XREP.L vs. XRES.L

Last updated Jun 5, 2026

XREP.L (Invesco Real Estate S&P US Select Sector UCITS ETF GBP) and XRES.L (Invesco Real Estate S&P US Select Sector UCITS ETF Acc) are both REIT funds from Invesco tracking the S&P Select Sector Capped 20% Real Estate Index. Both are passively managed. Over the past 3 years, XREP.L returned 6.73%/yr vs 6.78%/yr for XRES.L. With a 0.95 correlation, they move nearly in lockstep. Both charge a 0.14% expense ratio.

Performance

XREP.L vs. XRES.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 Invesco Real Estate S&P US Select Sector UCITS ETF Acc (XRES.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with XREP.L having a 9.29% return and XRES.L slightly higher at 9.49%.

XREP.L

• 1D: 0.09%
• 1M: 0.76%
• YTD: 9.29%
• 6M: 8.24%
• 1Y: 10.39%
• 3Y*: 6.73%
• 5Y*: —
• 10Y*: —

XRES.L

• 1D: -0.02%
• 1M: 0.64%
• YTD: 9.49%
• 6M: 8.07%
• 1Y: 10.43%
• 3Y*: 6.78%
• 5Y*: 3.89%
• 10Y*: 7.18%

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

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

	2026 (YTD)	2025	2024	2023	2022
XREP.L Invesco Real Estate S&P US Select Sector UCITS ETF GBP	9.29%	-3.09%	4.07%	6.60%	1.33%
XRES.L Invesco Real Estate S&P US Select Sector UCITS ETF Acc	9.49%	-3.42%	4.23%	7.08%	0.49%

Correlation

The correlation between XREP.L and XRES.L is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 18, 2022	0.95

The correlation between XREP.L and XRES.L has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

XREP.L vs. XRES.L - Sectors Allocation Comparison

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

Return for Risk

XREP.L vs. XRES.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: 17
XREP.L Sharpe Ratio Rank: 12
XREP.L Sortino Ratio Rank: 16
XREP.L Omega Ratio Rank: 29
XREP.L Calmar Ratio Rank: 13
XREP.L Martin Ratio Rank: 12

XRES.L

XRES.L Risk / Return Rank: 23
XRES.L Sharpe Ratio Rank: 21
XRES.L Sortino Ratio Rank: 21
XRES.L Omega Ratio Rank: 20
XRES.L Calmar Ratio Rank: 26
XRES.L Martin Ratio Rank: 25

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. XRES.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 Invesco Real Estate S&P US Select Sector UCITS ETF Acc (XRES.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.

	XREP.L	XRES.L	Difference
Sharpe ratio: Return per unit of total volatility	0.23	0.76	-0.52
Sortino ratio: Return per unit of downside risk	0.73	1.14	-0.41
Omega ratio: Gain probability vs. loss probability	1.19	1.14	+0.06
Calmar ratio: Return relative to maximum drawdown	0.35	1.55	-1.20
Martin ratio: Return relative to average drawdown	0.52	3.28	-2.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XREP.L Sharpe Ratio is 0.23, which is lower than the XRES.L Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of XREP.L and XRES.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

	XREP.L	XRES.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	0.76	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.22	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	0.43	-0.25

Drawdowns

XREP.L vs. XRES.L - Drawdown Comparison

The maximum XREP.L drawdown since its inception was -29.50%, roughly equal to the maximum XRES.L drawdown of -30.14%. Use the drawdown chart below to compare losses from any high point for XREP.L and XRES.L.

Drawdown Indicators

	XREP.L	XRES.L	Difference
Max Drawdown Largest peak-to-trough decline	-29.50%	-30.14%	+0.64%
Max Drawdown (1Y) Largest decline over 1 year	-29.50%	-6.70%	-22.80%
Max Drawdown (3Y) Largest decline over 3 years	-29.50%	-18.86%	-10.64%
Max Drawdown (5Y) Largest decline over 5 years	—	-29.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-30.14%	—
Current Drawdown Current decline from peak	-21.53%	-4.98%	-16.55%
Average Drawdown Average peak-to-trough decline	-11.54%	-9.27%	-2.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.76%	3.17%	+16.59%

Volatility

XREP.L vs. XRES.L - Volatility Comparison

The current volatility for Invesco Real Estate S&P US Select Sector UCITS ETF GBP (XREP.L) is 3.93%, while Invesco Real Estate S&P US Select Sector UCITS ETF Acc (XRES.L) has a volatility of 4.35%. This indicates that XREP.L experiences smaller price fluctuations and is considered to be less risky than XRES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XREP.L	XRES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	4.35%	-0.42%
Volatility (6M) Calculated over the trailing 6-month period	9.74%	10.43%	-0.69%
Volatility (1Y) Calculated over the trailing 1-year period	44.28%	13.72%	+30.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.43%	17.58%	+9.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.43%	18.89%	+8.54%

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

Both XREP.L and XRES.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

XREP.L vs. XRES.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.94, XREP.L and XRES.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, XREP.L or XRES.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, XREP.L or XRES.L?

XREP.L and XRES.L have the same expense ratio: 0.14% per year.

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

Both ETFs track S&P Select Sector Capped 20% Real Estate Index.