JPGL.L vs. SPXS.L

Last updated Jul 16, 2026

JPGL.L (JPM Global Equity Multi-Factor UCITS ETF USD Acc) and SPXS.L (Invesco S&P 500 UCITS ETF) are both Global Equities funds - JPGL.L tracks the MSCI ACWI NR USD while SPXS.L tracks the Invesco S&P 500 UCITS ETF. Both are passively managed. Over the past 5 years, JPGL.L returned 9.69%/yr vs -54.94%/yr for SPXS.L. Their correlation of 0.83 suggests significant overlap in exposure. JPGL.L charges 0.19%/yr vs 0.05%/yr for SPXS.L.

Performance

JPGL.L vs. SPXS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPM Global Equity Multi-Factor UCITS ETF USD Acc (JPGL.L) and Invesco S&P 500 UCITS ETF (SPXS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPGL.L achieves a 11.94% return, which is significantly higher than SPXS.L's 10.20% return.

JPGL.L

• 1D: -0.15%
• 1M: 0.02%
• 6M: 9.52%
• YTD: 11.94%
• 1Y: 21.47%
• 3Y*: 15.39%
• 5Y*: 9.69%
• 10Y*: —

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%

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

JPGL.L vs. SPXS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
JPGL.L JPM Global Equity Multi-Factor UCITS ETF USD Acc	11.94%	18.24%	10.32%	13.28%	-10.20%	23.30%	6.18%	6.61%
SPXS.L Invesco S&P 500 UCITS ETF	10.20%	-98.82%	25.56%	27.00%	-18.53%	29.64%	17.89%	9.29%

Correlation

The correlation between JPGL.L and SPXS.L is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jul 9, 2019	0.83

Over the past year, the correlation between JPGL.L and SPXS.L has dropped to 0.62 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

Return for Risk

JPGL.L vs. SPXS.L — Risk / Return Rank

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

JPGL.L

JPGL.L Risk / Return Rank: 83
JPGL.L Sharpe Ratio Rank: 84
JPGL.L Sortino Ratio Rank: 88
JPGL.L Omega Ratio Rank: 83
JPGL.L Calmar Ratio Rank: 81
JPGL.L Martin Ratio Rank: 81

SPXS.L

SPXS.L Risk / Return Rank: 2
SPXS.L Sharpe Ratio Rank: 2
SPXS.L Sortino Ratio Rank: 4
SPXS.L Omega Ratio Rank: 0
SPXS.L Calmar Ratio Rank: 0
SPXS.L Martin Ratio Rank: 3

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.

JPGL.L vs. SPXS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPM Global Equity Multi-Factor UCITS ETF USD Acc (JPGL.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.

	JPGL.L	SPXS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.15	-0.99	+3.14
Sortino ratio: Return per unit of downside risk	3.20	-0.78	+3.97
Omega ratio: Gain probability vs. loss probability	1.39	0.52	+0.87
Calmar ratio: Return relative to maximum drawdown	3.38	-1.00	+4.38
Martin ratio: Return relative to average drawdown	12.44	-1.23	+13.67

JPGL.L vs. SPXS.L - Sharpe Ratio Comparison

The current JPGL.L Sharpe Ratio is 2.15, which is higher than the SPXS.L Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of JPGL.L and SPXS.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.

Drawdowns

JPGL.L vs. SPXS.L - Drawdown Comparison

The maximum JPGL.L drawdown since its inception was -35.87%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for JPGL.L and SPXS.L.

Drawdown Indicators

	JPGL.L	SPXS.L	Difference
Max Drawdown Largest peak-to-trough decline	-35.87%	-99.07%	+63.20%
Max Drawdown (1Y) Largest decline over 1 year	-6.32%	-99.07%	+92.75%
Max Drawdown (3Y) Largest decline over 3 years	-12.45%	-99.07%	+86.62%
Max Drawdown (5Y) Largest decline over 5 years	-21.04%	-99.07%	+78.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-99.07%	—
Current Drawdown Current decline from peak	-0.84%	-98.90%	+98.06%
Average Drawdown Average peak-to-trough decline	-4.43%	-7.67%	+3.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	80.57%	-78.85%

Volatility

JPGL.L vs. SPXS.L - Volatility Comparison

JPM Global Equity Multi-Factor UCITS ETF USD Acc (JPGL.L) has a higher volatility of 2.99% compared to Invesco S&P 500 UCITS ETF (SPXS.L) at 2.73%. This indicates that JPGL.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.

Volatility by Period

	JPGL.L	SPXS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	2.73%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	7.85%	9.24%	-1.39%
Volatility (1Y) Calculated over the trailing 1-year period	9.98%	99.43%	-89.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.44%	47.13%	-33.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.03%	35.27%	-19.24%

JPGL.L vs. SPXS.L - Expense Ratio Comparison

JPGL.L has a 0.19% expense ratio, which is higher than SPXS.L's 0.05% 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

JPGL.L vs. SPXS.L - Dividend Comparison

Neither JPGL.L nor SPXS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both JPGL.L and SPXS.L in my portfolio?

JPGL.L and SPXS.L have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JPGL.L or SPXS.L?

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.

Which ETF is cheaper, JPGL.L or SPXS.L?

SPXS.L is cheaper with a 0.05% expense ratio, compared with 0.19% for JPGL.L.

What is the main difference between JPGL.L and SPXS.L?

JPGL.L tracks MSCI ACWI NR USD, while SPXS.L tracks Invesco S&P 500 UCITS ETF. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.19% for JPGL.L and 0.05% for SPXS.L.