8PSE.DE vs. CSPX.AS
8PSE.DE (Invesco Physical Gold (EUR Hedged) ETC) and CSPX.AS (iShares Core S&P 500 UCITS ETF) are both exchange-traded funds - 8PSE.DE is a Gold fund tracking the LBMA Gold Price PM (EUR Hedged), while CSPX.AS is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, 8PSE.DE returned 15.46%/yr vs 14.77%/yr for CSPX.AS. At a correlation of -0.02, they often move in opposite directions. 8PSE.DE charges 0.34%/yr vs 0.07%/yr for CSPX.AS.
Performance
8PSE.DE vs. CSPX.AS - Performance Comparison
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Returns By Period
In the year-to-date period, 8PSE.DE achieves a 0.15% return, which is significantly lower than CSPX.AS's 11.52% 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*
- —
CSPX.AS
- 1D
- -0.10%
- 1M
- 4.40%
- YTD
- 11.52%
- 6M
- 10.96%
- 1Y
- 25.56%
- 3Y*
- 18.87%
- 5Y*
- 14.77%
- 10Y*
- 14.96%
8PSE.DE vs. CSPX.AS - 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% |
CSPX.AS iShares Core S&P 500 UCITS ETF | 11.52% | 4.00% | 33.87% | 22.28% | -14.24% | 40.26% | 8.46% |
Correlation
The correlation between 8PSE.DE and CSPX.AS is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2020 | -0.02 |
The correlation between 8PSE.DE and CSPX.AS shifts across timeframes, from -0.02 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
8PSE.DE vs. CSPX.AS — Risk / Return Rank
8PSE.DE
CSPX.AS
8PSE.DE vs. CSPX.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE) and iShares Core S&P 500 UCITS ETF (CSPX.AS). 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 | CSPX.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.09 | ||
| Sortino ratioReturn per unit of downside risk | -1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.42 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | 3.57 | -3.01 |
| Martin ratioReturn relative to average drawdown | 2.31 | 12.76 | -10.44 |
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
| 8PSE.DE | CSPX.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.16 | 2.25 | -2.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.96 | -0.79 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.92 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.93 | -0.76 |
Drawdowns
8PSE.DE vs. CSPX.AS - Drawdown Comparison
The maximum 8PSE.DE drawdown since its inception was -50.81%, which is greater than CSPX.AS's maximum drawdown of -33.65%. Use the drawdown chart below to compare losses from any high point for 8PSE.DE and CSPX.AS.
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Drawdown Indicators
| 8PSE.DE | CSPX.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.81% | -33.65% | -17.16% |
Max Drawdown (1Y)Largest decline over 1 year | -50.81% | -7.11% | -43.70% |
Max Drawdown (3Y)Largest decline over 3 years | -50.81% | -23.37% | -27.44% |
Max Drawdown (5Y)Largest decline over 5 years | -50.81% | -23.37% | -27.44% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.65% | — |
Current DrawdownCurrent decline from peak | -16.31% | -0.40% | -15.91% |
Average DrawdownAverage peak-to-trough decline | -10.13% | -4.28% | -5.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.27% | 2.00% | +10.27% |
Volatility
8PSE.DE vs. CSPX.AS - Volatility Comparison
Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE) has a higher volatility of 5.95% compared to iShares Core S&P 500 UCITS ETF (CSPX.AS) at 2.59%. This indicates that 8PSE.DE's price experiences larger fluctuations and is considered to be riskier than CSPX.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 8PSE.DE | CSPX.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.95% | 2.59% | +3.36% |
Volatility (6M)Calculated over the trailing 6-month period | 71.01% | 7.37% | +63.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 181.73% | 11.26% | +170.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 87.63% | 15.13% | +72.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.06% | 16.05% | +65.01% |
8PSE.DE vs. CSPX.AS - Expense Ratio Comparison
8PSE.DE has a 0.34% expense ratio, which is higher than CSPX.AS's 0.07% expense ratio.
Dividends
8PSE.DE vs. CSPX.AS - Dividend Comparison
Neither 8PSE.DE nor CSPX.AS has paid dividends to shareholders.
Frequently Asked Questions
8PSE.DE and CSPX.AS have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSPX.AS is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSPX.AS is cheaper with a 0.07% expense ratio, compared with 0.34% for 8PSE.DE.
8PSE.DE is categorized as Gold, while CSPX.AS is S&P 500. 8PSE.DE tracks LBMA Gold Price PM (EUR Hedged), while CSPX.AS tracks S&P 500 Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.34% for 8PSE.DE and 0.07% for CSPX.AS.
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