SPXS.L vs. 3USL.L
SPXS.L (Invesco S&P 500 UCITS ETF USD (Acc)) and 3USL.L (WisdomTree S&P 500 3x Daily Leveraged GB) are both exchange-traded funds - SPXS.L is a S&P 500 fund tracking the S&P 500 Index, while 3USL.L is a Leveraged Equities fund tracking the S&P 500 Net Total Returns Index. Both are passively managed. Over the past 10 years, SPXS.L returned -27.38%/yr vs 26.94%/yr for 3USL.L. With a 0.97 correlation, they move nearly in lockstep. SPXS.L charges 0.05%/yr vs 0.75%/yr for 3USL.L.
Performance
SPXS.L vs. 3USL.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS.L achieves a 10.40% return, which is significantly lower than 3USL.L's 18.25% return. Over the past 10 years, SPXS.L has underperformed 3USL.L with an annualized return of -27.38%, while 3USL.L has yielded a comparatively higher 26.94% annualized return.
SPXS.L
- 1D
- 0.07%
- 1M
- 0.33%
- 6M
- 9.13%
- YTD
- 10.40%
- 1Y
- -98.77%
- 3Y*
- -74.10%
- 5Y*
- -54.92%
- 10Y*
- -27.38%
3USL.L
- 1D
- -3.71%
- 1M
- -2.60%
- 6M
- 15.76%
- YTD
- 18.25%
- 1Y
- 46.64%
- 3Y*
- 40.34%
- 5Y*
- 18.89%
- 10Y*
- 26.94%
SPXS.L vs. 3USL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS.L Invesco S&P 500 UCITS ETF USD (Acc) | 10.40% | -98.82% | 25.56% | 27.00% | -18.53% | 29.64% | 17.89% | 30.86% | -5.19% | 21.62% |
3USL.L WisdomTree S&P 500 3x Daily Leveraged GB | 18.25% | 28.97% | 63.99% | 70.50% | -57.35% | 101.78% | 7.90% | 97.95% | -26.23% | 66.85% |
Correlation
The correlation between SPXS.L and 3USL.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 | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2012 | 0.97 |
The correlation between SPXS.L and 3USL.L has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
SPXS.L vs. 3USL.L — Risk / Return Rank
SPXS.L
3USL.L
SPXS.L vs. 3USL.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 UCITS ETF USD (Acc) (SPXS.L) and WisdomTree S&P 500 3x Daily Leveraged GB (3USL.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.
| SPXS.L | 3USL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -2.72 | ||
| Omega ratioGain probability vs. loss probability | 0.52 | 1.23 | -0.71 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 1.84 | -2.83 |
| Martin ratioReturn relative to average drawdown | -1.23 | 6.87 | -8.10 |
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Drawdowns
SPXS.L vs. 3USL.L - Drawdown Comparison
The maximum SPXS.L drawdown since its inception was -99.07%, which is greater than 3USL.L's maximum drawdown of -76.72%. Use the drawdown chart below to compare losses from any high point for SPXS.L and 3USL.L.
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Drawdown Indicators
| SPXS.L | 3USL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -76.72% | -22.35% |
Max Drawdown (1Y)Largest decline over 1 year | -99.07% | -25.29% | -73.78% |
Max Drawdown (3Y)Largest decline over 3 years | -99.07% | -48.69% | -50.38% |
Max Drawdown (5Y)Largest decline over 5 years | -99.07% | -63.46% | -35.61% |
Max Drawdown (10Y)Largest decline over 10 years | -99.07% | -76.72% | -22.35% |
Current DrawdownCurrent decline from peak | -98.90% | -7.22% | -91.68% |
Average DrawdownAverage peak-to-trough decline | -7.67% | -14.68% | +7.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.57% | 6.77% | +73.80% |
Volatility
SPXS.L vs. 3USL.L - Volatility Comparison
The current volatility for Invesco S&P 500 UCITS ETF USD (Acc) (SPXS.L) is 2.73%, while WisdomTree S&P 500 3x Daily Leveraged GB (3USL.L) has a volatility of 9.48%. This indicates that SPXS.L experiences smaller price fluctuations and is considered to be less risky than 3USL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS.L | 3USL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 9.48% | -6.75% |
Volatility (6M)Calculated over the trailing 6-month period | 9.23% | 27.92% | -18.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 99.43% | 36.02% | +63.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.13% | 47.64% | -0.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.27% | 48.40% | -13.13% |
SPXS.L vs. 3USL.L - Expense Ratio Comparison
SPXS.L has a 0.05% expense ratio, which is lower than 3USL.L's 0.75% expense ratio.
Dividends
SPXS.L vs. 3USL.L - Dividend Comparison
Neither SPXS.L nor 3USL.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, SPXS.L and 3USL.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.
On fees, SPXS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXS.L is cheaper with a 0.05% expense ratio, compared with 0.75% for 3USL.L.
SPXS.L is categorized as S&P 500, while 3USL.L is Leveraged Equities. SPXS.L tracks S&P 500 Index, while 3USL.L tracks S&P 500 Net Total Returns Index. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.05% for SPXS.L and 0.75% for 3USL.L.
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