SPXE.L vs. SPMD.L

Last updated Jul 18, 2026

SPXE.L (Invesco S&P 500 Scored & Screened UCITS ETF USD (Acc)) and SPMD.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)) are both S&P 500 funds - SPXE.L tracks the S&P 500 Scored & Screened Index while SPMD.L tracks the S&P 500 Minimum Volatility Index. Both are passively managed. Over the past 5 years, SPXE.L returned 13.46%/yr vs 8.29%/yr for SPMD.L. Their correlation of 0.86 suggests significant overlap in exposure. SPXE.L charges 0.09%/yr vs 0.20%/yr for SPMD.L.

Performance

SPXE.L vs. SPMD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Scored & Screened UCITS ETF USD (Acc) (SPXE.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.

Returns By Period

In the year-to-date period, SPXE.L achieves a 8.48% return, which is significantly higher than SPMD.L's 4.28% return.

SPXE.L

• 1D: -1.23%
• 1M: -1.46%
• 6M: 7.68%
• YTD: 8.48%
• 1Y: 22.18%
• 3Y*: 19.17%
• 5Y*: 13.46%
• 10Y*: —

SPMD.L

• 1D: -0.10%
• 1M: 0.20%
• 6M: 4.60%
• YTD: 4.28%
• 1Y: 10.57%
• 3Y*: 12.79%
• 5Y*: 8.29%
• 10Y*: —

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

SPXE.L vs. SPMD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SPXE.L Invesco S&P 500 Scored & Screened UCITS ETF USD (Acc)	8.48%	17.97%	24.55%	28.40%	-18.00%	32.29%	28.38%
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)	4.28%	11.59%	18.75%	9.74%	-10.93%	24.96%	19.38%

Correlation

The correlation between SPXE.L and SPMD.L is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Mar 10, 2020	0.86

The correlation between SPXE.L and SPMD.L has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

Return for Risk

SPXE.L vs. SPMD.L — Risk / Return Rank

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

SPXE.L

SPXE.L Risk / Return Rank: 76
SPXE.L Sharpe Ratio Rank: 77
SPXE.L Sortino Ratio Rank: 82
SPXE.L Omega Ratio Rank: 77
SPXE.L Calmar Ratio Rank: 67
SPXE.L Martin Ratio Rank: 77

SPMD.L

SPMD.L Risk / Return Rank: 46
SPMD.L Sharpe Ratio Rank: 45
SPMD.L Sortino Ratio Rank: 47
SPMD.L Omega Ratio Rank: 44
SPMD.L Calmar Ratio Rank: 42
SPMD.L Martin Ratio Rank: 51

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.

SPXE.L vs. SPMD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Scored & Screened UCITS ETF USD (Acc) (SPXE.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.

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.

	SPXE.L	SPMD.L	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.25	+0.61
Sortino ratio: Return per unit of downside risk	2.81	1.85	+0.96
Omega ratio: Gain probability vs. loss probability	1.34	1.23	+0.12
Calmar ratio: Return relative to maximum drawdown	2.51	1.69	+0.82
Martin ratio: Return relative to average drawdown	10.68	6.61	+4.07

SPXE.L vs. SPMD.L - Sharpe Ratio Comparison

The current SPXE.L Sharpe Ratio is 1.85, which is higher than the SPMD.L Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of SPXE.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.

Drawdowns

SPXE.L vs. SPMD.L - Drawdown Comparison

The maximum SPXE.L drawdown since its inception was -24.15%, smaller than the maximum SPMD.L drawdown of -33.23%. Use the drawdown chart below to compare losses from any high point for SPXE.L and SPMD.L.

Drawdown Indicators

	SPXE.L	SPMD.L	Difference
Max Drawdown Largest peak-to-trough decline	-24.15%	-33.23%	+9.08%
Max Drawdown (1Y) Largest decline over 1 year	-8.79%	-6.23%	-2.56%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	-12.05%	-7.09%
Max Drawdown (5Y) Largest decline over 5 years	-23.93%	-18.66%	-5.27%
Current Drawdown Current decline from peak	-2.05%	-0.69%	-1.36%
Average Drawdown Average peak-to-trough decline	-4.70%	-4.13%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.60%	+0.47%

Volatility

SPXE.L vs. SPMD.L - Volatility Comparison

Invesco S&P 500 Scored & Screened UCITS ETF USD (Acc) (SPXE.L) has a higher volatility of 3.04% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) at 1.83%. This indicates that SPXE.L's price experiences larger fluctuations and is considered to be riskier than SPMD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXE.L	SPMD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	1.83%	+1.21%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	6.37%	+2.94%
Volatility (1Y) Calculated over the trailing 1-year period	11.92%	8.46%	+3.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.20%	12.60%	+3.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.18%	14.56%	+4.62%

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

SPXE.L has a 0.09% expense ratio, which is lower than SPMD.L's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPXE.L vs. SPMD.L - Dividend Comparison

SPXE.L has not paid dividends to shareholders, while SPMD.L's dividend yield for the trailing twelve months is around 1.16%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
SPXE.L Invesco S&P 500 Scored & Screened UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

SPXE.L and SPMD.L have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, SPXE.L is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXE.L or SPMD.L?

SPXE.L is cheaper with a 0.09% expense ratio, compared with 0.20% for SPMD.L.

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

SPXE.L tracks S&P 500 Scored & Screened Index, while SPMD.L tracks S&P 500 Minimum Volatility Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.09% for SPXE.L and 0.20% for SPMD.L.