TSWE.L vs. SPXS.L

Last updated Jul 16, 2026

TSWE.L (VanEck World Equal Weight Screened UCITS ETF) and SPXS.L (Invesco S&P 500 UCITS ETF) are both Global Equities funds - TSWE.L tracks the VanEck World Equal Weight Screened UCITS ETF while SPXS.L tracks the Invesco S&P 500 UCITS ETF. Both are passively managed. Over the past 10 years, TSWE.L returned 0.54%/yr vs -27.39%/yr for SPXS.L. A 0.78 correlation means they provide meaningful diversification when combined. TSWE.L charges 0.20%/yr vs 0.05%/yr for SPXS.L.

Performance

TSWE.L vs. SPXS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck World Equal Weight Screened UCITS ETF (TSWE.L) and Invesco S&P 500 UCITS ETF (SPXS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSWE.L achieves a 13.54% return, which is significantly higher than SPXS.L's 10.20% return. Over the past 10 years, TSWE.L has outperformed SPXS.L with an annualized return of 0.54%, while SPXS.L has yielded a comparatively lower -27.39% annualized return.

TSWE.L

• 1D: -0.01%
• 1M: -0.24%
• 6M: 11.06%
• YTD: 13.54%
• 1Y: 26.45%
• 3Y*: 18.83%
• 5Y*: 10.79%
• 10Y*: 0.54%

SPXS.L

• 1D: -0.12%
• 1M: -0.05%
• 6M: 9.96%
• YTD: 10.20%
• 1Y: -98.78%
• 3Y*: -74.11%
• 5Y*: -54.94%
• 10Y*: -27.39%

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

TSWE.L vs. SPXS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TSWE.L VanEck World Equal Weight Screened UCITS ETF	13.54%	27.64%	9.78%	20.41%	-17.42%	22.23%	23.38%	-61.63%	-4.83%	9.00%
SPXS.L Invesco S&P 500 UCITS ETF	10.20%	-98.82%	25.56%	27.00%	-18.53%	29.64%	17.89%	30.86%	-5.19%	21.62%

Correlation

The correlation between TSWE.L and SPXS.L is 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since May 3, 2013	0.78

The correlation between TSWE.L and SPXS.L has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.

Return for Risk

TSWE.L vs. SPXS.L — Risk / Return Rank

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

TSWE.L

TSWE.L Risk / Return Rank: 67
TSWE.L Sharpe Ratio Rank: 67
TSWE.L Sortino Ratio Rank: 72
TSWE.L Omega Ratio Rank: 68
TSWE.L Calmar Ratio Rank: 63
TSWE.L Martin Ratio Rank: 67

SPXS.L

SPXS.L Risk / Return Rank: 2
SPXS.L Sharpe Ratio Rank: 2
SPXS.L Sortino Ratio Rank: 4
SPXS.L Omega Ratio Rank: 0
SPXS.L Calmar Ratio Rank: 0
SPXS.L Martin Ratio Rank: 3

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.

TSWE.L vs. SPXS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck World Equal Weight Screened UCITS ETF (TSWE.L) and Invesco S&P 500 UCITS ETF (SPXS.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.

	TSWE.L	SPXS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.75	-0.99	+2.74
Sortino ratio: Return per unit of downside risk	2.60	-0.78	+3.38
Omega ratio: Gain probability vs. loss probability	1.32	0.52	+0.80
Calmar ratio: Return relative to maximum drawdown	2.55	-1.00	+3.54
Martin ratio: Return relative to average drawdown	9.55	-1.23	+10.78

TSWE.L vs. SPXS.L - Sharpe Ratio Comparison

The current TSWE.L Sharpe Ratio is 1.75, which is higher than the SPXS.L Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of TSWE.L and SPXS.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.

Drawdowns

TSWE.L vs. SPXS.L - Drawdown Comparison

The maximum TSWE.L drawdown since its inception was -76.86%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for TSWE.L and SPXS.L.

Drawdown Indicators

	TSWE.L	SPXS.L	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-99.07%	+22.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.48%	-99.07%	+88.59%
Max Drawdown (3Y) Largest decline over 3 years	-16.43%	-99.07%	+82.64%
Max Drawdown (5Y) Largest decline over 5 years	-28.31%	-99.07%	+70.76%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	-99.07%	+22.21%
Current Drawdown Current decline from peak	-19.17%	-98.90%	+79.73%
Average Drawdown Average peak-to-trough decline	-31.89%	-7.67%	-24.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	80.57%	-77.77%

Volatility

TSWE.L vs. SPXS.L - Volatility Comparison

VanEck World Equal Weight Screened UCITS ETF (TSWE.L) has a higher volatility of 3.58% compared to Invesco S&P 500 UCITS ETF (SPXS.L) at 2.73%. This indicates that TSWE.L's price experiences larger fluctuations and is considered to be riskier than SPXS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSWE.L	SPXS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	2.73%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	12.95%	9.24%	+3.71%
Volatility (1Y) Calculated over the trailing 1-year period	15.26%	99.43%	-84.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.19%	47.13%	-30.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.67%	35.27%	-7.60%

TSWE.L vs. SPXS.L - Expense Ratio Comparison

TSWE.L has a 0.20% expense ratio, which is higher than SPXS.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

TSWE.L vs. SPXS.L - Dividend Comparison

TSWE.L's dividend yield for the trailing twelve months is around 1.81%, while SPXS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXS.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%
TSWE.L VanEck World Equal Weight Screened UCITS ETF	1.81%	1.89%	2.28%	2.15%	2.33%	4.41%	7.06%	9.31%	2.86%	2.40%

Frequently Asked Questions

Can I hold both TSWE.L and SPXS.L in my portfolio?

TSWE.L and SPXS.L have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSWE.L or SPXS.L?

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.

Which ETF is cheaper, TSWE.L or SPXS.L?

SPXS.L is cheaper with a 0.05% expense ratio, compared with 0.20% for TSWE.L.

What is the main difference between TSWE.L and SPXS.L?

TSWE.L tracks VanEck World Equal Weight Screened UCITS ETF, while SPXS.L tracks Invesco S&P 500 UCITS ETF. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.20% for TSWE.L and 0.05% for SPXS.L.