XLUP.L vs. XLUS.L

Last updated Jun 5, 2026

XLUP.L (Invesco US Utilities Sector UCITS ETF) and XLUS.L (Invesco Utilities S&P US Select Sector UCITS ETF Acc) are both Utilities Equities funds from Invesco - XLUP.L tracks the MSCI World/Utilities NR USD while XLUS.L tracks the S&P® Select Sector Capped 20% Utilities Index. Both are passively managed. Over the past 10 years, XLUP.L returned 9.27%/yr vs 9.27%/yr for XLUS.L. Their correlation of 0.95 suggests significant overlap in exposure. Both charge a 0.14% expense ratio.

Performance

XLUP.L vs. XLUS.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 Invesco Utilities S&P US Select Sector UCITS ETF Acc (XLUS.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XLUP.L is traded in GBp, while XLUS.L is traded in USD. To make them comparable, the XLUS.L 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 1.53% return, which is significantly lower than XLUS.L's 1.91% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: XLUP.L at 9.27% and XLUS.L at 9.27%.

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%

XLUS.L

• 1D: -2.16%
• 1M: -6.07%
• YTD: 1.91%
• 6M: -0.77%
• 1Y: 9.59%
• 3Y*: 9.80%
• 5Y*: 9.59%
• 10Y*: 9.27%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
XLUS.L Invesco Utilities S&P US Select Sector UCITS ETF Acc	1.91%	7.44%	24.64%	-12.35%	14.02%	19.59%	-4.27%	20.49%	9.01%	1.25%

Correlation

The correlation between XLUP.L and XLUS.L is 0.95, 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	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jul 1, 2014	0.95

The correlation between XLUP.L and XLUS.L has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

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

Sectors	XLUP.L	XLUS.L
Utilities	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

XLUP.L vs. XLUS.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: 20
XLUP.L Sharpe Ratio Rank: 20
XLUP.L Sortino Ratio Rank: 19
XLUP.L Omega Ratio Rank: 19
XLUP.L Calmar Ratio Rank: 22
XLUP.L Martin Ratio Rank: 19

XLUS.L

XLUS.L Risk / Return Rank: 19
XLUS.L Sharpe Ratio Rank: 19
XLUS.L Sortino Ratio Rank: 18
XLUS.L Omega Ratio Rank: 18
XLUS.L Calmar Ratio Rank: 22
XLUS.L Martin Ratio Rank: 19

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. XLUS.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 Invesco Utilities S&P US Select Sector UCITS ETF Acc (XLUS.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.L	XLUS.L	Difference
Sharpe ratio: Return per unit of total volatility	0.65	0.62	+0.03
Sortino ratio: Return per unit of downside risk	0.98	0.93	+0.05
Omega ratio: Gain probability vs. loss probability	1.12	1.11	0.00
Calmar ratio: Return relative to maximum drawdown	1.01	0.99	+0.02
Martin ratio: Return relative to average drawdown	2.13	2.15	-0.01
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. XLUS.L - Sharpe Ratio Comparison

The current XLUP.L Sharpe Ratio is 0.65, which is comparable to the XLUS.L Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of XLUP.L and XLUS.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.

Sharpe Ratios by Period

	XLUP.L	XLUS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	0.62	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.57	0.56	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.49	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.62	-0.03

Drawdowns

XLUP.L vs. XLUS.L - Drawdown Comparison

The maximum XLUP.L drawdown since its inception was -29.94%, roughly equal to the maximum XLUS.L drawdown of -29.81%. Use the drawdown chart below to compare losses from any high point for XLUP.L and XLUS.L.

Drawdown Indicators

	XLUP.L	XLUS.L	Difference
Max Drawdown Largest peak-to-trough decline	-29.94%	-29.81%	-0.13%
Max Drawdown (1Y) Largest decline over 1 year	-9.35%	-9.63%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-13.80%	-13.82%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-29.94%	-29.81%	-0.13%
Max Drawdown (10Y) Largest decline over 10 years	-29.94%	-29.81%	-0.13%
Current Drawdown Current decline from peak	-9.00%	-8.82%	-0.18%
Average Drawdown Average peak-to-trough decline	-8.16%	-7.77%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	4.46%	0.00%

Volatility

XLUP.L vs. XLUS.L - Volatility Comparison

The current volatility for Invesco US Utilities Sector UCITS ETF (XLUP.L) is 5.29%, while Invesco Utilities S&P US Select Sector UCITS ETF Acc (XLUS.L) has a volatility of 5.63%. This indicates that XLUP.L experiences smaller price fluctuations and is considered to be less risky than XLUS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLUP.L	XLUS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	5.63%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	12.13%	12.75%	-0.62%
Volatility (1Y) Calculated over the trailing 1-year period	14.65%	15.45%	-0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.67%	17.19%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.34%	18.94%	-0.60%

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

Both XLUP.L and XLUS.L have an expense ratio of 0.14%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XLUP.L vs. XLUS.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.95, XLUP.L and XLUS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

Both ETFs have the same 0.14% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XLUP.L or XLUS.L?

XLUP.L and XLUS.L have the same expense ratio: 0.14% per year.

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

XLUP.L tracks MSCI World/Utilities NR USD, while XLUS.L tracks S&P® Select Sector Capped 20% Utilities Index.