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

XSPX.L vs. IUSA.L

Last updated Jun 5, 2026

XSPX.L (Xtrackers S&P 500 Swap UCITS ETF 1C) and IUSA.L (iShares S&P 500 UCITS Dist) are both S&P 500 funds tracking the S&P 500 Index, from Xtrackers and iShares respectively. Both are passively managed. Over the past 10 years, XSPX.L returned 16.30%/yr vs 16.52%/yr for IUSA.L. Their correlation of 0.92 suggests significant overlap in exposure. XSPX.L charges 0.15%/yr vs 0.07%/yr for IUSA.L.

Performance

XSPX.L vs. IUSA.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 S&P 500 UCITS Dist (IUSA.L). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with XSPX.L having a 10.56% return and IUSA.L slightly higher at 10.67%. Both investments have delivered pretty close results over the past 10 years, with XSPX.L having a 16.30% annualized return and IUSA.L not far ahead at 16.52%.

XSPX.L

1D
-0.01%
1M
4.53%
YTD
10.56%
6M
9.85%
1Y
29.08%
3Y*
19.11%
5Y*
15.05%
10Y*
16.30%

IUSA.L

1D
0.04%
1M
4.50%
YTD
10.67%
6M
10.05%
1Y
29.42%
3Y*
19.42%
5Y*
15.33%
10Y*
16.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSPX.L vs. IUSA.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%
IUSA.L
iShares S&P 500 UCITS Dist		10.67%9.70%27.73%20.24%-8.72%31.54%14.15%27.06%0.51%11.19%

Correlation

The correlation between XSPX.L and IUSA.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.99

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

0.99

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

0.99

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

0.99

Correlation (All Time)
Calculated using the full available price history since May 19, 2010

0.92

The correlation between XSPX.L and IUSA.L has been stable across timeframes, ranging from 0.92 to 0.99 - a consistent structural relationship.

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

Sectors
XSPX.L
IUSA.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%
IUSA.L
38.2%

Financial Services

XSPX.L
11.8%
IUSA.L
11.1%

Communication Services

XSPX.L
11.2%
IUSA.L
10.9%

Consumer Cyclical

XSPX.L
10.1%
IUSA.L
10.0%

Healthcare

XSPX.L
8.5%
IUSA.L
8.3%

Industrials

XSPX.L
8.3%
IUSA.L
7.9%

Consumer Defensive

XSPX.L
4.9%
IUSA.L
4.7%

Energy

XSPX.L
3.5%
IUSA.L
3.2%

Utilities

XSPX.L
2.4%
IUSA.L
2.2%

Real Estate

XSPX.L
1.9%
IUSA.L
1.9%

Basic Materials

XSPX.L
1.8%
IUSA.L
1.7%

Compare stocks, funds, or ETFs

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Xtrackers S&P 500 Swap UCITS ETF 1C

iShares S&P 500 UCITS Dist

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 IUSA.L:
IUSA.L vs. CSP1.LIUSA.L vs. VUAA.LIUSA.L vs. IAPD.ASIUSA.L vs. SPX5.LIUSA.L vs. SPXP.LIUSA.L vs. VOOIUSA.L vs. IVV

Return for Risk

XSPX.L vs. IUSA.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
IUSA.L
IUSA.L Risk / Return Rank: 8484
Overall Rank
IUSA.L Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
IUSA.L Sortino Ratio Rank: 8585
Sortino Ratio Rank
IUSA.L Omega Ratio Rank: 8686
Omega Ratio Rank
IUSA.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
IUSA.L Martin Ratio Rank: 8080
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. IUSA.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 S&P 500 UCITS Dist (IUSA.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.LIUSA.LDifference
Sharpe ratioReturn per unit of total volatility
2.76
2.82

-0.05

Sortino ratioReturn per unit of downside risk
3.69
3.78

-0.09

Omega ratioGain probability vs. loss probability

1.52

1.53

-0.01

Calmar ratioReturn relative to maximum drawdown

3.98

4.20

-0.22

Martin ratioReturn relative to average drawdown

14.33

15.53

-1.20

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. IUSA.L - Sharpe Ratio Comparison

The current XSPX.L Sharpe Ratio is 2.76, which is comparable to the IUSA.L Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of XSPX.L and IUSA.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.LIUSA.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.76

2.82

-0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.05

1.07

-0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.05

1.06

-0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.99

0.58

+0.41

Drawdowns

XSPX.L vs. IUSA.L - Drawdown Comparison

The maximum XSPX.L drawdown since its inception was -25.50%, smaller than the maximum IUSA.L drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for XSPX.L and IUSA.L.

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Drawdown Indicators

XSPX.LIUSA.LDifference

Max Drawdown

Largest peak-to-trough decline

-25.50%

-38.58%

+13.08%

Max Drawdown (1Y)

Largest decline over 1 year

-7.28%

-7.01%

-0.27%

Max Drawdown (3Y)

Largest decline over 3 years

-21.09%

-21.08%

-0.01%

Max Drawdown (5Y)

Largest decline over 5 years

-21.09%

-21.08%

-0.01%

Max Drawdown (10Y)

Largest decline over 10 years

-25.50%

-25.42%

-0.08%

Current Drawdown

Current decline from peak

-0.23%

-0.22%

-0.01%

Average Drawdown

Average peak-to-trough decline

-3.37%

-7.29%

+3.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

1.90%

+0.13%

Volatility

XSPX.L vs. IUSA.L - Volatility Comparison

Xtrackers S&P 500 Swap UCITS ETF 1C (XSPX.L) and iShares S&P 500 UCITS Dist (IUSA.L) have volatilities of 2.62% and 2.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XSPX.LIUSA.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.62%

2.62%

0.00%

Volatility (6M)

Calculated over the trailing 6-month period

7.15%

7.13%

+0.02%

Volatility (1Y)

Calculated over the trailing 1-year period

10.49%

10.44%

+0.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.28%

14.33%

-0.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.53%

15.60%

-0.07%

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

XSPX.L has a 0.15% expense ratio, which is higher than IUSA.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. IUSA.L - Dividend Comparison

XSPX.L has not paid dividends to shareholders, while IUSA.L's dividend yield for the trailing twelve months is around 1.15%.

PositionTTM20252024202320222021202020192018201720162015
IUSA.L
iShares S&P 500 UCITS Dist		1.15%1.24%1.28%1.55%1.74%1.39%1.80%1.96%2.22%1.95%1.75%2.29%
XSPX.L
Xtrackers S&P 500 Swap UCITS ETF 1C		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

With a correlation of 0.99, XSPX.L and IUSA.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.

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

IUSA.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 iShares. Their fees differ too: 0.15% for XSPX.L and 0.07% for IUSA.L.

Portfolio Optimizer

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