IUES.L vs. SPYL.L

Last updated Jun 5, 2026

IUES.L (iShares S&P 500 Energy Sector UCITS ETF USD (Acc)) and SPYL.L (SPDR S&P 500 UCITS ETF USD Acc) are both exchange-traded funds - IUES.L is a Energy Equities fund tracking the MSCI World/Energy NR USD, while SPYL.L is a S&P 500 fund tracking the S&P 500. Both are passively managed. Over the past year, IUES.L returned 46.28% vs 27.88% for SPYL.L. At a 0.15 correlation, their price movements are largely independent. IUES.L charges 0.15%/yr vs 0.03%/yr for SPYL.L.

Performance

IUES.L vs. SPYL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) and SPDR S&P 500 UCITS ETF USD Acc (SPYL.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IUES.L achieves a 30.45% return, which is significantly higher than SPYL.L's 10.35% return.

IUES.L

• 1D: -0.36%
• 1M: -1.09%
• YTD: 30.45%
• 6M: 29.22%
• 1Y: 46.28%
• 3Y*: 16.84%
• 5Y*: 20.33%
• 10Y*: 9.21%

SPYL.L

• 1D: 0.02%
• 1M: 4.53%
• YTD: 10.35%
• 6M: 11.11%
• 1Y: 27.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IUES.L vs. SPYL.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IUES.L iShares S&P 500 Energy Sector UCITS ETF USD (Acc)	30.45%	9.82%	3.87%	-0.57%
SPYL.L SPDR S&P 500 UCITS ETF USD Acc	10.35%	17.39%	25.33%	14.46%

Correlation

The correlation between IUES.L and SPYL.L is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	0.15

The correlation between IUES.L and SPYL.L shifts across timeframes, from -0.12 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

IUES.L vs. SPYL.L - Sectors Allocation Comparison

Sectors	IUES.L	SPYL.L
Energy	100.0%	3.5%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Financial Services	-	11.8%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.6%
Utilities	-	2.3%

Return for Risk

IUES.L vs. SPYL.L — Risk / Return Rank

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

IUES.L

IUES.L Risk / Return Rank: 60
IUES.L Sharpe Ratio Rank: 65
IUES.L Sortino Ratio Rank: 56
IUES.L Omega Ratio Rank: 59
IUES.L Calmar Ratio Rank: 65
IUES.L Martin Ratio Rank: 57

SPYL.L

SPYL.L Risk / Return Rank: 74
SPYL.L Sharpe Ratio Rank: 74
SPYL.L Sortino Ratio Rank: 79
SPYL.L Omega Ratio Rank: 73
SPYL.L Calmar Ratio Rank: 68
SPYL.L Martin Ratio Rank: 77

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.

IUES.L vs. SPYL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) and SPDR S&P 500 UCITS ETF USD Acc (SPYL.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.

	IUES.L	SPYL.L	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.36	-0.25
Sortino ratio: Return per unit of downside risk	2.64	3.47	-0.83
Omega ratio: Gain probability vs. loss probability	1.35	1.43	-0.07
Calmar ratio: Return relative to maximum drawdown	3.18	3.37	-0.19
Martin ratio: Return relative to average drawdown	9.97	14.52	-4.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IUES.L vs. SPYL.L - Sharpe Ratio Comparison

The current IUES.L Sharpe Ratio is 2.12, which is comparable to the SPYL.L Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of IUES.L and SPYL.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

	IUES.L	SPYL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.36	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.76	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	1.91	-1.59

Drawdowns

IUES.L vs. SPYL.L - Drawdown Comparison

The maximum IUES.L drawdown since its inception was -66.78%, which is greater than SPYL.L's maximum drawdown of -18.42%. Use the drawdown chart below to compare losses from any high point for IUES.L and SPYL.L.

Drawdown Indicators

	IUES.L	SPYL.L	Difference
Max Drawdown Largest peak-to-trough decline	-66.78%	-18.42%	-48.36%
Max Drawdown (1Y) Largest decline over 1 year	-14.49%	-8.13%	-6.36%
Max Drawdown (3Y) Largest decline over 3 years	-20.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-27.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-66.78%	—	—
Current Drawdown Current decline from peak	-7.45%	-0.52%	-6.93%
Average Drawdown Average peak-to-trough decline	-14.21%	-1.76%	-12.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.63%	1.90%	+2.73%

Volatility

IUES.L vs. SPYL.L - Volatility Comparison

iShares S&P 500 Energy Sector UCITS ETF USD (Acc) (IUES.L) has a higher volatility of 8.13% compared to SPDR S&P 500 UCITS ETF USD Acc (SPYL.L) at 3.12%. This indicates that IUES.L's price experiences larger fluctuations and is considered to be riskier than SPYL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IUES.L	SPYL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.13%	3.12%	+5.01%
Volatility (6M) Calculated over the trailing 6-month period	18.58%	8.61%	+9.97%
Volatility (1Y) Calculated over the trailing 1-year period	21.81%	11.59%	+10.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.72%	13.96%	+12.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.49%	13.96%	+14.53%

IUES.L vs. SPYL.L - Expense Ratio Comparison

IUES.L has a 0.15% expense ratio, which is higher than SPYL.L's 0.03% 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

IUES.L vs. SPYL.L - Dividend Comparison

Neither IUES.L nor SPYL.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both IUES.L and SPYL.L in my portfolio?

IUES.L and SPYL.L have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IUES.L or SPYL.L?

On fees, SPYL.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IUES.L or SPYL.L?

SPYL.L is cheaper with a 0.03% expense ratio, compared with 0.15% for IUES.L.

What is the main difference between IUES.L and SPYL.L?

IUES.L is categorized as Energy Equities, while SPYL.L is S&P 500. IUES.L tracks MSCI World/Energy NR USD, while SPYL.L tracks S&P 500. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for IUES.L and 0.03% for SPYL.L.