UPAD.L vs. SPYL.L

Last updated Jun 5, 2026

UPAD.L (iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist) and SPYL.L (SPDR 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 SPYL.L tracks the S&P 500. Both are passively managed. Over the past year, UPAD.L returned 22.18% vs 27.88% for SPYL.L. With a 0.96 correlation, they move nearly in lockstep. UPAD.L charges 0.07%/yr vs 0.03%/yr for SPYL.L.

Performance

UPAD.L vs. SPYL.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 SPDR S&P 500 UCITS ETF USD Acc (SPYL.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 6.78% return, which is significantly lower than SPYL.L's 10.35% return.

UPAD.L

• 1D: 0.45%
• 1M: 4.86%
• YTD: 6.78%
• 6M: 7.86%
• 1Y: 22.18%
• 3Y*: 20.59%
• 5Y*: —
• 10Y*: —

SPYL.L

• 1D: 0.02%
• 1M: 4.53%
• YTD: 10.35%
• 6M: 11.11%
• 1Y: 27.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
UPAD.L iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist	6.78%	15.19%	26.23%	16.10%
SPYL.L SPDR S&P 500 UCITS ETF USD Acc	10.35%	17.39%	25.33%	14.46%

Correlation

The correlation between UPAD.L and SPYL.L is 0.95, 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	0.95
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	0.96

The correlation between UPAD.L and SPYL.L has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

UPAD.L vs. SPYL.L - Sectors Allocation Comparison

Sectors	UPAD.L	SPYL.L
Technology	39.8%	35.6%
Financial Services	13.0%	11.8%
Communication Services	12.1%	11.2%
Consumer Cyclical	10.3%	10.1%
Healthcare	9.2%	8.5%
Industrials	6.1%	8.3%
Consumer Defensive	4.9%	4.9%
Real Estate	2.2%	1.9%
Basic Materials	1.7%	1.8%
Utilities	0.8%	2.3%
Energy	0.0%	3.5%

Return for Risk

UPAD.L vs. SPYL.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: 53
UPAD.L Sharpe Ratio Rank: 58
UPAD.L Sortino Ratio Rank: 61
UPAD.L Omega Ratio Rank: 58
UPAD.L Calmar Ratio Rank: 42
UPAD.L Martin Ratio Rank: 49

SPYL.L

SPYL.L Risk / Return Rank: 74
SPYL.L Sharpe Ratio Rank: 74
SPYL.L Sortino Ratio Rank: 79
SPYL.L Omega Ratio Rank: 73
SPYL.L Calmar Ratio Rank: 68
SPYL.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. SPYL.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 SPDR S&P 500 UCITS ETF USD Acc (SPYL.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.

	UPAD.L	SPYL.L	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.36	-0.46
Sortino ratio: Return per unit of downside risk	2.81	3.47	-0.66
Omega ratio: Gain probability vs. loss probability	1.35	1.43	-0.08
Calmar ratio: Return relative to maximum drawdown	2.05	3.37	-1.32
Martin ratio: Return relative to average drawdown	8.12	14.52	-6.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current UPAD.L Sharpe Ratio is 1.91, which is comparable to the SPYL.L Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of UPAD.L and SPYL.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.

Sharpe Ratios by Period

	UPAD.L	SPYL.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	2.36	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	1.91	-0.92

Drawdowns

UPAD.L vs. SPYL.L - Drawdown Comparison

The maximum UPAD.L drawdown since its inception was -18.94%, roughly equal to the maximum SPYL.L drawdown of -18.42%. Use the drawdown chart below to compare losses from any high point for UPAD.L and SPYL.L.

Drawdown Indicators

	UPAD.L	SPYL.L	Difference
Max Drawdown Largest peak-to-trough decline	-18.94%	-18.42%	-0.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.76%	-8.13%	-2.63%
Max Drawdown (3Y) Largest decline over 3 years	-18.94%	—	—
Current Drawdown Current decline from peak	-0.38%	-0.52%	+0.14%
Average Drawdown Average peak-to-trough decline	-3.60%	-1.76%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	1.90%	+0.83%

Volatility

UPAD.L vs. SPYL.L - Volatility Comparison

iShares S&P 500 Paris-Aligned Climate UCITS ETF USD Dist (UPAD.L) and SPDR S&P 500 UCITS ETF USD Acc (SPYL.L) have volatilities of 3.14% and 3.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPAD.L	SPYL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.14%	3.12%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	8.76%	8.61%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	11.58%	11.59%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.36%	13.96%	+2.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.36%	13.96%	+2.40%

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

UPAD.L has a 0.07% expense ratio, which is higher than SPYL.L's 0.03% 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. SPYL.L - Dividend Comparison

UPAD.L's dividend yield for the trailing twelve months is around 0.80%, while SPYL.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
SPYL.L SPDR 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	0.80%	0.82%	0.88%	1.01%	0.33%

Frequently Asked Questions

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

With a correlation of 0.95, UPAD.L and SPYL.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 SPYL.L?

On fees, SPYL.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

SPYL.L is cheaper with a 0.03% expense ratio, compared with 0.07% for UPAD.L.

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

UPAD.L tracks S&P 500 Net Zero 2050 Paris-Aligned Sustainability Screened Index, while SPYL.L tracks S&P 500. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for UPAD.L and 0.03% for SPYL.L.