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SPY5.L vs. SPXP.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPY5.L vs. SPXP.L

Last updated Jun 5, 2026

SPY5.L (State Street SPDR S&P 500 UCITS ETF) and SPXP.L (Invesco S&P 500 UCITS ETF) are both S&P 500 funds - SPY5.L tracks the S&P 500 while SPXP.L tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, SPY5.L returned 15.36%/yr vs 15.49%/yr for SPXP.L. Their correlation of 0.81 suggests significant overlap in exposure. SPY5.L charges 0.09%/yr vs 0.05%/yr for SPXP.L.

Performance

SPY5.L vs. SPXP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 UCITS ETF (SPY5.L) and Invesco S&P 500 UCITS ETF (SPXP.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

SPY5.L is traded in USD, while SPXP.L is traded in GBp. To make them comparable, the SPXP.L values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with SPY5.L having a 10.31% return and SPXP.L slightly lower at 10.28%. Both investments have delivered pretty close results over the past 10 years, with SPY5.L having a 15.36% annualized return and SPXP.L not far ahead at 15.49%.

SPY5.L

1D
0.01%
1M
4.49%
YTD
10.31%
6M
11.16%
1Y
27.83%
3Y*
22.16%
5Y*
13.71%
10Y*
15.36%

SPXP.L

1D
0.05%
1M
4.64%
YTD
10.28%
6M
11.31%
1Y
28.02%
3Y*
22.28%
5Y*
13.94%
10Y*
15.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPY5.L vs. SPXP.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SPY5.L
State Street SPDR S&P 500 UCITS ETF		10.31%17.43%25.36%26.64%-18.68%29.28%17.52%30.85%-5.09%22.58%
SPXP.L
Invesco S&P 500 UCITS ETF		10.28%17.79%25.46%26.40%-18.54%30.07%17.39%31.85%-5.42%21.32%

Correlation

The correlation between SPY5.L and SPXP.L is 0.93, 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

0.93

Correlation (3Y)
Calculated over the trailing 3-year period

0.93

Correlation (5Y)
Calculated over the trailing 5-year period

0.93

Correlation (10Y)
Calculated over the trailing 10-year period

0.88

Correlation (All Time)
Calculated using the full available price history since Jul 15, 2014

0.81

The correlation between SPY5.L and SPXP.L shifts across timeframes, from 0.81 (all time) to 0.93 (5 years), reflecting how their relationship changes across market environments.

SPY5.L vs. SPXP.L - Sectors Allocation Comparison

Sectors
SPY5.L
SPXP.L

Technology

38.0%
35.6%

Financial Services

11.3%
11.8%

Communication Services

10.6%
11.2%

Consumer Cyclical

9.8%
10.1%

Healthcare

8.4%
8.5%

Industrials

7.6%
8.3%

Consumer Defensive

4.7%
4.9%

Energy

3.4%
3.5%

Utilities

2.6%
2.4%

Real Estate

1.8%
1.9%

Basic Materials

1.7%
1.8%

Technology

SPY5.L
38.0%
SPXP.L
35.6%

Financial Services

SPY5.L
11.3%
SPXP.L
11.8%

Communication Services

SPY5.L
10.6%
SPXP.L
11.2%

Consumer Cyclical

SPY5.L
9.8%
SPXP.L
10.1%

Healthcare

SPY5.L
8.4%
SPXP.L
8.5%

Industrials

SPY5.L
7.6%
SPXP.L
8.3%

Consumer Defensive

SPY5.L
4.7%
SPXP.L
4.9%

Energy

SPY5.L
3.4%
SPXP.L
3.5%

Utilities

SPY5.L
2.6%
SPXP.L
2.4%

Real Estate

SPY5.L
1.8%
SPXP.L
1.9%

Basic Materials

SPY5.L
1.7%
SPXP.L
1.8%

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State Street SPDR S&P 500 UCITS ETF

Invesco S&P 500 UCITS ETF

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Often compared with SPXP.L:
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Return for Risk

SPY5.L vs. SPXP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPY5.L
SPY5.L Risk / Return Rank: 7575
Overall Rank
SPY5.L Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
SPY5.L Sortino Ratio Rank: 7979
Sortino Ratio Rank
SPY5.L Omega Ratio Rank: 7575
Omega Ratio Rank
SPY5.L Calmar Ratio Rank: 6969
Calmar Ratio Rank
SPY5.L Martin Ratio Rank: 7777
Martin Ratio Rank
SPXP.L
SPXP.L Risk / Return Rank: 8383
Overall Rank
SPXP.L Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
SPXP.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
SPXP.L Omega Ratio Rank: 8686
Omega Ratio Rank
SPXP.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
SPXP.L Martin Ratio Rank: 7979
Martin Ratio Rank
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.

SPY5.L vs. SPXP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 UCITS ETF (SPY5.L) and Invesco S&P 500 UCITS ETF (SPXP.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.

SPY5.LSPXP.LDifference
Sharpe ratioReturn per unit of total volatility
2.39
2.53

-0.14

Sortino ratioReturn per unit of downside risk
3.51
3.66

-0.15

Omega ratioGain probability vs. loss probability

1.44

1.46

-0.02

Calmar ratioReturn relative to maximum drawdown

3.39

3.23

+0.16

Martin ratioReturn relative to average drawdown

14.64

13.97

+0.67

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPY5.L vs. SPXP.L - Sharpe Ratio Comparison

The current SPY5.L Sharpe Ratio is 2.39, which is comparable to the SPXP.L Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of SPY5.L and SPXP.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SPY5.LSPXP.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.39

2.53

-0.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.86

0.90

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.94

1.01

-0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.95

0.96

-0.02

Drawdowns

SPY5.L vs. SPXP.L - Drawdown Comparison

The maximum SPY5.L drawdown since its inception was -33.89%, roughly equal to the maximum SPXP.L drawdown of -33.47%. Use the drawdown chart below to compare losses from any high point for SPY5.L and SPXP.L.

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Drawdown Indicators

SPY5.LSPXP.LDifference

Max Drawdown

Largest peak-to-trough decline

-33.89%

-33.47%

-0.42%

Max Drawdown (1Y)

Largest decline over 1 year

-8.18%

-8.65%

+0.47%

Max Drawdown (3Y)

Largest decline over 3 years

-18.37%

-18.72%

+0.35%

Max Drawdown (5Y)

Largest decline over 5 years

-24.37%

-25.04%

+0.67%

Max Drawdown (10Y)

Largest decline over 10 years

-33.89%

-33.47%

-0.42%

Current Drawdown

Current decline from peak

-0.55%

-0.52%

-0.03%

Average Drawdown

Average peak-to-trough decline

-3.70%

-4.48%

+0.78%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.90%

2.00%

-0.10%

Volatility

SPY5.L vs. SPXP.L - Volatility Comparison

State Street SPDR S&P 500 UCITS ETF (SPY5.L) has a higher volatility of 3.17% compared to Invesco S&P 500 UCITS ETF (SPXP.L) at 2.60%. This indicates that SPY5.L's price experiences larger fluctuations and is considered to be riskier than SPXP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPY5.LSPXP.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.17%

2.60%

+0.57%

Volatility (6M)

Calculated over the trailing 6-month period

8.48%

8.02%

+0.46%

Volatility (1Y)

Calculated over the trailing 1-year period

11.59%

11.02%

+0.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.92%

15.57%

+0.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.24%

16.75%

-0.51%

SPY5.L vs. SPXP.L - Expense Ratio Comparison

SPY5.L has a 0.09% expense ratio, which is higher than SPXP.L's 0.05% 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

SPY5.L vs. SPXP.L - Dividend Comparison

SPY5.L's dividend yield for the trailing twelve months is around 0.89%, while SPXP.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SPXP.L
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%
SPY5.L
State Street SPDR S&P 500 UCITS ETF		0.89%0.97%1.06%1.19%1.40%0.99%1.28%1.71%2.20%2.29%1.64%1.73%

Frequently Asked Questions

With a correlation of 0.93, SPY5.L and SPXP.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, SPXP.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.09% for SPY5.L.

SPY5.L tracks S&P 500, while SPXP.L tracks S&P 500 Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.09% for SPY5.L and 0.05% for SPXP.L.

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