SPXS.L vs. SPMD.L
SPXS.L (Invesco S&P 500 UCITS ETF USD (Acc)) and SPMD.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist)) are both S&P 500 funds - SPXS.L tracks the S&P 500 Index while SPMD.L tracks the S&P 500 Minimum Volatility Index. Both are passively managed. Over the past 5 years, SPXS.L returned -55.04%/yr vs 8.29%/yr for SPMD.L. Their correlation of 0.88 suggests significant overlap in exposure. SPXS.L charges 0.05%/yr vs 0.20%/yr for SPMD.L.
Performance
SPXS.L vs. SPMD.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 SPMD.L's 4.28% 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%
SPMD.L
- 1D
- -0.10%
- 1M
- 0.20%
- 6M
- 4.60%
- YTD
- 4.28%
- 1Y
- 10.57%
- 3Y*
- 12.79%
- 5Y*
- 8.29%
- 10Y*
- —
SPXS.L vs. SPMD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -6.70% |
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) | 4.28% | 11.59% | 18.75% | 9.74% | -10.93% | 24.96% | 7.60% | 30.96% | -4.05% |
Correlation
The correlation between SPXS.L and SPMD.L is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2018 | 0.88 |
The correlation between SPXS.L and SPMD.L has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.
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Return for Risk
SPXS.L vs. SPMD.L — Risk / Return Rank
SPXS.L
SPMD.L
SPXS.L vs. SPMD.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 iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.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 | SPMD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -2.65 | ||
| Omega ratioGain probability vs. loss probability | 0.51 | 1.23 | -0.72 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 1.69 | -2.69 |
| Martin ratioReturn relative to average drawdown | -1.22 | 6.61 | -7.83 |
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Drawdowns
SPXS.L vs. SPMD.L - Drawdown Comparison
The maximum SPXS.L drawdown since its inception was -99.07%, which is greater than SPMD.L's maximum drawdown of -33.23%. Use the drawdown chart below to compare losses from any high point for SPXS.L and SPMD.L.
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Drawdown Indicators
| SPXS.L | SPMD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -33.23% | -65.84% |
Max Drawdown (1Y)Largest decline over 1 year | -99.07% | -6.23% | -92.84% |
Max Drawdown (3Y)Largest decline over 3 years | -99.07% | -12.05% | -87.02% |
Max Drawdown (5Y)Largest decline over 5 years | -99.07% | -18.66% | -80.41% |
Max Drawdown (10Y)Largest decline over 10 years | -99.07% | — | — |
Current DrawdownCurrent decline from peak | -98.91% | -0.69% | -98.22% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -4.13% | -3.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.82% | 1.60% | +79.22% |
Volatility
SPXS.L vs. SPMD.L - Volatility Comparison
Invesco S&P 500 UCITS ETF USD (Acc) (SPXS.L) has a higher volatility of 3.01% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) (SPMD.L) at 1.83%. This indicates that SPXS.L's price experiences larger fluctuations and is considered to be riskier than SPMD.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 | SPMD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.01% | 1.83% | +1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 9.33% | 6.37% | +2.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 99.43% | 8.46% | +90.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.12% | 12.60% | +34.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.28% | 14.56% | +20.72% |
SPXS.L vs. SPMD.L - Expense Ratio Comparison
SPXS.L has a 0.05% expense ratio, which is lower than SPMD.L's 0.20% 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. SPMD.L - Dividend Comparison
SPXS.L has not paid dividends to shareholders, while SPMD.L's dividend yield for the trailing twelve months is around 1.16%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SPMD.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Dist) | 1.16% | 1.15% | 1.28% | 1.46% | 1.35% | 1.27% | 1.54% | 1.52% | 1.13% |
SPXS.L Invesco S&P 500 UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPXS.L and SPMD.L have a correlation of 0.81, 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 0.20% for SPMD.L.
SPXS.L tracks S&P 500 Index, while SPMD.L tracks S&P 500 Minimum Volatility Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.05% for SPXS.L and 0.20% for SPMD.L.
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