SPXS.MI vs. I500.L
SPXS.MI (Invesco S&P 500 UCITS ETF) and I500.L (iShares S&P 500 Swap UCITS ETF) are both S&P 500 funds - SPXS.MI tracks the S&P 500 Index while I500.L tracks the S&P 500 Net Dividends Reinvested Index (Net USD). Both are passively managed. Over the past 5 years, SPXS.MI returned 14.98%/yr vs 15.00%/yr for I500.L. Their correlation of 0.94 suggests significant overlap in exposure. SPXS.MI charges 0.05%/yr vs 0.07%/yr for I500.L.
Performance
SPXS.MI vs. I500.L - Performance Comparison
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Different Trading Currencies
SPXS.MI is traded in EUR, while I500.L is traded in GBP. To make them comparable, the I500.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with SPXS.MI having a 11.42% return and I500.L slightly higher at 11.60%.
SPXS.MI
- 1D
- -0.11%
- 1M
- 5.27%
- YTD
- 11.42%
- 6M
- 11.54%
- 1Y
- 25.86%
- 3Y*
- 19.09%
- 5Y*
- 14.98%
- 10Y*
- 15.17%
I500.L
- 1D
- -0.04%
- 1M
- 5.32%
- YTD
- 11.60%
- 6M
- 11.63%
- 1Y
- 25.95%
- 3Y*
- 19.04%
- 5Y*
- 15.00%
- 10Y*
- —
SPXS.MI vs. I500.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPXS.MI Invesco S&P 500 UCITS ETF | 11.42% | 4.51% | 33.86% | 22.52% | -14.49% | 41.21% | 7.42% |
I500.L iShares S&P 500 Swap UCITS ETF | 11.60% | 3.84% | 33.72% | 22.58% | -13.44% | 39.77% | 7.92% |
Correlation
The correlation between SPXS.MI and I500.L is 0.95 - 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 2020 | 0.94 |
The correlation between SPXS.MI and I500.L has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.
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Return for Risk
SPXS.MI vs. I500.L — Risk / Return Rank
SPXS.MI
I500.L
SPXS.MI vs. I500.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 UCITS ETF (SPXS.MI) and iShares S&P 500 Swap UCITS ETF (I500.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.
| SPXS.MI | I500.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.43 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | 3.63 | +0.07 |
| Martin ratioReturn relative to average drawdown | 13.16 | 13.17 | -0.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXS.MI | I500.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | 2.33 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | 1.00 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.97 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.95 | 1.16 | -0.21 |
Drawdowns
SPXS.MI vs. I500.L - Drawdown Comparison
The maximum SPXS.MI drawdown since its inception was -33.57%, which is greater than I500.L's maximum drawdown of -22.13%. Use the drawdown chart below to compare losses from any high point for SPXS.MI and I500.L.
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Drawdown Indicators
| SPXS.MI | I500.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.57% | -22.13% | -11.44% |
Max Drawdown (1Y)Largest decline over 1 year | -7.00% | -7.13% | +0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -23.10% | -22.13% | -0.97% |
Max Drawdown (5Y)Largest decline over 5 years | -23.10% | -22.13% | -0.97% |
Max Drawdown (10Y)Largest decline over 10 years | -33.57% | — | — |
Current DrawdownCurrent decline from peak | -0.40% | -0.41% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -4.35% | -4.00% | -0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 1.97% | -0.01% |
Volatility
SPXS.MI vs. I500.L - Volatility Comparison
Invesco S&P 500 UCITS ETF (SPXS.MI) has a higher volatility of 2.68% compared to iShares S&P 500 Swap UCITS ETF (I500.L) at 2.14%. This indicates that SPXS.MI's price experiences larger fluctuations and is considered to be riskier than I500.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.MI | I500.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.68% | 2.14% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 7.56% | 7.37% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.44% | 11.07% | +0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.13% | 14.97% | +0.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.31% | 14.96% | +1.35% |
SPXS.MI vs. I500.L - Expense Ratio Comparison
SPXS.MI has a 0.05% expense ratio, which is lower than I500.L's 0.07% 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.MI vs. I500.L - Dividend Comparison
Neither SPXS.MI nor I500.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, SPXS.MI and I500.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.MI is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXS.MI is cheaper with a 0.05% expense ratio, compared with 0.07% for I500.L.
SPXS.MI tracks S&P 500 Index, while I500.L tracks S&P 500 Net Dividends Reinvested Index (Net USD). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.05% for SPXS.MI and 0.07% for I500.L.
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