PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
IUSE.L vs. SPES.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IUSE.L vs. SPES.L

Last updated Jun 5, 2026

IUSE.L (iShares S&P 500 EUR Hedged UCITS ETF Acc) and SPES.L (Invesco S&P 500 Equal Weight UCITS ETF Dist) are both S&P 500 funds - IUSE.L tracks the S&P 500 EUR Hedged Index while SPES.L tracks the S&P 500 Equal Weight Index. Both are passively managed. Over the past 5 years, IUSE.L returned 11.10%/yr vs 9.27%/yr for SPES.L. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

IUSE.L vs. SPES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) and Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.L). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

IUSE.L is traded in EUR, while SPES.L is traded in GBp. To make them comparable, the SPES.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, IUSE.L achieves a 9.10% return, which is significantly lower than SPES.L's 10.65% return.

IUSE.L

1D
0.01%
1M
3.10%
YTD
9.10%
6M
9.36%
1Y
24.30%
3Y*
19.47%
5Y*
11.10%
10Y*
12.48%

SPES.L

1D
0.36%
1M
3.92%
YTD
10.65%
6M
10.32%
1Y
18.44%
3Y*
12.11%
5Y*
9.27%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

IUSE.L vs. SPES.L - Yearly Performance Comparison

2026 (YTD)20252024202320222021
IUSE.L
iShares S&P 500 EUR Hedged UCITS ETF Acc		9.10%14.95%23.20%23.05%-21.17%16.53%
SPES.L
Invesco S&P 500 Equal Weight UCITS ETF Dist		10.65%-1.48%19.14%10.48%-6.43%32.30%

Correlation

The correlation between IUSE.L and SPES.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

0.62

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

0.70

Correlation (All Time)
Calculated using the full available price history since Apr 9, 2021

0.70

The correlation between IUSE.L and SPES.L shifts across timeframes, from 0.54 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

IUSE.L vs. SPES.L - Sectors Allocation Comparison

Sectors
IUSE.L
SPES.L

Technology

35.6%
20.1%

Financial Services

11.8%
14.2%

Communication Services

11.2%
3.9%

Consumer Cyclical

10.1%
9.9%

Healthcare

8.5%
11.2%

Industrials

8.3%
14.1%

Consumer Defensive

4.9%
6.5%

Energy

3.5%
4.2%

Utilities

2.3%
5.8%

Real Estate

1.9%
6.2%

Basic Materials

1.8%
3.9%

Technology

IUSE.L
35.6%
SPES.L
20.1%

Financial Services

IUSE.L
11.8%
SPES.L
14.2%

Communication Services

IUSE.L
11.2%
SPES.L
3.9%

Consumer Cyclical

IUSE.L
10.1%
SPES.L
9.9%

Healthcare

IUSE.L
8.5%
SPES.L
11.2%

Industrials

IUSE.L
8.3%
SPES.L
14.1%

Consumer Defensive

IUSE.L
4.9%
SPES.L
6.5%

Energy

IUSE.L
3.5%
SPES.L
4.2%

Utilities

IUSE.L
2.3%
SPES.L
5.8%

Real Estate

IUSE.L
1.9%
SPES.L
6.2%

Basic Materials

IUSE.L
1.8%
SPES.L
3.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P 500 EUR Hedged UCITS ETF Acc

Invesco S&P 500 Equal Weight UCITS ETF Dist

Often compared with IUSE.L:
IUSE.L vs. EXS1.DEIUSE.L vs. CEMS.DEIUSE.L vs. IBCK.DEIUSE.L vs. IBCF.DEIUSE.L vs. SPYIUSE.L vs. SNAW.DEIUSE.L vs. SXR8.DE
Often compared with SPES.L:
SPES.L vs. EWSP.LSPES.L vs. PSRF.LSPES.L vs. SPMOSPES.L vs. SPYSPES.L vs. VUSA.LSPES.L vs. IMSU.LSPES.L vs. IUES.L

Return for Risk

IUSE.L vs. SPES.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IUSE.L
IUSE.L Risk / Return Rank: 6565
Overall Rank
IUSE.L Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
IUSE.L Sortino Ratio Rank: 6969
Sortino Ratio Rank
IUSE.L Omega Ratio Rank: 6565
Omega Ratio Rank
IUSE.L Calmar Ratio Rank: 5858
Calmar Ratio Rank
IUSE.L Martin Ratio Rank: 6767
Martin Ratio Rank
SPES.L
SPES.L Risk / Return Rank: 6868
Overall Rank
SPES.L Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
SPES.L Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPES.L Omega Ratio Rank: 6565
Omega Ratio Rank
SPES.L Calmar Ratio Rank: 7474
Calmar Ratio Rank
SPES.L Martin Ratio Rank: 6666
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.

IUSE.L vs. SPES.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) and Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.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.

IUSE.LSPES.LDifference
Sharpe ratioReturn per unit of total volatility
2.12
1.74

+0.38

Sortino ratioReturn per unit of downside risk
3.10
2.45

+0.66

Omega ratioGain probability vs. loss probability

1.38

1.31

+0.07

Calmar ratioReturn relative to maximum drawdown

2.83

3.31

-0.48

Martin ratioReturn relative to average drawdown

12.09

10.10

+1.99

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IUSE.L vs. SPES.L - Sharpe Ratio Comparison

The current IUSE.L Sharpe Ratio is 2.12, which is comparable to the SPES.L Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of IUSE.L and SPES.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.

Loading charts...

Sharpe Ratios by Period

IUSE.LSPES.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.12

1.74

+0.38

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.69

0.63

+0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.76

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.79

0.76

+0.03

Drawdowns

IUSE.L vs. SPES.L - Drawdown Comparison

The maximum IUSE.L drawdown since its inception was -34.75%, which is greater than SPES.L's maximum drawdown of -21.47%. Use the drawdown chart below to compare losses from any high point for IUSE.L and SPES.L.

Loading charts...

Drawdown Indicators

IUSE.LSPES.LDifference

Max Drawdown

Largest peak-to-trough decline

-34.75%

-21.47%

-13.28%

Max Drawdown (1Y)

Largest decline over 1 year

-8.67%

-5.39%

-3.28%

Max Drawdown (3Y)

Largest decline over 3 years

-18.33%

-21.47%

+3.14%

Max Drawdown (5Y)

Largest decline over 5 years

-26.23%

-21.47%

-4.76%

Max Drawdown (10Y)

Largest decline over 10 years

-34.75%

—

—

Current Drawdown

Current decline from peak

-0.55%

0.00%

-0.55%

Average Drawdown

Average peak-to-trough decline

-4.31%

-5.22%

+0.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

1.77%

+0.26%

Volatility

IUSE.L vs. SPES.L - Volatility Comparison

iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) has a higher volatility of 3.24% compared to Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.L) at 1.82%. This indicates that IUSE.L's price experiences larger fluctuations and is considered to be riskier than SPES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

IUSE.LSPES.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.24%

1.82%

+1.42%

Volatility (6M)

Calculated over the trailing 6-month period

8.53%

6.52%

+2.01%

Volatility (1Y)

Calculated over the trailing 1-year period

11.58%

10.29%

+1.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.00%

14.75%

+1.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.33%

15.47%

+0.86%

IUSE.L vs. SPES.L - Expense Ratio Comparison

Both IUSE.L and SPES.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

IUSE.L vs. SPES.L - Dividend Comparison

IUSE.L has not paid dividends to shareholders, while SPES.L's dividend yield for the trailing twelve months is around 1.27%.

PositionTTM20252024202320222021
IUSE.L
iShares S&P 500 EUR Hedged UCITS ETF Acc		0.00%0.00%0.00%0.00%0.00%0.00%
SPES.L
Invesco S&P 500 Equal Weight UCITS ETF Dist		1.27%1.37%1.36%1.48%1.49%0.74%

Frequently Asked Questions

IUSE.L and SPES.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.

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

IUSE.L and SPES.L have the same expense ratio: 0.20% per year.

IUSE.L tracks S&P 500 EUR Hedged Index, while SPES.L tracks S&P 500 Equal Weight Index. They also come from different issuers: iShares and Invesco.

Portfolio Optimizer

Find the right allocation for IUSE.L and SPES.L

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer