XLFS.L vs. CSPX.L

Last updated Jun 4, 2026

XLFS.L (Invesco Financials S&P US Select Sector UCITS ETF Acc) and CSPX.L (iShares Core S&P 500 UCITS ETF USD (Acc)) are both exchange-traded funds - XLFS.L is a Financials Equities fund tracking the S&P® Select Sector Capped 20% Financials Index, while CSPX.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, XLFS.L returned 12.00%/yr vs 15.32%/yr for CSPX.L. A 0.72 correlation means they provide meaningful diversification when combined. XLFS.L charges 0.14%/yr vs 0.07%/yr for CSPX.L.

Performance

XLFS.L vs. CSPX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Financials S&P US Select Sector UCITS ETF Acc (XLFS.L) and iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLFS.L achieves a -7.89% return, which is significantly lower than CSPX.L's 10.31% return. Over the past 10 years, XLFS.L has underperformed CSPX.L with an annualized return of 12.00%, while CSPX.L has yielded a comparatively higher 15.32% annualized return.

XLFS.L

• 1D: -1.66%
• 1M: -3.53%
• YTD: -7.89%
• 6M: -4.39%
• 1Y: 0.61%
• 3Y*: 17.21%
• 5Y*: 7.26%
• 10Y*: 12.00%

CSPX.L

• 1D: -0.54%
• 1M: 5.23%
• YTD: 10.31%
• 6M: 11.13%
• 1Y: 28.31%
• 3Y*: 22.31%
• 5Y*: 13.72%
• 10Y*: 15.32%

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

XLFS.L vs. CSPX.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLFS.L Invesco Financials S&P US Select Sector UCITS ETF Acc	-7.89%	14.99%	30.15%	12.12%	-11.03%	36.17%	-3.47%	31.51%	-14.44%	22.86%
CSPX.L iShares Core S&P 500 UCITS ETF USD (Acc)	10.31%	17.45%	25.25%	26.74%	-18.72%	29.35%	17.62%	30.55%	-5.46%	21.60%

Correlation

The correlation between XLFS.L and CSPX.L is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Sep 16, 2010	0.72

The correlation between XLFS.L and CSPX.L shifts across timeframes, from 0.59 (1 year) to 0.72 (all time), reflecting how their relationship changes across market environments.

XLFS.L vs. CSPX.L - Sectors Allocation Comparison

Sectors	XLFS.L	CSPX.L
Financial Services	98.4%	11.1%
Technology	1.6%	38.2%
Industrials	0.2%	7.9%
Basic Materials	-	1.7%
Communication Services	-	10.9%
Consumer Cyclical	-	10.0%
Consumer Defensive	-	4.7%
Energy	-	3.2%
Healthcare	-	8.3%
Real Estate	-	1.9%
Utilities	-	2.2%

Return for Risk

XLFS.L vs. CSPX.L — Risk / Return Rank

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

XLFS.L

XLFS.L Risk / Return Rank: 9
XLFS.L Sharpe Ratio Rank: 9
XLFS.L Sortino Ratio Rank: 9
XLFS.L Omega Ratio Rank: 9
XLFS.L Calmar Ratio Rank: 9
XLFS.L Martin Ratio Rank: 9

CSPX.L

CSPX.L Risk / Return Rank: 71
CSPX.L Sharpe Ratio Rank: 70
CSPX.L Sortino Ratio Rank: 75
CSPX.L Omega Ratio Rank: 70
CSPX.L Calmar Ratio Rank: 67
CSPX.L Martin Ratio Rank: 76

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.

XLFS.L vs. CSPX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Financials S&P US Select Sector UCITS ETF Acc (XLFS.L) and iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.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.

	XLFS.L	CSPX.L	Difference
Sharpe ratio: Return per unit of total volatility	0.04	2.36	-2.31
Sortino ratio: Return per unit of downside risk	0.16	3.46	-3.29
Omega ratio: Gain probability vs. loss probability	1.02	1.43	-0.41
Calmar ratio: Return relative to maximum drawdown	0.04	3.40	-3.36
Martin ratio: Return relative to average drawdown	0.11	14.75	-14.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLFS.L vs. CSPX.L - Sharpe Ratio Comparison

The current XLFS.L Sharpe Ratio is 0.04, which is lower than the CSPX.L Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of XLFS.L and CSPX.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.

Sharpe Ratios by Period

	XLFS.L	CSPX.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.04	2.36	-2.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.86	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.94	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.94	-0.40

Drawdowns

XLFS.L vs. CSPX.L - Drawdown Comparison

The maximum XLFS.L drawdown since its inception was -42.76%, which is greater than CSPX.L's maximum drawdown of -33.90%. Use the drawdown chart below to compare losses from any high point for XLFS.L and CSPX.L.

Drawdown Indicators

	XLFS.L	CSPX.L	Difference
Max Drawdown Largest peak-to-trough decline	-42.76%	-33.90%	-8.86%
Max Drawdown (1Y) Largest decline over 1 year	-13.93%	-8.17%	-5.76%
Max Drawdown (3Y) Largest decline over 3 years	-17.10%	-18.50%	+1.40%
Max Drawdown (5Y) Largest decline over 5 years	-26.06%	-24.39%	-1.67%
Max Drawdown (10Y) Largest decline over 10 years	-42.76%	-33.90%	-8.86%
Current Drawdown Current decline from peak	-9.78%	-0.54%	-9.24%
Average Drawdown Average peak-to-trough decline	-7.53%	-3.72%	-3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.55%	1.90%	+3.65%

Volatility

XLFS.L vs. CSPX.L - Volatility Comparison

Invesco Financials S&P US Select Sector UCITS ETF Acc (XLFS.L) has a higher volatility of 3.54% compared to iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.L) at 3.30%. This indicates that XLFS.L's price experiences larger fluctuations and is considered to be riskier than CSPX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLFS.L	CSPX.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	3.30%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	10.60%	8.71%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	14.18%	11.84%	+2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.95%	15.97%	+2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.92%	16.19%	+4.73%

XLFS.L vs. CSPX.L - Expense Ratio Comparison

XLFS.L has a 0.14% expense ratio, which is higher than CSPX.L's 0.07% 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

XLFS.L vs. CSPX.L - Dividend Comparison

Neither XLFS.L nor CSPX.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XLFS.L and CSPX.L in my portfolio?

XLFS.L and CSPX.L have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLFS.L or CSPX.L?

On fees, CSPX.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XLFS.L or CSPX.L?

CSPX.L is cheaper with a 0.07% expense ratio, compared with 0.14% for XLFS.L.

What is the main difference between XLFS.L and CSPX.L?

XLFS.L is categorized as Financials Equities, while CSPX.L is S&P 500. XLFS.L tracks S&P® Select Sector Capped 20% Financials Index, while CSPX.L tracks S&P 500 Index. They also come from different issuers: Invesco and BlackRock. Their fees differ too: 0.14% for XLFS.L and 0.07% for CSPX.L.