SPXS.L vs. SPMV.L
SPXS.L (Invesco S&P 500 UCITS ETF USD (Acc)) and SPMV.L (iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc)) are both S&P 500 funds - SPXS.L tracks the S&P 500 Index while SPMV.L tracks the S&P 500 Minimum Volatility Net in USD. Both are passively managed. Over the past 10 years, SPXS.L returned -27.38%/yr vs 10.00%/yr for SPMV.L. Their correlation of 0.88 suggests significant overlap in exposure. SPXS.L charges 0.05%/yr vs 0.20%/yr for SPMV.L.
Performance
SPXS.L vs. SPMV.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 higher than SPMV.L's 4.44% return. Over the past 10 years, SPXS.L has underperformed SPMV.L with an annualized return of -27.38%, while SPMV.L has yielded a comparatively higher 10.00% 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%
SPMV.L
- 1D
- 0.37%
- 1M
- 0.18%
- 6M
- 4.16%
- YTD
- 4.44%
- 1Y
- 11.65%
- 3Y*
- 12.92%
- 5Y*
- 8.32%
- 10Y*
- 10.00%
SPXS.L vs. SPMV.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% |
SPMV.L iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) | 4.44% | 11.55% | 18.68% | 9.94% | -11.05% | 24.98% | 7.41% | 31.25% | -5.35% | 16.05% |
Correlation
The correlation between SPXS.L and SPMV.L is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2012 | 0.88 |
The correlation between SPXS.L and SPMV.L has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.
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Return for Risk
SPXS.L vs. SPMV.L — Risk / Return Rank
SPXS.L
SPMV.L
SPXS.L vs. SPMV.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 (Acc) (SPMV.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 | SPMV.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -2.82 | ||
| Omega ratioGain probability vs. loss probability | 0.52 | 1.25 | -0.72 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 1.86 | -2.86 |
| Martin ratioReturn relative to average drawdown | -1.23 | 7.33 | -8.56 |
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Drawdowns
SPXS.L vs. SPMV.L - Drawdown Comparison
The maximum SPXS.L drawdown since its inception was -99.07%, which is greater than SPMV.L's maximum drawdown of -33.34%. Use the drawdown chart below to compare losses from any high point for SPXS.L and SPMV.L.
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Drawdown Indicators
| SPXS.L | SPMV.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -33.34% | -65.73% |
Max Drawdown (1Y)Largest decline over 1 year | -99.07% | -6.23% | -92.84% |
Max Drawdown (3Y)Largest decline over 3 years | -99.07% | -12.31% | -86.76% |
Max Drawdown (5Y)Largest decline over 5 years | -99.07% | -18.58% | -80.49% |
Max Drawdown (10Y)Largest decline over 10 years | -99.07% | -33.34% | -65.73% |
Current DrawdownCurrent decline from peak | -98.90% | -0.56% | -98.34% |
Average DrawdownAverage peak-to-trough decline | -7.67% | -3.13% | -4.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.57% | 1.59% | +78.98% |
Volatility
SPXS.L vs. SPMV.L - Volatility Comparison
Invesco S&P 500 UCITS ETF USD (Acc) (SPXS.L) has a higher volatility of 2.73% compared to iShares Edge S&P 500 Minimum Volatility UCITS ETF USD (Acc) (SPMV.L) at 2.36%. This indicates that SPXS.L's price experiences larger fluctuations and is considered to be riskier than SPMV.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 | SPMV.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 2.36% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 9.23% | 6.39% | +2.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 99.43% | 8.51% | +90.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.13% | 12.68% | +34.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.27% | 13.77% | +21.50% |
SPXS.L vs. SPMV.L - Expense Ratio Comparison
SPXS.L has a 0.05% expense ratio, which is lower than SPMV.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. SPMV.L - Dividend Comparison
Neither SPXS.L nor SPMV.L has paid dividends to shareholders.
Frequently Asked Questions
SPXS.L and SPMV.L have a correlation of 0.83, 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 SPMV.L.
SPXS.L tracks S&P 500 Index, while SPMV.L tracks S&P 500 Minimum Volatility Net in USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.05% for SPXS.L and 0.20% for SPMV.L.
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