XSPX.L vs. SPY5.L

Last updated Jun 26, 2026

XSPX.L (Xtrackers S&P 500 Swap UCITS ETF 1C) and SPY5.L (State Street SPDR S&P 500 UCITS ETF (Dist)) are both S&P 500 funds tracking the S&P 500 Index, from Xtrackers and State Street respectively. Both are passively managed. Over the past 10 years, XSPX.L returned 15.73%/yr vs 15.53%/yr for SPY5.L. Their correlation of 0.93 suggests significant overlap in exposure. XSPX.L charges 0.15%/yr vs 0.03%/yr for SPY5.L.

Performance

XSPX.L vs. SPY5.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 State Street SPDR S&P 500 UCITS ETF (Dist) (SPY5.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XSPX.L is traded in GBp, while SPY5.L is traded in USD. To make them comparable, the SPY5.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 9.47% return and SPY5.L slightly higher at 9.76%. Both investments have delivered pretty close results over the past 10 years, with XSPX.L having a 15.73% annualized return and SPY5.L not far behind at 15.53%.

XSPX.L

• 1D: -1.06%
• 1M: -0.11%
• YTD: 9.47%
• 6M: 9.65%
• 1Y: 25.92%
• 3Y*: 19.19%
• 5Y*: 14.10%
• 10Y*: 15.73%

SPY5.L

• 1D: -0.82%
• 1M: 0.10%
• YTD: 9.76%
• 6M: 9.80%
• 1Y: 26.51%
• 3Y*: 19.16%
• 5Y*: 13.96%
• 10Y*: 15.53%

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

XSPX.L vs. SPY5.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSPX.L Xtrackers S&P 500 Swap UCITS ETF 1C	9.47%	9.46%	27.43%	19.97%	-8.90%	31.28%	13.93%	26.82%	0.30%	11.07%
SPY5.L State Street SPDR S&P 500 UCITS ETF (Dist)	9.76%	9.06%	27.55%	20.31%	-9.01%	30.50%	14.06%	25.47%	0.15%	11.07%

Correlation

The correlation between XSPX.L and SPY5.L is 0.91, 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	0.91
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 Mar 19, 2012	0.93

The correlation between XSPX.L and SPY5.L has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

XSPX.L vs. SPY5.L - Sectors Allocation Comparison

Sectors	XSPX.L	SPY5.L
Technology	35.6%	39.1%
Financial Services	11.8%	11.1%
Communication Services	11.2%	10.8%
Consumer Cyclical	10.1%	9.9%
Healthcare	8.5%	8.4%
Industrials	8.3%	7.8%
Consumer Defensive	4.9%	4.5%
Energy	3.5%	3.2%
Utilities	2.4%	2.1%
Real Estate	1.9%	1.8%
Basic Materials	1.8%	1.3%

Return for Risk

XSPX.L vs. SPY5.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: 80
XSPX.L Sharpe Ratio Rank: 84
XSPX.L Sortino Ratio Rank: 82
XSPX.L Omega Ratio Rank: 83
XSPX.L Calmar Ratio Rank: 78
XSPX.L Martin Ratio Rank: 75

SPY5.L

SPY5.L Risk / Return Rank: 67
SPY5.L Sharpe Ratio Rank: 66
SPY5.L Sortino Ratio Rank: 71
SPY5.L Omega Ratio Rank: 65
SPY5.L Calmar Ratio Rank: 63
SPY5.L Martin Ratio Rank: 70

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. SPY5.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 State Street SPDR S&P 500 UCITS ETF (Dist) (SPY5.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.

	XSPX.L	SPY5.L	Difference
Sharpe ratio: Return per unit of total volatility	2.35	2.17	+0.18
Sortino ratio: Return per unit of downside risk	3.17	3.02	+0.16
Omega ratio: Gain probability vs. loss probability	1.43	1.40	+0.04
Calmar ratio: Return relative to maximum drawdown	3.54	3.67	-0.13
Martin ratio: Return relative to average drawdown	12.51	12.28	+0.23

XSPX.L vs. SPY5.L - Sharpe Ratio Comparison

The current XSPX.L Sharpe Ratio is 2.35, which is comparable to the SPY5.L Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of XSPX.L and SPY5.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

XSPX.L vs. SPY5.L - Drawdown Comparison

The maximum XSPX.L drawdown since its inception was -44.87%, which is greater than SPY5.L's maximum drawdown of -25.97%. Use the drawdown chart below to compare losses from any high point for XSPX.L and SPY5.L.

Drawdown Indicators

	XSPX.L	SPY5.L	Difference
Max Drawdown Largest peak-to-trough decline	-44.87%	-25.97%	-18.90%
Max Drawdown (1Y) Largest decline over 1 year	-7.28%	-7.19%	-0.09%
Max Drawdown (3Y) Largest decline over 3 years	-21.09%	-21.10%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-21.09%	-21.10%	+0.01%
Max Drawdown (10Y) Largest decline over 10 years	-25.50%	-25.97%	+0.47%
Current Drawdown Current decline from peak	-1.54%	-1.34%	-0.20%
Average Drawdown Average peak-to-trough decline	-9.51%	-3.25%	-6.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	2.15%	-0.08%

Volatility

XSPX.L vs. SPY5.L - Volatility Comparison

The current volatility for Xtrackers S&P 500 Swap UCITS ETF 1C (XSPX.L) is 3.76%, while State Street SPDR S&P 500 UCITS ETF (Dist) (SPY5.L) has a volatility of 4.03%. This indicates that XSPX.L experiences smaller price fluctuations and is considered to be less risky than SPY5.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSPX.L	SPY5.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	4.03%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	7.79%	9.16%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	10.98%	12.18%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.04%	15.44%	+4.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.33%	16.33%	+2.00%

XSPX.L vs. SPY5.L - Expense Ratio Comparison

XSPX.L has a 0.15% expense ratio, which is higher than SPY5.L's 0.03% 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. SPY5.L - Dividend Comparison

XSPX.L has not paid dividends to shareholders, while SPY5.L's dividend yield for the trailing twelve months is around 0.93%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY5.L State Street SPDR S&P 500 UCITS ETF (Dist)	0.93%	0.97%	1.06%	1.19%	1.40%	0.99%	1.28%	1.44%	1.77%	1.51%	1.64%	1.73%
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

Can I hold both XSPX.L and SPY5.L in my portfolio?

With a correlation of 0.91, XSPX.L and SPY5.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, XSPX.L or SPY5.L?

On fees, SPY5.L is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XSPX.L or SPY5.L?

SPY5.L is cheaper with a 0.03% expense ratio, compared with 0.15% for XSPX.L.

What is the main difference between XSPX.L and SPY5.L?

Both ETFs track S&P 500 Index. They also come from different issuers: Xtrackers and State Street. Their fees differ too: 0.15% for XSPX.L and 0.03% for SPY5.L.