SPXS.MI vs. SPYM

Last updated Jun 26, 2026

SPXS.MI (Invesco S&P 500 UCITS ETF) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both S&P 500 funds tracking the S&P 500 Index, from Invesco and State Street respectively. Both are passively managed. Over the past 10 years, SPXS.MI returned -27.22%/yr vs 15.50%/yr for SPYM. At a 0.47 correlation, their price movements are largely independent. SPXS.MI charges 0.05%/yr vs 0.02%/yr for SPYM.

Performance

SPXS.MI vs. SPYM - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco S&P 500 UCITS ETF (SPXS.MI) and State Street SPDR Portfolio S&P 500 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPXS.MI is traded in EUR, while SPYM is traded in USD. To make them comparable, the SPYM values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPXS.MI achieves a 10.84% return, which is significantly lower than SPYM's 11.78% return. Over the past 10 years, SPXS.MI has underperformed SPYM with an annualized return of -27.22%, while SPYM has yielded a comparatively higher 15.50% annualized return.

SPXS.MI

• 1D: -0.84%
• 1M: 0.23%
• YTD: 10.84%
• 6M: 11.31%
• 1Y: -98.75%
• 3Y*: -74.33%
• 5Y*: -54.56%
• 10Y*: -27.22%

SPYM

• 1D: -0.01%
• 1M: 0.25%
• YTD: 11.78%
• 6M: 10.70%
• 1Y: 25.34%
• 3Y*: 19.26%
• 5Y*: 14.16%
• 10Y*: 15.50%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXS.MI vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXS.MI Invesco S&P 500 UCITS ETF	10.84%	-98.95%	33.86%	22.52%	-14.49%	41.21%	7.76%	34.77%	-0.95%	1.55%
SPYM State Street SPDR Portfolio S&P 500 ETF	11.78%	3.81%	33.25%	22.46%	-13.01%	38.41%	8.72%	34.98%	-0.31%	6.39%

Correlation

The correlation between SPXS.MI and SPYM is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since May 20, 2010	0.47

Over the past year, SPXS.MI and SPYM have become more correlated (0.67) than their long-term average of 0.47, meaning their price movements have been converging.

Return for Risk

SPXS.MI vs. SPYM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPXS.MI

SPXS.MI Risk / Return Rank: 2
SPXS.MI Sharpe Ratio Rank: 2
SPXS.MI Sortino Ratio Rank: 4
SPXS.MI Omega Ratio Rank: 0
SPXS.MI Calmar Ratio Rank: 0
SPXS.MI Martin Ratio Rank: 2

SPYM

SPYM Risk / Return Rank: 63
SPYM Sharpe Ratio Rank: 63
SPYM Sortino Ratio Rank: 61
SPYM Omega Ratio Rank: 62
SPYM Calmar Ratio Rank: 59
SPYM Martin Ratio Rank: 70

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPXS.MI vs. SPYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 UCITS ETF (SPXS.MI) and State Street SPDR Portfolio S&P 500 ETF (SPYM). 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.MI	SPYM	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	2.04	-3.03
Sortino ratio: Return per unit of downside risk	-0.76	2.64	-3.40
Omega ratio: Gain probability vs. loss probability	0.52	1.38	-0.86
Calmar ratio: Return relative to maximum drawdown	-1.00	3.46	-4.46
Martin ratio: Return relative to average drawdown	-1.38	12.96	-14.35

SPXS.MI vs. SPYM - Sharpe Ratio Comparison

The current SPXS.MI Sharpe Ratio is -0.99, which is lower than the SPYM Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SPXS.MI and SPYM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPXS.MI vs. SPYM - Drawdown Comparison

The maximum SPXS.MI drawdown since its inception was -99.06%, which is greater than SPYM's maximum drawdown of -48.90%. Use the drawdown chart below to compare losses from any high point for SPXS.MI and SPYM.

Drawdown Indicators

	SPXS.MI	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-99.06%	-48.90%	-50.16%
Max Drawdown (1Y) Largest decline over 1 year	-99.06%	-7.36%	-91.70%
Max Drawdown (3Y) Largest decline over 3 years	-99.06%	-23.83%	-75.23%
Max Drawdown (5Y) Largest decline over 5 years	-99.06%	-23.83%	-75.23%
Max Drawdown (10Y) Largest decline over 10 years	-99.06%	-33.37%	-65.69%
Current Drawdown Current decline from peak	-98.90%	-0.97%	-97.93%
Average Drawdown Average peak-to-trough decline	-7.97%	-7.65%	-0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	71.37%	1.96%	+69.41%

Volatility

SPXS.MI vs. SPYM - Volatility Comparison

The current volatility for Invesco S&P 500 UCITS ETF (SPXS.MI) is 3.35%, while State Street SPDR Portfolio S&P 500 ETF (SPYM) has a volatility of 3.90%. This indicates that SPXS.MI experiences smaller price fluctuations and is considered to be less risky than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXS.MI	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	3.90%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	9.09%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	99.60%	12.50%	+87.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.68%	16.75%	+29.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.13%	18.55%	+30.58%

SPXS.MI vs. SPYM - Expense Ratio Comparison

SPXS.MI has a 0.05% expense ratio, which is higher than SPYM's 0.02% 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.MI vs. SPYM - Dividend Comparison

SPXS.MI has not paid dividends to shareholders, while SPYM's dividend yield for the trailing twelve months is around 1.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXS.MI Invesco S&P 500 UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.30%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both SPXS.MI and SPYM in my portfolio?

SPXS.MI and SPYM have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPXS.MI or SPYM?

On fees, SPYM is cheaper at 0.02% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXS.MI or SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.05% for SPXS.MI.

What is the main difference between SPXS.MI and SPYM?

Both ETFs track S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.05% for SPXS.MI and 0.02% for SPYM.