IUCM.L vs. XLCS.L

Last updated Jun 5, 2026

IUCM.L (iShares S&P 500 Communication Sector UCITS ETF USD Acc) and XLCS.L (Invesco Communications S&P US Select Sector UCITS ETF Acc) are both Communications Equities funds - IUCM.L tracks the MSCI World/Comm Services NR USD while XLCS.L tracks the S&P® Select Sector Capped 20% Communications Services Index. Both are passively managed. Over the past 5 years, IUCM.L returned 11.39%/yr vs 8.09%/yr for XLCS.L. Their correlation of 0.87 suggests significant overlap in exposure. IUCM.L charges 0.15%/yr vs 0.14%/yr for XLCS.L.

Performance

IUCM.L vs. XLCS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Communication Sector UCITS ETF USD Acc (IUCM.L) and Invesco Communications S&P US Select Sector UCITS ETF Acc (XLCS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IUCM.L achieves a 1.60% return, which is significantly higher than XLCS.L's -1.85% return.

IUCM.L

• 1D: 1.51%
• 1M: -4.09%
• YTD: 1.60%
• 6M: 0.69%
• 1Y: 19.48%
• 3Y*: 27.10%
• 5Y*: 11.39%
• 10Y*: —

XLCS.L

• 1D: 1.24%
• 1M: -3.02%
• YTD: -1.85%
• 6M: -1.80%
• 1Y: 6.30%
• 3Y*: 22.78%
• 5Y*: 8.09%
• 10Y*: —

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

IUCM.L vs. XLCS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
IUCM.L iShares S&P 500 Communication Sector UCITS ETF USD Acc	1.60%	26.48%	38.98%	55.75%	-40.54%	22.36%	22.64%	30.83%	-8.83%
XLCS.L Invesco Communications S&P US Select Sector UCITS ETF Acc	-1.85%	19.13%	37.69%	51.30%	-39.23%	13.38%	21.46%	25.69%	-5.25%

Correlation

The correlation between IUCM.L and XLCS.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 19, 2018	0.87

The correlation between IUCM.L and XLCS.L has been stable across timeframes, ranging from 0.87 to 0.96 - a consistent structural relationship.

IUCM.L vs. XLCS.L - Sectors Allocation Comparison

Sectors	IUCM.L	XLCS.L
Communication Services	99.1%	100.0%
Technology	0.6%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

IUCM.L vs. XLCS.L — Risk / Return Rank

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

IUCM.L

IUCM.L Risk / Return Rank: 44
IUCM.L Sharpe Ratio Rank: 42
IUCM.L Sortino Ratio Rank: 46
IUCM.L Omega Ratio Rank: 39
IUCM.L Calmar Ratio Rank: 44
IUCM.L Martin Ratio Rank: 48

XLCS.L

XLCS.L Risk / Return Rank: 17
XLCS.L Sharpe Ratio Rank: 17
XLCS.L Sortino Ratio Rank: 16
XLCS.L Omega Ratio Rank: 15
XLCS.L Calmar Ratio Rank: 17
XLCS.L Martin Ratio Rank: 17

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.

IUCM.L vs. XLCS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Communication Sector UCITS ETF USD Acc (IUCM.L) and Invesco Communications S&P US Select Sector UCITS ETF Acc (XLCS.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.

	IUCM.L	XLCS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.46	0.47	+0.98
Sortino ratio: Return per unit of downside risk	2.26	0.78	+1.47
Omega ratio: Gain probability vs. loss probability	1.25	1.09	+0.16
Calmar ratio: Return relative to maximum drawdown	2.14	0.67	+1.47
Martin ratio: Return relative to average drawdown	7.78	1.59	+6.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IUCM.L vs. XLCS.L - Sharpe Ratio Comparison

The current IUCM.L Sharpe Ratio is 1.46, which is higher than the XLCS.L Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of IUCM.L and XLCS.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

	IUCM.L	XLCS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	0.47	+0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.44	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.69	+0.04

Drawdowns

IUCM.L vs. XLCS.L - Drawdown Comparison

The maximum IUCM.L drawdown since its inception was -47.32%, roughly equal to the maximum XLCS.L drawdown of -47.62%. Use the drawdown chart below to compare losses from any high point for IUCM.L and XLCS.L.

Drawdown Indicators

	IUCM.L	XLCS.L	Difference
Max Drawdown Largest peak-to-trough decline	-47.32%	-47.62%	+0.30%
Max Drawdown (1Y) Largest decline over 1 year	-9.71%	-9.39%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-18.79%	-17.91%	-0.88%
Max Drawdown (5Y) Largest decline over 5 years	-47.32%	-47.62%	+0.30%
Current Drawdown Current decline from peak	-4.70%	-6.15%	+1.45%
Average Drawdown Average peak-to-trough decline	-10.21%	-10.46%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	3.95%	-1.28%

Volatility

IUCM.L vs. XLCS.L - Volatility Comparison

iShares S&P 500 Communication Sector UCITS ETF USD Acc (IUCM.L) has a higher volatility of 4.40% compared to Invesco Communications S&P US Select Sector UCITS ETF Acc (XLCS.L) at 4.12%. This indicates that IUCM.L's price experiences larger fluctuations and is considered to be riskier than XLCS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUCM.L	XLCS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.40%	4.12%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	10.34%	9.83%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	14.28%	13.32%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.96%	19.88%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.34%	20.62%	-0.28%

IUCM.L vs. XLCS.L - Expense Ratio Comparison

IUCM.L has a 0.15% expense ratio, which is higher than XLCS.L's 0.14% 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

IUCM.L vs. XLCS.L - Dividend Comparison

Neither IUCM.L nor XLCS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IUCM.L and XLCS.L in my portfolio?

With a correlation of 0.96, IUCM.L and XLCS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, IUCM.L or XLCS.L?

On fees, XLCS.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, IUCM.L or XLCS.L?

XLCS.L is cheaper with a 0.14% expense ratio, compared with 0.15% for IUCM.L.

What is the main difference between IUCM.L and XLCS.L?

IUCM.L tracks MSCI World/Comm Services NR USD, while XLCS.L tracks S&P® Select Sector Capped 20% Communications Services Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.15% for IUCM.L and 0.14% for XLCS.L.