SPEX.L vs. G500.L

Last updated Jul 17, 2026

SPEX.L (Invesco S&P 500 Equal Weight UCITS ETF Acc) and G500.L (Invesco S&P 500 UCITS ETF GBP Hedged (Acc)) are both exchange-traded funds - SPEX.L is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while G500.L is a US Equities fund tracking the S&P 500 GBP Daily Hedged Index. Both are passively managed. Over the past 5 years, SPEX.L returned 9.43%/yr vs 12.17%/yr for G500.L. A 0.67 correlation means they provide meaningful diversification when combined. SPEX.L charges 0.20%/yr vs 0.05%/yr for G500.L.

Performance

SPEX.L vs. G500.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L) and Invesco S&P 500 UCITS ETF GBP Hedged (Acc) (G500.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPEX.L achieves a 11.86% return, which is significantly higher than G500.L's 10.00% return.

SPEX.L

• 1D: 0.68%
• 1M: 0.76%
• 6M: 7.46%
• YTD: 11.86%
• 1Y: 19.94%
• 3Y*: 12.56%
• 5Y*: 9.43%
• 10Y*: —

G500.L

• 1D: 0.04%
• 1M: 0.35%
• 6M: 8.64%
• YTD: 10.00%
• 1Y: 21.97%
• 3Y*: 19.67%
• 5Y*: 12.17%
• 10Y*: —

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

SPEX.L vs. G500.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPEX.L Invesco S&P 500 Equal Weight UCITS ETF Acc	11.86%	3.90%	14.09%	7.64%	-1.17%	8,302.22%
G500.L Invesco S&P 500 UCITS ETF GBP Hedged (Acc)	10.00%	17.45%	24.98%	24.88%	-19.98%	19.68%

Correlation

The correlation between SPEX.L and G500.L is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (All Time) Calculated using the full available price history since Apr 6, 2021	0.67

The correlation between SPEX.L and G500.L shifts across timeframes, from 0.53 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SPEX.L vs. G500.L — Risk / Return Rank

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

SPEX.L

SPEX.L Risk / Return Rank: 80
SPEX.L Sharpe Ratio Rank: 81
SPEX.L Sortino Ratio Rank: 80
SPEX.L Omega Ratio Rank: 80
SPEX.L Calmar Ratio Rank: 82
SPEX.L Martin Ratio Rank: 76

G500.L

G500.L Risk / Return Rank: 71
G500.L Sharpe Ratio Rank: 71
G500.L Sortino Ratio Rank: 75
G500.L Omega Ratio Rank: 69
G500.L Calmar Ratio Rank: 67
G500.L Martin Ratio Rank: 74

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.

SPEX.L vs. G500.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L) and Invesco S&P 500 UCITS ETF GBP Hedged (Acc) (G500.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SPEX.L	G500.L	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.82	+0.26
Sortino ratio: Return per unit of downside risk	2.87	2.71	+0.16
Omega ratio: Gain probability vs. loss probability	1.37	1.33	+0.05
Calmar ratio: Return relative to maximum drawdown	3.46	2.66	+0.80
Martin ratio: Return relative to average drawdown	11.20	10.74	+0.47

SPEX.L vs. G500.L - Sharpe Ratio Comparison

The current SPEX.L Sharpe Ratio is 2.07, which is comparable to the G500.L Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of SPEX.L and G500.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.

Drawdowns

SPEX.L vs. G500.L - Drawdown Comparison

The maximum SPEX.L drawdown since its inception was -20.03%, smaller than the maximum G500.L drawdown of -25.20%. Use the drawdown chart below to compare losses from any high point for SPEX.L and G500.L.

Drawdown Indicators

	SPEX.L	G500.L	Difference
Max Drawdown Largest peak-to-trough decline	-20.03%	-25.20%	+5.17%
Max Drawdown (1Y) Largest decline over 1 year	-5.73%	-8.21%	+2.48%
Max Drawdown (3Y) Largest decline over 3 years	-20.03%	-18.22%	-1.81%
Max Drawdown (5Y) Largest decline over 5 years	-20.03%	-25.20%	+5.17%
Current Drawdown Current decline from peak	-1.29%	-0.57%	-0.72%
Average Drawdown Average peak-to-trough decline	-5.50%	-5.31%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	2.04%	-0.26%

Volatility

SPEX.L vs. G500.L - Volatility Comparison

Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L) and Invesco S&P 500 UCITS ETF GBP Hedged (Acc) (G500.L) have volatilities of 2.92% and 2.79%, 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

	SPEX.L	G500.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	2.79%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	6.87%	9.28%	-2.41%
Volatility (1Y) Calculated over the trailing 1-year period	9.71%	12.06%	-2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.61%	15.99%	+3.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2,820.40%	15.87%	+2,804.53%

SPEX.L vs. G500.L - Expense Ratio Comparison

SPEX.L has a 0.20% expense ratio, which is higher than G500.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

SPEX.L vs. G500.L - Dividend Comparison

Neither SPEX.L nor G500.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPEX.L and G500.L in my portfolio?

SPEX.L and G500.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPEX.L or G500.L?

On fees, G500.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, SPEX.L or G500.L?

G500.L is cheaper with a 0.05% expense ratio, compared with 0.20% for SPEX.L.

What is the main difference between SPEX.L and G500.L?

SPEX.L is categorized as S&P 500, while G500.L is US Equities. SPEX.L tracks S&P 500 Equal Weight Index, while G500.L tracks S&P 500 GBP Daily Hedged Index. Their fees differ too: 0.20% for SPEX.L and 0.05% for G500.L.