UPAD.L vs. SPXE.L

Last updated Jul 18, 2026

UPAD.L (iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist) and SPXE.L (Invesco S&P 500 Scored & Screened UCITS ETF USD (Acc)) are both S&P 500 funds - UPAD.L tracks the S&P 500 Net Zero 2050 Paris-Aligned Sustainability Screened Index while SPXE.L tracks the S&P 500 Scored & Screened Index. Both are passively managed. Over the past 3 years, UPAD.L returned 17.78%/yr vs 19.17%/yr for SPXE.L. With a 0.97 correlation, they move nearly in lockstep. UPAD.L charges 0.07%/yr vs 0.09%/yr for SPXE.L.

Performance

UPAD.L vs. SPXE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist (UPAD.L) and Invesco S&P 500 Scored & Screened UCITS ETF USD (Acc) (SPXE.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UPAD.L achieves a 5.34% return, which is significantly lower than SPXE.L's 8.48% return.

UPAD.L

• 1D: -1.12%
• 1M: -0.23%
• 6M: 5.59%
• YTD: 5.34%
• 1Y: 15.38%
• 3Y*: 17.78%
• 5Y*: —
• 10Y*: —

SPXE.L

• 1D: -1.23%
• 1M: -1.46%
• 6M: 7.68%
• YTD: 8.48%
• 1Y: 22.18%
• 3Y*: 19.17%
• 5Y*: 13.46%
• 10Y*: —

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

UPAD.L vs. SPXE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
UPAD.L iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist	5.34%	15.10%	26.30%	31.10%	-9.44%
SPXE.L Invesco S&P 500 Scored & Screened UCITS ETF USD (Acc)	8.48%	17.97%	24.55%	28.40%	-8.03%

Correlation

The correlation between UPAD.L and SPXE.L is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Apr 29, 2022	0.97

The correlation between UPAD.L and SPXE.L has been stable across timeframes, ranging from 0.94 to 0.97 - a consistent structural relationship.

Return for Risk

UPAD.L vs. SPXE.L — Risk / Return Rank

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

UPAD.L

UPAD.L Risk / Return Rank: 44
UPAD.L Sharpe Ratio Rank: 47
UPAD.L Sortino Ratio Rank: 50
UPAD.L Omega Ratio Rank: 45
UPAD.L Calmar Ratio Rank: 35
UPAD.L Martin Ratio Rank: 43

SPXE.L

SPXE.L Risk / Return Rank: 76
SPXE.L Sharpe Ratio Rank: 77
SPXE.L Sortino Ratio Rank: 82
SPXE.L Omega Ratio Rank: 77
SPXE.L Calmar Ratio Rank: 67
SPXE.L Martin Ratio Rank: 77

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.

UPAD.L vs. SPXE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist (UPAD.L) and Invesco S&P 500 Scored & Screened UCITS ETF USD (Acc) (SPXE.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.

	UPAD.L	SPXE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.26	1.85	-0.59
Sortino ratio: Return per unit of downside risk	1.91	2.81	-0.90
Omega ratio: Gain probability vs. loss probability	1.23	1.34	-0.11
Calmar ratio: Return relative to maximum drawdown	1.42	2.51	-1.09
Martin ratio: Return relative to average drawdown	5.37	10.68	-5.31

UPAD.L vs. SPXE.L - Sharpe Ratio Comparison

The current UPAD.L Sharpe Ratio is 1.26, which is lower than the SPXE.L Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of UPAD.L and SPXE.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

UPAD.L vs. SPXE.L - Drawdown Comparison

The maximum UPAD.L drawdown since its inception was -18.97%, smaller than the maximum SPXE.L drawdown of -24.15%. Use the drawdown chart below to compare losses from any high point for UPAD.L and SPXE.L.

Drawdown Indicators

	UPAD.L	SPXE.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.97%	-24.15%	+5.18%
Max Drawdown (1Y) Largest decline over 1 year	-10.79%	-8.79%	-2.00%
Max Drawdown (3Y) Largest decline over 3 years	-18.97%	-19.14%	+0.17%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.93%	—
Current Drawdown Current decline from peak	-1.78%	-2.05%	+0.27%
Average Drawdown Average peak-to-trough decline	-3.57%	-4.70%	+1.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	2.07%	+0.79%

Volatility

UPAD.L vs. SPXE.L - Volatility Comparison

iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist (UPAD.L) has a higher volatility of 3.27% compared to Invesco S&P 500 Scored & Screened UCITS ETF USD (Acc) (SPXE.L) at 3.04%. This indicates that UPAD.L's price experiences larger fluctuations and is considered to be riskier than SPXE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPAD.L	SPXE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.27%	3.04%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	9.70%	9.31%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	12.16%	11.92%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	16.20%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.30%	19.18%	-2.88%

UPAD.L vs. SPXE.L - Expense Ratio Comparison

UPAD.L has a 0.07% expense ratio, which is lower than SPXE.L's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

UPAD.L vs. SPXE.L - Dividend Comparison

UPAD.L's dividend yield for the trailing twelve months is around 0.81%, while SPXE.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
SPXE.L Invesco S&P 500 Scored & Screened UCITS ETF USD (Acc)	0.00%	0.00%	0.00%	0.00%	0.00%
UPAD.L iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist	0.81%	0.82%	0.88%	1.01%	0.33%

Frequently Asked Questions

Can I hold both UPAD.L and SPXE.L in my portfolio?

With a correlation of 0.94, UPAD.L and SPXE.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.

Which ETF is better, UPAD.L or SPXE.L?

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

Which ETF is cheaper, UPAD.L or SPXE.L?

UPAD.L is cheaper with a 0.07% expense ratio, compared with 0.09% for SPXE.L.

What is the main difference between UPAD.L and SPXE.L?

UPAD.L tracks S&P 500 Net Zero 2050 Paris-Aligned Sustainability Screened Index, while SPXE.L tracks S&P 500 Scored & Screened Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for UPAD.L and 0.09% for SPXE.L.