XLUP.L vs. FSMAX

Last updated Jun 26, 2026

XLUP.L (Invesco US Utilities Sector UCITS ETF) and FSMAX (Fidelity Extended Market Index Fund) are both funds - XLUP.L is a Utilities Equities fund tracking the MSCI World/Utilities NR USD, while FSMAX is a Mid Cap Blend Equities fund tracking the Dow Jones U.S. Completion Total Stock Market Index. Both are passively managed. Over the past 10 years, XLUP.L returned 8.93%/yr vs 12.98%/yr for FSMAX. At a 0.18 correlation, their price movements are largely independent. XLUP.L charges 0.14%/yr vs 0.04%/yr for FSMAX.

Performance

XLUP.L vs. FSMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco US Utilities Sector UCITS ETF (XLUP.L) and Fidelity Extended Market Index Fund (FSMAX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, XLUP.L achieves a 9.93% return, which is significantly lower than FSMAX's 17.54% return. Over the past 10 years, XLUP.L has underperformed FSMAX with an annualized return of 8.93%, while FSMAX has yielded a comparatively higher 12.98% annualized return.

XLUP.L

• 1D: 0.91%
• 1M: 3.45%
• YTD: 9.93%
• 6M: 11.40%
• 1Y: 20.28%
• 3Y*: 13.40%
• 5Y*: 11.51%
• 10Y*: 8.93%

FSMAX

• 1D: 0.60%
• 1M: 4.37%
• YTD: 17.54%
• 6M: 15.20%
• 1Y: 32.70%
• 3Y*: 18.66%
• 5Y*: 7.08%
• 10Y*: 12.98%

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

XLUP.L vs. FSMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XLUP.L Invesco US Utilities Sector UCITS ETF	9.93%	8.12%	24.62%	-13.04%	13.97%	20.12%	-4.75%	21.36%	8.59%	1.14%
FSMAX Fidelity Extended Market Index Fund	17.54%	3.47%	19.03%	19.10%	-17.70%	13.47%	28.39%	23.14%	-4.07%	7.84%

Correlation

The correlation between XLUP.L and FSMAX is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jul 3, 2014	0.18

The correlation between XLUP.L and FSMAX shifts across timeframes, from -0.00 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XLUP.L vs. FSMAX — 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: 41
XLUP.L Sharpe Ratio Rank: 42
XLUP.L Sortino Ratio Rank: 42
XLUP.L Omega Ratio Rank: 38
XLUP.L Calmar Ratio Rank: 49
XLUP.L Martin Ratio Rank: 32

FSMAX

FSMAX Risk / Return Rank: 44
FSMAX Sharpe Ratio Rank: 38
FSMAX Sortino Ratio Rank: 37
FSMAX Omega Ratio Rank: 34
FSMAX Calmar Ratio Rank: 61
FSMAX Martin Ratio Rank: 51

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. FSMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco US Utilities Sector UCITS ETF (XLUP.L) and Fidelity Extended Market Index Fund (FSMAX). 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	FSMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.85	-0.51
Sortino ratio: Return per unit of downside risk	1.91	2.52	-0.61
Omega ratio: Gain probability vs. loss probability	1.23	1.32	-0.09
Calmar ratio: Return relative to maximum drawdown	2.16	3.67	-1.51
Martin ratio: Return relative to average drawdown	4.35	11.51	-7.16

XLUP.L vs. FSMAX - Sharpe Ratio Comparison

The current XLUP.L Sharpe Ratio is 1.34, which is comparable to the FSMAX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of XLUP.L and FSMAX, 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. FSMAX - Drawdown Comparison

The maximum XLUP.L drawdown since its inception was -29.94%, smaller than the maximum FSMAX drawdown of -42.05%. Use the drawdown chart below to compare losses from any high point for XLUP.L and FSMAX.

Drawdown Indicators

	XLUP.L	FSMAX	Difference
Max Drawdown Largest peak-to-trough decline	-29.94%	-42.05%	+12.11%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-8.47%	-0.88%
Max Drawdown (3Y) Largest decline over 3 years	-13.80%	-27.60%	+13.80%
Max Drawdown (5Y) Largest decline over 5 years	-29.94%	-30.50%	+0.56%
Max Drawdown (10Y) Largest decline over 10 years	-29.94%	-42.05%	+12.11%
Current Drawdown Current decline from peak	-1.47%	-0.27%	-1.20%
Average Drawdown Average peak-to-trough decline	-8.12%	-10.56%	+2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.65%	2.70%	+1.95%

Volatility

XLUP.L vs. FSMAX - Volatility Comparison

Invesco US Utilities Sector UCITS ETF (XLUP.L) and Fidelity Extended Market Index Fund (FSMAX) have volatilities of 5.81% and 5.56%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLUP.L	FSMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	5.56%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	12.47%	12.23%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	15.12%	16.79%	-1.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.73%	20.95%	-4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	29.60%	-11.49%

XLUP.L vs. FSMAX - Expense Ratio Comparison

XLUP.L has a 0.14% expense ratio, which is higher than FSMAX's 0.04% 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. FSMAX - Dividend Comparison

XLUP.L has not paid dividends to shareholders, while FSMAX's dividend yield for the trailing twelve months is around 0.50%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSMAX Fidelity Extended Market Index Fund	0.50%	0.57%	0.48%	1.17%	1.90%	7.49%	2.14%	4.30%	6.09%	5.44%	4.85%	6.34%
XLUP.L Invesco US Utilities 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 XLUP.L and FSMAX in my portfolio?

XLUP.L and FSMAX have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.