8PSG.DE vs. GLCL.TO
8PSG.DE (Invesco Physical Gold ETC) and GLCL.TO (Global X Enhanced Gold Producer Equity Covered Call ETF) are both Gold funds - 8PSG.DE tracks the LBMA Gold Price PM while GLCL.TO tracks the Mirae Asset North American Listed Gold Producers Index. Both are passively managed. Over the past year, 8PSG.DE returned 30.20% vs 73.46% for GLCL.TO. A 0.66 correlation means they provide meaningful diversification when combined. 8PSG.DE charges 0.12%/yr vs 0.85%/yr for GLCL.TO.
Performance
8PSG.DE vs. GLCL.TO - Performance Comparison
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Different Trading Currencies
8PSG.DE is traded in EUR, while GLCL.TO is traded in CAD. To make them comparable, the GLCL.TO values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, 8PSG.DE achieves a 2.72% return, which is significantly higher than GLCL.TO's -0.36% return.
8PSG.DE
- 1D
- 0.59%
- 1M
- -1.59%
- YTD
- 2.72%
- 6M
- 6.38%
- 1Y
- 30.20%
- 3Y*
- 28.02%
- 5Y*
- 19.71%
- 10Y*
- —
GLCL.TO
- 1D
- 1.64%
- 1M
- 2.31%
- YTD
- -0.36%
- 6M
- 6.27%
- 1Y
- 73.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
8PSG.DE vs. GLCL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
8PSG.DE Invesco Physical Gold ETC | 2.72% | 28.23% |
GLCL.TO Global X Enhanced Gold Producer Equity Covered Call ETF | -0.36% | 98.89% |
Correlation
The correlation between 8PSG.DE and GLCL.TO is 0.66, 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 | 0.66 |
Correlation (All Time) Calculated using the full available price history since May 2, 2025 | 0.66 |
The correlation between 8PSG.DE and GLCL.TO has been stable across timeframes, ranging from 0.66 to 0.66 - a consistent structural relationship.
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Return for Risk
8PSG.DE vs. GLCL.TO — Risk / Return Rank
8PSG.DE
GLCL.TO
8PSG.DE vs. GLCL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (8PSG.DE) and Global X Enhanced Gold Producer Equity Covered Call ETF (GLCL.TO). 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.
| 8PSG.DE | GLCL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.27 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 2.16 | -0.34 |
| Martin ratioReturn relative to average drawdown | 4.60 | 5.58 | -0.98 |
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
| 8PSG.DE | GLCL.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 1.46 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.21 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.04 | 1.75 | -0.71 |
Drawdowns
8PSG.DE vs. GLCL.TO - Drawdown Comparison
The maximum 8PSG.DE drawdown since its inception was -18.33%, smaller than the maximum GLCL.TO drawdown of -34.38%. Use the drawdown chart below to compare losses from any high point for 8PSG.DE and GLCL.TO.
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Drawdown Indicators
| 8PSG.DE | GLCL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.33% | -34.38% | +16.05% |
Max Drawdown (1Y)Largest decline over 1 year | -16.55% | -34.38% | +17.83% |
Max Drawdown (3Y)Largest decline over 3 years | -16.55% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.55% | — | — |
Current DrawdownCurrent decline from peak | -15.00% | -28.27% | +13.27% |
Average DrawdownAverage peak-to-trough decline | -6.04% | -8.46% | +2.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.54% | 13.24% | -6.70% |
Volatility
8PSG.DE vs. GLCL.TO - Volatility Comparison
The current volatility for Invesco Physical Gold ETC (8PSG.DE) is 5.09%, while Global X Enhanced Gold Producer Equity Covered Call ETF (GLCL.TO) has a volatility of 17.71%. This indicates that 8PSG.DE experiences smaller price fluctuations and is considered to be less risky than GLCL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| 8PSG.DE | GLCL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 17.71% | -12.62% |
Volatility (6M)Calculated over the trailing 6-month period | 20.17% | 41.77% | -21.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.14% | 50.73% | -27.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.04% | 50.56% | -34.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.13% | 50.56% | -34.43% |
8PSG.DE vs. GLCL.TO - Expense Ratio Comparison
8PSG.DE has a 0.12% expense ratio, which is lower than GLCL.TO's 0.85% expense ratio.
Dividends
8PSG.DE vs. GLCL.TO - Dividend Comparison
8PSG.DE has not paid dividends to shareholders, while GLCL.TO's dividend yield for the trailing twelve months is around 9.92%.
| Position | TTM | 2025 |
|---|---|---|
8PSG.DE Invesco Physical Gold ETC | 0.00% | 0.00% |
GLCL.TO Global X Enhanced Gold Producer Equity Covered Call ETF | 9.92% | 4.34% |
Frequently Asked Questions
8PSG.DE and GLCL.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, 8PSG.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
8PSG.DE is cheaper with a 0.12% expense ratio, compared with 0.85% for GLCL.TO.
8PSG.DE tracks LBMA Gold Price PM, while GLCL.TO tracks Mirae Asset North American Listed Gold Producers Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.12% for 8PSG.DE and 0.85% for GLCL.TO.
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