VPAC.L vs. ISPE.L

Last updated Jul 18, 2026

VPAC.L (Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc)) and ISPE.L (iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc)) are both exchange-traded funds - VPAC.L is a Preferred Stock/Convertible Bonds fund tracking the ICE Diversified Variable Rate Preferred & Hybrid Securities Index, while ISPE.L is a S&P 500 fund tracking the S&P 500 Equal Weight Index (USD). Both are passively managed. Over the past 3 years, VPAC.L returned 8.42%/yr vs 13.84%/yr for ISPE.L. At a 0.49 correlation, their price movements are largely independent. VPAC.L charges 0.50%/yr vs 0.17%/yr for ISPE.L.

Performance

VPAC.L vs. ISPE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.L) and iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc) (ISPE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

VPAC.L is traded in USD, while ISPE.L is traded in GBP. To make them comparable, the ISPE.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, VPAC.L achieves a 2.04% return, which is significantly lower than ISPE.L's 11.58% return.

VPAC.L

• 1D: -0.12%
• 1M: 0.08%
• 6M: 1.60%
• YTD: 2.04%
• 1Y: 4.91%
• 3Y*: 8.42%
• 5Y*: 3.51%
• 10Y*: —

ISPE.L

• 1D: -0.61%
• 1M: 2.16%
• 6M: 8.67%
• YTD: 11.58%
• 1Y: 18.28%
• 3Y*: 13.84%
• 5Y*: —
• 10Y*: —

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

VPAC.L vs. ISPE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VPAC.L Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc)	2.04%	6.34%	10.84%	9.27%	-1.96%
ISPE.L iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc)	11.58%	19.69%	9.62%	18.15%	-4.38%

Correlation

The correlation between VPAC.L and ISPE.L is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (All Time) Calculated using the full available price history since Aug 2, 2022	0.49

The correlation between VPAC.L and ISPE.L shifts across timeframes, from 0.37 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VPAC.L vs. ISPE.L — Risk / Return Rank

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

VPAC.L

VPAC.L Risk / Return Rank: 71
VPAC.L Sharpe Ratio Rank: 67
VPAC.L Sortino Ratio Rank: 70
VPAC.L Omega Ratio Rank: 73
VPAC.L Calmar Ratio Rank: 69
VPAC.L Martin Ratio Rank: 74

ISPE.L

ISPE.L Risk / Return Rank: 70
ISPE.L Sharpe Ratio Rank: 70
ISPE.L Sortino Ratio Rank: 74
ISPE.L Omega Ratio Rank: 67
ISPE.L Calmar Ratio Rank: 70
ISPE.L Martin Ratio Rank: 70

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.

VPAC.L vs. ISPE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.L) and iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc) (ISPE.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.

	VPAC.L	ISPE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.63	1.31	+0.31
Sortino ratio: Return per unit of downside risk	2.40	2.00	+0.41
Omega ratio: Gain probability vs. loss probability	1.32	1.23	+0.09
Calmar ratio: Return relative to maximum drawdown	2.54	1.91	+0.63
Martin ratio: Return relative to average drawdown	9.98	6.28	+3.71

VPAC.L vs. ISPE.L - Sharpe Ratio Comparison

The current VPAC.L Sharpe Ratio is 1.63, which is comparable to the ISPE.L Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of VPAC.L and ISPE.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

VPAC.L vs. ISPE.L - Drawdown Comparison

The maximum VPAC.L drawdown since its inception was -34.25%, which is greater than ISPE.L's maximum drawdown of -24.90%. Use the drawdown chart below to compare losses from any high point for VPAC.L and ISPE.L.

Drawdown Indicators

	VPAC.L	ISPE.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.25%	-24.90%	-9.35%
Max Drawdown (1Y) Largest decline over 1 year	-2.02%	-9.53%	+7.51%
Max Drawdown (3Y) Largest decline over 3 years	-3.40%	-18.46%	+15.06%
Max Drawdown (5Y) Largest decline over 5 years	-13.89%	—	—
Current Drawdown Current decline from peak	-0.33%	-0.61%	+0.28%
Average Drawdown Average peak-to-trough decline	-3.14%	-4.47%	+1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.52%	2.90%	-2.38%

Volatility

VPAC.L vs. ISPE.L - Volatility Comparison

The current volatility for Invesco Variable Rate Preferred Shares UCITS ETF USD (Acc) (VPAC.L) is 0.74%, while iShares S&P 500 Equal Weight UCITS ETF GBP Hedged (Acc) (ISPE.L) has a volatility of 2.89%. This indicates that VPAC.L experiences smaller price fluctuations and is considered to be less risky than ISPE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VPAC.L	ISPE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	2.89%	-2.15%
Volatility (6M) Calculated over the trailing 6-month period	2.28%	10.20%	-7.92%
Volatility (1Y) Calculated over the trailing 1-year period	3.17%	13.93%	-10.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.30%	19.12%	-13.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.00%	19.12%	-8.12%

VPAC.L vs. ISPE.L - Expense Ratio Comparison

VPAC.L has a 0.50% expense ratio, which is higher than ISPE.L's 0.17% expense ratio.

Dividends

VPAC.L vs. ISPE.L - Dividend Comparison

Neither VPAC.L nor ISPE.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both VPAC.L and ISPE.L in my portfolio?

VPAC.L and ISPE.L have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VPAC.L or ISPE.L?

On fees, ISPE.L is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VPAC.L or ISPE.L?

ISPE.L is cheaper with a 0.17% expense ratio, compared with 0.50% for VPAC.L.

What is the main difference between VPAC.L and ISPE.L?

VPAC.L is categorized as Preferred Stock/Convertible Bonds, while ISPE.L is S&P 500. VPAC.L tracks ICE Diversified Variable Rate Preferred & Hybrid Securities Index, while ISPE.L tracks S&P 500 Equal Weight Index (USD). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.50% for VPAC.L and 0.17% for ISPE.L.