SPXP.L vs. BKT

Last updated Jun 4, 2026

SPXP.L (Invesco S&P 500 UCITS ETF) and BKT (BlackRock Income Trust) are both funds - SPXP.L is a S&P 500 fund tracking the S&P 500 Index, while BKT is a fund fund managed by BlackRock. Over the past 10 years, SPXP.L returned 16.32%/yr vs 1.89%/yr for BKT. At a 0.21 correlation, their price movements are largely independent. SPXP.L charges 0.05%/yr vs 2.06%/yr for BKT.

Performance

SPXP.L vs. BKT - Performance Comparison

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

Different Trading Currencies

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

Returns By Period

In the year-to-date period, SPXP.L achieves a 10.55% return, which is significantly higher than BKT's -0.86% return. Over the past 10 years, SPXP.L has outperformed BKT with an annualized return of 16.32%, while BKT has yielded a comparatively lower 1.89% 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%

BKT

• 1D: -0.21%
• 1M: 0.31%
• YTD: -0.86%
• 6M: -0.87%
• 1Y: 1.49%
• 3Y*: 1.28%
• 5Y*: -1.81%
• 10Y*: 1.89%

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

SPXP.L vs. BKT - 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%
BKT BlackRock Income Trust	-0.86%	-1.62%	5.14%	2.31%	-12.18%	0.50%	4.21%	10.54%	3.19%	-6.29%

Correlation

The correlation between SPXP.L and BKT is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jul 15, 2014	0.21

Return for Risk

SPXP.L vs. BKT — 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

BKT

BKT Risk / Return Rank: 3
BKT Sharpe Ratio Rank: 3
BKT Sortino Ratio Rank: 3
BKT Omega Ratio Rank: 3
BKT Calmar Ratio Rank: 3
BKT Martin Ratio Rank: 3

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. BKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 UCITS ETF (SPXP.L) and BlackRock Income Trust (BKT). 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	BKT	Difference
Sharpe ratio: Return per unit of total volatility	2.78	0.18	+2.60
Sortino ratio: Return per unit of downside risk	3.72	0.31	+3.40
Omega ratio: Gain probability vs. loss probability	1.52	1.04	+0.48
Calmar ratio: Return relative to maximum drawdown	4.11	0.25	+3.85
Martin ratio: Return relative to average drawdown	15.14	0.58	+14.55
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. BKT - Sharpe Ratio Comparison

The current SPXP.L Sharpe Ratio is 2.78, which is higher than the BKT Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of SPXP.L and BKT, 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	BKT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	0.18	+2.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	-0.15	+1.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.10	0.15	+0.95
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.45	+0.70

Drawdowns

SPXP.L vs. BKT - Drawdown Comparison

The maximum SPXP.L drawdown since its inception was -25.46%, roughly equal to the maximum BKT drawdown of -26.77%. Use the drawdown chart below to compare losses from any high point for SPXP.L and BKT.

Drawdown Indicators

	SPXP.L	BKT	Difference
Max Drawdown Largest peak-to-trough decline	-25.46%	-26.77%	+1.31%
Max Drawdown (1Y) Largest decline over 1 year	-7.09%	-5.87%	-1.22%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-9.74%	-11.03%
Max Drawdown (5Y) Largest decline over 5 years	-20.77%	-26.77%	+6.00%
Max Drawdown (10Y) Largest decline over 10 years	-25.46%	-26.77%	+1.31%
Current Drawdown Current decline from peak	-0.21%	-16.05%	+15.84%
Average Drawdown Average peak-to-trough decline	-3.50%	-7.84%	+4.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.56%	-0.63%

Volatility

SPXP.L vs. BKT - Volatility Comparison

Invesco S&P 500 UCITS ETF (SPXP.L) and BlackRock Income Trust (BKT) 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	BKT	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%	6.00%	+1.24%
Volatility (1Y) Calculated over the trailing 1-year period	10.56%	8.41%	+2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.23%	12.49%	+1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.22%	12.67%	+3.55%

SPXP.L vs. BKT - Expense Ratio Comparison

SPXP.L has a 0.05% expense ratio, which is lower than BKT's 2.06% expense ratio.

Dividends

SPXP.L vs. BKT - Dividend Comparison

SPXP.L has not paid dividends to shareholders, while BKT's dividend yield for the trailing twelve months is around 10.08%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKT BlackRock Income Trust	10.08%	9.53%	9.19%	8.69%	8.35%	7.31%	6.80%	6.82%	6.48%	5.15%	5.09%	5.89%
SPXP.L Invesco S&P 500 UCITS ETF	0.00%	0.00%	0.00%	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 SPXP.L and BKT in my portfolio?

SPXP.L and BKT have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.