XLIP.L vs. PRN

Last updated Jun 26, 2026

XLIP.L (Invesco US Industrials Sector UCITS ETF) and PRN (Invesco DWA Industrials Momentum ETF) are both exchange-traded funds - XLIP.L is a Industrials Equities fund tracking the MSCI World/Materials NR USD, while PRN is a Momentum fund tracking the DWA Industrials Technical Leaders Index. Both are passively managed. Over the past 10 years, XLIP.L returned 14.44%/yr vs 19.51%/yr for PRN. A 0.57 correlation means they provide meaningful diversification when combined. XLIP.L charges 0.14%/yr vs 0.60%/yr for PRN.

Performance

XLIP.L vs. PRN - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco US Industrials Sector UCITS ETF (XLIP.L) and Invesco DWA Industrials Momentum ETF (PRN). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XLIP.L is traded in GBp, while PRN is traded in USD. To make them comparable, the PRN values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, XLIP.L achieves a 20.61% return, which is significantly lower than PRN's 50.75% return. Over the past 10 years, XLIP.L has underperformed PRN with an annualized return of 14.44%, while PRN has yielded a comparatively higher 19.51% annualized return.

XLIP.L

• 1D: 1.02%
• 1M: 8.07%
• YTD: 20.61%
• 6M: 20.58%
• 1Y: 33.33%
• 3Y*: 21.01%
• 5Y*: 14.99%
• 10Y*: 14.44%

PRN

• 1D: 1.98%
• 1M: 6.69%
• YTD: 50.75%
• 6M: 45.27%
• 1Y: 74.89%
• 3Y*: 35.08%
• 5Y*: 22.60%
• 10Y*: 19.51%

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

XLIP.L vs. PRN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLIP.L Invesco US Industrials Sector UCITS ETF	20.61%	11.11%	19.28%	11.56%	6.12%	22.08%	6.17%	24.82%	-9.69%	9.91%
PRN Invesco DWA Industrials Momentum ETF	50.75%	5.63%	32.62%	31.07%	-16.18%	26.40%	32.39%	29.41%	-11.22%	12.20%

Correlation

The correlation between XLIP.L and PRN is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jul 3, 2014	0.57

The correlation between XLIP.L and PRN has been stable across timeframes, ranging from 0.55 to 0.62 - a consistent structural relationship.

XLIP.L vs. PRN - Sectors Allocation Comparison

Sectors	XLIP.L	PRN
Industrials	96.3%	78.2%
Technology	1.3%	20.4%
Consumer Cyclical	1.3%	1.2%
Real Estate	1.1%	-
Basic Materials	-	1.8%
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	1.6%
Financial Services	-	0.1%
Healthcare	-	-
Utilities	-	-

Return for Risk

XLIP.L vs. PRN — Risk / Return Rank

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

XLIP.L

XLIP.L Risk / Return Rank: 79
XLIP.L Sharpe Ratio Rank: 85
XLIP.L Sortino Ratio Rank: 85
XLIP.L Omega Ratio Rank: 79
XLIP.L Calmar Ratio Rank: 78
XLIP.L Martin Ratio Rank: 70

PRN

PRN Risk / Return Rank: 80
PRN Sharpe Ratio Rank: 82
PRN Sortino Ratio Rank: 72
PRN Omega Ratio Rank: 71
PRN Calmar Ratio Rank: 90
PRN Martin Ratio Rank: 87

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.

XLIP.L vs. PRN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco US Industrials Sector UCITS ETF (XLIP.L) and Invesco DWA Industrials Momentum ETF (PRN). 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.

	XLIP.L	PRN	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.55	-0.13
Sortino ratio: Return per unit of downside risk	3.33	3.05	+0.28
Omega ratio: Gain probability vs. loss probability	1.41	1.41	0.00
Calmar ratio: Return relative to maximum drawdown	3.54	5.64	-2.11
Martin ratio: Return relative to average drawdown	11.25	17.41	-6.16

XLIP.L vs. PRN - Sharpe Ratio Comparison

The current XLIP.L Sharpe Ratio is 2.42, which is comparable to the PRN Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of XLIP.L and PRN, 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

XLIP.L vs. PRN - Drawdown Comparison

The maximum XLIP.L drawdown since its inception was -34.56%, smaller than the maximum PRN drawdown of -42.80%. Use the drawdown chart below to compare losses from any high point for XLIP.L and PRN.

Drawdown Indicators

	XLIP.L	PRN	Difference
Max Drawdown Largest peak-to-trough decline	-34.56%	-42.80%	+8.24%
Max Drawdown (1Y) Largest decline over 1 year	-9.38%	-13.34%	+3.96%
Max Drawdown (3Y) Largest decline over 3 years	-21.02%	-32.37%	+11.35%
Max Drawdown (5Y) Largest decline over 5 years	-21.02%	-32.37%	+11.35%
Max Drawdown (10Y) Largest decline over 10 years	-34.56%	-32.37%	-2.19%
Current Drawdown Current decline from peak	0.00%	-1.42%	+1.42%
Average Drawdown Average peak-to-trough decline	-4.42%	-8.50%	+4.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.95%	4.32%	-1.37%

Volatility

XLIP.L vs. PRN - Volatility Comparison

The current volatility for Invesco US Industrials Sector UCITS ETF (XLIP.L) is 4.81%, while Invesco DWA Industrials Momentum ETF (PRN) has a volatility of 11.11%. This indicates that XLIP.L experiences smaller price fluctuations and is considered to be less risky than PRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLIP.L	PRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	11.11%	-6.30%
Volatility (6M) Calculated over the trailing 6-month period	10.91%	22.70%	-11.79%
Volatility (1Y) Calculated over the trailing 1-year period	13.74%	29.56%	-15.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.00%	24.42%	-8.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	23.96%	-5.65%

XLIP.L vs. PRN - Expense Ratio Comparison

XLIP.L has a 0.14% expense ratio, which is lower than PRN's 0.60% expense ratio.

Dividends

XLIP.L vs. PRN - Dividend Comparison

XLIP.L has not paid dividends to shareholders, while PRN's dividend yield for the trailing twelve months is around 0.08%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PRN Invesco DWA Industrials Momentum ETF	0.08%	0.17%	0.39%	0.52%	0.82%	0.11%	0.10%	0.42%	0.29%	0.60%	0.57%	0.44%
XLIP.L Invesco US Industrials Sector 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%

Frequently Asked Questions

Can I hold both XLIP.L and PRN in my portfolio?

XLIP.L and PRN have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLIP.L or PRN?

On fees, XLIP.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XLIP.L or PRN?

XLIP.L is cheaper with a 0.14% expense ratio, compared with 0.60% for PRN.

What is the main difference between XLIP.L and PRN?

XLIP.L is categorized as Industrials Equities, while PRN is Momentum. XLIP.L tracks MSCI World/Materials NR USD, while PRN tracks DWA Industrials Technical Leaders Index. Their fees differ too: 0.14% for XLIP.L and 0.60% for PRN.