SPXS.L vs. BCOM.L
SPXS.L (Invesco S&P 500 UCITS ETF) and BCOM.L (L&G All Commodities UCITS ETF - USD Accumulating ETF) are both exchange-traded funds - SPXS.L is a Global Equities fund tracking the Invesco S&P 500 UCITS ETF, while BCOM.L is a Commodities fund tracking the Bloomberg Commodity Index Total Return. Both are passively managed. Over the past 5 years, SPXS.L returned -54.94%/yr vs 10.51%/yr for BCOM.L. At a 0.21 correlation, their price movements are largely independent. SPXS.L charges 0.05%/yr vs 0.15%/yr for BCOM.L.
Performance
SPXS.L vs. BCOM.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS.L achieves a 10.20% return, which is significantly lower than BCOM.L's 20.90% return.
SPXS.L
- 1D
- -0.12%
- 1M
- -0.05%
- 6M
- 9.96%
- YTD
- 10.20%
- 1Y
- -98.78%
- 3Y*
- -74.11%
- 5Y*
- -54.94%
- 10Y*
- -27.39%
BCOM.L
- 1D
- 0.64%
- 1M
- 2.17%
- 6M
- 16.01%
- YTD
- 20.90%
- 1Y
- 30.69%
- 3Y*
- 12.81%
- 5Y*
- 10.51%
- 10Y*
- —
SPXS.L vs. BCOM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS.L Invesco S&P 500 UCITS ETF | 10.20% | -98.82% | 25.56% | 27.00% | -18.53% | 29.64% | 17.89% | 30.86% | -5.19% | 11.80% |
BCOM.L L&G All Commodities UCITS ETF - USD Accumulating ETF | 20.90% | 16.19% | 4.43% | -7.25% | 15.63% | 27.35% | -2.99% | 5.14% | -9.87% | 6.89% |
Correlation
The correlation between SPXS.L and BCOM.L is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2017 | 0.21 |
The correlation between SPXS.L and BCOM.L shifts across timeframes, from -0.09 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPXS.L vs. BCOM.L — Risk / Return Rank
SPXS.L
BCOM.L
SPXS.L vs. BCOM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 UCITS ETF (SPXS.L) and L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.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 | BCOM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.77 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.52 | 1.32 | -0.80 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.10 | -3.10 |
| Martin ratioReturn relative to average drawdown | -1.23 | 6.65 | -7.88 |
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Drawdowns
SPXS.L vs. BCOM.L - Drawdown Comparison
The maximum SPXS.L drawdown since its inception was -99.07%, which is greater than BCOM.L's maximum drawdown of -31.65%. Use the drawdown chart below to compare losses from any high point for SPXS.L and BCOM.L.
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Drawdown Indicators
| SPXS.L | BCOM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -31.65% | -67.42% |
Max Drawdown (1Y)Largest decline over 1 year | -99.07% | -14.33% | -84.74% |
Max Drawdown (3Y)Largest decline over 3 years | -99.07% | -14.33% | -84.74% |
Max Drawdown (5Y)Largest decline over 5 years | -99.07% | -26.27% | -72.80% |
Max Drawdown (10Y)Largest decline over 10 years | -99.07% | — | — |
Current DrawdownCurrent decline from peak | -98.90% | -8.29% | -90.61% |
Average DrawdownAverage peak-to-trough decline | -7.67% | -11.63% | +3.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.57% | 4.53% | +76.04% |
Volatility
SPXS.L vs. BCOM.L - Volatility Comparison
The current volatility for Invesco S&P 500 UCITS ETF (SPXS.L) is 2.73%, while L&G All Commodities UCITS ETF - USD Accumulating ETF (BCOM.L) has a volatility of 4.53%. This indicates that SPXS.L experiences smaller price fluctuations and is considered to be less risky than BCOM.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 | BCOM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 4.53% | -1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 9.24% | 14.82% | -5.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 99.43% | 16.93% | +82.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.13% | 16.81% | +30.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.27% | 15.35% | +19.92% |
SPXS.L vs. BCOM.L - Expense Ratio Comparison
SPXS.L has a 0.05% expense ratio, which is lower than BCOM.L's 0.15% 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
SPXS.L vs. BCOM.L - Dividend Comparison
Neither SPXS.L nor BCOM.L has paid dividends to shareholders.
Frequently Asked Questions
SPXS.L and BCOM.L have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.15% for BCOM.L.
SPXS.L is categorized as Global Equities, while BCOM.L is Commodities. SPXS.L tracks Invesco S&P 500 UCITS ETF, while BCOM.L tracks Bloomberg Commodity Index Total Return. They also come from different issuers: Invesco and L&G. Their fees differ too: 0.05% for SPXS.L and 0.15% for BCOM.L.
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