XREP.L vs. VPN.L

Last updated Jul 18, 2026

XREP.L (Invesco Real Estate S&P US Select Sector UCITS ETF GBP) and VPN.L (Global X Data Center REITs & Digital Infrastructure UCITS ETF USD (Acc)) are both REIT funds - XREP.L tracks the S&P Select Sector Capped 20% Real Estate Index while VPN.L tracks the Solactive Data Center REITs & Digital Infrastructure v2 Index. Both are passively managed. Over the past 3 years, XREP.L returned 8.65%/yr vs 25.54%/yr for VPN.L. A 0.52 correlation means they provide meaningful diversification when combined. XREP.L charges 0.14%/yr vs 0.50%/yr for VPN.L.

Performance

XREP.L vs. VPN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Real Estate S&P US Select Sector UCITS ETF GBP (XREP.L) and Global X Data Center REITs & Digital Infrastructure UCITS ETF USD (Acc) (VPN.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, XREP.L achieves a 14.67% return, which is significantly lower than VPN.L's 29.99% return.

XREP.L

• 1D: 1.08%
• 1M: 2.66%
• 6M: 10.45%
• YTD: 14.67%
• 1Y: 14.04%
• 3Y*: 8.65%
• 5Y*: —
• 10Y*: —

VPN.L

• 1D: -1.18%
• 1M: -14.45%
• 6M: 15.51%
• YTD: 29.99%
• 1Y: 43.93%
• 3Y*: 25.54%
• 5Y*: —
• 10Y*: —

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

XREP.L vs. VPN.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XREP.L Invesco Real Estate S&P US Select Sector UCITS ETF GBP	14.67%	-3.09%	4.07%	6.60%	-10.87%
VPN.L Global X Data Center REITs & Digital Infrastructure UCITS ETF USD (Acc)	29.99%	20.10%	15.53%	11.80%	-15.50%

Correlation

The correlation between XREP.L and VPN.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jul 25, 2022	0.52

Over the past year, the correlation between XREP.L and VPN.L has dropped to 0.23 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

Return for Risk

XREP.L vs. VPN.L — Risk / Return Rank

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

XREP.L

XREP.L Risk / Return Rank: 39
XREP.L Sharpe Ratio Rank: 36
XREP.L Sortino Ratio Rank: 36
XREP.L Omega Ratio Rank: 33
XREP.L Calmar Ratio Rank: 52
XREP.L Martin Ratio Rank: 37

VPN.L

VPN.L Risk / Return Rank: 73
VPN.L Sharpe Ratio Rank: 78
VPN.L Sortino Ratio Rank: 76
VPN.L Omega Ratio Rank: 69
VPN.L Calmar Ratio Rank: 76
VPN.L Martin Ratio Rank: 65

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.

XREP.L vs. VPN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Real Estate S&P US Select Sector UCITS ETF GBP (XREP.L) and Global X Data Center REITs & Digital Infrastructure UCITS ETF USD (Acc) (VPN.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.

	XREP.L	VPN.L	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.89	-0.85
Sortino ratio: Return per unit of downside risk	1.55	2.57	-1.01
Omega ratio: Gain probability vs. loss probability	1.18	1.31	-0.13
Calmar ratio: Return relative to maximum drawdown	2.02	2.68	-0.66
Martin ratio: Return relative to average drawdown	4.46	8.56	-4.09

XREP.L vs. VPN.L - Sharpe Ratio Comparison

The current XREP.L Sharpe Ratio is 1.03, which is lower than the VPN.L Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of XREP.L and VPN.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

XREP.L vs. VPN.L - Drawdown Comparison

The maximum XREP.L drawdown since its inception was -27.45%, roughly equal to the maximum VPN.L drawdown of -26.92%. Use the drawdown chart below to compare losses from any high point for XREP.L and VPN.L.

Drawdown Indicators

	XREP.L	VPN.L	Difference
Max Drawdown Largest peak-to-trough decline	-27.45%	-26.92%	-0.53%
Max Drawdown (1Y) Largest decline over 1 year	-6.92%	-16.33%	+9.41%
Max Drawdown (3Y) Largest decline over 3 years	-18.58%	-26.71%	+8.13%
Current Drawdown Current decline from peak	-0.28%	-16.33%	+16.05%
Average Drawdown Average peak-to-trough decline	-12.21%	-11.30%	-0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	5.12%	-1.98%

Volatility

XREP.L vs. VPN.L - Volatility Comparison

The current volatility for Invesco Real Estate S&P US Select Sector UCITS ETF GBP (XREP.L) is 5.16%, while Global X Data Center REITs & Digital Infrastructure UCITS ETF USD (Acc) (VPN.L) has a volatility of 7.44%. This indicates that XREP.L experiences smaller price fluctuations and is considered to be less risky than VPN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XREP.L	VPN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.16%	7.44%	-2.28%
Volatility (6M) Calculated over the trailing 6-month period	10.68%	16.91%	-6.23%
Volatility (1Y) Calculated over the trailing 1-year period	13.53%	23.19%	-9.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.37%	21.36%	-4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.37%	21.36%	-4.99%

XREP.L vs. VPN.L - Expense Ratio Comparison

XREP.L has a 0.14% expense ratio, which is lower than VPN.L's 0.50% expense ratio.

Dividends

XREP.L vs. VPN.L - Dividend Comparison

Neither XREP.L nor VPN.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XREP.L and VPN.L in my portfolio?

XREP.L and VPN.L have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XREP.L or VPN.L?

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

Which ETF is cheaper, XREP.L or VPN.L?

XREP.L is cheaper with a 0.14% expense ratio, compared with 0.50% for VPN.L.

What is the main difference between XREP.L and VPN.L?

XREP.L tracks S&P Select Sector Capped 20% Real Estate Index, while VPN.L tracks Solactive Data Center REITs & Digital Infrastructure v2 Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.14% for XREP.L and 0.50% for VPN.L.