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

PSRE.L vs. SPXP.L

Last updated Jun 5, 2026

PSRE.L (Invesco FTSE RAFI Europe UCITS ETF) and SPXP.L (Invesco S&P 500 UCITS ETF) are both exchange-traded funds - PSRE.L is a Europe Equities fund tracking the MSCI Europe Value NR EUR, while SPXP.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PSRE.L returned 11.27%/yr vs 16.32%/yr for SPXP.L. A 0.52 correlation means they provide meaningful diversification when combined. PSRE.L charges 0.39%/yr vs 0.05%/yr for SPXP.L.

Performance

PSRE.L vs. SPXP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco FTSE RAFI Europe UCITS ETF (PSRE.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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Returns By Period

In the year-to-date period, PSRE.L achieves a 8.21% return, which is significantly lower than SPXP.L's 10.55% return. Over the past 10 years, PSRE.L has underperformed SPXP.L with an annualized return of 11.27%, while SPXP.L has yielded a comparatively higher 16.32% annualized return.

PSRE.L

1D
0.44%
1M
1.30%
YTD
8.21%
6M
10.94%
1Y
25.30%
3Y*
18.44%
5Y*
12.83%
10Y*
11.27%

SPXP.L

1D
0.00%
1M
4.48%
YTD
10.55%
6M
9.96%
1Y
29.14%
3Y*
19.21%
5Y*
15.15%
10Y*
16.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
PSRE.L
Invesco FTSE RAFI Europe UCITS ETF		8.21%33.93%6.05%13.49%1.85%17.97%-3.60%14.49%-10.13%14.76%
SPXP.L
Invesco S&P 500 UCITS ETF		10.55%9.53%27.58%20.06%-8.79%31.26%13.90%26.76%0.26%10.77%

Correlation

The correlation between PSRE.L and SPXP.L is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.45

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

0.42

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

0.51

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

0.57

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

0.52

The correlation between PSRE.L and SPXP.L shifts across timeframes, from 0.42 (3 years) to 0.57 (10 years), reflecting how their relationship changes across market environments.

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

Sectors
PSRE.L
SPXP.L

Financial Services

21.5%
11.8%

Energy

13.2%
3.5%

Industrials

12.0%
8.3%

Healthcare

10.6%
8.5%

Basic Materials

9.9%
1.8%

Consumer Defensive

9.3%
4.9%

Consumer Cyclical

9.2%
10.1%

Communication Services

5.0%
11.2%

Technology

4.7%
35.6%

Utilities

4.3%
2.4%

Real Estate

0.3%
1.9%

Financial Services

PSRE.L
21.5%
SPXP.L
11.8%

Energy

PSRE.L
13.2%
SPXP.L
3.5%

Industrials

PSRE.L
12.0%
SPXP.L
8.3%

Healthcare

PSRE.L
10.6%
SPXP.L
8.5%

Basic Materials

PSRE.L
9.9%
SPXP.L
1.8%

Consumer Defensive

PSRE.L
9.3%
SPXP.L
4.9%

Consumer Cyclical

PSRE.L
9.2%
SPXP.L
10.1%

Communication Services

PSRE.L
5.0%
SPXP.L
11.2%

Technology

PSRE.L
4.7%
SPXP.L
35.6%

Utilities

PSRE.L
4.3%
SPXP.L
2.4%

Real Estate

PSRE.L
0.3%
SPXP.L
1.9%

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Invesco FTSE RAFI Europe UCITS ETF

Invesco S&P 500 UCITS ETF

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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

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PSRE.L
PSRE.L Risk / Return Rank: 6262
Overall Rank
PSRE.L Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
PSRE.L Sortino Ratio Rank: 6464
Sortino Ratio Rank
PSRE.L Omega Ratio Rank: 6969
Omega Ratio Rank
PSRE.L Calmar Ratio Rank: 5353
Calmar Ratio Rank
PSRE.L Martin Ratio Rank: 5656
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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Europe UCITS ETF (PSRE.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.

PSRE.LSPXP.LDifference
Sharpe ratioReturn per unit of total volatility
2.23
2.78

-0.55

Sortino ratioReturn per unit of downside risk
2.95
3.71

-0.77

Omega ratioGain probability vs. loss probability

1.41

1.52

-0.11

Calmar ratioReturn relative to maximum drawdown

2.59

4.11

-1.51

Martin ratioReturn relative to average drawdown

9.56

15.13

-5.56

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

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

The current PSRE.L Sharpe Ratio is 2.23, which is comparable to the SPXP.L Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of PSRE.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

PSRE.LSPXP.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.23

2.78

-0.55

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.91

1.06

-0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

1.10

-0.40

Sharpe Ratio (All Time)

Calculated using the full available price history

0.39

1.15

-0.76

Drawdowns

PSRE.L vs. SPXP.L - Drawdown Comparison

The maximum PSRE.L drawdown since its inception was -44.68%, which is greater than SPXP.L's maximum drawdown of -25.46%. Use the drawdown chart below to compare losses from any high point for PSRE.L and SPXP.L.

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Drawdown Indicators

PSRE.LSPXP.LDifference

Max Drawdown

Largest peak-to-trough decline

-44.68%

-25.46%

-19.22%

Max Drawdown (1Y)

Largest decline over 1 year

-9.69%

-7.09%

-2.60%

Max Drawdown (3Y)

Largest decline over 3 years

-12.80%

-20.77%

+7.97%

Max Drawdown (5Y)

Largest decline over 5 years

-15.92%

-20.77%

+4.85%

Max Drawdown (10Y)

Largest decline over 10 years

-33.25%

-25.46%

-7.79%

Current Drawdown

Current decline from peak

-1.24%

-0.21%

-1.03%

Average Drawdown

Average peak-to-trough decline

-5.66%

-3.50%

-2.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.63%

1.93%

+0.70%

Volatility

PSRE.L vs. SPXP.L - Volatility Comparison

Invesco FTSE RAFI Europe UCITS ETF (PSRE.L) has a higher volatility of 2.95% compared to Invesco S&P 500 UCITS ETF (SPXP.L) at 2.65%. This indicates that PSRE.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

PSRE.LSPXP.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.95%

2.65%

+0.30%

Volatility (6M)

Calculated over the trailing 6-month period

9.04%

7.24%

+1.80%

Volatility (1Y)

Calculated over the trailing 1-year period

11.29%

10.49%

+0.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.06%

14.23%

-0.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.09%

16.22%

-0.13%

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

PSRE.L has a 0.39% expense ratio, which is higher than SPXP.L's 0.05% expense ratio.

Dividends

PSRE.L vs. SPXP.L - Dividend Comparison

PSRE.L's dividend yield for the trailing twelve months is around 2.74%, while SPXP.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
PSRE.L
Invesco FTSE RAFI Europe UCITS ETF		2.74%3.00%3.61%3.55%3.29%2.81%2.09%3.69%3.60%2.77%2.77%2.68%
SPXP.L
Invesco S&P 500 UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

PSRE.L and SPXP.L have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPXP.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.39% for PSRE.L.

PSRE.L is categorized as Europe Equities, while SPXP.L is S&P 500. PSRE.L tracks MSCI Europe Value NR EUR, while SPXP.L tracks S&P 500 Index. Their fees differ too: 0.39% for PSRE.L and 0.05% for SPXP.L.

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