SPXP.L vs. UC13.L

Last updated Jun 4, 2026

SPXP.L (Invesco S&P 500 UCITS ETF) and UC13.L (UBS Core S&P 500 UCITS ETF USD dis) are both S&P 500 funds tracking the S&P 500 Index, from Invesco and UBS respectively. Both are passively managed. Over the past 10 years, SPXP.L returned 16.32%/yr vs 14.65%/yr for UC13.L. Their correlation of 0.85 suggests significant overlap in exposure. SPXP.L charges 0.05%/yr vs 0.03%/yr for UC13.L.

Performance

SPXP.L vs. UC13.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 UBS Core S&P 500 UCITS ETF USD dis (UC13.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 UC13.L's 9.94% return. Over the past 10 years, SPXP.L has outperformed UC13.L with an annualized return of 16.32%, while UC13.L has yielded a comparatively lower 14.65% 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%

UC13.L

• 1D: -0.22%
• 1M: 6.01%
• YTD: 9.94%
• 6M: 9.94%
• 1Y: 27.86%
• 3Y*: 18.06%
• 5Y*: 13.62%
• 10Y*: 14.65%

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

SPXP.L vs. UC13.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
UC13.L UBS Core S&P 500 UCITS ETF USD dis	9.94%	8.39%	25.77%	18.14%	-10.01%	29.47%	11.81%	24.42%	-1.52%	8.98%

Correlation

The correlation between SPXP.L and UC13.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jul 15, 2014	0.85

The correlation between SPXP.L and UC13.L shifts across timeframes, from 0.85 (all time) to 0.98 (1 year), reflecting how their relationship changes across market environments.

SPXP.L vs. UC13.L - Sectors Allocation Comparison

Sectors	SPXP.L	UC13.L
Technology	35.6%	37.9%
Financial Services	11.8%	11.3%
Communication Services	11.2%	10.9%
Consumer Cyclical	10.1%	9.8%
Healthcare	8.5%	8.3%
Industrials	8.3%	7.8%
Consumer Defensive	4.9%	4.8%
Energy	3.5%	3.4%
Utilities	2.4%	2.2%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.7%

Return for Risk

SPXP.L vs. UC13.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

UC13.L

UC13.L Risk / Return Rank: 77
UC13.L Sharpe Ratio Rank: 82
UC13.L Sortino Ratio Rank: 79
UC13.L Omega Ratio Rank: 83
UC13.L Calmar Ratio Rank: 72
UC13.L Martin Ratio Rank: 69

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. UC13.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 UBS Core S&P 500 UCITS ETF USD dis (UC13.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	UC13.L	Difference
Sharpe ratio: Return per unit of total volatility	2.78	2.65	+0.13
Sortino ratio: Return per unit of downside risk	3.72	3.55	+0.17
Omega ratio: Gain probability vs. loss probability	1.52	1.50	+0.02
Calmar ratio: Return relative to maximum drawdown	4.11	3.55	+0.56
Martin ratio: Return relative to average drawdown	15.14	12.59	+2.55
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. UC13.L - Sharpe Ratio Comparison

The current SPXP.L Sharpe Ratio is 2.78, which is comparable to the UC13.L Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of SPXP.L and UC13.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	UC13.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	2.65	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.94	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.10	0.94	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.89	+0.27

Drawdowns

SPXP.L vs. UC13.L - Drawdown Comparison

The maximum SPXP.L drawdown since its inception was -25.46%, roughly equal to the maximum UC13.L drawdown of -25.59%. Use the drawdown chart below to compare losses from any high point for SPXP.L and UC13.L.

Drawdown Indicators

	SPXP.L	UC13.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.46%	-25.59%	+0.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.09%	-7.82%	+0.73%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-21.52%	+0.75%
Max Drawdown (5Y) Largest decline over 5 years	-20.77%	-21.52%	+0.75%
Max Drawdown (10Y) Largest decline over 10 years	-25.46%	-25.59%	+0.13%
Current Drawdown Current decline from peak	-0.21%	-0.22%	+0.01%
Average Drawdown Average peak-to-trough decline	-3.50%	-3.55%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.21%	-0.28%

Volatility

SPXP.L vs. UC13.L - Volatility Comparison

Invesco S&P 500 UCITS ETF (SPXP.L) and UBS Core S&P 500 UCITS ETF USD dis (UC13.L) have volatilities of 2.64% and 2.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXP.L	UC13.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	2.62%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	7.11%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	10.56%	10.54%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.23%	14.45%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.22%	15.72%	+0.50%

SPXP.L vs. UC13.L - Expense Ratio Comparison

SPXP.L has a 0.05% expense ratio, which is higher than UC13.L's 0.03% expense ratio. However, 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. UC13.L - Dividend Comparison

SPXP.L has not paid dividends to shareholders, while UC13.L's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
UC13.L UBS Core S&P 500 UCITS ETF USD dis	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%

Frequently Asked Questions

Can I hold both SPXP.L and UC13.L in my portfolio?

With a correlation of 0.98, SPXP.L and UC13.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, SPXP.L or UC13.L?

On fees, UC13.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXP.L or UC13.L?

UC13.L is cheaper with a 0.03% expense ratio, compared with 0.05% for SPXP.L.

What is the main difference between SPXP.L and UC13.L?

Both ETFs track S&P 500 Index. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.05% for SPXP.L and 0.03% for UC13.L.