SPXS.L vs. SPXP.L
SPXS.L (Invesco S&P 500 UCITS ETF) and SPXP.L (Invesco S&P 500 UCITS ETF) are both exchange-traded funds - SPXS.L is a Global Equities fund tracking the Invesco S&P 500 UCITS ETF, while SPXP.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPXS.L returned -27.39%/yr vs -27.31%/yr for SPXP.L. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.05% expense ratio.
Performance
SPXS.L vs. SPXP.L - Performance Comparison
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Different Trading Currencies
SPXS.L is traded in USD, while SPXP.L is traded in GBp. To make them comparable, the SPXP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPXS.L achieves a 10.20% return, which is significantly lower than SPXP.L's 10.74% return. Both investments have delivered pretty close results over the past 10 years, with SPXS.L having a -27.39% annualized return and SPXP.L not far ahead at -27.31%.
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%
SPXP.L
- 1D
- 0.68%
- 1M
- 0.56%
- 6M
- 10.49%
- YTD
- 10.74%
- 1Y
- -98.78%
- 3Y*
- -74.05%
- 5Y*
- -54.86%
- 10Y*
- -27.31%
SPXS.L vs. SPXP.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% | 21.62% |
SPXP.L Invesco S&P 500 UCITS ETF | 10.74% | -98.82% | 25.46% | 26.40% | -18.54% | 30.07% | 17.39% | 31.85% | -5.42% | 21.32% |
Correlation
The correlation between SPXS.L and SPXP.L is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2014 | 0.90 |
The correlation between SPXS.L and SPXP.L has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
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Return for Risk
SPXS.L vs. SPXP.L — Risk / Return Rank
SPXS.L
SPXP.L
SPXS.L vs. SPXP.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 Invesco S&P 500 UCITS ETF (SPXP.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 | SPXP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 0.52 | 0.51 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -1.00 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.23 | -1.23 | 0.00 |
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Drawdowns
SPXS.L vs. SPXP.L - Drawdown Comparison
The maximum SPXS.L drawdown since its inception was -99.07%, roughly equal to the maximum SPXP.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for SPXS.L and SPXP.L.
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Drawdown Indicators
| SPXS.L | SPXP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -99.07% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -99.07% | -99.07% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -99.07% | -99.07% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -99.07% | -99.07% | 0.00% |
Max Drawdown (10Y)Largest decline over 10 years | -99.07% | -99.07% | 0.00% |
Current DrawdownCurrent decline from peak | -98.90% | -98.89% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -7.67% | -9.40% | +1.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.57% | 80.33% | +0.24% |
Volatility
SPXS.L vs. SPXP.L - Volatility Comparison
The current volatility for Invesco S&P 500 UCITS ETF (SPXS.L) is 2.73%, while Invesco S&P 500 UCITS ETF (SPXP.L) has a volatility of 3.19%. This indicates that SPXS.L experiences smaller price fluctuations and is considered to be less risky than SPXP.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 | SPXP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 3.19% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 9.24% | 8.72% | +0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 99.43% | 99.37% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.13% | 46.98% | +0.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.27% | 35.20% | +0.07% |
SPXS.L vs. SPXP.L - Expense Ratio Comparison
Both SPXS.L and SPXP.L have an expense ratio of 0.05%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SPXS.L vs. SPXP.L - Dividend Comparison
Neither SPXS.L nor SPXP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, SPXS.L and SPXP.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.05% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SPXS.L and SPXP.L have the same expense ratio: 0.05% per year.
SPXS.L is categorized as Global Equities, while SPXP.L is S&P 500. SPXS.L tracks Invesco S&P 500 UCITS ETF, while SPXP.L tracks S&P 500 Index.
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