UPAD.L vs. SPXS.L
UPAD.L (iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist) and SPXS.L (Invesco S&P 500 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 SPXS.L tracks the S&P 500 Index. Both are passively managed. Over the past 3 years, UPAD.L returned 17.78%/yr vs -74.24%/yr for SPXS.L. With a 0.97 correlation, they move nearly in lockstep. UPAD.L charges 0.07%/yr vs 0.05%/yr for SPXS.L.
Performance
UPAD.L vs. SPXS.L - Performance Comparison
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Returns By Period
In the year-to-date period, UPAD.L achieves a 5.34% return, which is significantly lower than SPXS.L's 8.95% return.
UPAD.L
- 1D
- -1.12%
- 1M
- -0.23%
- 6M
- 5.59%
- YTD
- 5.34%
- 1Y
- 15.38%
- 3Y*
- 17.78%
- 5Y*
- —
- 10Y*
- —
SPXS.L
- 1D
- -1.32%
- 1M
- -0.60%
- 6M
- 8.00%
- YTD
- 8.95%
- 1Y
- -98.80%
- 3Y*
- -74.24%
- 5Y*
- -55.04%
- 10Y*
- -27.46%
UPAD.L vs. SPXS.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% |
SPXS.L Invesco S&P 500 UCITS ETF USD (Acc) | 8.95% | -98.82% | 25.56% | 27.00% | -8.31% |
Correlation
The correlation between UPAD.L and SPXS.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Apr 29, 2022 | 0.97 |
The correlation between UPAD.L and SPXS.L has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
UPAD.L vs. SPXS.L — Risk / Return Rank
UPAD.L
SPXS.L
UPAD.L vs. SPXS.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 UCITS ETF USD (Acc) (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.
| UPAD.L | SPXS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.26 | ||
| Sortino ratioReturn per unit of downside risk | +2.71 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.51 | +0.72 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | -1.00 | +2.42 |
| Martin ratioReturn relative to average drawdown | 5.37 | -1.22 | +6.59 |
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Drawdowns
UPAD.L vs. SPXS.L - Drawdown Comparison
The maximum UPAD.L drawdown since its inception was -18.97%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for UPAD.L and SPXS.L.
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Drawdown Indicators
| UPAD.L | SPXS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.97% | -99.07% | +80.10% |
Max Drawdown (1Y)Largest decline over 1 year | -10.79% | -99.07% | +88.28% |
Max Drawdown (3Y)Largest decline over 3 years | -18.97% | -99.07% | +80.10% |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.07% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.07% | — |
Current DrawdownCurrent decline from peak | -1.78% | -98.91% | +97.13% |
Average DrawdownAverage peak-to-trough decline | -3.57% | -7.69% | +4.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.86% | 80.82% | -77.96% |
Volatility
UPAD.L vs. SPXS.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 UCITS ETF USD (Acc) (SPXS.L) at 3.01%. This indicates that UPAD.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.
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Volatility by Period
| UPAD.L | SPXS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 3.01% | +0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 9.70% | 9.33% | +0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.16% | 99.43% | -87.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.30% | 47.12% | -30.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.30% | 35.28% | -18.98% |
UPAD.L vs. SPXS.L - Expense Ratio Comparison
UPAD.L has a 0.07% 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
UPAD.L vs. SPXS.L - Dividend Comparison
UPAD.L's dividend yield for the trailing twelve months is around 0.81%, while SPXS.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
SPXS.L Invesco S&P 500 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
With a correlation of 0.96, UPAD.L and SPXS.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, SPXS.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXS.L is cheaper with a 0.05% expense ratio, compared with 0.07% for UPAD.L.
UPAD.L tracks S&P 500 Net Zero 2050 Paris-Aligned Sustainability Screened Index, while SPXS.L tracks S&P 500 Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.07% for UPAD.L and 0.05% for SPXS.L.
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