SPXS.L vs. ENCO.L
SPXS.L (Invesco S&P 500 UCITS ETF USD (Acc)) and ENCO.L (L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc)) are both exchange-traded funds - SPXS.L is a S&P 500 fund tracking the S&P 500 Index, while ENCO.L is a Commodities fund tracking the Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. Both are passively managed. Over the past 3 years, SPXS.L returned -74.10%/yr vs 9.91%/yr for ENCO.L. At a 0.15 correlation, their price movements are largely independent. SPXS.L charges 0.05%/yr vs 0.30%/yr for ENCO.L.
Performance
SPXS.L vs. ENCO.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 ENCO.L's 19.85% 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%
ENCO.L
- 1D
- 0.06%
- 1M
- 1.98%
- 6M
- 16.06%
- YTD
- 19.85%
- 1Y
- 24.58%
- 3Y*
- 9.91%
- 5Y*
- —
- 10Y*
- —
SPXS.L vs. ENCO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPXS.L Invesco S&P 500 UCITS ETF USD (Acc) | 10.40% | -98.82% | 25.56% | 27.00% | -18.53% | 9.00% |
ENCO.L L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) | 19.85% | 8.38% | 3.59% | -2.45% | 23.37% | 9.08% |
Correlation
The correlation between SPXS.L and ENCO.L is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Jul 26, 2021 | 0.15 |
The correlation between SPXS.L and ENCO.L shifts across timeframes, from -0.10 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPXS.L vs. ENCO.L — Risk / Return Rank
SPXS.L
ENCO.L
SPXS.L vs. ENCO.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 L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.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 | ENCO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.59 | ||
| Sortino ratioReturn per unit of downside risk | -2.92 | ||
| Omega ratioGain probability vs. loss probability | 0.52 | 1.28 | -0.75 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 1.89 | -2.89 |
| Martin ratioReturn relative to average drawdown | -1.23 | 6.35 | -7.58 |
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Drawdowns
SPXS.L vs. ENCO.L - Drawdown Comparison
The maximum SPXS.L drawdown since its inception was -99.07%, which is greater than ENCO.L's maximum drawdown of -23.99%. Use the drawdown chart below to compare losses from any high point for SPXS.L and ENCO.L.
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Drawdown Indicators
| SPXS.L | ENCO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -23.99% | -75.08% |
Max Drawdown (1Y)Largest decline over 1 year | -99.07% | -12.95% | -86.12% |
Max Drawdown (3Y)Largest decline over 3 years | -99.07% | -12.95% | -86.12% |
Max Drawdown (5Y)Largest decline over 5 years | -99.07% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.07% | — | — |
Current DrawdownCurrent decline from peak | -98.90% | -7.55% | -91.35% |
Average DrawdownAverage peak-to-trough decline | -7.67% | -12.40% | +4.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.57% | 3.86% | +76.71% |
Volatility
SPXS.L vs. ENCO.L - Volatility Comparison
The current volatility for Invesco S&P 500 UCITS ETF USD (Acc) (SPXS.L) is 2.73%, while L&G Multi-Strategy Enhanced Commodities UCITS ETF USD (Acc) (ENCO.L) has a volatility of 4.29%. This indicates that SPXS.L experiences smaller price fluctuations and is considered to be less risky than ENCO.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 | ENCO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 4.29% | -1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 9.23% | 13.00% | -3.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 99.43% | 15.35% | +84.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.13% | 17.23% | +29.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.27% | 17.23% | +18.04% |
SPXS.L vs. ENCO.L - Expense Ratio Comparison
SPXS.L has a 0.05% expense ratio, which is lower than ENCO.L's 0.30% expense ratio.
Dividends
SPXS.L vs. ENCO.L - Dividend Comparison
Neither SPXS.L nor ENCO.L has paid dividends to shareholders.
Frequently Asked Questions
SPXS.L and ENCO.L have a correlation of -0.10, 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 0.30% for ENCO.L.
SPXS.L is categorized as S&P 500, while ENCO.L is Commodities. SPXS.L tracks S&P 500 Index, while ENCO.L tracks Barclays Backwardation Tilt Multi-Strategy Capped Total Return Index. They also come from different issuers: Invesco and L&G. Their fees differ too: 0.05% for SPXS.L and 0.30% for ENCO.L.
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