S100.L vs. SPXP.L

Last updated Jun 5, 2026

S100.L (Invesco FTSE 100 UCITS ETF) and SPXP.L (Invesco S&P 500 UCITS ETF) are both exchange-traded funds - S100.L is a Europe Equities fund tracking the FTSE AllSh TR GBP, while SPXP.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, S100.L returned 8.88%/yr vs 16.32%/yr for SPXP.L. A 0.51 correlation means they provide meaningful diversification when combined. S100.L charges 0.09%/yr vs 0.05%/yr for SPXP.L.

Performance

S100.L vs. SPXP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco FTSE 100 UCITS ETF (S100.L) and Invesco S&P 500 UCITS ETF (SPXP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, S100.L achieves a 5.86% return, which is significantly lower than SPXP.L's 10.55% return. Over the past 10 years, S100.L has underperformed SPXP.L with an annualized return of 8.88%, while SPXP.L has yielded a comparatively higher 16.32% annualized return.

S100.L

• 1D: 0.30%
• 1M: 1.64%
• YTD: 5.86%
• 6M: 8.26%
• 1Y: 21.25%
• 3Y*: 14.67%
• 5Y*: 11.75%
• 10Y*: 8.88%

SPXP.L

• 1D: 0.00%
• 1M: 5.53%
• YTD: 10.55%
• 6M: 10.49%
• 1Y: 29.25%
• 3Y*: 19.21%
• 5Y*: 15.15%
• 10Y*: 16.32%

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

S100.L vs. SPXP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
S100.L Invesco FTSE 100 UCITS ETF	5.86%	25.76%	9.34%	7.33%	4.91%	17.58%	-11.72%	17.44%	-9.33%	12.12%
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 S100.L and SPXP.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jul 15, 2014	0.51

The correlation between S100.L and SPXP.L shifts across timeframes, from 0.42 (1 year) to 0.56 (10 years), reflecting how their relationship changes across market environments.

S100.L vs. SPXP.L - Sectors Allocation Comparison

Sectors	S100.L	SPXP.L
Financial Services	24.5%	11.8%
Consumer Defensive	13.9%	4.9%
Industrials	13.7%	8.3%
Healthcare	13.6%	8.5%
Energy	11.7%	3.5%
Basic Materials	8.5%	1.8%
Utilities	5.3%	2.4%
Consumer Cyclical	4.7%	10.1%
Communication Services	2.6%	11.2%
Real Estate	0.9%	1.9%
Technology	0.8%	35.6%

Return for Risk

S100.L vs. SPXP.L — Risk / Return Rank

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

S100.L

S100.L Risk / Return Rank: 54
S100.L Sharpe Ratio Rank: 58
S100.L Sortino Ratio Rank: 57
S100.L Omega Ratio Rank: 59
S100.L Calmar Ratio Rank: 48
S100.L Martin Ratio Rank: 49

SPXP.L

SPXP.L Risk / Return Rank: 83
SPXP.L Sharpe Ratio Rank: 85
SPXP.L Sortino Ratio Rank: 84
SPXP.L Omega Ratio Rank: 86
SPXP.L Calmar Ratio Rank: 80
SPXP.L Martin Ratio Rank: 79

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.

S100.L vs. SPXP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE 100 UCITS ETF (S100.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.

	S100.L	SPXP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.78	-0.85
Sortino ratio: Return per unit of downside risk	2.68	3.71	-1.03
Omega ratio: Gain probability vs. loss probability	1.36	1.52	-0.16
Calmar ratio: Return relative to maximum drawdown	2.35	4.11	-1.76
Martin ratio: Return relative to average drawdown	8.00	15.13	-7.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

S100.L vs. SPXP.L - Sharpe Ratio Comparison

The current S100.L Sharpe Ratio is 1.93, which is lower than the SPXP.L Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of S100.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.

Sharpe Ratios by Period

	S100.L	SPXP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.93	2.78	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	1.06	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	1.10	-0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.15	-0.58

Drawdowns

S100.L vs. SPXP.L - Drawdown Comparison

The maximum S100.L drawdown since its inception was -34.58%, 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 S100.L and SPXP.L.

Drawdown Indicators

	S100.L	SPXP.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.58%	-25.46%	-9.12%
Max Drawdown (1Y) Largest decline over 1 year	-9.02%	-7.09%	-1.93%
Max Drawdown (3Y) Largest decline over 3 years	-13.04%	-20.77%	+7.73%
Max Drawdown (5Y) Largest decline over 5 years	-13.04%	-20.77%	+7.73%
Max Drawdown (10Y) Largest decline over 10 years	-34.58%	-25.46%	-9.12%
Current Drawdown Current decline from peak	-3.98%	-0.21%	-3.77%
Average Drawdown Average peak-to-trough decline	-4.49%	-3.50%	-0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.65%	1.93%	+0.72%

Volatility

S100.L vs. SPXP.L - Volatility Comparison

Invesco FTSE 100 UCITS ETF (S100.L) has a higher volatility of 3.91% compared to Invesco S&P 500 UCITS ETF (SPXP.L) at 2.65%. This indicates that S100.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.

Volatility by Period

	S100.L	SPXP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.91%	2.65%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	9.53%	7.24%	+2.29%
Volatility (1Y) Calculated over the trailing 1-year period	10.96%	10.49%	+0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.78%	14.23%	-1.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	16.22%	-1.13%

S100.L vs. SPXP.L - Expense Ratio Comparison

S100.L has a 0.09% expense ratio, which is higher than SPXP.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

S100.L vs. SPXP.L - Dividend Comparison

Neither S100.L nor SPXP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both S100.L and SPXP.L in my portfolio?

S100.L and SPXP.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, S100.L or SPXP.L?

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.

Which ETF is cheaper, S100.L or SPXP.L?

SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.09% for S100.L.

What is the main difference between S100.L and SPXP.L?

S100.L is categorized as Europe Equities, while SPXP.L is S&P 500. S100.L tracks FTSE AllSh TR GBP, while SPXP.L tracks S&P 500 Index. Their fees differ too: 0.09% for S100.L and 0.05% for SPXP.L.