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VUSA.L vs. SPXP.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VUSA.L vs. SPXP.L

Last updated Jun 5, 2026

VUSA.L (Vanguard S&P 500 UCITS ETF) and SPXP.L (Invesco S&P 500 UCITS ETF) are both S&P 500 funds tracking the S&P 500 Index, from Vanguard and Invesco respectively. Both are passively managed. Over the past 10 years, VUSA.L returned 16.07%/yr vs 16.32%/yr for SPXP.L. Their correlation of 0.86 suggests significant overlap in exposure. VUSA.L charges 0.07%/yr vs 0.05%/yr for SPXP.L.

Performance

VUSA.L vs. SPXP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard S&P 500 UCITS ETF (VUSA.L) and Invesco S&P 500 UCITS ETF (SPXP.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

VUSA.L is traded in GBP, while SPXP.L is traded in GBp. To make them comparable, the SPXP.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with VUSA.L having a 10.52% return and SPXP.L slightly higher at 10.55%. Both investments have delivered pretty close results over the past 10 years, with VUSA.L having a 16.07% annualized return and SPXP.L not far ahead at 16.32%.

VUSA.L

1D
0.03%
1M
5.52%
YTD
10.52%
6M
10.48%
1Y
29.10%
3Y*
19.01%
5Y*
14.94%
10Y*
16.07%

SPXP.L

1D
0.00%
1M
4.48%
YTD
10.55%
6M
9.96%
1Y
29.14%
3Y*
19.21%
5Y*
15.15%
10Y*
16.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VUSA.L vs. SPXP.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VUSA.L
Vanguard S&P 500 UCITS ETF		10.52%9.39%27.33%19.81%-9.02%30.98%13.66%26.54%-0.12%10.71%
SPXP.L
Invesco S&P 500 UCITS ETF		10.55%9.53%27.58%20.06%-8.79%31.26%13.90%26.76%0.26%10.77%

Correlation

The correlation between VUSA.L and SPXP.L is 0.99 - 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

0.99

Correlation (3Y)
Calculated over the trailing 3-year period

0.99

Correlation (5Y)
Calculated over the trailing 5-year period

0.99

Correlation (10Y)
Calculated over the trailing 10-year period

0.93

Correlation (All Time)
Calculated using the full available price history since Jul 15, 2014

0.86

The correlation between VUSA.L and SPXP.L shifts across timeframes, from 0.86 (all time) to 0.99 (1 year), reflecting how their relationship changes across market environments.

VUSA.L vs. SPXP.L - Sectors Allocation Comparison

Sectors
VUSA.L
SPXP.L

Technology

35.7%
35.6%

Financial Services

11.6%
11.8%

Communication Services

11.3%
11.2%

Consumer Cyclical

10.2%
10.1%

Healthcare

8.5%
8.5%

Industrials

8.3%
8.3%

Consumer Defensive

4.9%
4.9%

Energy

3.5%
3.5%

Utilities

2.4%
2.4%

Real Estate

1.9%
1.9%

Basic Materials

1.8%
1.8%

Technology

VUSA.L
35.7%
SPXP.L
35.6%

Financial Services

VUSA.L
11.6%
SPXP.L
11.8%

Communication Services

VUSA.L
11.3%
SPXP.L
11.2%

Consumer Cyclical

VUSA.L
10.2%
SPXP.L
10.1%

Healthcare

VUSA.L
8.5%
SPXP.L
8.5%

Industrials

VUSA.L
8.3%
SPXP.L
8.3%

Consumer Defensive

VUSA.L
4.9%
SPXP.L
4.9%

Energy

VUSA.L
3.5%
SPXP.L
3.5%

Utilities

VUSA.L
2.4%
SPXP.L
2.4%

Real Estate

VUSA.L
1.9%
SPXP.L
1.9%

Basic Materials

VUSA.L
1.8%
SPXP.L
1.8%

Compare stocks, funds, or ETFs

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Vanguard S&P 500 UCITS ETF

Invesco S&P 500 UCITS ETF

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Often compared with SPXP.L:
SPXP.L vs. VUAG.LSPXP.L vs. CSPX.LSPXP.L vs. SPXSSPXP.L vs. VOOSPXP.L vs. SPX5.LSPXP.L vs. SMT.LSPXP.L vs. SPXD.L

Return for Risk

VUSA.L vs. SPXP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VUSA.L
VUSA.L Risk / Return Rank: 8282
Overall Rank
VUSA.L Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
VUSA.L Sortino Ratio Rank: 8383
Sortino Ratio Rank
VUSA.L Omega Ratio Rank: 8585
Omega Ratio Rank
VUSA.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
VUSA.L Martin Ratio Rank: 7878
Martin Ratio Rank
SPXP.L
SPXP.L Risk / Return Rank: 8383
Overall Rank
SPXP.L Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
SPXP.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
SPXP.L Omega Ratio Rank: 8686
Omega Ratio Rank
SPXP.L Calmar Ratio Rank: 8080
Calmar Ratio Rank
SPXP.L Martin Ratio Rank: 7979
Martin Ratio Rank
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.

VUSA.L vs. SPXP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 UCITS ETF (VUSA.L) and Invesco S&P 500 UCITS ETF (SPXP.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.

VUSA.LSPXP.LDifference
Sharpe ratioReturn per unit of total volatility
2.74
2.78

-0.04

Sortino ratioReturn per unit of downside risk
3.68
3.71

-0.04

Omega ratioGain probability vs. loss probability

1.51

1.52

-0.01

Calmar ratioReturn relative to maximum drawdown

4.08

4.11

-0.03

Martin ratioReturn relative to average drawdown

15.02

15.13

-0.11

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VUSA.L vs. SPXP.L - Sharpe Ratio Comparison

The current VUSA.L Sharpe Ratio is 2.74, which is comparable to the SPXP.L Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of VUSA.L and SPXP.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.

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Sharpe Ratios by Period

VUSA.LSPXP.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.74

2.78

-0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.04

1.06

-0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.03

1.10

-0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

1.06

1.15

-0.09

Drawdowns

VUSA.L vs. SPXP.L - Drawdown Comparison

The maximum VUSA.L drawdown since its inception was -25.47%, roughly equal to the maximum SPXP.L drawdown of -25.46%. Use the drawdown chart below to compare losses from any high point for VUSA.L and SPXP.L.

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Drawdown Indicators

VUSA.LSPXP.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.47%

-25.46%

-0.01%

Max Drawdown (1Y)

Largest decline over 1 year

-7.11%

-7.09%

-0.02%

Max Drawdown (3Y)

Largest decline over 3 years

-20.94%

-20.77%

-0.17%

Max Drawdown (5Y)

Largest decline over 5 years

-20.94%

-20.77%

-0.17%

Max Drawdown (10Y)

Largest decline over 10 years

-25.47%

-25.46%

-0.01%

Current Drawdown

Current decline from peak

-0.23%

-0.21%

-0.02%

Average Drawdown

Average peak-to-trough decline

-3.19%

-3.50%

+0.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.93%

1.93%

0.00%

Volatility

VUSA.L vs. SPXP.L - Volatility Comparison

Vanguard S&P 500 UCITS ETF (VUSA.L) and Invesco S&P 500 UCITS ETF (SPXP.L) have volatilities of 2.63% and 2.65%, 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

VUSA.LSPXP.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.63%

2.65%

-0.02%

Volatility (6M)

Calculated over the trailing 6-month period

7.12%

7.24%

-0.12%

Volatility (1Y)

Calculated over the trailing 1-year period

10.58%

10.49%

+0.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.29%

14.23%

+0.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.64%

16.22%

-0.58%

VUSA.L vs. SPXP.L - Expense Ratio Comparison

VUSA.L has a 0.07% expense ratio, which is higher than SPXP.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

VUSA.L vs. SPXP.L - Dividend Comparison

VUSA.L's dividend yield for the trailing twelve months is around 0.87%, while SPXP.L has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SPXP.L
Invesco S&P 500 UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
VUSA.L
Vanguard S&P 500 UCITS ETF		0.87%0.95%1.00%1.24%1.41%1.04%1.44%1.50%1.72%1.61%1.58%1.73%

Frequently Asked Questions

With a correlation of 0.99, VUSA.L and SPXP.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, SPXP.L is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPXP.L is cheaper with a 0.05% expense ratio, compared with 0.07% for VUSA.L.

Both ETFs track S&P 500 Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.07% for VUSA.L and 0.05% for SPXP.L.

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