SPXP.L vs. SPES.L

Last updated Jun 4, 2026

SPXP.L (Invesco S&P 500 UCITS ETF) and SPES.L (Invesco S&P 500 Equal Weight UCITS ETF Dist) are both S&P 500 funds from Invesco - SPXP.L tracks the S&P 500 Index while SPES.L tracks the S&P 500 Equal Weight Index. Both are passively managed. Over the past 5 years, SPXP.L returned 15.15%/yr vs 9.32%/yr for SPES.L. Their correlation of 0.83 suggests significant overlap in exposure. SPXP.L charges 0.05%/yr vs 0.20%/yr for SPES.L.

Performance

SPXP.L vs. SPES.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 Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXP.L achieves a 10.55% return, which is significantly higher than SPES.L's 9.18% 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%

SPES.L

• 1D: 0.31%
• 1M: 4.57%
• YTD: 9.18%
• 6M: 9.85%
• 1Y: 20.51%
• 3Y*: 12.30%
• 5Y*: 9.32%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021
SPXP.L Invesco S&P 500 UCITS ETF	10.55%	9.53%	27.58%	20.06%	-8.79%	20.02%
SPES.L Invesco S&P 500 Equal Weight UCITS ETF Dist	9.18%	3.95%	13.66%	8.18%	-1.34%	28.07%

Correlation

The correlation between SPXP.L and SPES.L is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.74
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Apr 9, 2021	0.83

The correlation between SPXP.L and SPES.L shifts across timeframes, from 0.67 (1 year) to 0.83 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	SPXP.L	SPES.L
Technology	35.6%	20.1%
Financial Services	11.8%	14.2%
Communication Services	11.2%	3.9%
Consumer Cyclical	10.1%	9.9%
Healthcare	8.5%	11.2%
Industrials	8.3%	14.1%
Consumer Defensive	4.9%	6.5%
Energy	3.5%	4.2%
Utilities	2.4%	5.8%
Real Estate	1.9%	6.2%
Basic Materials	1.8%	3.9%

Return for Risk

SPXP.L vs. SPES.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: 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

SPES.L

SPES.L Risk / Return Rank: 65
SPES.L Sharpe Ratio Rank: 64
SPES.L Sortino Ratio Rank: 64
SPES.L Omega Ratio Rank: 62
SPES.L Calmar Ratio Rank: 72
SPES.L Martin Ratio Rank: 64

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. SPES.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 S&P 500 Equal Weight UCITS ETF Dist (SPES.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.L	SPES.L	Difference
Sharpe ratio: Return per unit of total volatility	2.78	2.13	+0.65
Sortino ratio: Return per unit of downside risk	3.72	2.96	+0.75
Omega ratio: Gain probability vs. loss probability	1.52	1.38	+0.14
Calmar ratio: Return relative to maximum drawdown	4.11	3.56	+0.55
Martin ratio: Return relative to average drawdown	15.14	11.59	+3.54
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. SPES.L - Sharpe Ratio Comparison

The current SPXP.L Sharpe Ratio is 2.78, which is higher than the SPES.L Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of SPXP.L and SPES.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.

Sharpe Ratios by Period

	SPXP.L	SPES.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	2.13	+0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.67	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.79	+0.36

Drawdowns

SPXP.L vs. SPES.L - Drawdown Comparison

The maximum SPXP.L drawdown since its inception was -25.46%, which is greater than SPES.L's maximum drawdown of -19.65%. Use the drawdown chart below to compare losses from any high point for SPXP.L and SPES.L.

Drawdown Indicators

	SPXP.L	SPES.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.46%	-19.65%	-5.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.09%	-5.74%	-1.35%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-19.65%	-1.12%
Max Drawdown (5Y) Largest decline over 5 years	-20.77%	-19.65%	-1.12%
Max Drawdown (10Y) Largest decline over 10 years	-25.46%	—	—
Current Drawdown Current decline from peak	-0.21%	0.00%	-0.21%
Average Drawdown Average peak-to-trough decline	-3.50%	-4.12%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	1.76%	+0.17%

Volatility

SPXP.L vs. SPES.L - Volatility Comparison

Invesco S&P 500 UCITS ETF (SPXP.L) has a higher volatility of 2.64% compared to Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.L) at 2.04%. This indicates that SPXP.L's price experiences larger fluctuations and is considered to be riskier than SPES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXP.L	SPES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	2.04%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	6.43%	+0.81%
Volatility (1Y) Calculated over the trailing 1-year period	10.56%	9.70%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.23%	13.97%	+0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.22%	14.71%	+1.51%

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

SPXP.L has a 0.05% expense ratio, which is lower than SPES.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. SPES.L - Dividend Comparison

SPXP.L has not paid dividends to shareholders, while SPES.L's dividend yield for the trailing twelve months is around 1.28%.

Position	TTM	2025	2024	2023	2022	2021
SPES.L Invesco S&P 500 Equal Weight UCITS ETF Dist	1.28%	1.37%	1.36%	1.48%	1.49%	0.74%
SPXP.L Invesco S&P 500 UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

SPXP.L and SPES.L have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXP.L or SPES.L?

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.

Which ETF is cheaper, SPXP.L or SPES.L?

SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.20% for SPES.L.

What is the main difference between SPXP.L and SPES.L?

SPXP.L tracks S&P 500 Index, while SPES.L tracks S&P 500 Equal Weight Index. Their fees differ too: 0.05% for SPXP.L and 0.20% for SPES.L.