SPXS.L vs. UC13.L
SPXS.L (Invesco S&P 500 UCITS ETF USD (Acc)) and UC13.L (UBS Core S&P 500 UCITS ETF USD dis) are both S&P 500 funds tracking the S&P 500 Index, from Invesco and UBS respectively. Both are passively managed. Over the past 10 years, SPXS.L returned -27.38%/yr vs 14.76%/yr for UC13.L. Their correlation of 0.90 suggests significant overlap in exposure. SPXS.L charges 0.05%/yr vs 0.03%/yr for UC13.L.
Performance
SPXS.L vs. UC13.L - Performance Comparison
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Different Trading Currencies
SPXS.L is traded in USD, while UC13.L is traded in GBp. To make them comparable, the UC13.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 10.40% return, which is significantly higher than UC13.L's 9.08% return. Over the past 10 years, SPXS.L has underperformed UC13.L with an annualized return of -27.38%, while UC13.L has yielded a comparatively higher 14.76% 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%
UC13.L
- 1D
- -1.13%
- 1M
- 0.40%
- 6M
- 8.15%
- YTD
- 9.08%
- 1Y
- 20.07%
- 3Y*
- 19.57%
- 5Y*
- 12.81%
- 10Y*
- 14.76%
SPXS.L vs. UC13.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% |
UC13.L UBS Core S&P 500 UCITS ETF USD dis | 9.08% | 17.76% | 25.12% | 25.95% | -18.69% | 29.74% | 16.98% | 31.44% | -5.73% | 21.29% |
Correlation
The correlation between SPXS.L and UC13.L is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.90 |
Correlation (All Time) Calculated using the full available price history since Apr 11, 2012 | 0.90 |
The correlation between SPXS.L and UC13.L has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.
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Return for Risk
SPXS.L vs. UC13.L — Risk / Return Rank
SPXS.L
UC13.L
SPXS.L vs. UC13.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 UBS Core S&P 500 UCITS ETF USD dis (UC13.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 | UC13.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.71 | ||
| Sortino ratioReturn per unit of downside risk | -3.29 | ||
| Omega ratioGain probability vs. loss probability | 0.52 | 1.30 | -0.78 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.25 | -3.25 |
| Martin ratioReturn relative to average drawdown | -1.23 | 9.28 | -10.51 |
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Drawdowns
SPXS.L vs. UC13.L - Drawdown Comparison
The maximum SPXS.L drawdown since its inception was -99.07%, which is greater than UC13.L's maximum drawdown of -42.02%. Use the drawdown chart below to compare losses from any high point for SPXS.L and UC13.L.
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Drawdown Indicators
| SPXS.L | UC13.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -42.02% | -57.05% |
Max Drawdown (1Y)Largest decline over 1 year | -99.07% | -8.89% | -90.18% |
Max Drawdown (3Y)Largest decline over 3 years | -99.07% | -19.17% | -79.90% |
Max Drawdown (5Y)Largest decline over 5 years | -99.07% | -25.17% | -73.90% |
Max Drawdown (10Y)Largest decline over 10 years | -99.07% | -33.60% | -65.47% |
Current DrawdownCurrent decline from peak | -98.90% | -1.65% | -97.25% |
Average DrawdownAverage peak-to-trough decline | -7.67% | -7.79% | +0.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.57% | 2.16% | +78.41% |
Volatility
SPXS.L vs. UC13.L - Volatility Comparison
The current volatility for Invesco S&P 500 UCITS ETF USD (Acc) (SPXS.L) is 2.73%, while UBS Core S&P 500 UCITS ETF USD dis (UC13.L) has a volatility of 3.32%. This indicates that SPXS.L experiences smaller price fluctuations and is considered to be less risky than UC13.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 | UC13.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.73% | 3.32% | -0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 9.23% | 8.78% | +0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 99.43% | 11.66% | +87.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.13% | 15.80% | +31.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.27% | 16.15% | +19.12% |
SPXS.L vs. UC13.L - Expense Ratio Comparison
SPXS.L has a 0.05% expense ratio, which is higher than UC13.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. UC13.L - Dividend Comparison
SPXS.L has not paid dividends to shareholders, while UC13.L's dividend yield for the trailing twelve months is around 0.96%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
UC13.L UBS Core S&P 500 UCITS ETF USD dis | 0.96% | 0.96% | 0.99% | 1.16% | 1.23% | 0.94% | 1.36% | 1.44% | 1.55% | 1.51% | 1.55% | 1.52% |
Frequently Asked Questions
With a correlation of 0.91, SPXS.L and UC13.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, UC13.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
UC13.L is cheaper with a 0.03% expense ratio, compared with 0.05% for SPXS.L.
Both ETFs track S&P 500 Index. They also come from different issuers: Invesco and UBS. Their fees differ too: 0.05% for SPXS.L and 0.03% for UC13.L.
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