SPXS.L vs. SPYL.L
SPXS.L (Invesco S&P 500 UCITS ETF USD (Acc)) and SPYL.L (SPDR S&P 500 UCITS ETF USD Acc) are both S&P 500 funds - SPXS.L tracks the S&P 500 Index while SPYL.L tracks the S&P 500. Both are passively managed. Over the past year, SPXS.L returned -98.80% vs 20.00% for SPYL.L. With a 0.97 correlation, they move nearly in lockstep. SPXS.L charges 0.05%/yr vs 0.03%/yr for SPYL.L.
Performance
SPXS.L vs. SPYL.L - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with SPXS.L having a 8.95% return and SPYL.L slightly higher at 9.03%.
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%
SPYL.L
- 1D
- -1.23%
- 1M
- -0.54%
- 6M
- 8.01%
- YTD
- 9.03%
- 1Y
- 20.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXS.L vs. SPYL.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SPXS.L Invesco S&P 500 UCITS ETF USD (Acc) | 8.95% | -98.82% | 25.56% | 15.85% |
SPYL.L SPDR S&P 500 UCITS ETF USD Acc | 9.03% | 17.38% | 25.35% | 14.40% |
Correlation
The correlation between SPXS.L and SPYL.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 2023 | 0.97 |
The correlation between SPXS.L and SPYL.L has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.
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Return for Risk
SPXS.L vs. SPYL.L — Risk / Return Rank
SPXS.L
SPYL.L
SPXS.L vs. SPYL.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 SPDR S&P 500 UCITS ETF USD Acc (SPYL.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 | SPYL.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.66 | ||
| Sortino ratioReturn per unit of downside risk | -3.31 | ||
| Omega ratioGain probability vs. loss probability | 0.51 | 1.30 | -0.79 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.45 | -3.44 |
| Martin ratioReturn relative to average drawdown | -1.22 | 9.84 | -11.07 |
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Drawdowns
SPXS.L vs. SPYL.L - Drawdown Comparison
The maximum SPXS.L drawdown since its inception was -99.07%, which is greater than SPYL.L's maximum drawdown of -20.80%. Use the drawdown chart below to compare losses from any high point for SPXS.L and SPYL.L.
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Drawdown Indicators
| SPXS.L | SPYL.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -20.80% | -78.27% |
Max Drawdown (1Y)Largest decline over 1 year | -99.07% | -8.14% | -90.93% |
Max Drawdown (3Y)Largest decline over 3 years | -99.07% | — | — |
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 | -98.91% | -1.70% | -97.21% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -1.78% | -5.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.82% | 2.03% | +78.79% |
Volatility
SPXS.L vs. SPYL.L - Volatility Comparison
Invesco S&P 500 UCITS ETF USD (Acc) (SPXS.L) and SPDR S&P 500 UCITS ETF USD Acc (SPYL.L) have volatilities of 3.01% and 2.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPXS.L | SPYL.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.01% | 2.98% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 9.33% | 9.29% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 99.43% | 11.99% | +87.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.12% | 24.53% | +22.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.28% | 24.53% | +10.75% |
SPXS.L vs. SPYL.L - Expense Ratio Comparison
SPXS.L has a 0.05% expense ratio, which is higher than SPYL.L's 0.03% expense ratio. However, 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. SPYL.L - Dividend Comparison
Neither SPXS.L nor SPYL.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, SPXS.L and SPYL.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.
On fees, SPYL.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYL.L is cheaper with a 0.03% expense ratio, compared with 0.05% for SPXS.L.
SPXS.L tracks S&P 500 Index, while SPYL.L tracks S&P 500. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.05% for SPXS.L and 0.03% for SPYL.L.
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