.8%

Compare stocks, funds, or ETFs

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iShares S&P 500 GBP Hedged UCITS ETF

State Street SPDR S&P 500 ETF

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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 SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

IGUS.L vs. SPY — 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
SPY
SPY Risk / Return Rank: 7474
Overall Rank
SPY Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 7474
Sortino Ratio Rank
SPY Omega Ratio Rank: 7575
Omega Ratio Rank
SPY Calmar Ratio Rank: 6666
Calmar Ratio Rank
SPY Martin Ratio Rank: 7878
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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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.LSPYDifference
Sharpe ratioReturn per unit of total volatility
2.28
2.61

-0.32

Sortino ratioReturn per unit of downside risk
3.33
3.37

-0.04

Omega ratioGain probability vs. loss probability

1.42

1.49

-0.07

Calmar ratioReturn relative to maximum drawdown

3.20

3.88

-0.69

Martin ratioReturn relative to average drawdown

13.92

14.87

-0.96

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. SPY - Sharpe Ratio Comparison

The current IGUS.L Sharpe Ratio is 2.28, which is comparable to the SPY Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of IGUS.L and SPY, 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.LSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.28

2.61

-0.32

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.77

0.95

-0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.81

0.91

-0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.82

0.69

+0.13

Drawdowns

IGUS.L vs. SPY - Drawdown Comparison

The maximum IGUS.L drawdown since its inception was -36.66%, which is greater than SPY's maximum drawdown of -34.68%. Use the drawdown chart below to compare losses from any high point for IGUS.L and SPY.

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Drawdown Indicators

IGUS.LSPYDifference

Max Drawdown

Largest peak-to-trough decline

-36.66%

-34.68%

-1.98%

Max Drawdown (1Y)

Largest decline over 1 year

-8.44%

-7.69%

-0.75%

Max Drawdown (3Y)

Largest decline over 3 years

-18.98%

-21.94%

+2.96%

Max Drawdown (5Y)

Largest decline over 5 years

-25.66%

-21.94%

-3.72%

Max Drawdown (10Y)

Largest decline over 10 years

-36.66%

-25.78%

-10.88%

Current Drawdown

Current decline from peak

-0.46%

0.00%

-0.46%

Average Drawdown

Average peak-to-trough decline

-4.15%

-4.78%

+0.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.94%

2.01%

-0.07%

Volatility

IGUS.L vs. SPY - Volatility Comparison

iShares S&P 500 GBP Hedged UCITS ETF (IGUS.L) has a higher volatility of 3.21% compared to State Street SPDR S&P 500 ETF (SPY) at 2.55%. This indicates that IGUS.L's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

IGUS.LSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.21%

2.55%

+0.66%

Volatility (6M)

Calculated over the trailing 6-month period

8.65%

8.15%

+0.50%

Volatility (1Y)

Calculated over the trailing 1-year period

11.82%

11.48%

+0.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.11%

16.02%

+0.09%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.58%

18.02%

-1.44%

IGUS.L vs. SPY - Expense Ratio Comparison

IGUS.L has a 0.20% expense ratio, which is higher than SPY's 0.09% 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. SPY - Dividend Comparison

IGUS.L has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

PositionTTM20252024202320222021202020192018201720162015
IGUS.L
iShares S&P 500 GBP Hedged UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		0.98%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

IGUS.L and SPY 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.

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPY is cheaper with a 0.09% expense ratio, compared with 0.20% for IGUS.L.

Both ETFs track S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for IGUS.L and 0.09% for SPY.

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