IRSA.L vs. SPXS.L
IRSA.L (iShares MSCI South Africa UCITS ETF USD (Acc)) and SPXS.L (Invesco S&P 500 UCITS ETF) are both Global Equities funds - IRSA.L tracks the iShares MSCI South Africa UCITS ETF USD (Acc) while SPXS.L tracks the Invesco S&P 500 UCITS ETF. Both are passively managed. Over the past 10 years, IRSA.L returned 6.54%/yr vs -27.39%/yr for SPXS.L. A 0.56 correlation means they provide meaningful diversification when combined. IRSA.L charges 0.65%/yr vs 0.05%/yr for SPXS.L.
Performance
IRSA.L vs. SPXS.L - Performance Comparison
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Returns By Period
In the year-to-date period, IRSA.L achieves a -4.47% return, which is significantly lower than SPXS.L's 10.20% return. Over the past 10 years, IRSA.L has outperformed SPXS.L with an annualized return of 6.54%, while SPXS.L has yielded a comparatively lower -27.39% annualized return.
IRSA.L
- 1D
- 1.35%
- 1M
- -4.91%
- 6M
- -10.54%
- YTD
- -4.47%
- 1Y
- 32.37%
- 3Y*
- 21.89%
- 5Y*
- 10.90%
- 10Y*
- 6.54%
SPXS.L
- 1D
- -0.12%
- 1M
- -0.05%
- 6M
- 9.96%
- YTD
- 10.20%
- 1Y
- -98.78%
- 3Y*
- -74.11%
- 5Y*
- -54.94%
- 10Y*
- -27.39%
IRSA.L vs. SPXS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IRSA.L iShares MSCI South Africa UCITS ETF USD (Acc) | -4.47% | 76.74% | 7.84% | 0.20% | -3.75% | 3.99% | -2.70% | 8.62% | -24.11% | 34.90% |
SPXS.L Invesco S&P 500 UCITS ETF | 10.20% | -98.82% | 25.56% | 27.00% | -18.53% | 29.64% | 17.89% | 30.86% | -5.19% | 21.62% |
Correlation
The correlation between IRSA.L and SPXS.L is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since May 20, 2010 | 0.56 |
The correlation between IRSA.L and SPXS.L has been stable across timeframes, ranging from 0.49 to 0.56 - a consistent structural relationship.
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Return for Risk
IRSA.L vs. SPXS.L — Risk / Return Rank
IRSA.L
SPXS.L
IRSA.L vs. SPXS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI South Africa UCITS ETF USD (Acc) (IRSA.L) and Invesco S&P 500 UCITS ETF (SPXS.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IRSA.L | SPXS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.96 | ||
| Sortino ratioReturn per unit of downside risk | +2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.52 | +0.66 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | -1.00 | +2.37 |
| Martin ratioReturn relative to average drawdown | 2.95 | -1.23 | +4.18 |
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Drawdowns
IRSA.L vs. SPXS.L - Drawdown Comparison
The maximum IRSA.L drawdown since its inception was -61.84%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for IRSA.L and SPXS.L.
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Drawdown Indicators
| IRSA.L | SPXS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.84% | -99.07% | +37.23% |
Max Drawdown (1Y)Largest decline over 1 year | -22.87% | -99.07% | +76.20% |
Max Drawdown (3Y)Largest decline over 3 years | -22.87% | -99.07% | +76.20% |
Max Drawdown (5Y)Largest decline over 5 years | -34.44% | -99.07% | +64.63% |
Max Drawdown (10Y)Largest decline over 10 years | -61.84% | -99.07% | +37.23% |
Current DrawdownCurrent decline from peak | -19.50% | -98.90% | +79.40% |
Average DrawdownAverage peak-to-trough decline | -17.86% | -7.67% | -10.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.68% | 80.57% | -69.89% |
Volatility
IRSA.L vs. SPXS.L - Volatility Comparison
iShares MSCI South Africa UCITS ETF USD (Acc) (IRSA.L) has a higher volatility of 7.83% compared to Invesco S&P 500 UCITS ETF (SPXS.L) at 2.73%. This indicates that IRSA.L's price experiences larger fluctuations and is considered to be riskier than SPXS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IRSA.L | SPXS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.83% | 2.73% | +5.10% |
Volatility (6M)Calculated over the trailing 6-month period | 27.42% | 9.24% | +18.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.59% | 99.43% | -66.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.69% | 47.13% | -18.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.78% | 35.27% | -5.49% |
IRSA.L vs. SPXS.L - Expense Ratio Comparison
IRSA.L has a 0.65% expense ratio, which is higher than SPXS.L's 0.05% expense ratio.
Dividends
IRSA.L vs. SPXS.L - Dividend Comparison
Neither IRSA.L nor SPXS.L has paid dividends to shareholders.
Frequently Asked Questions
IRSA.L and SPXS.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXS.L is cheaper with a 0.05% expense ratio, compared with 0.65% for IRSA.L.
IRSA.L tracks iShares MSCI South Africa UCITS ETF USD (Acc), while SPXS.L tracks Invesco S&P 500 UCITS ETF. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.65% for IRSA.L and 0.05% for SPXS.L.
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