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XSPX.L vs. CSPX.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSPX.L vs. CSPX.L

Last updated Jun 5, 2026

XSPX.L (Xtrackers S&P 500 Swap UCITS ETF 1C) and CSPX.L (iShares Core S&P 500 UCITS ETF USD (Acc)) are both S&P 500 funds tracking the S&P 500 Index, from Xtrackers and BlackRock respectively. Both are passively managed. Over the past 10 years, XSPX.L returned 16.30%/yr vs 16.07%/yr for CSPX.L. Their correlation of 0.86 suggests significant overlap in exposure. XSPX.L charges 0.15%/yr vs 0.07%/yr for CSPX.L.

Performance

XSPX.L vs. CSPX.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers S&P 500 Swap UCITS ETF 1C (XSPX.L) and iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XSPX.L is traded in GBp, while CSPX.L is traded in USD. To make them comparable, the CSPX.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 XSPX.L having a 10.56% return and CSPX.L slightly higher at 10.72%. Both investments have delivered pretty close results over the past 10 years, with XSPX.L having a 16.30% annualized return and CSPX.L not far behind at 16.07%.

XSPX.L

1D
-0.01%
1M
5.51%
YTD
10.56%
6M
10.49%
1Y
29.14%
3Y*
19.11%
5Y*
15.05%
10Y*
16.30%

CSPX.L

1D
0.00%
1M
5.42%
YTD
10.72%
6M
10.33%
1Y
29.03%
3Y*
19.08%
5Y*
14.94%
10Y*
16.07%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSPX.L vs. CSPX.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XSPX.L
Xtrackers S&P 500 Swap UCITS ETF 1C		10.56%9.46%27.43%19.97%-8.90%31.28%13.93%26.82%0.30%11.07%
CSPX.L
iShares Core S&P 500 UCITS ETF USD (Acc)		10.77%9.09%27.44%20.40%-9.06%30.58%14.17%25.59%0.15%11.08%

Correlation

The correlation between XSPX.L and CSPX.L is 0.89, 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

0.89

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

0.92

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

0.92

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

0.92

Correlation (All Time)
Calculated using the full available price history since Sep 16, 2010

0.86

The correlation between XSPX.L and CSPX.L has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

XSPX.L vs. CSPX.L - Sectors Allocation Comparison

Sectors
XSPX.L
CSPX.L

Technology

35.6%
38.2%

Financial Services

11.8%
11.1%

Communication Services

11.2%
10.9%

Consumer Cyclical

10.1%
10.0%

Healthcare

8.5%
8.3%

Industrials

8.3%
7.9%

Consumer Defensive

4.9%
4.7%

Energy

3.5%
3.2%

Utilities

2.4%
2.2%

Real Estate

1.9%
1.9%

Basic Materials

1.8%
1.7%

Technology

XSPX.L
35.6%
CSPX.L
38.2%

Financial Services

XSPX.L
11.8%
CSPX.L
11.1%

Communication Services

XSPX.L
11.2%
CSPX.L
10.9%

Consumer Cyclical

XSPX.L
10.1%
CSPX.L
10.0%

Healthcare

XSPX.L
8.5%
CSPX.L
8.3%

Industrials

XSPX.L
8.3%
CSPX.L
7.9%

Consumer Defensive

XSPX.L
4.9%
CSPX.L
4.7%

Energy

XSPX.L
3.5%
CSPX.L
3.2%

Utilities

XSPX.L
2.4%
CSPX.L
2.2%

Real Estate

XSPX.L
1.9%
CSPX.L
1.9%

Basic Materials

XSPX.L
1.8%
CSPX.L
1.7%

Compare stocks, funds, or ETFs

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Xtrackers S&P 500 Swap UCITS ETF 1C

iShares Core S&P 500 UCITS ETF USD (Acc)

Often compared with XSPX.L:
XSPX.L vs. FWAFXXSPX.L vs. FWCFXXSPX.L vs. FWIFXXSPX.L vs. SUSW.LXSPX.L vs. TEMWXXSPX.L vs. SPYXSPX.L vs. VOO
Often compared with CSPX.L:
CSPX.L vs. VOOCSPX.L vs. VUAA.LCSPX.L vs. SPYCSPX.L vs. CSPX.ASCSPX.L vs. CSP1.LCSPX.L vs. VWRL.ASCSPX.L vs. IVV

Return for Risk

XSPX.L vs. CSPX.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSPX.L
XSPX.L Risk / Return Rank: 8282
Overall Rank
XSPX.L Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
XSPX.L Sortino Ratio Rank: 8484
Sortino Ratio Rank
XSPX.L Omega Ratio Rank: 8686
Omega Ratio Rank
XSPX.L Calmar Ratio Rank: 7979
Calmar Ratio Rank
XSPX.L Martin Ratio Rank: 7676
Martin Ratio Rank
CSPX.L
CSPX.L Risk / Return Rank: 7373
Overall Rank
CSPX.L Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
CSPX.L Sortino Ratio Rank: 7777
Sortino Ratio Rank
CSPX.L Omega Ratio Rank: 7272
Omega Ratio Rank
CSPX.L Calmar Ratio Rank: 6868
Calmar Ratio Rank
CSPX.L Martin Ratio Rank: 7777
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.

XSPX.L vs. CSPX.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers S&P 500 Swap UCITS ETF 1C (XSPX.L) and iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.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.

XSPX.LCSPX.LDifference
Sharpe ratioReturn per unit of total volatility
2.76
2.38

+0.39

Sortino ratioReturn per unit of downside risk
3.69
3.25

+0.43

Omega ratioGain probability vs. loss probability

1.52

1.44

+0.08

Calmar ratioReturn relative to maximum drawdown

3.98

3.95

+0.03

Martin ratioReturn relative to average drawdown

14.33

13.49

+0.84

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

XSPX.L vs. CSPX.L - Sharpe Ratio Comparison

The current XSPX.L Sharpe Ratio is 2.76, which is comparable to the CSPX.L Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of XSPX.L and CSPX.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

XSPX.LCSPX.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.76

2.38

+0.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.05

0.97

+0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.05

0.98

+0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.99

0.98

+0.02

Drawdowns

XSPX.L vs. CSPX.L - Drawdown Comparison

The maximum XSPX.L drawdown since its inception was -25.50%, roughly equal to the maximum CSPX.L drawdown of -25.99%. Use the drawdown chart below to compare losses from any high point for XSPX.L and CSPX.L.

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Drawdown Indicators

XSPX.LCSPX.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.50%

-25.99%

+0.49%

Max Drawdown (1Y)

Largest decline over 1 year

-7.28%

-7.22%

-0.06%

Max Drawdown (3Y)

Largest decline over 3 years

-21.09%

-21.16%

+0.07%

Max Drawdown (5Y)

Largest decline over 5 years

-21.09%

-21.16%

+0.07%

Max Drawdown (10Y)

Largest decline over 10 years

-25.50%

-25.99%

+0.49%

Current Drawdown

Current decline from peak

-0.23%

-0.28%

+0.05%

Average Drawdown

Average peak-to-trough decline

-3.37%

-3.29%

-0.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

2.13%

-0.10%

Volatility

XSPX.L vs. CSPX.L - Volatility Comparison

The current volatility for Xtrackers S&P 500 Swap UCITS ETF 1C (XSPX.L) is 2.62%, while iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.L) has a volatility of 3.49%. This indicates that XSPX.L experiences smaller price fluctuations and is considered to be less risky than CSPX.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XSPX.LCSPX.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.62%

3.49%

-0.87%

Volatility (6M)

Calculated over the trailing 6-month period

7.15%

8.67%

-1.52%

Volatility (1Y)

Calculated over the trailing 1-year period

10.49%

11.99%

-1.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.28%

15.39%

-1.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.53%

16.37%

-0.84%

XSPX.L vs. CSPX.L - Expense Ratio Comparison

XSPX.L has a 0.15% expense ratio, which is higher than CSPX.L's 0.07% 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

XSPX.L vs. CSPX.L - Dividend Comparison

Neither XSPX.L nor CSPX.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

XSPX.L and CSPX.L have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CSPX.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CSPX.L is cheaper with a 0.07% expense ratio, compared with 0.15% for XSPX.L.

Both ETFs track S&P 500 Index. They also come from different issuers: Xtrackers and BlackRock. Their fees differ too: 0.15% for XSPX.L and 0.07% for CSPX.L.

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