SPXP.L vs. TDGB.L

Last updated Jun 25, 2026

SPXP.L (Invesco S&P 500 UCITS ETF) and TDGB.L (VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF) are both exchange-traded funds - SPXP.L is a S&P 500 fund tracking the S&P 500 Index, while TDGB.L is a Global Equities fund tracking the Morningstar Developed Markets Large Cap Dividend Leaders Screened Select Index. Both are passively managed. Over the past 10 years, SPXP.L returned -26.88%/yr vs 10.46%/yr for TDGB.L. A 0.57 correlation means they provide meaningful diversification when combined. SPXP.L charges 0.05%/yr vs 0.38%/yr for TDGB.L.

Performance

SPXP.L vs. TDGB.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 VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPXP.L is traded in GBp, while TDGB.L is traded in GBP. To make them comparable, the TDGB.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 TDGB.L's 8.93% return. Over the past 10 years, SPXP.L has underperformed TDGB.L with an annualized return of -26.88%, while TDGB.L has yielded a comparatively higher 10.46% annualized 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%

TDGB.L

• 1D: -0.31%
• 1M: -1.29%
• YTD: 8.93%
• 6M: 9.63%
• 1Y: 28.91%
• 3Y*: 21.11%
• 5Y*: 17.70%
• 10Y*: 10.46%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXP.L Invesco S&P 500 UCITS ETF	10.63%	-98.90%	27.58%	20.06%	-8.79%	31.26%	13.90%	26.76%	0.26%	10.77%
TDGB.L VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF	8.93%	30.90%	10.66%	9.04%	22.49%	19.59%	-5.61%	3.88%	-7.98%	2.87%

Correlation

The correlation between SPXP.L and TDGB.L is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since May 23, 2016	0.57

Over the past year, the correlation between SPXP.L and TDGB.L has dropped to 0.24 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

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

Sectors	SPXP.L	TDGB.L
Technology	39.0%	0.3%
Financial Services	11.1%	31.9%
Communication Services	10.6%	8.7%
Consumer Cyclical	9.9%	3.8%
Healthcare	8.3%	14.4%
Industrials	7.8%	4.0%
Consumer Defensive	4.5%	10.0%
Energy	3.1%	19.7%
Utilities	2.1%	6.2%
Real Estate	1.8%	0.0%
Basic Materials	1.7%	1.2%

Return for Risk

SPXP.L vs. TDGB.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: 2
SPXP.L Sharpe Ratio Rank: 1
SPXP.L Sortino Ratio Rank: 4
SPXP.L Omega Ratio Rank: 0
SPXP.L Calmar Ratio Rank: 0
SPXP.L Martin Ratio Rank: 3

TDGB.L

TDGB.L Risk / Return Rank: 93
TDGB.L Sharpe Ratio Rank: 94
TDGB.L Sortino Ratio Rank: 94
TDGB.L Omega Ratio Rank: 93
TDGB.L Calmar Ratio Rank: 94
TDGB.L Martin Ratio Rank: 92

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. TDGB.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 VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.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	TDGB.L	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	3.10	-4.09
Sortino ratio: Return per unit of downside risk	-0.74	4.32	-5.06
Omega ratio: Gain probability vs. loss probability	0.52	1.58	-1.06
Calmar ratio: Return relative to maximum drawdown	-1.00	6.17	-7.17
Martin ratio: Return relative to average drawdown	-1.29	20.41	-21.70

SPXP.L vs. TDGB.L - Sharpe Ratio Comparison

The current SPXP.L Sharpe Ratio is -0.99, which is lower than the TDGB.L Sharpe Ratio of 3.10. The chart below compares the historical Sharpe Ratios of SPXP.L and TDGB.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.

Drawdowns

SPXP.L vs. TDGB.L - Drawdown Comparison

The maximum SPXP.L drawdown since its inception was -99.07%, which is greater than TDGB.L's maximum drawdown of -32.94%. Use the drawdown chart below to compare losses from any high point for SPXP.L and TDGB.L.

Drawdown Indicators

	SPXP.L	TDGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-99.07%	-32.94%	-66.13%
Max Drawdown (1Y) Largest decline over 1 year	-99.07%	-4.66%	-94.41%
Max Drawdown (3Y) Largest decline over 3 years	-99.07%	-12.42%	-86.65%
Max Drawdown (5Y) Largest decline over 5 years	-99.07%	-12.42%	-86.65%
Max Drawdown (10Y) Largest decline over 10 years	-99.07%	-32.94%	-66.13%
Current Drawdown Current decline from peak	-98.91%	-1.46%	-97.45%
Average Drawdown Average peak-to-trough decline	-8.23%	-4.91%	-3.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	76.64%	1.41%	+75.23%

Volatility

SPXP.L vs. TDGB.L - Volatility Comparison

Invesco S&P 500 UCITS ETF (SPXP.L) has a higher volatility of 3.41% compared to VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.L) at 2.13%. This indicates that SPXP.L's price experiences larger fluctuations and is considered to be riskier than TDGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXP.L	TDGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.41%	2.13%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	7.71%	7.04%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	99.31%	9.30%	+90.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.55%	11.43%	+35.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.91%	13.69%	+21.22%

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

SPXP.L has a 0.05% expense ratio, which is lower than TDGB.L's 0.38% expense ratio.

Dividends

SPXP.L vs. TDGB.L - Dividend Comparison

SPXP.L has not paid dividends to shareholders, while TDGB.L's dividend yield for the trailing twelve months is around 3.20%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
TDGB.L VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF	3.20%	3.50%	4.26%	4.93%	4.40%	4.06%	4.16%	4.52%	4.38%	3.48%

Frequently Asked Questions

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

SPXP.L and TDGB.L have a correlation of 0.24, 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 TDGB.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 TDGB.L?

SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.38% for TDGB.L.

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

SPXP.L is categorized as S&P 500, while TDGB.L is Global Equities. SPXP.L tracks S&P 500 Index, while TDGB.L tracks Morningstar Developed Markets Large Cap Dividend Leaders Screened Select Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.05% for SPXP.L and 0.38% for TDGB.L.