X7PP.L vs. SPES.L

Last updated Jul 16, 2026

X7PP.L (Invesco European Banks Sector UCITS ETF) and SPES.L (Invesco S&P 500 Equal Weight UCITS ETF Dist) are both exchange-traded funds - X7PP.L is a Financials Equities fund tracking the MSCI World/Financials NR USD, while SPES.L is a S&P 500 fund tracking the S&P 500 Equal Weight Index. Both are passively managed. Over the past 5 years, X7PP.L returned 31.78%/yr vs 9.28%/yr for SPES.L. At a 0.42 correlation, their price movements are largely independent. Both charge a 0.20% expense ratio.

Performance

X7PP.L vs. SPES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco European Banks Sector UCITS ETF (X7PP.L) and Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, X7PP.L achieves a 14.33% return, which is significantly higher than SPES.L's 11.06% return.

X7PP.L

• 1D: -0.74%
• 1M: 4.36%
• 6M: 11.75%
• YTD: 14.33%
• 1Y: 49.80%
• 3Y*: 44.37%
• 5Y*: 31.78%
• 10Y*: 16.48%

SPES.L

• 1D: -0.72%
• 1M: 0.03%
• 6M: 8.04%
• YTD: 11.06%
• 1Y: 17.33%
• 3Y*: 12.50%
• 5Y*: 9.28%
• 10Y*: —

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

X7PP.L vs. SPES.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
X7PP.L Invesco European Banks Sector UCITS ETF	14.33%	87.77%	27.07%	23.27%	6.04%	13.67%
SPES.L Invesco S&P 500 Equal Weight UCITS ETF Dist	11.06%	3.95%	13.66%	8.18%	-1.34%	-15.96%

Correlation

The correlation between X7PP.L and SPES.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Apr 6, 2021	0.42

The correlation between X7PP.L and SPES.L shifts across timeframes, from 0.31 (1 year) to 0.42 (all time), reflecting how their relationship changes across market environments.

X7PP.L vs. SPES.L - Sectors Allocation Comparison

Sectors	X7PP.L	SPES.L
Financial Services	100.0%	13.9%
Basic Materials	-	3.9%
Communication Services	-	3.9%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	6.4%
Energy	-	4.0%
Healthcare	-	11.1%
Industrials	-	14.2%
Real Estate	-	6.1%
Technology	-	20.9%
Utilities	-	5.7%

Return for Risk

X7PP.L vs. SPES.L — Risk / Return Rank

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

X7PP.L

X7PP.L Risk / Return Rank: 80
X7PP.L Sharpe Ratio Rank: 87
X7PP.L Sortino Ratio Rank: 84
X7PP.L Omega Ratio Rank: 81
X7PP.L Calmar Ratio Rank: 75
X7PP.L Martin Ratio Rank: 71

SPES.L

SPES.L Risk / Return Rank: 69
SPES.L Sharpe Ratio Rank: 69
SPES.L Sortino Ratio Rank: 67
SPES.L Omega Ratio Rank: 66
SPES.L Calmar Ratio Rank: 73
SPES.L Martin Ratio Rank: 67

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.

X7PP.L vs. SPES.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco European Banks Sector UCITS ETF (X7PP.L) and Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.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.

	X7PP.L	SPES.L	Difference
Sharpe ratio: Return per unit of total volatility	2.25	1.79	+0.46
Sortino ratio: Return per unit of downside risk	2.99	2.49	+0.50
Omega ratio: Gain probability vs. loss probability	1.38	1.32	+0.06
Calmar ratio: Return relative to maximum drawdown	3.11	3.01	+0.10
Martin ratio: Return relative to average drawdown	10.37	9.78	+0.59

X7PP.L vs. SPES.L - Sharpe Ratio Comparison

The current X7PP.L Sharpe Ratio is 2.25, which is comparable to the SPES.L Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of X7PP.L and SPES.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

X7PP.L vs. SPES.L - Drawdown Comparison

The maximum X7PP.L drawdown since its inception was -56.28%, which is greater than SPES.L's maximum drawdown of -34.38%. Use the drawdown chart below to compare losses from any high point for X7PP.L and SPES.L.

Drawdown Indicators

	X7PP.L	SPES.L	Difference
Max Drawdown Largest peak-to-trough decline	-56.28%	-34.38%	-21.90%
Max Drawdown (1Y) Largest decline over 1 year	-15.94%	-5.74%	-10.20%
Max Drawdown (3Y) Largest decline over 3 years	-18.17%	-19.65%	+1.48%
Max Drawdown (5Y) Largest decline over 5 years	-30.79%	-19.65%	-11.14%
Max Drawdown (10Y) Largest decline over 10 years	-56.28%	—	—
Current Drawdown Current decline from peak	-1.85%	-1.99%	+0.14%
Average Drawdown Average peak-to-trough decline	-15.28%	-11.93%	-3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.79%	1.77%	+3.02%

Volatility

X7PP.L vs. SPES.L - Volatility Comparison

Invesco European Banks Sector UCITS ETF (X7PP.L) has a higher volatility of 5.70% compared to Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.L) at 2.73%. This indicates that X7PP.L's price experiences larger fluctuations and is considered to be riskier than SPES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	X7PP.L	SPES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.70%	2.73%	+2.97%
Volatility (6M) Calculated over the trailing 6-month period	18.70%	6.72%	+11.98%
Volatility (1Y) Calculated over the trailing 1-year period	22.02%	9.62%	+12.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.50%	14.00%	+9.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.23%	20.85%	+3.38%

X7PP.L vs. SPES.L - Expense Ratio Comparison

Both X7PP.L and SPES.L have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

X7PP.L vs. SPES.L - Dividend Comparison

X7PP.L has not paid dividends to shareholders, while SPES.L's dividend yield for the trailing twelve months is around 1.29%.

Position	TTM	2025	2024	2023	2022	2021
SPES.L Invesco S&P 500 Equal Weight UCITS ETF Dist	1.29%	1.37%	1.36%	1.48%	1.49%	0.74%
X7PP.L Invesco European Banks Sector UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both X7PP.L and SPES.L in my portfolio?

X7PP.L and SPES.L have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, X7PP.L or SPES.L?

Both ETFs have the same 0.20% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, X7PP.L or SPES.L?

X7PP.L and SPES.L have the same expense ratio: 0.20% per year.

What is the main difference between X7PP.L and SPES.L?

X7PP.L is categorized as Financials Equities, while SPES.L is S&P 500. X7PP.L tracks MSCI World/Financials NR USD, while SPES.L tracks S&P 500 Equal Weight Index.