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

MXUS.L vs. SPXP.L

Last updated Jun 5, 2026

MXUS.L (Invesco MSCI USA UCITS ETF) and SPXP.L (Invesco S&P 500 UCITS ETF) are both exchange-traded funds - MXUS.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 10 years, MXUS.L returned 15.33%/yr vs 15.49%/yr for SPXP.L. Their correlation of 0.81 suggests significant overlap in exposure. Both charge a 0.05% expense ratio.

Performance

MXUS.L vs. SPXP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco MSCI USA UCITS ETF (MXUS.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

MXUS.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 MXUS.L having a 10.31% return and SPXP.L slightly lower at 10.28%. Both investments have delivered pretty close results over the past 10 years, with MXUS.L having a 15.33% annualized return and SPXP.L not far ahead at 15.49%.

MXUS.L

1D
0.02%
1M
4.59%
YTD
10.31%
6M
10.99%
1Y
27.75%
3Y*
22.47%
5Y*
13.58%
10Y*
15.33%

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)

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

2026 (YTD)202520242023202220212020201920182017
MXUS.L
Invesco MSCI USA UCITS ETF		10.31%17.34%25.57%27.84%-20.03%27.90%20.98%31.00%-5.44%21.42%
SPXP.L
Invesco S&P 500 UCITS ETF		10.28%17.79%25.46%26.40%-18.54%30.07%17.39%31.85%-5.42%21.32%

Correlation

The correlation between MXUS.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

0.93

Correlation (10Y)
Calculated over the trailing 10-year period

0.88

Correlation (All Time)
Calculated using the full available price history since Jul 15, 2014

0.81

The correlation between MXUS.L and SPXP.L shifts across timeframes, from 0.81 (all time) to 0.93 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
MXUS.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

MXUS.L
35.4%
SPXP.L
35.6%

Financial Services

MXUS.L
11.6%
SPXP.L
11.8%

Communication Services

MXUS.L
11.3%
SPXP.L
11.2%

Consumer Cyclical

MXUS.L
10.1%
SPXP.L
10.1%

Healthcare

MXUS.L
8.6%
SPXP.L
8.5%

Industrials

MXUS.L
8.6%
SPXP.L
8.3%

Consumer Defensive

MXUS.L
4.8%
SPXP.L
4.9%

Energy

MXUS.L
3.6%
SPXP.L
3.5%

Utilities

MXUS.L
2.3%
SPXP.L
2.4%

Real Estate

MXUS.L
1.9%
SPXP.L
1.9%

Basic Materials

MXUS.L
1.8%
SPXP.L
1.8%

Compare stocks, funds, or ETFs

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Invesco MSCI USA UCITS ETF

Invesco S&P 500 UCITS ETF

Often compared with MXUS.L:
MXUS.L vs. USSC.LMXUS.L vs. BIRDXMXUS.L vs. INAA.LMXUS.L vs. UC96.LMXUS.L vs. QUALMXUS.L vs. VOOMXUS.L vs. ACWI
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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MXUS.L
MXUS.L Risk / Return Rank: 7474
Overall Rank
MXUS.L Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
MXUS.L Sortino Ratio Rank: 7878
Sortino Ratio Rank
MXUS.L Omega Ratio Rank: 7474
Omega Ratio Rank
MXUS.L Calmar Ratio Rank: 6868
Calmar Ratio Rank
MXUS.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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI USA UCITS ETF (MXUS.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.

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

-0.16

Sortino ratioReturn per unit of downside risk
3.44
3.66

-0.22

Omega ratioGain probability vs. loss probability

1.43

1.46

-0.02

Calmar ratioReturn relative to maximum drawdown

3.31

3.23

+0.08

Martin ratioReturn relative to average drawdown

14.01

13.97

+0.04

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

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

The current MXUS.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 MXUS.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

MXUS.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

0.93

1.01

-0.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.94

0.96

-0.02

Drawdowns

MXUS.L vs. SPXP.L - Drawdown Comparison

The maximum MXUS.L drawdown since its inception was -34.38%, roughly equal to the maximum SPXP.L drawdown of -33.47%. Use the drawdown chart below to compare losses from any high point for MXUS.L and SPXP.L.

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Drawdown Indicators

MXUS.LSPXP.LDifference

Max Drawdown

Largest peak-to-trough decline

-34.38%

-33.47%

-0.91%

Max Drawdown (1Y)

Largest decline over 1 year

-8.35%

-8.65%

+0.30%

Max Drawdown (3Y)

Largest decline over 3 years

-18.78%

-18.72%

-0.06%

Max Drawdown (5Y)

Largest decline over 5 years

-25.25%

-25.04%

-0.21%

Max Drawdown (10Y)

Largest decline over 10 years

-34.38%

-33.47%

-0.91%

Current Drawdown

Current decline from peak

-0.45%

-0.52%

+0.07%

Average Drawdown

Average peak-to-trough decline

-3.83%

-4.48%

+0.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

2.00%

-0.02%

Volatility

MXUS.L vs. SPXP.L - Volatility Comparison

Invesco MSCI USA UCITS ETF (MXUS.L) has a higher volatility of 3.20% compared to Invesco S&P 500 UCITS ETF (SPXP.L) at 2.60%. This indicates that MXUS.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

MXUS.LSPXP.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.20%

2.60%

+0.60%

Volatility (6M)

Calculated over the trailing 6-month period

8.55%

8.02%

+0.53%

Volatility (1Y)

Calculated over the trailing 1-year period

11.64%

11.02%

+0.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.19%

15.57%

+0.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.42%

16.75%

-0.33%

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

Both MXUS.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

MXUS.L vs. SPXP.L - Dividend Comparison

Neither MXUS.L nor SPXP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

With a correlation of 0.92, MXUS.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.

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

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

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