8PSE.DE vs. BNQL.DE

Last updated Jun 5, 2026

8PSE.DE (Invesco Physical Gold (EUR Hedged) ETC) and BNQL.DE (BNP Paribas Palladium ETC) are both exchange-traded funds - 8PSE.DE is a Gold fund tracking the LBMA Gold Price PM (EUR Hedged), while BNQL.DE is a Precious Metals fund tracking the Palladium Spot Price. Both are passively managed. Over the past 5 years, 8PSE.DE returned 15.46%/yr vs -14.19%/yr for BNQL.DE. At a 0.38 correlation, their price movements are largely independent. 8PSE.DE charges 0.34%/yr vs 0.99%/yr for BNQL.DE.

Performance

8PSE.DE vs. BNQL.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE) and BNP Paribas Palladium ETC (BNQL.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, 8PSE.DE achieves a 0.15% return, which is significantly higher than BNQL.DE's -17.76% return.

8PSE.DE

• 1D: 0.72%
• 1M: -4.91%
• YTD: 0.15%
• 6M: 4.44%
• 1Y: 29.12%
• 3Y*: 28.08%
• 5Y*: 15.46%
• 10Y*: —

BNQL.DE

• 1D: -1.06%
• 1M: -13.61%
• YTD: -17.76%
• 6M: -9.22%
• 1Y: 28.37%
• 3Y*: -5.67%
• 5Y*: -14.19%
• 10Y*: —

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

8PSE.DE vs. BNQL.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
8PSE.DE Invesco Physical Gold (EUR Hedged) ETC	0.15%	62.78%	24.11%	10.00%	-2.18%	-5.81%	2.14%
BNQL.DE BNP Paribas Palladium ETC	-17.76%	58.42%	-16.10%	-40.26%	-4.34%	-10.11%	10.06%

Correlation

The correlation between 8PSE.DE and BNQL.DE is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Jul 16, 2020	0.38

Return for Risk

8PSE.DE vs. BNQL.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

8PSE.DE

8PSE.DE Risk / Return Rank: 35
8PSE.DE Sharpe Ratio Rank: 11
8PSE.DE Sortino Ratio Rank: 37
8PSE.DE Omega Ratio Rank: 92
8PSE.DE Calmar Ratio Rank: 16
8PSE.DE Martin Ratio Rank: 20

BNQL.DE

BNQL.DE Risk / Return Rank: 20
BNQL.DE Sharpe Ratio Rank: 19
BNQL.DE Sortino Ratio Rank: 22
BNQL.DE Omega Ratio Rank: 22
BNQL.DE Calmar Ratio Rank: 19
BNQL.DE Martin Ratio Rank: 17

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.

8PSE.DE vs. BNQL.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE) and BNP Paribas Palladium ETC (BNQL.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.

	8PSE.DE	BNQL.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.16	0.63	-0.48
Sortino ratio: Return per unit of downside risk	1.91	1.14	+0.78
Omega ratio: Gain probability vs. loss probability	1.60	1.14	+0.46
Calmar ratio: Return relative to maximum drawdown	0.56	0.78	-0.22
Martin ratio: Return relative to average drawdown	2.31	1.68	+0.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

8PSE.DE vs. BNQL.DE - Sharpe Ratio Comparison

The current 8PSE.DE Sharpe Ratio is 0.16, which is lower than the BNQL.DE Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of 8PSE.DE and BNQL.DE, 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

	8PSE.DE	BNQL.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	0.63	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	-0.31	+0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.11	+0.05

Drawdowns

8PSE.DE vs. BNQL.DE - Drawdown Comparison

The maximum 8PSE.DE drawdown since its inception was -50.81%, smaller than the maximum BNQL.DE drawdown of -73.80%. Use the drawdown chart below to compare losses from any high point for 8PSE.DE and BNQL.DE.

Drawdown Indicators

	8PSE.DE	BNQL.DE	Difference
Max Drawdown Largest peak-to-trough decline	-50.81%	-73.80%	+22.99%
Max Drawdown (1Y) Largest decline over 1 year	-50.81%	-37.28%	-13.53%
Max Drawdown (3Y) Largest decline over 3 years	-50.81%	-43.58%	-7.23%
Max Drawdown (5Y) Largest decline over 5 years	-50.81%	-73.80%	+22.99%
Current Drawdown Current decline from peak	-16.31%	-61.09%	+44.78%
Average Drawdown Average peak-to-trough decline	-10.13%	-32.15%	+22.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.27%	17.30%	-5.03%

Volatility

8PSE.DE vs. BNQL.DE - Volatility Comparison

The current volatility for Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE) is 5.95%, while BNP Paribas Palladium ETC (BNQL.DE) has a volatility of 10.31%. This indicates that 8PSE.DE experiences smaller price fluctuations and is considered to be less risky than BNQL.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	8PSE.DE	BNQL.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.95%	10.31%	-4.36%
Volatility (6M) Calculated over the trailing 6-month period	71.01%	37.75%	+33.26%
Volatility (1Y) Calculated over the trailing 1-year period	181.73%	45.71%	+136.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	87.63%	45.30%	+42.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.06%	40.77%	+40.29%

8PSE.DE vs. BNQL.DE - Expense Ratio Comparison

8PSE.DE has a 0.34% expense ratio, which is lower than BNQL.DE's 0.99% expense ratio.

Dividends

8PSE.DE vs. BNQL.DE - Dividend Comparison

Neither 8PSE.DE nor BNQL.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 8PSE.DE and BNQL.DE in my portfolio?

8PSE.DE and BNQL.DE have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, 8PSE.DE or BNQL.DE?

On fees, 8PSE.DE is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, 8PSE.DE or BNQL.DE?

8PSE.DE is cheaper with a 0.34% expense ratio, compared with 0.99% for BNQL.DE.

What is the main difference between 8PSE.DE and BNQL.DE?

8PSE.DE is categorized as Gold, while BNQL.DE is Precious Metals. 8PSE.DE tracks LBMA Gold Price PM (EUR Hedged), while BNQL.DE tracks Palladium Spot Price. They also come from different issuers: Invesco and BNP Paribas. Their fees differ too: 0.34% for 8PSE.DE and 0.99% for BNQL.DE.