SPXP.L vs. VUSE

Last updated Jun 4, 2026

SPXP.L (Invesco S&P 500 UCITS ETF) and VUSE (Vident U.S. Equity Strategy ETF) are both exchange-traded funds - SPXP.L is a S&P 500 fund tracking the S&P 500 Index, while VUSE is a Mid Cap Value Equities fund tracking the Vident U.S. Quality Index. Both are passively managed. Over the past 10 years, SPXP.L returned 16.32%/yr vs 13.26%/yr for VUSE. At a 0.48 correlation, their price movements are largely independent. SPXP.L charges 0.05%/yr vs 0.50%/yr for VUSE.

Performance

SPXP.L vs. VUSE - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco S&P 500 UCITS ETF (SPXP.L) and Vident U.S. Equity Strategy ETF (VUSE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPXP.L is traded in GBp, while VUSE is traded in USD. To make them comparable, the VUSE 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 10.55% return, which is significantly higher than VUSE's 9.86% return. Over the past 10 years, SPXP.L has outperformed VUSE with an annualized return of 16.32%, while VUSE has yielded a comparatively lower 13.26% 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%

VUSE

• 1D: -0.25%
• 1M: 6.16%
• YTD: 9.86%
• 6M: 8.63%
• 1Y: 19.31%
• 3Y*: 14.60%
• 5Y*: 12.12%
• 10Y*: 13.26%

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

SPXP.L vs. VUSE - 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%
VUSE Vident U.S. Equity Strategy ETF	9.86%	5.12%	17.79%	18.15%	1.35%	36.74%	3.63%	16.15%	-10.22%	6.54%

Correlation

The correlation between SPXP.L and VUSE is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jul 15, 2014	0.48

The correlation between SPXP.L and VUSE has been stable across timeframes, ranging from 0.48 to 0.57 - a consistent structural relationship.

SPXP.L vs. VUSE - Sectors Allocation Comparison

Sectors	SPXP.L	VUSE
Technology	35.6%	33.1%
Financial Services	11.8%	14.1%
Communication Services	11.2%	9.4%
Consumer Cyclical	10.1%	10.5%
Healthcare	8.5%	9.5%
Industrials	8.3%	8.6%
Consumer Defensive	4.9%	7.3%
Energy	3.5%	2.6%
Utilities	2.4%	1.3%
Real Estate	1.9%	1.0%
Basic Materials	1.8%	2.7%

Return for Risk

SPXP.L vs. VUSE — 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

VUSE

VUSE Risk / Return Rank: 42
VUSE Sharpe Ratio Rank: 42
VUSE Sortino Ratio Rank: 41
VUSE Omega Ratio Rank: 39
VUSE Calmar Ratio Rank: 41
VUSE Martin Ratio Rank: 45

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. VUSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 UCITS ETF (SPXP.L) and Vident U.S. Equity Strategy ETF (VUSE). 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	VUSE	Difference
Sharpe ratio: Return per unit of total volatility	2.78	1.61	+1.17
Sortino ratio: Return per unit of downside risk	3.72	2.17	+1.55
Omega ratio: Gain probability vs. loss probability	1.52	1.29	+0.23
Calmar ratio: Return relative to maximum drawdown	4.11	2.26	+1.85
Martin ratio: Return relative to average drawdown	15.14	7.41	+7.72
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. VUSE - Sharpe Ratio Comparison

The current SPXP.L Sharpe Ratio is 2.78, which is higher than the VUSE Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of SPXP.L and VUSE, 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	VUSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	1.61	+1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.75	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.10	0.67	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.64	+0.51

Drawdowns

SPXP.L vs. VUSE - Drawdown Comparison

The maximum SPXP.L drawdown since its inception was -25.46%, smaller than the maximum VUSE drawdown of -37.36%. Use the drawdown chart below to compare losses from any high point for SPXP.L and VUSE.

Drawdown Indicators

	SPXP.L	VUSE	Difference
Max Drawdown Largest peak-to-trough decline	-25.46%	-37.36%	+11.90%
Max Drawdown (1Y) Largest decline over 1 year	-7.09%	-8.59%	+1.50%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-21.24%	+0.47%
Max Drawdown (5Y) Largest decline over 5 years	-20.77%	-21.24%	+0.47%
Max Drawdown (10Y) Largest decline over 10 years	-25.46%	-37.36%	+11.90%
Current Drawdown Current decline from peak	-0.21%	-0.66%	+0.45%
Average Drawdown Average peak-to-trough decline	-3.50%	-5.43%	+1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.61%	-0.68%

Volatility

SPXP.L vs. VUSE - Volatility Comparison

The current volatility for Invesco S&P 500 UCITS ETF (SPXP.L) is 2.64%, while Vident U.S. Equity Strategy ETF (VUSE) has a volatility of 2.78%. This indicates that SPXP.L experiences smaller price fluctuations and is considered to be less risky than VUSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXP.L	VUSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	2.78%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	8.75%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	10.56%	12.10%	-1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.23%	16.32%	-2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.22%	19.99%	-3.77%

SPXP.L vs. VUSE - Expense Ratio Comparison

SPXP.L has a 0.05% expense ratio, which is lower than VUSE's 0.50% expense ratio.

Dividends

SPXP.L vs. VUSE - Dividend Comparison

SPXP.L has not paid dividends to shareholders, while VUSE's dividend yield for the trailing twelve months is around 0.44%.

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%
VUSE Vident U.S. Equity Strategy ETF	0.44%	0.47%	0.84%	1.15%	1.57%	1.16%	1.33%	1.61%	1.55%	1.16%	1.25%	1.73%

Frequently Asked Questions

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

SPXP.L and VUSE have a correlation of 0.57, 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 VUSE?

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 VUSE?

SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.50% for VUSE.

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

SPXP.L is categorized as S&P 500, while VUSE is Mid Cap Value Equities. SPXP.L tracks S&P 500 Index, while VUSE tracks Vident U.S. Quality Index. They also come from different issuers: Invesco and Vident. Their fees differ too: 0.05% for SPXP.L and 0.50% for VUSE.