SPES.L vs. SPEX.L

Last updated Jun 4, 2026

SPES.L (Invesco S&P 500 Equal Weight UCITS ETF Dist) and SPEX.L (Invesco S&P 500 Equal Weight UCITS ETF Acc) are both S&P 500 funds from Invesco tracking the S&P 500 Equal Weight Index. Both are passively managed. Over the past 5 years, SPES.L returned 9.32%/yr vs 9.30%/yr for SPEX.L. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.20% expense ratio.

Performance

SPES.L vs. SPEX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.L) and Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SPES.L having a 9.18% return and SPEX.L slightly lower at 9.11%.

SPES.L

• 1D: 0.31%
• 1M: 4.57%
• YTD: 9.18%
• 6M: 9.85%
• 1Y: 20.51%
• 3Y*: 12.30%
• 5Y*: 9.32%
• 10Y*: —

SPEX.L

• 1D: 0.25%
• 1M: 4.42%
• YTD: 9.11%
• 6M: 9.60%
• 1Y: 20.68%
• 3Y*: 12.26%
• 5Y*: 9.30%
• 10Y*: —

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

SPES.L vs. SPEX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPES.L Invesco S&P 500 Equal Weight UCITS ETF Dist	9.18%	3.95%	13.66%	8.18%	-1.34%	28.07%
SPEX.L Invesco S&P 500 Equal Weight UCITS ETF Acc	9.11%	3.90%	14.09%	7.64%	-1.17%	28.05%

Correlation

The correlation between SPES.L and SPEX.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (All Time) Calculated using the full available price history since Apr 9, 2021	0.98

The correlation between SPES.L and SPEX.L has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

SPES.L vs. SPEX.L - Sectors Allocation Comparison

Sectors	SPES.L	SPEX.L
Technology	20.1%	20.1%
Financial Services	14.2%	14.2%
Industrials	14.1%	14.1%
Healthcare	11.2%	11.2%
Consumer Cyclical	9.9%	9.9%
Consumer Defensive	6.5%	6.5%
Real Estate	6.2%	6.2%
Utilities	5.8%	5.8%
Energy	4.2%	4.2%
Basic Materials	3.9%	3.9%
Communication Services	3.9%	3.9%

Return for Risk

SPES.L vs. SPEX.L — Risk / Return Rank

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

SPES.L

SPES.L Risk / Return Rank: 65
SPES.L Sharpe Ratio Rank: 64
SPES.L Sortino Ratio Rank: 64
SPES.L Omega Ratio Rank: 62
SPES.L Calmar Ratio Rank: 72
SPES.L Martin Ratio Rank: 64

SPEX.L

SPEX.L Risk / Return Rank: 66
SPEX.L Sharpe Ratio Rank: 64
SPEX.L Sortino Ratio Rank: 64
SPEX.L Omega Ratio Rank: 64
SPEX.L Calmar Ratio Rank: 72
SPEX.L Martin Ratio Rank: 65

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.

SPES.L vs. SPEX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.L) and Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.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.

	SPES.L	SPEX.L	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.14	-0.02
Sortino ratio: Return per unit of downside risk	2.96	2.96	0.00
Omega ratio: Gain probability vs. loss probability	1.38	1.38	-0.01
Calmar ratio: Return relative to maximum drawdown	3.56	3.59	-0.03
Martin ratio: Return relative to average drawdown	11.59	11.66	-0.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPES.L vs. SPEX.L - Sharpe Ratio Comparison

The current SPES.L Sharpe Ratio is 2.13, which is comparable to the SPEX.L Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of SPES.L and SPEX.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

	SPES.L	SPEX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.14	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.66	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.80	0.00

Drawdowns

SPES.L vs. SPEX.L - Drawdown Comparison

The maximum SPES.L drawdown since its inception was -19.65%, roughly equal to the maximum SPEX.L drawdown of -19.65%. Use the drawdown chart below to compare losses from any high point for SPES.L and SPEX.L.

Drawdown Indicators

	SPES.L	SPEX.L	Difference
Max Drawdown Largest peak-to-trough decline	-19.65%	-19.65%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-5.74%	-5.73%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-19.65%	-19.65%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-19.65%	-19.65%	0.00%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.12%	-4.13%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	1.77%	-0.01%

Volatility

SPES.L vs. SPEX.L - Volatility Comparison

Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.L) and Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L) have volatilities of 2.04% and 1.96%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPES.L	SPEX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	1.96%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	6.43%	6.61%	-0.18%
Volatility (1Y) Calculated over the trailing 1-year period	9.70%	9.69%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.97%	14.05%	-0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.71%	14.61%	+0.10%

SPES.L vs. SPEX.L - Expense Ratio Comparison

Both SPES.L and SPEX.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

SPES.L vs. SPEX.L - Dividend Comparison

SPES.L's dividend yield for the trailing twelve months is around 1.28%, while SPEX.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
SPES.L Invesco S&P 500 Equal Weight UCITS ETF Dist	1.28%	1.37%	1.36%	1.48%	1.49%	0.74%
SPEX.L Invesco S&P 500 Equal Weight UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPES.L and SPEX.L in my portfolio?

With a correlation of 0.98, SPES.L and SPEX.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.

Which ETF is better, SPES.L or SPEX.L?

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPES.L or SPEX.L?

SPES.L and SPEX.L have the same expense ratio: 0.20% per year.

What is the main difference between SPES.L and SPEX.L?

Both ETFs track S&P 500 Equal Weight Index.