SPXP.L vs. ^GSPC

Last updated Jun 4, 2026

SPXP.L (Invesco S&P 500 UCITS ETF) is S&P 500 fund tracking the S&P 500 Index, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, SPXP.L returned 16.32%/yr vs 14.55%/yr for ^GSPC. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

SPXP.L vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco S&P 500 UCITS ETF (SPXP.L) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with SPXP.L having a 10.55% return and ^GSPC slightly higher at 10.75%. Over the past 10 years, SPXP.L has outperformed ^GSPC with an annualized return of 16.32%, while ^GSPC has yielded a comparatively lower 14.55% annualized return.

SPXP.L

• 1D: -0.21%
• 1M: 5.93%
• YTD: 10.55%
• 6M: 10.60%
• 1Y: 29.27%
• 3Y*: 19.50%
• 5Y*: 15.15%
• 10Y*: 16.32%

^GSPC

• 1D: -0.47%
• 1M: 5.75%
• YTD: 10.75%
• 6M: 9.70%
• 1Y: 27.40%
• 3Y*: 17.84%
• 5Y*: 13.50%
• 10Y*: 14.55%

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

SPXP.L vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXP.L Invesco S&P 500 UCITS ETF	10.55%	9.53%	27.58%	20.06%	-8.79%	31.26%	13.90%	26.76%	0.26%	10.77%
^GSPC S&P 500 Index	10.75%	8.10%	25.46%	18.02%	-9.86%	28.09%	12.84%	23.98%	-0.68%	9.09%

Correlation

The correlation between SPXP.L and ^GSPC is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jul 15, 2014	0.52

The correlation between SPXP.L and ^GSPC shifts across timeframes, from 0.52 (all time) to 0.64 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPXP.L vs. ^GSPC — Risk / Return Rank

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

SPXP.L

SPXP.L Risk / Return Rank: 81
SPXP.L Sharpe Ratio Rank: 84
SPXP.L Sortino Ratio Rank: 81
SPXP.L Omega Ratio Rank: 84
SPXP.L Calmar Ratio Rank: 79
SPXP.L Martin Ratio Rank: 77

^GSPC

^GSPC Risk / Return Rank: 73
^GSPC Sharpe Ratio Rank: 71
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 72
^GSPC Calmar Ratio Rank: 67
^GSPC Martin Ratio Rank: 81

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.

SPXP.L vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 UCITS ETF (SPXP.L) and S&P 500 Index (^GSPC). 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.

	SPXP.L	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	2.78	2.38	+0.39
Sortino ratio: Return per unit of downside risk	3.72	3.12	+0.60
Omega ratio: Gain probability vs. loss probability	1.52	1.45	+0.07
Calmar ratio: Return relative to maximum drawdown	4.11	3.43	+0.68
Martin ratio: Return relative to average drawdown	15.14	12.79	+2.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXP.L vs. ^GSPC - Sharpe Ratio Comparison

The current SPXP.L Sharpe Ratio is 2.78, which is comparable to the ^GSPC Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SPXP.L and ^GSPC, 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

	SPXP.L	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	2.38	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.86	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.10	0.80	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.58	+0.57

Drawdowns

SPXP.L vs. ^GSPC - Drawdown Comparison

The maximum SPXP.L drawdown since its inception was -25.46%, smaller than the maximum ^GSPC drawdown of -37.07%. Use the drawdown chart below to compare losses from any high point for SPXP.L and ^GSPC.

Drawdown Indicators

	SPXP.L	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-25.46%	-37.07%	+11.61%
Max Drawdown (1Y) Largest decline over 1 year	-7.09%	-8.03%	+0.94%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-22.15%	+1.38%
Max Drawdown (5Y) Largest decline over 5 years	-20.77%	-22.15%	+1.38%
Max Drawdown (10Y) Largest decline over 10 years	-25.46%	-26.01%	+0.55%
Current Drawdown Current decline from peak	-0.21%	-0.47%	+0.26%
Average Drawdown Average peak-to-trough decline	-3.50%	-5.32%	+1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.15%	-0.22%

Volatility

SPXP.L vs. ^GSPC - Volatility Comparison

Invesco S&P 500 UCITS ETF (SPXP.L) and S&P 500 Index (^GSPC) have volatilities of 2.64% and 2.76%, 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

	SPXP.L	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	2.76%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	8.23%	-0.99%
Volatility (1Y) Calculated over the trailing 1-year period	10.56%	11.56%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.23%	15.86%	-1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.22%	18.16%	-1.94%

Frequently Asked Questions

Can I hold both SPXP.L and ^GSPC in my portfolio?

SPXP.L and ^GSPC have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.