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SPXP.L vs. MVUS.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPXP.L vs. MVUS.L

Last updated Jun 4, 2026

SPXP.L (Invesco S&P 500 UCITS ETF) and MVUS.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)) are both S&P 500 funds tracking the S&P 500 Index, from Invesco and iShares respectively. Both are passively managed. Over the past 10 years, SPXP.L returned 16.32%/yr vs 11.46%/yr for MVUS.L. A 0.75 correlation means they provide meaningful diversification when combined. SPXP.L charges 0.05%/yr vs 0.20%/yr for MVUS.L.

Performance

SPXP.L vs. MVUS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco S&P 500 UCITS ETF (SPXP.L) and iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (MVUS.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SPXP.L achieves a 10.55% return, which is significantly higher than MVUS.L's 4.21% return. Over the past 10 years, SPXP.L has outperformed MVUS.L with an annualized return of 16.32%, while MVUS.L has yielded a comparatively lower 11.46% 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%

MVUS.L

1D
0.29%
1M
4.83%
YTD
4.21%
6M
4.78%
1Y
12.22%
3Y*
11.10%
5Y*
10.03%
10Y*
11.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXP.L vs. MVUS.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
MVUS.L
iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)		4.21%3.88%20.71%3.83%-0.36%26.59%3.87%26.86%-0.36%6.22%

Correlation

The correlation between SPXP.L and MVUS.L is 0.72, 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

0.72

Correlation (3Y)
Calculated over the trailing 3-year period

0.79

Correlation (5Y)
Calculated over the trailing 5-year period

0.83

Correlation (10Y)
Calculated over the trailing 10-year period

0.82

Correlation (All Time)
Calculated using the full available price history since Jul 15, 2014

0.75

The correlation between SPXP.L and MVUS.L shifts across timeframes, from 0.72 (1 year) to 0.83 (5 years), reflecting how their relationship changes across market environments.

SPXP.L vs. MVUS.L - Sectors Allocation Comparison

Sectors
SPXP.L
MVUS.L

Technology

35.6%
31.0%

Financial Services

11.8%
17.2%

Communication Services

11.2%
6.2%

Consumer Cyclical

10.1%
6.7%

Healthcare

8.5%
13.0%

Industrials

8.3%
5.6%

Consumer Defensive

4.9%
10.4%

Energy

3.5%
5.0%

Utilities

2.4%
2.7%

Real Estate

1.9%
0.2%

Basic Materials

1.8%
2.2%

Technology

SPXP.L
35.6%
MVUS.L
31.0%

Financial Services

SPXP.L
11.8%
MVUS.L
17.2%

Communication Services

SPXP.L
11.2%
MVUS.L
6.2%

Consumer Cyclical

SPXP.L
10.1%
MVUS.L
6.7%

Healthcare

SPXP.L
8.5%
MVUS.L
13.0%

Industrials

SPXP.L
8.3%
MVUS.L
5.6%

Consumer Defensive

SPXP.L
4.9%
MVUS.L
10.4%

Energy

SPXP.L
3.5%
MVUS.L
5.0%

Utilities

SPXP.L
2.4%
MVUS.L
2.7%

Real Estate

SPXP.L
1.9%
MVUS.L
0.2%

Basic Materials

SPXP.L
1.8%
MVUS.L
2.2%

Compare stocks, funds, or ETFs

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Invesco S&P 500 UCITS ETF

iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)

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Often compared with MVUS.L:
MVUS.L vs. USMVMVUS.L vs. XDEB.LMVUS.L vs. MVEA.LMVUS.L vs. GLTS.LMVUS.L vs. HMUD.LMVUS.L vs. XLPP.LMVUS.L vs. JURE.L

Return for Risk

SPXP.L vs. MVUS.L — 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: 8181
Overall Rank
SPXP.L Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
SPXP.L Sortino Ratio Rank: 8181
Sortino Ratio Rank
SPXP.L Omega Ratio Rank: 8484
Omega Ratio Rank
SPXP.L Calmar Ratio Rank: 7979
Calmar Ratio Rank
SPXP.L Martin Ratio Rank: 7777
Martin Ratio Rank
MVUS.L
MVUS.L Risk / Return Rank: 4343
Overall Rank
MVUS.L Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
MVUS.L Sortino Ratio Rank: 4242
Sortino Ratio Rank
MVUS.L Omega Ratio Rank: 4141
Omega Ratio Rank
MVUS.L Calmar Ratio Rank: 4646
Calmar Ratio Rank
MVUS.L Martin Ratio Rank: 4343
Martin Ratio Rank
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. MVUS.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 iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (MVUS.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.

SPXP.LMVUS.LDifference
Sharpe ratioReturn per unit of total volatility
2.78
1.51

+1.26

Sortino ratioReturn per unit of downside risk
3.72
2.14

+1.57

Omega ratioGain probability vs. loss probability

1.52

1.27

+0.25

Calmar ratioReturn relative to maximum drawdown

4.11

2.26

+1.85

Martin ratioReturn relative to average drawdown

15.14

7.06

+8.08

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. MVUS.L - Sharpe Ratio Comparison

The current SPXP.L Sharpe Ratio is 2.78, which is higher than the MVUS.L Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of SPXP.L and MVUS.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.

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Sharpe Ratios by Period

SPXP.LMVUS.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.78

1.51

+1.26

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

0.83

+0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

1.15

0.95

+0.20

Drawdowns

SPXP.L vs. MVUS.L - Drawdown Comparison

The maximum SPXP.L drawdown since its inception was -25.46%, roughly equal to the maximum MVUS.L drawdown of -24.85%. Use the drawdown chart below to compare losses from any high point for SPXP.L and MVUS.L.

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Drawdown Indicators

SPXP.LMVUS.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.46%

-24.85%

-0.61%

Max Drawdown (1Y)

Largest decline over 1 year

-7.09%

-5.39%

-1.70%

Max Drawdown (3Y)

Largest decline over 3 years

-20.77%

-14.19%

-6.58%

Max Drawdown (5Y)

Largest decline over 5 years

-20.77%

-14.19%

-6.58%

Max Drawdown (10Y)

Largest decline over 10 years

-25.46%

-24.85%

-0.61%

Current Drawdown

Current decline from peak

-0.21%

0.00%

-0.21%

Average Drawdown

Average peak-to-trough decline

-3.50%

-3.44%

-0.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

1.73%

+0.20%

Volatility

SPXP.L vs. MVUS.L - Volatility Comparison

Invesco S&P 500 UCITS ETF (SPXP.L) has a higher volatility of 2.64% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (MVUS.L) at 2.24%. This indicates that SPXP.L's price experiences larger fluctuations and is considered to be riskier than MVUS.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.LMVUS.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.64%

2.24%

+0.40%

Volatility (6M)

Calculated over the trailing 6-month period

7.24%

5.64%

+1.60%

Volatility (1Y)

Calculated over the trailing 1-year period

10.56%

8.09%

+2.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.23%

11.72%

+2.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.22%

13.78%

+2.44%

SPXP.L vs. MVUS.L - Expense Ratio Comparison

SPXP.L has a 0.05% expense ratio, which is lower than MVUS.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

SPXP.L vs. MVUS.L - Dividend Comparison

Neither SPXP.L nor MVUS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

SPXP.L and MVUS.L have a correlation of 0.72, 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 0.20% for MVUS.L.

Both ETFs track S&P 500 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.05% for SPXP.L and 0.20% for MVUS.L.

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