8PSE.DE vs. GBSE.DE
8PSE.DE (Invesco Physical Gold (EUR Hedged) ETC) and GBSE.DE (WisdomTree Physical Gold EUR Daily Hedged) are both Gold funds - 8PSE.DE tracks the LBMA Gold Price PM (EUR Hedged) while GBSE.DE tracks the MS Long Gold Euro Hedged. Both are passively managed. Over the past 5 years, 8PSE.DE returned 15.46%/yr vs 15.61%/yr for GBSE.DE. With a 0.97 correlation, they move nearly in lockstep. 8PSE.DE charges 0.34%/yr vs 0.12%/yr for GBSE.DE.
Performance
8PSE.DE vs. GBSE.DE - 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 GBSE.DE's 0.31% 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*
- —
GBSE.DE
- 1D
- 0.75%
- 1M
- -2.43%
- YTD
- 0.31%
- 6M
- 4.63%
- 1Y
- 28.73%
- 3Y*
- 28.22%
- 5Y*
- 15.61%
- 10Y*
- 10.16%
8PSE.DE vs. GBSE.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% |
GBSE.DE WisdomTree Physical Gold EUR Daily Hedged | 0.31% | 62.87% | 24.14% | 10.15% | -2.06% | -5.63% | 2.79% |
Correlation
The correlation between 8PSE.DE and GBSE.DE is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2020 | 0.97 |
The correlation between 8PSE.DE and GBSE.DE has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.
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Return for Risk
8PSE.DE vs. GBSE.DE — Risk / Return Rank
8PSE.DE
GBSE.DE
8PSE.DE vs. GBSE.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 WisdomTree Physical Gold EUR Daily Hedged (GBSE.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 | GBSE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.22 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | 1.63 | -1.07 |
| Martin ratioReturn relative to average drawdown | 2.31 | 4.08 | -1.77 |
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 | GBSE.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.16 | 1.16 | -1.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.90 | -0.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.31 | -0.15 |
Drawdowns
8PSE.DE vs. GBSE.DE - Drawdown Comparison
The maximum 8PSE.DE drawdown since its inception was -50.81%, which is greater than GBSE.DE's maximum drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for 8PSE.DE and GBSE.DE.
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Drawdown Indicators
| 8PSE.DE | GBSE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.81% | -38.38% | -12.43% |
Max Drawdown (1Y)Largest decline over 1 year | -50.81% | -17.55% | -33.26% |
Max Drawdown (3Y)Largest decline over 3 years | -50.81% | -17.55% | -33.26% |
Max Drawdown (5Y)Largest decline over 5 years | -50.81% | -22.71% | -28.10% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.45% | — |
Current DrawdownCurrent decline from peak | -16.31% | -16.18% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -10.13% | -18.88% | +8.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.27% | 7.02% | +5.25% |
Volatility
8PSE.DE vs. GBSE.DE - Volatility Comparison
Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE) and WisdomTree Physical Gold EUR Daily Hedged (GBSE.DE) have volatilities of 5.95% and 5.93%, 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
| 8PSE.DE | GBSE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.95% | 5.93% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 71.01% | 21.62% | +49.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 181.73% | 24.64% | +157.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 87.63% | 17.12% | +70.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.06% | 15.50% | +65.56% |
8PSE.DE vs. GBSE.DE - Expense Ratio Comparison
8PSE.DE has a 0.34% expense ratio, which is higher than GBSE.DE's 0.12% expense ratio.
Dividends
8PSE.DE vs. GBSE.DE - Dividend Comparison
Neither 8PSE.DE nor GBSE.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, 8PSE.DE and GBSE.DE 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, GBSE.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBSE.DE is cheaper with a 0.12% expense ratio, compared with 0.34% for 8PSE.DE.
8PSE.DE tracks LBMA Gold Price PM (EUR Hedged), while GBSE.DE tracks MS Long Gold Euro Hedged. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.34% for 8PSE.DE and 0.12% for GBSE.DE.
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