SPXP.L vs. SPMV.L
SPXP.L (Invesco S&P 500 UCITS ETF) and SPMV.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)) are both S&P 500 funds - SPXP.L tracks the S&P 500 Index while SPMV.L tracks the S&P 500 Minimum Volatility Net in USD. Both are passively managed. Over the past 10 years, SPXP.L returned -27.63%/yr vs 9.68%/yr for SPMV.L. Their correlation of 0.82 suggests significant overlap in exposure. SPXP.L charges 0.05%/yr vs 0.20%/yr for SPMV.L.
Performance
SPXP.L vs. SPMV.L - Performance Comparison
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Different Trading Currencies
SPXP.L is traded in GBp, while SPMV.L is traded in USD. To make them comparable, the SPMV.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 9.05% return, which is significantly higher than SPMV.L's 4.39% return. Over the past 10 years, SPXP.L has underperformed SPMV.L with an annualized return of -27.63%, while SPMV.L has yielded a comparatively higher 9.68% annualized return.
SPXP.L
- 1D
- -1.05%
- 1M
- -1.01%
- 6M
- 7.51%
- YTD
- 9.05%
- 1Y
- -98.80%
- 3Y*
- -74.49%
- 5Y*
- -54.80%
- 10Y*
- -27.63%
SPMV.L
- 1D
- -0.03%
- 1M
- -1.09%
- 6M
- 3.85%
- YTD
- 4.39%
- 1Y
- 10.21%
- 3Y*
- 11.66%
- 5Y*
- 8.78%
- 10Y*
- 9.68%
SPXP.L vs. SPMV.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXP.L Invesco S&P 500 UCITS ETF | 9.05% | -98.90% | 27.58% | 20.06% | -8.79% | 31.26% | 13.90% | 26.76% | 0.26% | 10.77% |
SPMV.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) | 4.39% | 3.60% | 20.76% | 4.44% | -0.48% | 26.16% | 4.26% | 26.25% | 0.26% | 6.01% |
Correlation
The correlation between SPXP.L and SPMV.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 | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2014 | 0.82 |
The correlation between SPXP.L and SPMV.L shifts across timeframes, from 0.67 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPXP.L vs. SPMV.L — Risk / Return Rank
SPXP.L
SPMV.L
SPXP.L vs. SPMV.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) (SPMV.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 | SPMV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -2.32 | ||
| Omega ratioGain probability vs. loss probability | 0.49 | 1.19 | -0.71 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 1.97 | -2.97 |
| Martin ratioReturn relative to average drawdown | -1.22 | 5.80 | -7.03 |
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Drawdowns
SPXP.L vs. SPMV.L - Drawdown Comparison
The maximum SPXP.L drawdown since its inception was -99.07%, which is greater than SPMV.L's maximum drawdown of -25.15%. Use the drawdown chart below to compare losses from any high point for SPXP.L and SPMV.L.
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Drawdown Indicators
| SPXP.L | SPMV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -25.15% | -73.92% |
Max Drawdown (1Y)Largest decline over 1 year | -99.07% | -5.16% | -93.91% |
Max Drawdown (3Y)Largest decline over 3 years | -99.07% | -14.55% | -84.52% |
Max Drawdown (5Y)Largest decline over 5 years | -99.07% | -14.55% | -84.52% |
Max Drawdown (10Y)Largest decline over 10 years | -99.07% | -25.15% | -73.92% |
Current DrawdownCurrent decline from peak | -98.93% | -1.54% | -97.39% |
Average DrawdownAverage peak-to-trough decline | -8.74% | -3.39% | -5.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.83% | 1.76% | +79.07% |
Volatility
SPXP.L vs. SPMV.L - Volatility Comparison
Invesco S&P 500 UCITS ETF (SPXP.L) has a higher volatility of 3.02% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (SPMV.L) at 2.69%. This indicates that SPXP.L's price experiences larger fluctuations and is considered to be riskier than SPMV.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 | SPMV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.02% | 2.69% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 7.86% | 7.28% | +0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 99.30% | 9.59% | +89.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.54% | 12.68% | +33.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.89% | 14.17% | +20.72% |
SPXP.L vs. SPMV.L - Expense Ratio Comparison
SPXP.L has a 0.05% expense ratio, which is lower than SPMV.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. SPMV.L - Dividend Comparison
Neither SPXP.L nor SPMV.L has paid dividends to shareholders.
Frequently Asked Questions
SPXP.L and SPMV.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.
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 SPMV.L.
SPXP.L tracks S&P 500 Index, while SPMV.L tracks S&P 500 Minimum Volatility Net in USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.05% for SPXP.L and 0.20% for SPMV.L.
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