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MXUD.L vs. SPXP.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MXUD.L vs. SPXP.L

Last updated Jun 5, 2026

MXUD.L (Invesco MSCI USA UCITS ETF Dist) and SPXP.L (Invesco S&P 500 UCITS ETF) are both exchange-traded funds - MXUD.L is a Large Cap Blend Equities fund tracking the Russell 1000 TR USD, while SPXP.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, MXUD.L returned 13.61%/yr vs 13.94%/yr for SPXP.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.05% expense ratio.

Performance

MXUD.L vs. SPXP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI USA UCITS ETF Dist (MXUD.L) and Invesco S&P 500 UCITS ETF (SPXP.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

MXUD.L is traded in USD, while SPXP.L is traded in GBp. To make them comparable, the SPXP.L values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with MXUD.L having a 10.40% return and SPXP.L slightly lower at 10.28%.

MXUD.L

1D
0.01%
1M
4.69%
YTD
10.40%
6M
11.09%
1Y
27.70%
3Y*
22.52%
5Y*
13.61%
10Y*
—

SPXP.L

1D
0.05%
1M
4.64%
YTD
10.28%
6M
11.31%
1Y
28.02%
3Y*
22.28%
5Y*
13.94%
10Y*
15.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MXUD.L vs. SPXP.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
MXUD.L
Invesco MSCI USA UCITS ETF Dist		10.40%17.43%25.46%27.86%-19.91%26.81%18.82%3.48%
SPXP.L
Invesco S&P 500 UCITS ETF		10.28%17.79%25.46%26.40%-18.54%30.07%17.39%4.11%

Correlation

The correlation between MXUD.L and SPXP.L is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.92

Correlation (3Y)
Calculated over the trailing 3-year period

0.92

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

0.92

Correlation (All Time)
Calculated using the full available price history since Nov 18, 2019

0.92

The correlation between MXUD.L and SPXP.L has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

MXUD.L vs. SPXP.L - Sectors Allocation Comparison

Sectors
MXUD.L
SPXP.L

Technology

35.4%
35.6%

Financial Services

11.6%
11.8%

Communication Services

11.3%
11.2%

Consumer Cyclical

10.1%
10.1%

Healthcare

8.6%
8.5%

Industrials

8.6%
8.3%

Consumer Defensive

4.8%
4.9%

Energy

3.6%
3.5%

Utilities

2.3%
2.4%

Real Estate

1.9%
1.9%

Basic Materials

1.8%
1.8%

Technology

MXUD.L
35.4%
SPXP.L
35.6%

Financial Services

MXUD.L
11.6%
SPXP.L
11.8%

Communication Services

MXUD.L
11.3%
SPXP.L
11.2%

Consumer Cyclical

MXUD.L
10.1%
SPXP.L
10.1%

Healthcare

MXUD.L
8.6%
SPXP.L
8.5%

Industrials

MXUD.L
8.6%
SPXP.L
8.3%

Consumer Defensive

MXUD.L
4.8%
SPXP.L
4.9%

Energy

MXUD.L
3.6%
SPXP.L
3.5%

Utilities

MXUD.L
2.3%
SPXP.L
2.4%

Real Estate

MXUD.L
1.9%
SPXP.L
1.9%

Basic Materials

MXUD.L
1.8%
SPXP.L
1.8%

Compare stocks, funds, or ETFs

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Invesco MSCI USA UCITS ETF Dist

Invesco S&P 500 UCITS ETF

Often compared with MXUD.L:
MXUD.L vs. SPY5.LMXUD.L vs. CAPS.LMXUD.L vs. MVEA.LMXUD.L vs. BBUS.LMXUD.L vs. FRUE.LMXUD.L vs. ISDU.LMXUD.L vs. XMVU.L
Often compared with SPXP.L:
SPXP.L vs. VUAG.LSPXP.L vs. CSPX.LSPXP.L vs. SPXSSPXP.L vs. VOOSPXP.L vs. SPX5.LSPXP.L vs. SMT.LSPXP.L vs. SPXD.L

Return for Risk

MXUD.L vs. SPXP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MXUD.L
MXUD.L Risk / Return Rank: 7373
Overall Rank
MXUD.L Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
MXUD.L Sortino Ratio Rank: 7878
Sortino Ratio Rank
MXUD.L Omega Ratio Rank: 7474
Omega Ratio Rank
MXUD.L Calmar Ratio Rank: 6767
Calmar Ratio Rank
MXUD.L Martin Ratio Rank: 7575
Martin Ratio Rank
SPXP.L
SPXP.L Risk / Return Rank: 8383
Overall Rank
SPXP.L Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
SPXP.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
SPXP.L Omega Ratio Rank: 8686
Omega Ratio Rank
SPXP.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
SPXP.L Martin Ratio Rank: 7979
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.

MXUD.L vs. SPXP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI USA UCITS ETF Dist (MXUD.L) and Invesco S&P 500 UCITS ETF (SPXP.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.

MXUD.LSPXP.LDifference
Sharpe ratioReturn per unit of total volatility
2.37
2.53

-0.16

Sortino ratioReturn per unit of downside risk
3.43
3.66

-0.23

Omega ratioGain probability vs. loss probability

1.43

1.46

-0.03

Calmar ratioReturn relative to maximum drawdown

3.27

3.23

+0.04

Martin ratioReturn relative to average drawdown

14.10

13.97

+0.13

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

MXUD.L vs. SPXP.L - Sharpe Ratio Comparison

The current MXUD.L Sharpe Ratio is 2.37, which is comparable to the SPXP.L Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of MXUD.L and SPXP.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.

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Sharpe Ratios by Period

MXUD.LSPXP.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.37

2.53

-0.16

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.84

0.90

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

1.01

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.86

0.96

-0.11

Drawdowns

MXUD.L vs. SPXP.L - Drawdown Comparison

The maximum MXUD.L drawdown since its inception was -34.70%, roughly equal to the maximum SPXP.L drawdown of -33.47%. Use the drawdown chart below to compare losses from any high point for MXUD.L and SPXP.L.

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Drawdown Indicators

MXUD.LSPXP.LDifference

Max Drawdown

Largest peak-to-trough decline

-34.70%

-33.47%

-1.23%

Max Drawdown (1Y)

Largest decline over 1 year

-8.43%

-8.65%

+0.22%

Max Drawdown (3Y)

Largest decline over 3 years

-19.43%

-18.72%

-0.71%

Max Drawdown (5Y)

Largest decline over 5 years

-25.22%

-25.04%

-0.18%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.47%

—

Current Drawdown

Current decline from peak

-0.44%

-0.52%

+0.08%

Average Drawdown

Average peak-to-trough decline

-5.78%

-4.48%

-1.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.96%

2.00%

-0.04%

Volatility

MXUD.L vs. SPXP.L - Volatility Comparison

Invesco MSCI USA UCITS ETF Dist (MXUD.L) has a higher volatility of 3.28% compared to Invesco S&P 500 UCITS ETF (SPXP.L) at 2.60%. This indicates that MXUD.L's price experiences larger fluctuations and is considered to be riskier than SPXP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MXUD.LSPXP.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.28%

2.60%

+0.68%

Volatility (6M)

Calculated over the trailing 6-month period

8.54%

8.02%

+0.52%

Volatility (1Y)

Calculated over the trailing 1-year period

11.65%

11.02%

+0.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.23%

15.57%

+0.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.46%

16.75%

+1.71%

MXUD.L vs. SPXP.L - Expense Ratio Comparison

Both MXUD.L and SPXP.L have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

MXUD.L vs. SPXP.L - Dividend Comparison

MXUD.L's dividend yield for the trailing twelve months is around 1.05%, while SPXP.L has not paid dividends to shareholders.

PositionTTM20252024202320222021
MXUD.L
Invesco MSCI USA UCITS ETF Dist		1.05%1.14%1.30%1.47%1.66%0.62%
SPXP.L
Invesco S&P 500 UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

With a correlation of 0.92, MXUD.L and SPXP.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.

Both ETFs have the same 0.05% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

MXUD.L and SPXP.L have the same expense ratio: 0.05% per year.

MXUD.L is categorized as Large Cap Blend Equities, while SPXP.L is S&P 500. MXUD.L tracks Russell 1000 TR USD, while SPXP.L tracks S&P 500 Index.

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