SPXS.L vs. FTFX.L
SPXS.L (Invesco S&P 500 UCITS ETF USD (Acc)) and FTFX.L (First Trust FactorFX UCITS ETF Class A USD (Acc)) are both exchange-traded funds - SPXS.L is a S&P 500 fund tracking the S&P 500 Index, while FTFX.L is a Currency fund tracking the Bloomberg G10 Carry Index. Both are passively managed. Over the past 5 years, SPXS.L returned -55.04%/yr vs 5.92%/yr for FTFX.L. At a 0.21 correlation, their price movements are largely independent. SPXS.L charges 0.05%/yr vs 0.75%/yr for FTFX.L.
Performance
SPXS.L vs. FTFX.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS.L achieves a 8.95% return, which is significantly higher than FTFX.L's 6.72% return.
SPXS.L
- 1D
- -1.32%
- 1M
- -0.60%
- 6M
- 8.00%
- YTD
- 8.95%
- 1Y
- -98.80%
- 3Y*
- -74.24%
- 5Y*
- -55.04%
- 10Y*
- -27.46%
FTFX.L
- 1D
- 0.26%
- 1M
- 1.81%
- 6M
- 5.89%
- YTD
- 6.72%
- 1Y
- 9.83%
- 3Y*
- 6.78%
- 5Y*
- 5.92%
- 10Y*
- —
SPXS.L vs. FTFX.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) | 8.95% | -98.82% | 25.56% | 27.00% | -18.53% | 29.64% | 17.89% | 30.86% | -5.19% | 9.61% |
FTFX.L First Trust FactorFX UCITS ETF Class A USD (Acc) | 6.72% | 8.14% | 7.93% | 9.97% | -1.13% | -3.43% | 0.33% | 4.18% | 0.10% | 0.45% |
Correlation
The correlation between SPXS.L and FTFX.L is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jul 27, 2017 | 0.21 |
The correlation between SPXS.L and FTFX.L shifts across timeframes, from -0.02 (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. FTFX.L — Risk / Return Rank
SPXS.L
FTFX.L
SPXS.L vs. FTFX.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 First Trust FactorFX UCITS ETF Class A USD (Acc) (FTFX.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 | FTFX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.55 | ||
| Sortino ratioReturn per unit of downside risk | -3.03 | ||
| Omega ratioGain probability vs. loss probability | 0.51 | 1.31 | -0.80 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 3.30 | -4.30 |
| Martin ratioReturn relative to average drawdown | -1.22 | 10.02 | -11.24 |
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Drawdowns
SPXS.L vs. FTFX.L - Drawdown Comparison
The maximum SPXS.L drawdown since its inception was -99.07%, which is greater than FTFX.L's maximum drawdown of -8.13%. Use the drawdown chart below to compare losses from any high point for SPXS.L and FTFX.L.
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Drawdown Indicators
| SPXS.L | FTFX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -8.13% | -90.94% |
Max Drawdown (1Y)Largest decline over 1 year | -99.07% | -2.97% | -96.10% |
Max Drawdown (3Y)Largest decline over 3 years | -99.07% | -6.92% | -92.15% |
Max Drawdown (5Y)Largest decline over 5 years | -99.07% | -6.92% | -92.15% |
Max Drawdown (10Y)Largest decline over 10 years | -99.07% | — | — |
Current DrawdownCurrent decline from peak | -98.91% | 0.00% | -98.91% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -2.08% | -5.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.82% | 0.98% | +79.84% |
Volatility
SPXS.L vs. FTFX.L - Volatility Comparison
Invesco S&P 500 UCITS ETF USD (Acc) (SPXS.L) has a higher volatility of 3.01% compared to First Trust FactorFX UCITS ETF Class A USD (Acc) (FTFX.L) at 1.12%. This indicates that SPXS.L's price experiences larger fluctuations and is considered to be riskier than FTFX.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 | FTFX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.01% | 1.12% | +1.89% |
Volatility (6M)Calculated over the trailing 6-month period | 9.33% | 4.29% | +5.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 99.43% | 6.31% | +93.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.12% | 7.32% | +39.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.28% | 6.18% | +29.10% |
SPXS.L vs. FTFX.L - Expense Ratio Comparison
SPXS.L has a 0.05% expense ratio, which is lower than FTFX.L's 0.75% expense ratio.
Dividends
SPXS.L vs. FTFX.L - Dividend Comparison
Neither SPXS.L nor FTFX.L has paid dividends to shareholders.
Frequently Asked Questions
SPXS.L and FTFX.L have a correlation of -0.02, 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 0.75% for FTFX.L.
SPXS.L is categorized as S&P 500, while FTFX.L is Currency. SPXS.L tracks S&P 500 Index, while FTFX.L tracks Bloomberg G10 Carry Index. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.05% for SPXS.L and 0.75% for FTFX.L.
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