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UKRE.L vs. CSP1.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UKRE.L vs. CSP1.L

Last updated Jun 5, 2026

UKRE.L (iShares MSCI Target UK Real Estate UCITS ETF) and CSP1.L (iShares Core S&P 500 UCITS ETF) are both exchange-traded funds - UKRE.L is a REIT fund tracking the MSCI UK IMI Liquid Real Estate Index, while CSP1.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, UKRE.L returned -3.16%/yr vs 16.07%/yr for CSP1.L. At a 0.29 correlation, their price movements are largely independent. UKRE.L charges 0.40%/yr vs 0.07%/yr for CSP1.L.

Performance

UKRE.L vs. CSP1.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares MSCI Target UK Real Estate UCITS ETF (UKRE.L) and iShares Core S&P 500 UCITS ETF (CSP1.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UKRE.L achieves a -3.77% return, which is significantly lower than CSP1.L's 10.55% return. Over the past 10 years, UKRE.L has underperformed CSP1.L with an annualized return of -3.16%, while CSP1.L has yielded a comparatively higher 16.07% annualized return.

UKRE.L

1D
0.51%
1M
1.52%
YTD
-3.77%
6M
-2.98%
1Y
-6.72%
3Y*
-5.47%
5Y*
-7.09%
10Y*
-3.16%

CSP1.L

1D
0.05%
1M
5.54%
YTD
10.55%
6M
10.48%
1Y
29.13%
3Y*
19.02%
5Y*
14.94%
10Y*
16.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UKRE.L vs. CSP1.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UKRE.L
iShares MSCI Target UK Real Estate UCITS ETF		-3.77%-0.98%-13.13%0.85%-25.50%20.00%-11.74%19.08%-9.84%5.57%
CSP1.L
iShares Core S&P 500 UCITS ETF		10.55%9.37%27.35%19.79%-9.05%31.07%13.65%26.42%0.01%10.83%

Correlation

The correlation between UKRE.L and CSP1.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

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

0.23

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

0.25

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

0.26

Correlation (All Time)
Calculated using the full available price history since Mar 23, 2015

0.29

UKRE.L vs. CSP1.L - Sectors Allocation Comparison

Sectors
UKRE.L
CSP1.L

Real Estate

100.0%
1.9%

Basic Materials

-

1.7%

Communication Services

-

10.7%

Consumer Cyclical

-

9.9%

Consumer Defensive

-

4.7%

Energy

-

3.4%

Financial Services

-

11.3%

Healthcare

-

8.4%

Industrials

-

7.9%

Technology

-

38.0%

Utilities

-

2.2%

Real Estate

UKRE.L
100.0%
CSP1.L
1.9%

Basic Materials

UKRE.L

-

CSP1.L
1.7%

Communication Services

UKRE.L

-

CSP1.L
10.7%

Consumer Cyclical

UKRE.L

-

CSP1.L
9.9%

Consumer Defensive

UKRE.L

-

CSP1.L
4.7%

Energy

UKRE.L

-

CSP1.L
3.4%

Financial Services

UKRE.L

-

CSP1.L
11.3%

Healthcare

UKRE.L

-

CSP1.L
8.4%

Industrials

UKRE.L

-

CSP1.L
7.9%

Technology

UKRE.L

-

CSP1.L
38.0%

Utilities

UKRE.L

-

CSP1.L
2.2%

Compare stocks, funds, or ETFs

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iShares MSCI Target UK Real Estate UCITS ETF

iShares Core S&P 500 UCITS ETF

Often compared with UKRE.L:
UKRE.L vs. IUKP.LUKRE.L vs. HPRD.LUKRE.L vs. HPRO.LUKRE.L vs. HEAL.LUKRE.L vs. VNQUKRE.L vs. VNQIUKRE.L vs. VUSA.L
Often compared with CSP1.L:
CSP1.L vs. CSPX.LCSP1.L vs. VUAG.LCSP1.L vs. SPYCSP1.L vs. IUSA.LCSP1.L vs. VUAA.LCSP1.L vs. SPY5.LCSP1.L vs. VOO

Return for Risk

UKRE.L vs. CSP1.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UKRE.L
UKRE.L Risk / Return Rank: 44
Overall Rank
UKRE.L Sharpe Ratio Rank: 55
Sharpe Ratio Rank
UKRE.L Sortino Ratio Rank: 44
Sortino Ratio Rank
UKRE.L Omega Ratio Rank: 44
Omega Ratio Rank
UKRE.L Calmar Ratio Rank: 44
Calmar Ratio Rank
UKRE.L Martin Ratio Rank: 44
Martin Ratio Rank
CSP1.L
CSP1.L Risk / Return Rank: 8282
Overall Rank
CSP1.L Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
CSP1.L Sortino Ratio Rank: 8383
Sortino Ratio Rank
CSP1.L Omega Ratio Rank: 8585
Omega Ratio Rank
CSP1.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
CSP1.L Martin Ratio Rank: 7878
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.

UKRE.L vs. CSP1.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Target UK Real Estate UCITS ETF (UKRE.L) and iShares Core S&P 500 UCITS ETF (CSP1.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.

UKRE.LCSP1.LDifference
Sharpe ratioReturn per unit of total volatility
-0.54
2.73

-3.27

Sortino ratioReturn per unit of downside risk
-0.67
3.66

-4.33

Omega ratioGain probability vs. loss probability

0.92

1.51

-0.59

Calmar ratioReturn relative to maximum drawdown

-0.56

4.07

-4.63

Martin ratioReturn relative to average drawdown

-1.09

14.99

-16.08

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

UKRE.L vs. CSP1.L - Sharpe Ratio Comparison

The current UKRE.L Sharpe Ratio is -0.54, which is lower than the CSP1.L Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of UKRE.L and CSP1.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

UKRE.LCSP1.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.54

2.73

-3.27

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.50

1.04

-1.55

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.23

1.03

-1.26

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.25

1.09

-1.34

Drawdowns

UKRE.L vs. CSP1.L - Drawdown Comparison

The maximum UKRE.L drawdown since its inception was -40.08%, which is greater than CSP1.L's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for UKRE.L and CSP1.L.

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Drawdown Indicators

UKRE.LCSP1.LDifference

Max Drawdown

Largest peak-to-trough decline

-40.08%

-25.48%

-14.60%

Max Drawdown (1Y)

Largest decline over 1 year

-11.92%

-7.12%

-4.80%

Max Drawdown (3Y)

Largest decline over 3 years

-21.04%

-20.77%

-0.27%

Max Drawdown (5Y)

Largest decline over 5 years

-40.08%

-20.77%

-19.31%

Max Drawdown (10Y)

Largest decline over 10 years

-40.08%

-25.48%

-14.60%

Current Drawdown

Current decline from peak

-37.81%

-0.24%

-37.57%

Average Drawdown

Average peak-to-trough decline

-16.46%

-3.32%

-13.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.18%

1.94%

+4.24%

Volatility

UKRE.L vs. CSP1.L - Volatility Comparison

iShares MSCI Target UK Real Estate UCITS ETF (UKRE.L) has a higher volatility of 3.85% compared to iShares Core S&P 500 UCITS ETF (CSP1.L) at 2.62%. This indicates that UKRE.L's price experiences larger fluctuations and is considered to be riskier than CSP1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UKRE.LCSP1.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.85%

2.62%

+1.23%

Volatility (6M)

Calculated over the trailing 6-month period

9.92%

7.16%

+2.76%

Volatility (1Y)

Calculated over the trailing 1-year period

12.48%

10.62%

+1.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.06%

14.31%

-0.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.63%

15.57%

-1.94%

UKRE.L vs. CSP1.L - Expense Ratio Comparison

UKRE.L has a 0.40% expense ratio, which is higher than CSP1.L's 0.07% expense ratio.

Dividends

UKRE.L vs. CSP1.L - Dividend Comparison

UKRE.L's dividend yield for the trailing twelve months is around 0.07%, while CSP1.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
CSP1.L
iShares Core 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%
UKRE.L
iShares MSCI Target UK Real Estate UCITS ETF		0.07%0.07%0.08%0.05%0.02%0.01%0.01%0.02%0.03%0.02%0.02%0.01%

Frequently Asked Questions

UKRE.L and CSP1.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CSP1.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CSP1.L is cheaper with a 0.07% expense ratio, compared with 0.40% for UKRE.L.

UKRE.L is categorized as REIT, while CSP1.L is S&P 500. UKRE.L tracks MSCI UK IMI Liquid Real Estate Index, while CSP1.L tracks S&P 500 Index. Their fees differ too: 0.40% for UKRE.L and 0.07% for CSP1.L.

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