SPXP.L vs. ICLU.L
SPXP.L (Invesco S&P 500 UCITS ETF) and ICLU.L (Invesco USD AAA CLO UCITS ETF Acc) are both exchange-traded funds - SPXP.L is a S&P 500 fund tracking the S&P 500 Index, while ICLU.L is a CLO fund actively managed by Invesco. SPXP.L is passively managed, while ICLU.L is actively managed. Over the past year, SPXP.L returned -98.72% vs 8.29% for ICLU.L. At a 0.21 correlation, their price movements are largely independent. SPXP.L charges 0.05%/yr vs 0.25%/yr for ICLU.L.
Performance
SPXP.L vs. ICLU.L - Performance Comparison
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Different Trading Currencies
SPXP.L is traded in GBp, while ICLU.L is traded in USD. To make them comparable, the ICLU.L 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 10.63% return, which is significantly higher than ICLU.L's 4.49% return.
SPXP.L
- 1D
- 0.80%
- 1M
- 1.16%
- YTD
- 10.63%
- 6M
- 10.85%
- 1Y
- -98.72%
- 3Y*
- -74.23%
- 5Y*
- -54.45%
- 10Y*
- -26.88%
ICLU.L
- 1D
- 0.00%
- 1M
- 2.13%
- YTD
- 4.49%
- 6M
- 4.82%
- 1Y
- 8.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXP.L vs. ICLU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPXP.L Invesco S&P 500 UCITS ETF | 10.63% | -98.94% |
ICLU.L Invesco USD AAA CLO UCITS ETF Acc | 4.49% | -4.33% |
Correlation
The correlation between SPXP.L and ICLU.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2025 | 0.21 |
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Return for Risk
SPXP.L vs. ICLU.L — Risk / Return Rank
SPXP.L
ICLU.L
SPXP.L vs. ICLU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 UCITS ETF (SPXP.L) and Invesco USD AAA CLO UCITS ETF Acc (ICLU.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.
| SPXP.L | ICLU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 0.52 | 1.22 | -0.71 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 1.74 | -2.74 |
| Martin ratioReturn relative to average drawdown | -1.29 | 4.93 | -6.22 |
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Drawdowns
SPXP.L vs. ICLU.L - Drawdown Comparison
The maximum SPXP.L drawdown since its inception was -99.07%, which is greater than ICLU.L's maximum drawdown of -8.54%. Use the drawdown chart below to compare losses from any high point for SPXP.L and ICLU.L.
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Drawdown Indicators
| SPXP.L | ICLU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -8.54% | -90.53% |
Max Drawdown (1Y)Largest decline over 1 year | -99.07% | -4.76% | -94.31% |
Max Drawdown (3Y)Largest decline over 3 years | -99.07% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -99.07% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.07% | — | — |
Current DrawdownCurrent decline from peak | -98.91% | -0.03% | -98.88% |
Average DrawdownAverage peak-to-trough decline | -8.23% | -4.36% | -3.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 76.64% | 1.68% | +74.96% |
Volatility
SPXP.L vs. ICLU.L - Volatility Comparison
Invesco S&P 500 UCITS ETF (SPXP.L) has a higher volatility of 3.41% compared to Invesco USD AAA CLO UCITS ETF Acc (ICLU.L) at 1.53%. This indicates that SPXP.L's price experiences larger fluctuations and is considered to be riskier than ICLU.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXP.L | ICLU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.41% | 1.53% | +1.88% |
Volatility (6M)Calculated over the trailing 6-month period | 7.71% | 5.13% | +2.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 99.31% | 6.68% | +92.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.55% | 7.20% | +39.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.91% | 7.20% | +27.71% |
SPXP.L vs. ICLU.L - Expense Ratio Comparison
SPXP.L has a 0.05% expense ratio, which is lower than ICLU.L's 0.25% 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
SPXP.L vs. ICLU.L - Dividend Comparison
Neither SPXP.L nor ICLU.L has paid dividends to shareholders.
Frequently Asked Questions
SPXP.L and ICLU.L have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXP.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.25% for ICLU.L.
SPXP.L is categorized as S&P 500, while ICLU.L is CLO. Their fees differ too: 0.05% for SPXP.L and 0.25% for ICLU.L.
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