VUAA.L vs. SPXS.L
VUAA.L (Vanguard S&P 500 UCITS ETF USD Accumulation) and SPXS.L (Invesco S&P 500 UCITS ETF USD (Acc)) are both S&P 500 funds - VUAA.L tracks the S&P 500 Net Total Return while SPXS.L tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, VUAA.L returned 12.77%/yr vs -55.04%/yr for SPXS.L. With a 0.99 correlation, they move nearly in lockstep. VUAA.L charges 0.07%/yr vs 0.05%/yr for SPXS.L.
Performance
VUAA.L vs. SPXS.L - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with VUAA.L having a 8.97% return and SPXS.L slightly lower at 8.95%.
VUAA.L
- 1D
- -1.26%
- 1M
- -0.55%
- 6M
- 7.99%
- YTD
- 8.97%
- 1Y
- 19.97%
- 3Y*
- 19.38%
- 5Y*
- 12.77%
- 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%
VUAA.L vs. SPXS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
VUAA.L Vanguard S&P 500 UCITS ETF USD Accumulation | 8.97% | 17.37% | 25.27% | 26.68% | -18.63% | 29.34% | 18.04% | 14.82% |
SPXS.L Invesco S&P 500 UCITS ETF USD (Acc) | 8.95% | -98.82% | 25.56% | 27.00% | -18.53% | 29.64% | 17.89% | 15.93% |
Correlation
The correlation between VUAA.L and SPXS.L is 1.00 - 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 | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since May 14, 2019 | 0.99 |
The correlation between VUAA.L and SPXS.L has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
VUAA.L vs. SPXS.L — Risk / Return Rank
VUAA.L
SPXS.L
VUAA.L vs. SPXS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.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.
| VUAA.L | SPXS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.64 | ||
| Sortino ratioReturn per unit of downside risk | +3.27 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 0.51 | +0.79 |
| Calmar ratioReturn relative to maximum drawdown | 2.43 | -1.00 | +3.43 |
| Martin ratioReturn relative to average drawdown | 9.79 | -1.22 | +11.01 |
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Drawdowns
VUAA.L vs. SPXS.L - Drawdown Comparison
The maximum VUAA.L drawdown since its inception was -34.05%, smaller than the maximum SPXS.L drawdown of -99.07%. Use the drawdown chart below to compare losses from any high point for VUAA.L and SPXS.L.
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Drawdown Indicators
| VUAA.L | SPXS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.05% | -99.07% | +65.02% |
Max Drawdown (1Y)Largest decline over 1 year | -8.18% | -99.07% | +90.89% |
Max Drawdown (3Y)Largest decline over 3 years | -18.39% | -99.07% | +80.68% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -99.07% | +74.71% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.07% | — |
Current DrawdownCurrent decline from peak | -1.76% | -98.91% | +97.15% |
Average DrawdownAverage peak-to-trough decline | -5.02% | -7.69% | +2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 80.82% | -78.78% |
Volatility
VUAA.L vs. SPXS.L - Volatility Comparison
Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.L) and Invesco S&P 500 UCITS ETF USD (Acc) (SPXS.L) have volatilities of 2.97% and 3.01%, 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.
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Volatility by Period
| VUAA.L | SPXS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.97% | 3.01% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 9.31% | 9.33% | -0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.11% | 99.43% | -87.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.07% | 47.12% | -31.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.69% | 35.28% | -17.59% |
VUAA.L vs. SPXS.L - Expense Ratio Comparison
VUAA.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
VUAA.L vs. SPXS.L - Dividend Comparison
Neither VUAA.L nor SPXS.L has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
SPXS.L Invesco S&P 500 UCITS ETF USD (Acc) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VUAA.L Vanguard S&P 500 UCITS ETF USD Accumulation | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.27% |
Frequently Asked Questions
With a correlation of 1.00, VUAA.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 VUAA.L.
VUAA.L tracks S&P 500 Net Total Return, while SPXS.L tracks S&P 500 Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.07% for VUAA.L and 0.05% for SPXS.L.
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