SPLW.L vs. XSPX.L

Last updated Jun 5, 2026

SPLW.L (Invesco S&P 500 Low Volatility UCITS ETF Acc) and XSPX.L (Xtrackers S&P 500 Swap UCITS ETF 1C) are both S&P 500 funds - SPLW.L tracks the S&P 500 Low Vol NTR Index while XSPX.L tracks the S&P 500 Index. Both are passively managed. Over the past 3 years, SPLW.L returned 7.28%/yr vs 22.18%/yr for XSPX.L. At a 0.47 correlation, their price movements are largely independent. SPLW.L charges 0.25%/yr vs 0.15%/yr for XSPX.L.

Performance

SPLW.L vs. XSPX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Low Volatility UCITS ETF Acc (SPLW.L) and Xtrackers S&P 500 Swap UCITS ETF 1C (XSPX.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, SPLW.L achieves a 0.99% return, which is significantly lower than XSPX.L's 10.29% return.

SPLW.L

• 1D: -0.01%
• 1M: -1.98%
• YTD: 0.99%
• 6M: 1.54%
• 1Y: 0.40%
• 3Y*: 7.28%
• 5Y*: —
• 10Y*: —

XSPX.L

• 1D: 0.04%
• 1M: 4.61%
• YTD: 10.29%
• 6M: 11.31%
• 1Y: 27.91%
• 3Y*: 22.18%
• 5Y*: 13.84%
• 10Y*: 15.45%

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

SPLW.L vs. XSPX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPLW.L Invesco S&P 500 Low Volatility UCITS ETF Acc	0.99%	4.80%	13.46%	-0.49%	-4.28%	10.45%
XSPX.L Xtrackers S&P 500 Swap UCITS ETF 1C	10.29%	17.72%	25.31%	26.30%	-18.64%	10.16%

Correlation

The correlation between SPLW.L and XSPX.L is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jul 15, 2021	0.47

Over the past year, the correlation between SPLW.L and XSPX.L has dropped to 0.10 - well below their long-term average of 0.47, suggesting their price drivers have been diverging.

SPLW.L vs. XSPX.L - Sectors Allocation Comparison

Sectors	SPLW.L	XSPX.L
Utilities	26.8%	2.4%
Financial Services	16.6%	11.8%
Real Estate	14.8%	1.9%
Consumer Defensive	10.8%	4.9%
Industrials	10.2%	8.3%
Healthcare	6.8%	8.5%
Consumer Cyclical	5.7%	10.1%
Technology	4.6%	35.6%
Basic Materials	2.0%	1.8%
Energy	0.9%	3.5%
Communication Services	0.8%	11.2%

Return for Risk

SPLW.L vs. XSPX.L — Risk / Return Rank

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

SPLW.L

SPLW.L Risk / Return Rank: 9
SPLW.L Sharpe Ratio Rank: 10
SPLW.L Sortino Ratio Rank: 9
SPLW.L Omega Ratio Rank: 9
SPLW.L Calmar Ratio Rank: 10
SPLW.L Martin Ratio Rank: 10

XSPX.L

XSPX.L Risk / Return Rank: 82
XSPX.L Sharpe Ratio Rank: 85
XSPX.L Sortino Ratio Rank: 84
XSPX.L Omega Ratio Rank: 86
XSPX.L Calmar Ratio Rank: 79
XSPX.L Martin Ratio Rank: 76

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.

SPLW.L vs. XSPX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility UCITS ETF Acc (SPLW.L) and Xtrackers S&P 500 Swap UCITS ETF 1C (XSPX.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.

	SPLW.L	XSPX.L	Difference
Sharpe ratio: Return per unit of total volatility	0.04	2.51	-2.47
Sortino ratio: Return per unit of downside risk	0.12	3.63	-3.51
Omega ratio: Gain probability vs. loss probability	1.01	1.45	-0.44
Calmar ratio: Return relative to maximum drawdown	0.06	3.12	-3.07
Martin ratio: Return relative to average drawdown	0.13	13.60	-13.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPLW.L vs. XSPX.L - Sharpe Ratio Comparison

The current SPLW.L Sharpe Ratio is 0.04, which is lower than the XSPX.L Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of SPLW.L and XSPX.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

	SPLW.L	XSPX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.04	2.51	-2.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.96	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.94	-0.54

Drawdowns

SPLW.L vs. XSPX.L - Drawdown Comparison

The maximum SPLW.L drawdown since its inception was -17.23%, smaller than the maximum XSPX.L drawdown of -33.51%. Use the drawdown chart below to compare losses from any high point for SPLW.L and XSPX.L.

Drawdown Indicators

	SPLW.L	XSPX.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.23%	-33.51%	+16.28%
Max Drawdown (1Y) Largest decline over 1 year	-7.14%	-8.90%	+1.76%
Max Drawdown (3Y) Largest decline over 3 years	-9.67%	-19.16%	+9.49%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.51%	—
Current Drawdown Current decline from peak	-6.27%	-0.54%	-5.73%
Average Drawdown Average peak-to-trough decline	-5.07%	-3.74%	-1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.05%	+0.98%

Volatility

SPLW.L vs. XSPX.L - Volatility Comparison

Invesco S&P 500 Low Volatility UCITS ETF Acc (SPLW.L) has a higher volatility of 3.25% compared to Xtrackers S&P 500 Swap UCITS ETF 1C (XSPX.L) at 2.55%. This indicates that SPLW.L's price experiences larger fluctuations and is considered to be riskier than XSPX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPLW.L	XSPX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	2.55%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	6.93%	7.97%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	11.06%	-1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.26%	15.62%	-3.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.26%	16.08%	-3.82%

SPLW.L vs. XSPX.L - Expense Ratio Comparison

SPLW.L has a 0.25% expense ratio, which is higher than XSPX.L's 0.15% 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

SPLW.L vs. XSPX.L - Dividend Comparison

Neither SPLW.L nor XSPX.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPLW.L and XSPX.L in my portfolio?

SPLW.L and XSPX.L have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPLW.L or XSPX.L?

On fees, XSPX.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPLW.L or XSPX.L?

XSPX.L is cheaper with a 0.15% expense ratio, compared with 0.25% for SPLW.L.

What is the main difference between SPLW.L and XSPX.L?

SPLW.L tracks S&P 500 Low Vol NTR Index, while XSPX.L tracks S&P 500 Index. They also come from different issuers: Invesco and Xtrackers. Their fees differ too: 0.25% for SPLW.L and 0.15% for XSPX.L.