XLUP.L vs. CSP1.L

Last updated Jul 16, 2026

XLUP.L (Invesco US Utilities Sector UCITS ETF) and CSP1.L (iShares Core S&P 500 UCITS ETF) are both exchange-traded funds - XLUP.L is a Utilities Equities fund tracking the MSCI World/Utilities NR USD, while CSP1.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, XLUP.L returned 8.41%/yr vs 14.69%/yr for CSP1.L. At a 0.41 correlation, their price movements are largely independent. XLUP.L charges 0.14%/yr vs 0.07%/yr for CSP1.L.

Performance

XLUP.L vs. CSP1.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco US Utilities Sector UCITS ETF (XLUP.L) and iShares Core S&P 500 UCITS ETF (CSP1.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLUP.L achieves a 7.26% return, which is significantly lower than CSP1.L's 10.00% return. Over the past 10 years, XLUP.L has underperformed CSP1.L with an annualized return of 8.41%, while CSP1.L has yielded a comparatively higher 14.69% annualized return.

XLUP.L

• 1D: -0.91%
• 1M: 2.58%
• 6M: 7.27%
• YTD: 7.26%
• 1Y: 13.72%
• 3Y*: 12.79%
• 5Y*: 9.83%
• 10Y*: 8.41%

CSP1.L

• 1D: -0.49%
• 1M: -0.38%
• 6M: 9.59%
• YTD: 10.00%
• 1Y: 20.84%
• 3Y*: 18.90%
• 5Y*: 13.53%
• 10Y*: 14.69%

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

XLUP.L vs. CSP1.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLUP.L Invesco US Utilities Sector UCITS ETF	7.26%	8.12%	24.62%	-13.04%	13.97%	20.12%	-4.75%	21.36%	8.59%	1.14%
CSP1.L iShares Core S&P 500 UCITS ETF	10.00%	9.37%	27.35%	19.79%	-9.05%	31.07%	13.65%	26.42%	0.01%	10.83%

Correlation

The correlation between XLUP.L and CSP1.L is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jul 3, 2014	0.41

Over the past year, the correlation between XLUP.L and CSP1.L has dropped to 0.13 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

XLUP.L vs. CSP1.L - Sectors Allocation Comparison

Sectors	XLUP.L	CSP1.L
Utilities	100.0%	2.2%
Basic Materials	-	1.7%
Communication Services	-	10.2%
Consumer Cyclical	-	9.6%
Consumer Defensive	-	4.5%
Energy	-	3.0%
Financial Services	-	11.8%
Healthcare	-	9.0%
Industrials	-	8.4%
Real Estate	-	1.8%
Technology	-	37.9%

Return for Risk

XLUP.L vs. CSP1.L — Risk / Return Rank

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

XLUP.L

XLUP.L Risk / Return Rank: 29
XLUP.L Sharpe Ratio Rank: 29
XLUP.L Sortino Ratio Rank: 28
XLUP.L Omega Ratio Rank: 26
XLUP.L Calmar Ratio Rank: 34
XLUP.L Martin Ratio Rank: 26

CSP1.L

CSP1.L Risk / Return Rank: 72
CSP1.L Sharpe Ratio Rank: 73
CSP1.L Sortino Ratio Rank: 71
CSP1.L Omega Ratio Rank: 73
CSP1.L Calmar Ratio Rank: 72
CSP1.L Martin Ratio Rank: 71

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.

XLUP.L vs. CSP1.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco US Utilities Sector UCITS ETF (XLUP.L) and iShares Core S&P 500 UCITS ETF (CSP1.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.

	XLUP.L	CSP1.L	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.87	-0.98
Sortino ratio: Return per unit of downside risk	1.33	2.58	-1.26
Omega ratio: Gain probability vs. loss probability	1.16	1.34	-0.19
Calmar ratio: Return relative to maximum drawdown	1.46	2.91	-1.45
Martin ratio: Return relative to average drawdown	2.90	10.45	-7.55

XLUP.L vs. CSP1.L - Sharpe Ratio Comparison

The current XLUP.L Sharpe Ratio is 0.89, which is lower than the CSP1.L Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of XLUP.L and CSP1.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

XLUP.L vs. CSP1.L - Drawdown Comparison

The maximum XLUP.L drawdown since its inception was -29.94%, which is greater than CSP1.L's maximum drawdown of -25.48%. Use the drawdown chart below to compare losses from any high point for XLUP.L and CSP1.L.

Drawdown Indicators

	XLUP.L	CSP1.L	Difference
Max Drawdown Largest peak-to-trough decline	-29.94%	-25.48%	-4.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-7.12%	-2.23%
Max Drawdown (3Y) Largest decline over 3 years	-13.80%	-20.77%	+6.97%
Max Drawdown (5Y) Largest decline over 5 years	-29.94%	-20.77%	-9.17%
Max Drawdown (10Y) Largest decline over 10 years	-29.94%	-25.48%	-4.46%
Current Drawdown Current decline from peak	-3.86%	-1.06%	-2.80%
Average Drawdown Average peak-to-trough decline	-8.10%	-3.64%	-4.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.72%	1.99%	+2.73%

Volatility

XLUP.L vs. CSP1.L - Volatility Comparison

Invesco US Utilities Sector UCITS ETF (XLUP.L) has a higher volatility of 4.38% compared to iShares Core S&P 500 UCITS ETF (CSP1.L) at 2.87%. This indicates that XLUP.L's price experiences larger fluctuations and is considered to be riskier than CSP1.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLUP.L	CSP1.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	2.87%	+1.51%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	7.83%	+4.70%
Volatility (1Y) Calculated over the trailing 1-year period	15.32%	11.08%	+4.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	20.05%	-3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	18.33%	-0.29%

XLUP.L vs. CSP1.L - Expense Ratio Comparison

XLUP.L has a 0.14% expense ratio, which is higher than CSP1.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

XLUP.L vs. CSP1.L - Dividend Comparison

Neither XLUP.L nor CSP1.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XLUP.L and CSP1.L in my portfolio?

XLUP.L and CSP1.L have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLUP.L or CSP1.L?

On fees, CSP1.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, XLUP.L or CSP1.L?

CSP1.L is cheaper with a 0.07% expense ratio, compared with 0.14% for XLUP.L.

What is the main difference between XLUP.L and CSP1.L?

XLUP.L is categorized as Utilities Equities, while CSP1.L is S&P 500. XLUP.L tracks MSCI World/Utilities NR USD, while CSP1.L tracks S&P 500 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.14% for XLUP.L and 0.07% for CSP1.L.