SPEX.L vs. SPES.L

Last updated Jun 4, 2026

SPEX.L (Invesco S&P 500 Equal Weight UCITS ETF Acc) and SPES.L (Invesco S&P 500 Equal Weight UCITS ETF Dist) 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, SPEX.L returned 9.30%/yr vs 9.32%/yr for SPES.L. With a 0.98 correlation, they move nearly in lockstep. Both charge a 0.20% expense ratio.

Performance

SPEX.L vs. SPES.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 Equal Weight UCITS ETF Dist (SPES.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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

SPEX.L

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

SPES.L

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

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

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

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

Correlation

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

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

Sectors	SPEX.L	SPES.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

SPEX.L vs. SPES.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: 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

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

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. SPES.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 Equal Weight UCITS ETF Dist (SPES.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.

	SPEX.L	SPES.L	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.13	+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	3.59	3.56	+0.03
Martin ratio: Return relative to average drawdown	11.66	11.59	+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.

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

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

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

Drawdowns

SPEX.L vs. SPES.L - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

SPEX.L vs. SPES.L - Volatility Comparison

Invesco S&P 500 Equal Weight UCITS ETF Acc (SPEX.L) and Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.L) have volatilities of 1.96% and 2.04%, 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	SPES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.96%	2.04%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	6.61%	6.43%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	9.70%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.05%	13.97%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.61%	14.71%	-0.10%

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

Both SPEX.L and SPES.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

SPEX.L vs. SPES.L - Dividend Comparison

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

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 SPEX.L and SPES.L in my portfolio?

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

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

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

Both ETFs track S&P 500 Equal Weight Index.