XLKS.L vs. VUAA.L

Last updated Jun 13, 2026

XLKS.L (Invesco Technology S&P US Select Sector UCITS ETF Acc) and VUAA.L (Vanguard S&P 500 UCITS ETF USD Accumulation) are both exchange-traded funds - XLKS.L is a Technology Equities fund tracking the S&P® Select Sector Capped 20% Technology Index, while VUAA.L is a S&P 500 fund tracking the S&P 500 Net Total Return. Both are passively managed. Over the past 5 years, XLKS.L returned 23.72%/yr vs 13.22%/yr for VUAA.L. Their correlation of 0.89 suggests significant overlap in exposure. XLKS.L charges 0.14%/yr vs 0.07%/yr for VUAA.L.

Performance

XLKS.L vs. VUAA.L - Performance Comparison

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

Returns By Period

In the year-to-date period, XLKS.L achieves a 17.74% return, which is significantly higher than VUAA.L's 8.41% return.

XLKS.L

• 1D: 2.88%
• 1M: 1.98%
• YTD: 17.74%
• 6M: 19.02%
• 1Y: 43.29%
• 3Y*: 33.52%
• 5Y*: 23.72%
• 10Y*: 25.91%

VUAA.L

• 1D: 2.02%
• 1M: 0.41%
• YTD: 8.41%
• 6M: 9.69%
• 1Y: 24.57%
• 3Y*: 20.75%
• 5Y*: 13.22%
• 10Y*: —

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

XLKS.L vs. VUAA.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XLKS.L Invesco Technology S&P US Select Sector UCITS ETF Acc	17.74%	24.23%	41.72%	60.64%	-29.12%	34.73%	42.78%	25.14%
VUAA.L Vanguard S&P 500 UCITS ETF USD Accumulation	8.41%	17.37%	25.27%	26.68%	-18.63%	29.34%	20.33%	14.82%

Correlation

The correlation between XLKS.L and VUAA.L is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (All Time) Calculated using the full available price history since May 14, 2019	0.89

The correlation between XLKS.L and VUAA.L has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

XLKS.L vs. VUAA.L - Sectors Allocation Comparison

Sectors	XLKS.L	VUAA.L
Technology	91.2%	35.7%
Financial Services	7.3%	11.6%
Industrials	1.5%	8.3%
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.2%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Real Estate	-	1.9%
Utilities	-	2.4%

Return for Risk

XLKS.L vs. VUAA.L — Risk / Return Rank

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

XLKS.L

XLKS.L Risk / Return Rank: 63
XLKS.L Sharpe Ratio Rank: 74
XLKS.L Sortino Ratio Rank: 71
XLKS.L Omega Ratio Rank: 66
XLKS.L Calmar Ratio Rank: 58
XLKS.L Martin Ratio Rank: 50

VUAA.L

VUAA.L Risk / Return Rank: 74
VUAA.L Sharpe Ratio Rank: 73
VUAA.L Sortino Ratio Rank: 78
VUAA.L Omega Ratio Rank: 72
VUAA.L Calmar Ratio Rank: 68
VUAA.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.

XLKS.L vs. VUAA.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Technology S&P US Select Sector UCITS ETF Acc (XLKS.L) and Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.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.

	XLKS.L	VUAA.L	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.04	+0.02
Sortino ratio: Return per unit of downside risk	2.75	3.01	-0.25
Omega ratio: Gain probability vs. loss probability	1.34	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	2.54	2.99	-0.46
Martin ratio: Return relative to average drawdown	7.39	12.46	-5.07

XLKS.L vs. VUAA.L - Sharpe Ratio Comparison

The current XLKS.L Sharpe Ratio is 2.06, which is comparable to the VUAA.L Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of XLKS.L and VUAA.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

XLKS.L vs. VUAA.L - Drawdown Comparison

The maximum XLKS.L drawdown since its inception was -34.26%, roughly equal to the maximum VUAA.L drawdown of -34.05%. Use the drawdown chart below to compare losses from any high point for XLKS.L and VUAA.L.

Drawdown Indicators

	XLKS.L	VUAA.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.26%	-34.05%	-0.21%
Max Drawdown (1Y) Largest decline over 1 year	-16.99%	-8.18%	-8.81%
Max Drawdown (3Y) Largest decline over 3 years	-26.97%	-18.39%	-8.58%
Max Drawdown (5Y) Largest decline over 5 years	-34.26%	-24.36%	-9.90%
Max Drawdown (10Y) Largest decline over 10 years	-34.26%	—	—
Current Drawdown Current decline from peak	-7.68%	-2.26%	-5.42%
Average Drawdown Average peak-to-trough decline	-5.13%	-4.99%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.84%	1.97%	+3.87%

Volatility

XLKS.L vs. VUAA.L - Volatility Comparison

Invesco Technology S&P US Select Sector UCITS ETF Acc (XLKS.L) has a higher volatility of 8.84% compared to Vanguard S&P 500 UCITS ETF USD Accumulation (VUAA.L) at 3.99%. This indicates that XLKS.L's price experiences larger fluctuations and is considered to be riskier than VUAA.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLKS.L	VUAA.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.84%	3.99%	+4.85%
Volatility (6M) Calculated over the trailing 6-month period	16.60%	9.03%	+7.57%
Volatility (1Y) Calculated over the trailing 1-year period	20.95%	12.03%	+8.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.91%	16.05%	+7.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.11%	17.81%	+4.30%

XLKS.L vs. VUAA.L - Expense Ratio Comparison

XLKS.L has a 0.14% expense ratio, which is higher than VUAA.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

XLKS.L vs. VUAA.L - Dividend Comparison

Neither XLKS.L nor VUAA.L has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
VUAA.L Vanguard S&P 500 UCITS ETF USD Accumulation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.63%
XLKS.L Invesco Technology S&P US Select Sector UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XLKS.L and VUAA.L in my portfolio?

XLKS.L and VUAA.L have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLKS.L or VUAA.L?

On fees, VUAA.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, XLKS.L or VUAA.L?

VUAA.L is cheaper with a 0.07% expense ratio, compared with 0.14% for XLKS.L.

What is the main difference between XLKS.L and VUAA.L?

XLKS.L is categorized as Technology Equities, while VUAA.L is S&P 500. XLKS.L tracks S&P® Select Sector Capped 20% Technology Index, while VUAA.L tracks S&P 500 Net Total Return. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.14% for XLKS.L and 0.07% for VUAA.L.