SPES.L vs. SPMD.L

Last updated Jun 4, 2026

SPES.L (Invesco S&P 500 Equal Weight UCITS ETF Dist) and SPMD.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)) are both S&P 500 funds - SPES.L tracks the S&P 500 Equal Weight Index while SPMD.L tracks the S&P 500 Minimum Volatility Index. Both are passively managed. Over the past 5 years, SPES.L returned 9.32%/yr vs 10.04%/yr for SPMD.L. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

SPES.L vs. SPMD.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 iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, SPES.L achieves a 9.18% return, which is significantly higher than SPMD.L's 4.40% return.

SPES.L

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

SPMD.L

• 1D: 0.30%
• 1M: 4.57%
• YTD: 4.40%
• 6M: 4.99%
• 1Y: 12.36%
• 3Y*: 11.06%
• 5Y*: 10.04%
• 10Y*: —

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

SPES.L vs. SPMD.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%
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	4.40%	3.61%	20.77%	4.38%	-0.37%	18.75%

Correlation

The correlation between SPES.L and SPMD.L is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Apr 9, 2021	0.76

The correlation between SPES.L and SPMD.L has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

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

Sectors	SPES.L	SPMD.L
Technology	20.1%	29.0%
Financial Services	14.2%	17.8%
Industrials	14.1%	5.7%
Healthcare	11.2%	13.3%
Consumer Cyclical	9.9%	6.9%
Consumer Defensive	6.5%	10.4%
Real Estate	6.2%	0.2%
Utilities	5.8%	2.9%
Energy	4.2%	5.2%
Basic Materials	3.9%	2.3%
Communication Services	3.9%	6.5%

Return for Risk

SPES.L vs. SPMD.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

SPMD.L

SPMD.L Risk / Return Rank: 40
SPMD.L Sharpe Ratio Rank: 39
SPMD.L Sortino Ratio Rank: 41
SPMD.L Omega Ratio Rank: 38
SPMD.L Calmar Ratio Rank: 37
SPMD.L Martin Ratio Rank: 45

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. SPMD.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 iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.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	SPMD.L	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.31	+0.81
Sortino ratio: Return per unit of downside risk	2.96	1.88	+1.09
Omega ratio: Gain probability vs. loss probability	1.38	1.24	+0.14
Calmar ratio: Return relative to maximum drawdown	3.56	2.41	+1.15
Martin ratio: Return relative to average drawdown	11.59	7.13	+4.47
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. SPMD.L - Sharpe Ratio Comparison

The current SPES.L Sharpe Ratio is 2.13, which is higher than the SPMD.L Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of SPES.L and SPMD.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	SPMD.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.31	+0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	0.79	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.74	+0.05

Drawdowns

SPES.L vs. SPMD.L - Drawdown Comparison

The maximum SPES.L drawdown since its inception was -19.65%, smaller than the maximum SPMD.L drawdown of -25.24%. Use the drawdown chart below to compare losses from any high point for SPES.L and SPMD.L.

Drawdown Indicators

	SPES.L	SPMD.L	Difference
Max Drawdown Largest peak-to-trough decline	-19.65%	-25.24%	+5.59%
Max Drawdown (1Y) Largest decline over 1 year	-5.74%	-5.10%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	-19.65%	-14.40%	-5.25%
Max Drawdown (5Y) Largest decline over 5 years	-19.65%	-14.40%	-5.25%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.12%	-3.86%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	1.73%	+0.03%

Volatility

SPES.L vs. SPMD.L - Volatility Comparison

The current volatility for Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.L) is 2.04%, while iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) has a volatility of 2.95%. This indicates that SPES.L experiences smaller price fluctuations and is considered to be less risky than SPMD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPES.L	SPMD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	2.95%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	6.43%	6.96%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	9.70%	9.40%	+0.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.97%	12.64%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.71%	14.71%	0.00%

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

Both SPES.L and SPMD.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. SPMD.L - Dividend Comparison

SPES.L's dividend yield for the trailing twelve months is around 1.28%, more than SPMD.L's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SPES.L Invesco S&P 500 Equal Weight UCITS ETF Dist	1.28%	1.37%	1.36%	1.48%	1.49%	0.74%	0.00%	0.00%	0.00%
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	1.16%	1.15%	1.28%	1.46%	1.35%	1.27%	1.54%	1.52%	1.13%

Frequently Asked Questions

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

SPES.L and SPMD.L have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

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

SPES.L tracks S&P 500 Equal Weight Index, while SPMD.L tracks S&P 500 Minimum Volatility Index. They also come from different issuers: Invesco and iShares.