SPXS.L vs. VHVE.L
SPXS.L (Invesco S&P 500 UCITS ETF USD (Acc)) and VHVE.L (Vanguard FTSE Developed World UCITS ETF USD Acc) are both exchange-traded funds - SPXS.L is a S&P 500 fund tracking the S&P 500 Index, while VHVE.L is a Global Equities fund tracking the FTSE Developed. Both are passively managed. Over the past 5 years, SPXS.L returned -55.04%/yr vs 11.52%/yr for VHVE.L. With a 0.96 correlation, they move nearly in lockstep. SPXS.L charges 0.05%/yr vs 0.12%/yr for VHVE.L.
Performance
SPXS.L vs. VHVE.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 lower than VHVE.L's 9.97% 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%
VHVE.L
- 1D
- -1.03%
- 1M
- -1.67%
- 6M
- 8.18%
- YTD
- 9.97%
- 1Y
- 21.87%
- 3Y*
- 18.75%
- 5Y*
- 11.52%
- 10Y*
- —
SPXS.L vs. VHVE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPXS.L Invesco S&P 500 UCITS ETF USD (Acc) | 8.95% | -98.82% | 25.56% | 27.00% | -18.53% | 29.64% | 17.89% | 8.18% |
VHVE.L Vanguard FTSE Developed World UCITS ETF USD Acc | 9.97% | 22.18% | 17.93% | 24.66% | -18.06% | 21.15% | 16.52% | 8.30% |
Correlation
The correlation between SPXS.L and VHVE.L is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2019 | 0.96 |
The correlation between SPXS.L and VHVE.L has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
SPXS.L vs. VHVE.L — Risk / Return Rank
SPXS.L
VHVE.L
SPXS.L vs. VHVE.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 Vanguard FTSE Developed World UCITS ETF USD Acc (VHVE.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 | VHVE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.71 | ||
| Sortino ratioReturn per unit of downside risk | -3.40 | ||
| Omega ratioGain probability vs. loss probability | 0.51 | 1.32 | -0.81 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.56 | -3.56 |
| Martin ratioReturn relative to average drawdown | -1.22 | 10.45 | -11.68 |
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Drawdowns
SPXS.L vs. VHVE.L - Drawdown Comparison
The maximum SPXS.L drawdown since its inception was -99.07%, which is greater than VHVE.L's maximum drawdown of -33.60%. Use the drawdown chart below to compare losses from any high point for SPXS.L and VHVE.L.
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Drawdown Indicators
| SPXS.L | VHVE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.07% | -33.60% | -65.47% |
Max Drawdown (1Y)Largest decline over 1 year | -99.07% | -8.51% | -90.56% |
Max Drawdown (3Y)Largest decline over 3 years | -99.07% | -16.51% | -82.56% |
Max Drawdown (5Y)Largest decline over 5 years | -99.07% | -26.08% | -72.99% |
Max Drawdown (10Y)Largest decline over 10 years | -99.07% | — | — |
Current DrawdownCurrent decline from peak | -98.91% | -2.10% | -96.81% |
Average DrawdownAverage peak-to-trough decline | -7.69% | -5.28% | -2.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 80.82% | 2.09% | +78.73% |
Volatility
SPXS.L vs. VHVE.L - Volatility Comparison
The current volatility for Invesco S&P 500 UCITS ETF USD (Acc) (SPXS.L) is 3.01%, while Vanguard FTSE Developed World UCITS ETF USD Acc (VHVE.L) has a volatility of 3.23%. This indicates that SPXS.L experiences smaller price fluctuations and is considered to be less risky than VHVE.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 | VHVE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.01% | 3.23% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 9.33% | 10.35% | -1.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 99.43% | 12.69% | +86.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.12% | 15.63% | +31.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.28% | 17.41% | +17.87% |
SPXS.L vs. VHVE.L - Expense Ratio Comparison
SPXS.L has a 0.05% expense ratio, which is lower than VHVE.L's 0.12% 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. VHVE.L - Dividend Comparison
Neither SPXS.L nor VHVE.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, SPXS.L and VHVE.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, 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 0.12% for VHVE.L.
SPXS.L is categorized as S&P 500, while VHVE.L is Global Equities. SPXS.L tracks S&P 500 Index, while VHVE.L tracks FTSE Developed. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.05% for SPXS.L and 0.12% for VHVE.L.
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