SPXS.MI vs. XME

Last updated Jun 5, 2026

SPXS.MI (Invesco S&P 500 UCITS ETF) and XME (SPDR S&P Metals & Mining ETF) are both exchange-traded funds - SPXS.MI is a S&P 500 fund tracking the S&P 500 Index, while XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index. Both are passively managed. Over the past 10 years, SPXS.MI returned 15.17%/yr vs 19.72%/yr for XME. At a 0.29 correlation, their price movements are largely independent. SPXS.MI charges 0.05%/yr vs 0.35%/yr for XME.

Performance

SPXS.MI vs. XME - Performance Comparison

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

Different Trading Currencies

SPXS.MI is traded in EUR, while XME is traded in USD. To make them comparable, the XME 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 11.42% return, which is significantly lower than XME's 25.66% return. Over the past 10 years, SPXS.MI has underperformed XME with an annualized return of 15.17%, while XME has yielded a comparatively higher 19.72% annualized return.

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%

XME

• 1D: -0.05%
• 1M: 8.94%
• YTD: 25.66%
• 6M: 28.21%
• 1Y: 98.10%
• 3Y*: 36.96%
• 5Y*: 24.76%
• 10Y*: 19.72%

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

SPXS.MI vs. XME - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXS.MI Invesco S&P 500 UCITS ETF	11.42%	4.51%	33.86%	22.52%	-14.49%	41.21%	7.76%	34.77%	-0.95%	6.04%
XME SPDR S&P Metals & Mining ETF	25.66%	61.70%	1.76%	17.87%	20.15%	45.02%	6.39%	17.28%	-23.34%	6.28%

Correlation

The correlation between SPXS.MI and XME is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Sep 30, 2014	0.29

Return for Risk

SPXS.MI vs. XME — 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: 71
SPXS.MI Sharpe Ratio Rank: 70
SPXS.MI Sortino Ratio Rank: 69
SPXS.MI Omega Ratio Rank: 72
SPXS.MI Calmar Ratio Rank: 75
SPXS.MI Martin Ratio Rank: 71

XME

XME Risk / Return Rank: 78
XME Sharpe Ratio Rank: 88
XME Sortino Ratio Rank: 76
XME Omega Ratio Rank: 75
XME Calmar Ratio Rank: 84
XME Martin Ratio Rank: 64

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. XME - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 UCITS ETF (SPXS.MI) and SPDR S&P Metals & Mining ETF (XME). 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	XME	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.94	-0.68
Sortino ratio: Return per unit of downside risk	3.09	3.43	-0.34
Omega ratio: Gain probability vs. loss probability	1.42	1.44	-0.02
Calmar ratio: Return relative to maximum drawdown	3.70	4.71	-1.02
Martin ratio: Return relative to average drawdown	13.16	11.79	+1.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXS.MI vs. XME - Sharpe Ratio Comparison

The current SPXS.MI Sharpe Ratio is 2.26, which is comparable to the XME Sharpe Ratio of 2.94. The chart below compares the historical Sharpe Ratios of SPXS.MI and XME, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPXS.MI	XME	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.94	-0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	0.80	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	0.62	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.18	+0.77

Drawdowns

SPXS.MI vs. XME - Drawdown Comparison

The maximum SPXS.MI drawdown since its inception was -33.57%, smaller than the maximum XME drawdown of -79.74%. Use the drawdown chart below to compare losses from any high point for SPXS.MI and XME.

Drawdown Indicators

	SPXS.MI	XME	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-79.74%	+46.17%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-20.92%	+13.92%
Max Drawdown (3Y) Largest decline over 3 years	-23.10%	-32.71%	+9.61%
Max Drawdown (5Y) Largest decline over 5 years	-23.10%	-33.29%	+10.19%
Max Drawdown (10Y) Largest decline over 10 years	-33.57%	-57.92%	+24.35%
Current Drawdown Current decline from peak	-0.40%	-3.01%	+2.61%
Average Drawdown Average peak-to-trough decline	-4.35%	-36.39%	+32.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	8.35%	-6.39%

Volatility

SPXS.MI vs. XME - Volatility Comparison

The current volatility for Invesco S&P 500 UCITS ETF (SPXS.MI) is 2.68%, while SPDR S&P Metals & Mining ETF (XME) has a volatility of 11.67%. This indicates that SPXS.MI experiences smaller price fluctuations and is considered to be less risky than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXS.MI	XME	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	11.67%	-8.99%
Volatility (6M) Calculated over the trailing 6-month period	7.56%	25.53%	-17.97%
Volatility (1Y) Calculated over the trailing 1-year period	11.44%	33.60%	-22.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.13%	31.23%	-16.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.31%	32.07%	-15.76%

SPXS.MI vs. XME - Expense Ratio Comparison

SPXS.MI has a 0.05% expense ratio, which is lower than XME's 0.35% expense ratio.

Dividends

SPXS.MI vs. XME - Dividend Comparison

SPXS.MI has not paid dividends to shareholders, while XME's dividend yield for the trailing twelve months is around 0.30%.

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%
XME SPDR S&P Metals & Mining ETF	0.30%	0.38%	0.65%	1.00%	1.64%	0.70%	0.99%	2.43%	2.23%	1.15%	1.02%	2.61%

Frequently Asked Questions

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

SPXS.MI and XME have a correlation of 0.29, 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 XME?

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.

Which ETF is cheaper, SPXS.MI or XME?

SPXS.MI is cheaper with a 0.05% expense ratio, compared with 0.35% for XME.

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

SPXS.MI is categorized as S&P 500, while XME is Materials. SPXS.MI tracks S&P 500 Index, while XME tracks S&P Metals & Mining Select Industry Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.05% for SPXS.MI and 0.35% for XME.