USPA.L vs. SPXS.L
USPA.L (Franklin S&P 500 Paris Aligned Climate UCITS ETF) and SPXS.L (Invesco S&P 500 UCITS ETF) are both Global Equities funds - USPA.L tracks the Franklin S&P 500 Paris Aligned Climate UCITS ETF while SPXS.L tracks the Invesco S&P 500 UCITS ETF. Both are passively managed. Over the past 5 years, USPA.L returned 12.16%/yr vs -54.94%/yr for SPXS.L. With a 0.97 correlation, they move nearly in lockstep. USPA.L charges 0.07%/yr vs 0.05%/yr for SPXS.L.
Performance
USPA.L vs. SPXS.L - Performance Comparison
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Returns By Period
In the year-to-date period, USPA.L achieves a 7.03% return, which is significantly lower than SPXS.L's 10.20% return.
USPA.L
- 1D
- -0.31%
- 1M
- -0.65%
- 6M
- 7.59%
- YTD
- 7.03%
- 1Y
- 17.98%
- 3Y*
- 19.02%
- 5Y*
- 12.16%
- 10Y*
- —
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%
USPA.L vs. SPXS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
USPA.L Franklin S&P 500 Paris Aligned Climate UCITS ETF | 7.03% | 15.76% | 26.74% | 30.46% | -22.10% | 32.21% | 16.58% |
SPXS.L Invesco S&P 500 UCITS ETF | 10.20% | -98.82% | 25.56% | 27.00% | -18.53% | 29.64% | 16.06% |
Correlation
The correlation between USPA.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 (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2020 | 0.97 |
The correlation between USPA.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
USPA.L vs. SPXS.L — Risk / Return Rank
USPA.L
SPXS.L
USPA.L vs. SPXS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin S&P 500 Paris Aligned Climate UCITS ETF (USPA.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.
| USPA.L | SPXS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.50 | ||
| Sortino ratioReturn per unit of downside risk | +3.06 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.52 | +0.75 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | -1.00 | +2.74 |
| Martin ratioReturn relative to average drawdown | 6.61 | -1.23 | +7.83 |
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Drawdowns
USPA.L vs. SPXS.L - Drawdown Comparison
The maximum USPA.L drawdown since its inception was -27.78%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for USPA.L and SPXS.L.
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Drawdown Indicators
| USPA.L | SPXS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.78% | -99.07% | +71.29% |
Max Drawdown (1Y)Largest decline over 1 year | -10.58% | -99.07% | +88.49% |
Max Drawdown (3Y)Largest decline over 3 years | -18.86% | -99.07% | +80.21% |
Max Drawdown (5Y)Largest decline over 5 years | -27.78% | -99.07% | +71.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.07% | — |
Current DrawdownCurrent decline from peak | -1.28% | -98.90% | +97.62% |
Average DrawdownAverage peak-to-trough decline | -5.97% | -7.67% | +1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 80.57% | -77.77% |
Volatility
USPA.L vs. SPXS.L - Volatility Comparison
Franklin S&P 500 Paris Aligned Climate UCITS ETF (USPA.L) has a higher volatility of 3.42% compared to Invesco S&P 500 UCITS ETF (SPXS.L) at 2.73%. This indicates that USPA.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
| USPA.L | SPXS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.42% | 2.73% | +0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 9.87% | 9.24% | +0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.28% | 99.43% | -87.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.63% | 47.13% | -30.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.48% | 35.27% | -18.79% |
USPA.L vs. SPXS.L - Expense Ratio Comparison
USPA.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
USPA.L vs. SPXS.L - Dividend Comparison
Neither USPA.L nor SPXS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, USPA.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 USPA.L.
USPA.L tracks Franklin S&P 500 Paris Aligned Climate UCITS ETF, while SPXS.L tracks Invesco S&P 500 UCITS ETF. They also come from different issuers: Franklin and Invesco. Their fees differ too: 0.07% for USPA.L and 0.05% for SPXS.L.
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