INFR.L vs. XLUP.L

Last updated Jun 5, 2026

INFR.L (iShares Global Infrastructure UCITS ETF USD (Dist)) and XLUP.L (Invesco US Utilities Sector UCITS ETF) are both Utilities Equities funds - INFR.L tracks the FTSE Global Core Infrastructure Index while XLUP.L tracks the MSCI World/Utilities NR USD. Both are passively managed. Over the past 10 years, INFR.L returned 8.66%/yr vs 9.27%/yr for XLUP.L. Their correlation of 0.83 suggests significant overlap in exposure. INFR.L charges 0.65%/yr vs 0.14%/yr for XLUP.L.

Performance

INFR.L vs. XLUP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Global Infrastructure UCITS ETF USD (Dist) (INFR.L) and Invesco US Utilities Sector UCITS ETF (XLUP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INFR.L achieves a 9.52% return, which is significantly higher than XLUP.L's 1.53% return. Over the past 10 years, INFR.L has underperformed XLUP.L with an annualized return of 8.66%, while XLUP.L has yielded a comparatively higher 9.27% annualized return.

INFR.L

• 1D: -1.24%
• 1M: -2.23%
• YTD: 9.52%
• 6M: 8.44%
• 1Y: 16.29%
• 3Y*: 9.33%
• 5Y*: 7.61%
• 10Y*: 8.66%

XLUP.L

• 1D: -2.12%
• 1M: -4.21%
• YTD: 1.53%
• 6M: 0.04%
• 1Y: 11.10%
• 3Y*: 9.71%
• 5Y*: 9.57%
• 10Y*: 9.27%

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

INFR.L vs. XLUP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INFR.L iShares Global Infrastructure UCITS ETF USD (Dist)	9.52%	5.90%	11.49%	-4.96%	5.77%	19.54%	-4.70%	20.82%	4.39%	5.41%
XLUP.L Invesco US Utilities Sector UCITS ETF	1.53%	8.12%	24.62%	-13.04%	13.97%	20.12%	-4.75%	21.36%	8.83%	0.91%

Correlation

The correlation between INFR.L and XLUP.L is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jul 1, 2014	0.83

The correlation between INFR.L and XLUP.L has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

INFR.L vs. XLUP.L - Sectors Allocation Comparison

Sectors	INFR.L	XLUP.L
Utilities	56.0%	100.0%
Industrials	20.8%	-
Energy	16.4%	-
Real Estate	5.0%	-
Communication Services	1.0%	-
Technology	0.7%	-
Financial Services	0.0%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-

Return for Risk

INFR.L vs. XLUP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INFR.L

INFR.L Risk / Return Rank: 49
INFR.L Sharpe Ratio Rank: 45
INFR.L Sortino Ratio Rank: 44
INFR.L Omega Ratio Rank: 42
INFR.L Calmar Ratio Rank: 64
INFR.L Martin Ratio Rank: 48

XLUP.L

XLUP.L Risk / Return Rank: 20
XLUP.L Sharpe Ratio Rank: 20
XLUP.L Sortino Ratio Rank: 19
XLUP.L Omega Ratio Rank: 19
XLUP.L Calmar Ratio Rank: 22
XLUP.L Martin Ratio Rank: 19

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.

INFR.L vs. XLUP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Infrastructure UCITS ETF USD (Dist) (INFR.L) and Invesco US Utilities Sector UCITS ETF (XLUP.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.

	INFR.L	XLUP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.55	0.65	+0.90
Sortino ratio: Return per unit of downside risk	2.19	0.98	+1.21
Omega ratio: Gain probability vs. loss probability	1.27	1.12	+0.15
Calmar ratio: Return relative to maximum drawdown	3.13	1.01	+2.11
Martin ratio: Return relative to average drawdown	7.96	2.13	+5.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INFR.L vs. XLUP.L - Sharpe Ratio Comparison

The current INFR.L Sharpe Ratio is 1.55, which is higher than the XLUP.L Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of INFR.L and XLUP.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

	INFR.L	XLUP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	0.65	+0.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.57	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.51	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.60	-0.08

Drawdowns

INFR.L vs. XLUP.L - Drawdown Comparison

The maximum INFR.L drawdown since its inception was -34.25%, which is greater than XLUP.L's maximum drawdown of -29.94%. Use the drawdown chart below to compare losses from any high point for INFR.L and XLUP.L.

Drawdown Indicators

	INFR.L	XLUP.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.25%	-29.94%	-4.31%
Max Drawdown (1Y) Largest decline over 1 year	-5.19%	-9.35%	+4.16%
Max Drawdown (3Y) Largest decline over 3 years	-11.08%	-13.80%	+2.72%
Max Drawdown (5Y) Largest decline over 5 years	-22.87%	-29.94%	+7.07%
Max Drawdown (10Y) Largest decline over 10 years	-26.75%	-29.94%	+3.19%
Current Drawdown Current decline from peak	-3.70%	-9.00%	+5.30%
Average Drawdown Average peak-to-trough decline	-6.12%	-8.16%	+2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	4.46%	-2.42%

Volatility

INFR.L vs. XLUP.L - Volatility Comparison

The current volatility for iShares Global Infrastructure UCITS ETF USD (Dist) (INFR.L) is 3.92%, while Invesco US Utilities Sector UCITS ETF (XLUP.L) has a volatility of 5.29%. This indicates that INFR.L experiences smaller price fluctuations and is considered to be less risky than XLUP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INFR.L	XLUP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	5.29%	-1.37%
Volatility (6M) Calculated over the trailing 6-month period	8.92%	12.13%	-3.21%
Volatility (1Y) Calculated over the trailing 1-year period	10.49%	14.65%	-4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.26%	16.67%	-4.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.10%	18.34%	-4.24%

INFR.L vs. XLUP.L - Expense Ratio Comparison

INFR.L has a 0.65% expense ratio, which is higher than XLUP.L's 0.14% expense ratio.

Dividends

INFR.L vs. XLUP.L - Dividend Comparison

INFR.L's dividend yield for the trailing twelve months is around 2.82%, while XLUP.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INFR.L iShares Global Infrastructure UCITS ETF USD (Dist)	2.82%	2.97%	2.96%	3.02%	2.54%	2.60%	2.84%	2.70%	2.99%	3.51%	3.45%	4.75%
XLUP.L Invesco US Utilities Sector 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%

Frequently Asked Questions

Can I hold both INFR.L and XLUP.L in my portfolio?

INFR.L and XLUP.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, INFR.L or XLUP.L?

On fees, XLUP.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INFR.L or XLUP.L?

XLUP.L is cheaper with a 0.14% expense ratio, compared with 0.65% for INFR.L.

What is the main difference between INFR.L and XLUP.L?

INFR.L tracks FTSE Global Core Infrastructure Index, while XLUP.L tracks MSCI World/Utilities NR USD. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.65% for INFR.L and 0.14% for XLUP.L.