SPXP.L vs. XSXG.L

Last updated Jun 4, 2026

SPXP.L (Invesco S&P 500 UCITS ETF) and XSXG.L (Xtrackers S&P 500 Swap UCITS ETF 1D) are both S&P 500 funds tracking the S&P 500 Index, from Invesco and Xtrackers respectively. Both are passively managed. Over the past 3 years, SPXP.L returned 19.50%/yr vs 19.51%/yr for XSXG.L. With a 1.00 correlation, they move nearly in lockstep. SPXP.L charges 0.05%/yr vs 0.07%/yr for XSXG.L.

Performance

SPXP.L vs. XSXG.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 Xtrackers S&P 500 Swap UCITS ETF 1D (XSXG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPXP.L is traded in GBp, while XSXG.L is traded in GBP. To make them comparable, the XSXG.L values have been converted to GBp using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with SPXP.L having a 10.55% return and XSXG.L slightly higher at 10.62%.

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%

XSXG.L

• 1D: -0.22%
• 1M: 6.01%
• YTD: 10.62%
• 6M: 10.62%
• 1Y: 29.30%
• 3Y*: 19.51%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022
SPXP.L Invesco S&P 500 UCITS ETF	10.55%	9.53%	27.58%	20.06%	2.65%
XSXG.L Xtrackers S&P 500 Swap UCITS ETF 1D	10.62%	9.55%	27.53%	20.03%	2.67%

Correlation

The correlation between SPXP.L and XSXG.L is 0.99 - 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	0.99
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 16, 2022	1.00

The correlation between SPXP.L and XSXG.L has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

SPXP.L vs. XSXG.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

XSXG.L

XSXG.L Risk / Return Rank: 82
XSXG.L Sharpe Ratio Rank: 85
XSXG.L Sortino Ratio Rank: 83
XSXG.L Omega Ratio Rank: 85
XSXG.L Calmar Ratio Rank: 79
XSXG.L Martin Ratio Rank: 76

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. XSXG.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 Xtrackers S&P 500 Swap UCITS ETF 1D (XSXG.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	XSXG.L	Difference
Sharpe ratio: Return per unit of total volatility	2.78	2.77	0.00
Sortino ratio: Return per unit of downside risk	3.72	3.70	+0.01
Omega ratio: Gain probability vs. loss probability	1.52	1.52	0.00
Calmar ratio: Return relative to maximum drawdown	4.11	4.01	+0.10
Martin ratio: Return relative to average drawdown	15.14	14.46	+0.67
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. XSXG.L - Sharpe Ratio Comparison

The current SPXP.L Sharpe Ratio is 2.78, which is comparable to the XSXG.L Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of SPXP.L and XSXG.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	XSXG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.78	2.77	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	—	—
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	1.27	-0.11

Drawdowns

SPXP.L vs. XSXG.L - Drawdown Comparison

The maximum SPXP.L drawdown since its inception was -25.46%, which is greater than XSXG.L's maximum drawdown of -21.10%. Use the drawdown chart below to compare losses from any high point for SPXP.L and XSXG.L.

Drawdown Indicators

	SPXP.L	XSXG.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.46%	-21.10%	-4.36%
Max Drawdown (1Y) Largest decline over 1 year	-7.09%	-7.27%	+0.18%
Max Drawdown (3Y) Largest decline over 3 years	-20.77%	-21.10%	+0.33%
Max Drawdown (5Y) Largest decline over 5 years	-20.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-25.46%	—	—
Current Drawdown Current decline from peak	-0.21%	-0.22%	+0.01%
Average Drawdown Average peak-to-trough decline	-3.50%	-3.44%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	2.02%	-0.09%

Volatility

SPXP.L vs. XSXG.L - Volatility Comparison

Invesco S&P 500 UCITS ETF (SPXP.L) and Xtrackers S&P 500 Swap UCITS ETF 1D (XSXG.L) have volatilities of 2.64% and 2.61%, 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	XSXG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	2.61%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	7.18%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	10.56%	10.58%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.23%	13.91%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.22%	13.91%	+2.31%

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

SPXP.L has a 0.05% expense ratio, which is lower than XSXG.L's 0.07% 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. XSXG.L - Dividend Comparison

SPXP.L has not paid dividends to shareholders, while XSXG.L's dividend yield for the trailing twelve months is around 0.82%.

Position	TTM	2025	2024	2023	2022
SPXP.L Invesco S&P 500 UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%
XSXG.L Xtrackers S&P 500 Swap UCITS ETF 1D	0.82%	0.92%	1.11%	1.30%	0.38%

Frequently Asked Questions

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

With a correlation of 0.99, SPXP.L and XSXG.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 XSXG.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 XSXG.L?

SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.07% for XSXG.L.

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

Both ETFs track S&P 500 Index. They also come from different issuers: Invesco and Xtrackers. Their fees differ too: 0.05% for SPXP.L and 0.07% for XSXG.L.