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XLUP.L vs. INFR.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLUP.L vs. INFR.L

Last updated Jun 5, 2026

XLUP.L (Invesco US Utilities Sector UCITS ETF) and INFR.L (iShares Global Infrastructure UCITS ETF USD (Dist)) are both Utilities Equities funds - XLUP.L tracks the MSCI World/Utilities NR USD while INFR.L tracks the FTSE Global Core Infrastructure Index. Both are passively managed. Over the past 10 years, XLUP.L returned 9.27%/yr vs 8.66%/yr for INFR.L. Their correlation of 0.83 suggests significant overlap in exposure. XLUP.L charges 0.14%/yr vs 0.65%/yr for INFR.L.

Performance

XLUP.L vs. INFR.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 Global Infrastructure UCITS ETF USD (Dist) (INFR.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XLUP.L achieves a 1.53% return, which is significantly lower than INFR.L's 9.52% return. Over the past 10 years, XLUP.L has outperformed INFR.L with an annualized return of 9.27%, while INFR.L has yielded a comparatively lower 8.66% annualized return.

XLUP.L

1D
-2.12%
1M
-5.97%
YTD
1.53%
6M
-0.68%
1Y
9.53%
3Y*
9.71%
5Y*
9.57%
10Y*
9.27%

INFR.L

1D
-1.24%
1M
-2.23%
YTD
9.52%
6M
8.44%
1Y
16.29%
3Y*
9.33%
5Y*
7.61%
10Y*
8.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XLUP.L
Invesco US Utilities Sector UCITS ETF		1.53%8.12%24.62%-13.04%13.97%20.12%-4.75%21.36%8.83%0.91%
INFR.L
iShares Global Infrastructure UCITS ETF USD (Dist)		9.52%5.90%11.49%-4.96%5.77%19.54%-4.70%20.82%4.39%5.41%

Correlation

The correlation between XLUP.L and INFR.L is 0.80, 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

0.80

Correlation (3Y)
Calculated over the trailing 3-year period

0.84

Correlation (5Y)
Calculated over the trailing 5-year period

0.85

Correlation (10Y)
Calculated over the trailing 10-year period

0.84

Correlation (All Time)
Calculated using the full available price history since Jul 1, 2014

0.83

The correlation between XLUP.L and INFR.L has been stable across timeframes, ranging from 0.80 to 0.85 - a consistent structural relationship.

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

Sectors
XLUP.L
INFR.L

Utilities

100.0%
56.0%

Basic Materials

-

-

Communication Services

-

1.0%

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

16.4%

Financial Services

-

0.0%

Healthcare

-

-

Industrials

-

20.8%

Real Estate

-

5.0%

Technology

-

0.7%

Utilities

XLUP.L
100.0%
INFR.L
56.0%

Basic Materials

XLUP.L

-

INFR.L

-

Communication Services

XLUP.L

-

INFR.L
1.0%

Consumer Cyclical

XLUP.L

-

INFR.L

-

Consumer Defensive

XLUP.L

-

INFR.L

-

Energy

XLUP.L

-

INFR.L
16.4%

Financial Services

XLUP.L

-

INFR.L
0.0%

Healthcare

XLUP.L

-

INFR.L

-

Industrials

XLUP.L

-

INFR.L
20.8%

Real Estate

XLUP.L

-

INFR.L
5.0%

Technology

XLUP.L

-

INFR.L
0.7%

Compare stocks, funds, or ETFs

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Invesco US Utilities Sector UCITS ETF

iShares Global Infrastructure UCITS ETF USD (Dist)

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XLUP.L vs. XLUXLUP.L vs. IUUS.LXLUP.L vs. SXLU.LXLUP.L vs. IUSU.LXLUP.L vs. SILG.LXLUP.L vs. PMLP.LXLUP.L vs. VPU
Often compared with INFR.L:
INFR.L vs. DPGT.LINFR.L vs. IWDA.LINFR.L vs. IUIT.LINFR.L vs. ARCK.LINFR.L vs. FWRG.LINFR.L vs. IDWR.LINFR.L vs. WUTI.L

Return for Risk

XLUP.L vs. INFR.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: 2020
Overall Rank
XLUP.L Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
XLUP.L Sortino Ratio Rank: 1919
Sortino Ratio Rank
XLUP.L Omega Ratio Rank: 1919
Omega Ratio Rank
XLUP.L Calmar Ratio Rank: 2222
Calmar Ratio Rank
XLUP.L Martin Ratio Rank: 1919
Martin Ratio Rank
INFR.L
INFR.L Risk / Return Rank: 4949
Overall Rank
INFR.L Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
INFR.L Sortino Ratio Rank: 4444
Sortino Ratio Rank
INFR.L Omega Ratio Rank: 4242
Omega Ratio Rank
INFR.L Calmar Ratio Rank: 6464
Calmar Ratio Rank
INFR.L Martin Ratio Rank: 4848
Martin Ratio Rank
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. INFR.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 Global Infrastructure UCITS ETF USD (Dist) (INFR.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.

XLUP.LINFR.LDifference
Sharpe ratioReturn per unit of total volatility
0.65
1.55

-0.90

Sortino ratioReturn per unit of downside risk
0.98
2.19

-1.21

Omega ratioGain probability vs. loss probability

1.12

1.27

-0.15

Calmar ratioReturn relative to maximum drawdown

1.01

3.13

-2.11

Martin ratioReturn relative to average drawdown

2.13

7.96

-5.82

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XLUP.L Sharpe Ratio is 0.65, which is lower than the INFR.L Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of XLUP.L and INFR.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.

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Sharpe Ratios by Period

XLUP.LINFR.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.65

1.55

-0.90

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.57

0.62

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.61

-0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

0.52

+0.08

Drawdowns

XLUP.L vs. INFR.L - Drawdown Comparison

The maximum XLUP.L drawdown since its inception was -29.94%, smaller than the maximum INFR.L drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for XLUP.L and INFR.L.

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Drawdown Indicators

XLUP.LINFR.LDifference

Max Drawdown

Largest peak-to-trough decline

-29.94%

-34.25%

+4.31%

Max Drawdown (1Y)

Largest decline over 1 year

-9.35%

-5.19%

-4.16%

Max Drawdown (3Y)

Largest decline over 3 years

-13.80%

-11.08%

-2.72%

Max Drawdown (5Y)

Largest decline over 5 years

-29.94%

-22.87%

-7.07%

Max Drawdown (10Y)

Largest decline over 10 years

-29.94%

-26.75%

-3.19%

Current Drawdown

Current decline from peak

-9.00%

-3.70%

-5.30%

Average Drawdown

Average peak-to-trough decline

-8.16%

-6.12%

-2.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.46%

2.04%

+2.42%

Volatility

XLUP.L vs. INFR.L - Volatility Comparison

Invesco US Utilities Sector UCITS ETF (XLUP.L) has a higher volatility of 5.29% compared to iShares Global Infrastructure UCITS ETF USD (Dist) (INFR.L) at 3.92%. This indicates that XLUP.L's price experiences larger fluctuations and is considered to be riskier than INFR.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLUP.LINFR.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.29%

3.92%

+1.37%

Volatility (6M)

Calculated over the trailing 6-month period

12.13%

8.92%

+3.21%

Volatility (1Y)

Calculated over the trailing 1-year period

14.65%

10.49%

+4.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.67%

12.26%

+4.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.34%

14.10%

+4.24%

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

XLUP.L has a 0.14% expense ratio, which is lower than INFR.L's 0.65% expense ratio.

Dividends

XLUP.L vs. INFR.L - Dividend Comparison

XLUP.L has not paid dividends to shareholders, while INFR.L's dividend yield for the trailing twelve months is around 2.82%.

PositionTTM20252024202320222021202020192018201720162015
INFR.L
iShares Global Infrastructure UCITS ETF USD (Dist)		2.82%2.97%2.96%3.02%2.54%2.60%2.84%2.70%2.99%3.51%3.45%4.75%
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

XLUP.L and INFR.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

XLUP.L is cheaper with a 0.14% expense ratio, compared with 0.65% for INFR.L.

XLUP.L tracks MSCI World/Utilities NR USD, while INFR.L tracks FTSE Global Core Infrastructure Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.14% for XLUP.L and 0.65% for INFR.L.

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