8PSE.DE vs. M9SD.DE

Last updated Jun 5, 2026

8PSE.DE (Invesco Physical Gold (EUR Hedged) ETC) and M9SD.DE (Market Access NYSE Arca Gold Bugs UCITS ETF) are both exchange-traded funds - 8PSE.DE is a Gold fund tracking the LBMA Gold Price PM (EUR Hedged), while M9SD.DE is a Precious Metals fund tracking the NYSE Arca Gold BUGS. Both are passively managed. Over the past 5 years, 8PSE.DE returned 15.46%/yr vs 20.23%/yr for M9SD.DE. A 0.73 correlation means they provide meaningful diversification when combined. 8PSE.DE charges 0.34%/yr vs 0.65%/yr for M9SD.DE.

Performance

8PSE.DE vs. M9SD.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 Market Access NYSE Arca Gold Bugs UCITS ETF (M9SD.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 lower than M9SD.DE's 3.74% return.

8PSE.DE

• 1D: 0.72%
• 1M: -2.51%
• YTD: 0.15%
• 6M: 4.45%
• 1Y: 28.47%
• 3Y*: 28.08%
• 5Y*: 15.46%
• 10Y*: —

M9SD.DE

• 1D: 1.07%
• 1M: 1.31%
• YTD: 3.74%
• 6M: 11.49%
• 1Y: 70.45%
• 3Y*: 40.66%
• 5Y*: 20.23%
• 10Y*: 12.24%

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

8PSE.DE vs. M9SD.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%
M9SD.DE Market Access NYSE Arca Gold Bugs UCITS ETF	3.74%	130.74%	20.64%	2.95%	-2.13%	-8.52%	-10.60%

Correlation

The correlation between 8PSE.DE and M9SD.DE is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jul 16, 2020	0.73

The correlation between 8PSE.DE and M9SD.DE has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

Return for Risk

8PSE.DE vs. M9SD.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

M9SD.DE

M9SD.DE Risk / Return Rank: 46
M9SD.DE Sharpe Ratio Rank: 48
M9SD.DE Sortino Ratio Rank: 42
M9SD.DE Omega Ratio Rank: 44
M9SD.DE Calmar Ratio Rank: 52
M9SD.DE Martin Ratio Rank: 41

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. M9SD.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 Market Access NYSE Arca Gold Bugs UCITS ETF (M9SD.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	M9SD.DE	Difference
Sharpe ratio: Return per unit of total volatility	0.16	1.65	-1.49
Sortino ratio: Return per unit of downside risk	1.91	2.09	-0.17
Omega ratio: Gain probability vs. loss probability	1.60	1.27	+0.32
Calmar ratio: Return relative to maximum drawdown	0.56	2.56	-2.01
Martin ratio: Return relative to average drawdown	2.31	6.47	-4.16
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. M9SD.DE - Sharpe Ratio Comparison

The current 8PSE.DE Sharpe Ratio is 0.16, which is lower than the M9SD.DE Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of 8PSE.DE and M9SD.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	M9SD.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	1.65	-1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.58	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.12	+0.04

Drawdowns

8PSE.DE vs. M9SD.DE - Drawdown Comparison

The maximum 8PSE.DE drawdown since its inception was -50.81%, smaller than the maximum M9SD.DE drawdown of -80.12%. Use the drawdown chart below to compare losses from any high point for 8PSE.DE and M9SD.DE.

Drawdown Indicators

	8PSE.DE	M9SD.DE	Difference
Max Drawdown Largest peak-to-trough decline	-50.81%	-80.12%	+29.31%
Max Drawdown (1Y) Largest decline over 1 year	-50.81%	-27.35%	-23.46%
Max Drawdown (3Y) Largest decline over 3 years	-50.81%	-27.35%	-23.46%
Max Drawdown (5Y) Largest decline over 5 years	-50.81%	-39.62%	-11.19%
Max Drawdown (10Y) Largest decline over 10 years	—	-55.80%	—
Current Drawdown Current decline from peak	-16.31%	-22.37%	+6.06%
Average Drawdown Average peak-to-trough decline	-10.13%	-42.59%	+32.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.27%	10.84%	+1.43%

Volatility

8PSE.DE vs. M9SD.DE - Volatility Comparison

The current volatility for Invesco Physical Gold (EUR Hedged) ETC (8PSE.DE) is 5.95%, while Market Access NYSE Arca Gold Bugs UCITS ETF (M9SD.DE) has a volatility of 13.40%. This indicates that 8PSE.DE experiences smaller price fluctuations and is considered to be less risky than M9SD.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	8PSE.DE	M9SD.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.95%	13.40%	-7.45%
Volatility (6M) Calculated over the trailing 6-month period	71.01%	33.87%	+37.14%
Volatility (1Y) Calculated over the trailing 1-year period	181.73%	42.57%	+139.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	87.63%	34.36%	+53.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.06%	34.73%	+46.33%

8PSE.DE vs. M9SD.DE - Expense Ratio Comparison

8PSE.DE has a 0.34% expense ratio, which is lower than M9SD.DE's 0.65% expense ratio.

Dividends

8PSE.DE vs. M9SD.DE - Dividend Comparison

Neither 8PSE.DE nor M9SD.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both 8PSE.DE and M9SD.DE in my portfolio?

8PSE.DE and M9SD.DE have a correlation of 0.75, 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 M9SD.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 M9SD.DE?

8PSE.DE is cheaper with a 0.34% expense ratio, compared with 0.65% for M9SD.DE.

What is the main difference between 8PSE.DE and M9SD.DE?

8PSE.DE is categorized as Gold, while M9SD.DE is Precious Metals. 8PSE.DE tracks LBMA Gold Price PM (EUR Hedged), while M9SD.DE tracks NYSE Arca Gold BUGS. They also come from different issuers: Invesco and China Post Global. Their fees differ too: 0.34% for 8PSE.DE and 0.65% for M9SD.DE.