4GLD.DE vs. 8PSE.DE
4GLD.DE (Xetra-Gold) and 8PSE.DE (Invesco Physical Gold (EUR Hedged) ETC) are both Gold funds - 4GLD.DE tracks the LBMA Gold Price while 8PSE.DE tracks the LBMA Gold Price PM (EUR Hedged). Both are passively managed. Over the past 5 years, 4GLD.DE returned 19.85%/yr vs 15.46%/yr for 8PSE.DE. Their correlation of 0.84 suggests significant overlap in exposure. 4GLD.DE charges 0.00%/yr vs 0.34%/yr for 8PSE.DE.
Performance
4GLD.DE vs. 8PSE.DE - Performance Comparison
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Returns By Period
In the year-to-date period, 4GLD.DE achieves a 2.80% return, which is significantly higher than 8PSE.DE's 0.15% return.
4GLD.DE
- 1D
- 0.57%
- 1M
- -1.56%
- YTD
- 2.80%
- 6M
- 6.42%
- 1Y
- 30.27%
- 3Y*
- 28.18%
- 5Y*
- 19.85%
- 10Y*
- 13.36%
8PSE.DE
- 1D
- 0.72%
- 1M
- -2.51%
- YTD
- 0.15%
- 6M
- 4.45%
- 1Y
- 28.47%
- 3Y*
- 28.08%
- 5Y*
- 15.46%
- 10Y*
- —
4GLD.DE vs. 8PSE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
4GLD.DE Xetra-Gold | 2.80% | 49.32% | 34.57% | 9.32% | 7.12% | 4.03% | -3.52% |
8PSE.DE Invesco Physical Gold (EUR Hedged) ETC | 0.15% | 62.78% | 24.11% | 10.00% | -2.18% | -5.81% | 2.14% |
Correlation
The correlation between 4GLD.DE and 8PSE.DE is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2020 | 0.84 |
The correlation between 4GLD.DE and 8PSE.DE has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.
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Return for Risk
4GLD.DE vs. 8PSE.DE — Risk / Return Rank
4GLD.DE
8PSE.DE
4GLD.DE vs. 8PSE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Xetra-Gold (4GLD.DE) and Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE). 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.
| 4GLD.DE | 8PSE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.60 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 0.56 | +1.26 |
| Martin ratioReturn relative to average drawdown | 4.63 | 2.31 | +2.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| 4GLD.DE | 8PSE.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.31 | 0.16 | +1.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.23 | 0.17 | +1.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.92 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.16 | +0.48 |
Drawdowns
4GLD.DE vs. 8PSE.DE - Drawdown Comparison
The maximum 4GLD.DE drawdown since its inception was -36.79%, smaller than the maximum 8PSE.DE drawdown of -50.81%. Use the drawdown chart below to compare losses from any high point for 4GLD.DE and 8PSE.DE.
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Drawdown Indicators
| 4GLD.DE | 8PSE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.79% | -50.81% | +14.02% |
Max Drawdown (1Y)Largest decline over 1 year | -16.54% | -50.81% | +34.27% |
Max Drawdown (3Y)Largest decline over 3 years | -16.54% | -50.81% | +34.27% |
Max Drawdown (5Y)Largest decline over 5 years | -16.54% | -50.81% | +34.27% |
Max Drawdown (10Y)Largest decline over 10 years | -18.23% | — | — |
Current DrawdownCurrent decline from peak | -14.95% | -16.31% | +1.36% |
Average DrawdownAverage peak-to-trough decline | -11.83% | -10.13% | -1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.52% | 12.27% | -5.75% |
Volatility
4GLD.DE vs. 8PSE.DE - Volatility Comparison
The current volatility for Xetra-Gold (4GLD.DE) is 5.09%, while Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE) has a volatility of 5.95%. This indicates that 4GLD.DE experiences smaller price fluctuations and is considered to be less risky than 8PSE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 4GLD.DE | 8PSE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 5.95% | -0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 20.09% | 71.01% | -50.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.06% | 181.73% | -158.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.00% | 87.63% | -71.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.37% | 81.06% | -66.69% |
4GLD.DE vs. 8PSE.DE - Expense Ratio Comparison
4GLD.DE has a 0.00% expense ratio, which is lower than 8PSE.DE's 0.34% expense ratio.
Dividends
4GLD.DE vs. 8PSE.DE - Dividend Comparison
Neither 4GLD.DE nor 8PSE.DE has paid dividends to shareholders.
Frequently Asked Questions
4GLD.DE and 8PSE.DE have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 4GLD.DE is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
4GLD.DE is cheaper with a 0.00% expense ratio, compared with 0.34% for 8PSE.DE.
4GLD.DE tracks LBMA Gold Price, while 8PSE.DE tracks LBMA Gold Price PM (EUR Hedged). They also come from different issuers: Deutsche Börse Commodities and Invesco. Their fees differ too: 0.00% for 4GLD.DE and 0.34% for 8PSE.DE.
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