AUCO.L vs. SGLD.L
AUCO.L (L&G Gold Mining UCITS ETF) and SGLD.L (Invesco Physical Gold ETC) are both Gold funds - AUCO.L tracks the STOXX Global Gold Miners Index while SGLD.L tracks the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, AUCO.L returned 15.56%/yr vs 13.41%/yr for SGLD.L. A 0.73 correlation means they provide meaningful diversification when combined. AUCO.L charges 0.55%/yr vs 0.12%/yr for SGLD.L.
Performance
AUCO.L vs. SGLD.L - Performance Comparison
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Returns By Period
In the year-to-date period, AUCO.L achieves a -0.69% return, which is significantly lower than SGLD.L's 3.72% return. Over the past 10 years, AUCO.L has outperformed SGLD.L with an annualized return of 15.56%, while SGLD.L has yielded a comparatively lower 13.41% annualized return.
AUCO.L
- 1D
- 0.76%
- 1M
- -7.52%
- YTD
- -0.69%
- 6M
- 4.86%
- 1Y
- 62.92%
- 3Y*
- 49.95%
- 5Y*
- 22.29%
- 10Y*
- 15.56%
SGLD.L
- 1D
- 0.69%
- 1M
- -4.75%
- YTD
- 3.72%
- 6M
- 6.05%
- 1Y
- 33.11%
- 3Y*
- 31.54%
- 5Y*
- 18.60%
- 10Y*
- 13.41%
AUCO.L vs. SGLD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AUCO.L L&G Gold Mining UCITS ETF | -0.69% | 181.83% | 17.96% | 15.02% | -14.29% | -10.15% | 21.74% | 44.15% | -10.43% | 10.00% |
SGLD.L Invesco Physical Gold ETC | 3.72% | 64.87% | 26.23% | 13.36% | -0.08% | -4.08% | 24.18% | 18.33% | -1.30% | 11.54% |
Correlation
The correlation between AUCO.L and SGLD.L is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2009 | 0.73 |
The correlation between AUCO.L and SGLD.L has been stable across timeframes, ranging from 0.73 to 0.82 - a consistent structural relationship.
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Return for Risk
AUCO.L vs. SGLD.L — Risk / Return Rank
AUCO.L
SGLD.L
AUCO.L vs. SGLD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Gold Mining UCITS ETF (AUCO.L) and Invesco Physical Gold ETC (SGLD.L). 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.
| AUCO.L | SGLD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.25 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 1.86 | +0.23 |
| Martin ratioReturn relative to average drawdown | 5.42 | 4.82 | +0.60 |
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
| AUCO.L | SGLD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.41 | 1.31 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.58 | 1.08 | -0.49 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.86 | -0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.58 | -0.31 |
Drawdowns
AUCO.L vs. SGLD.L - Drawdown Comparison
The maximum AUCO.L drawdown since its inception was -78.40%, which is greater than SGLD.L's maximum drawdown of -45.21%. Use the drawdown chart below to compare losses from any high point for AUCO.L and SGLD.L.
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Drawdown Indicators
| AUCO.L | SGLD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.40% | -45.21% | -33.19% |
Max Drawdown (1Y)Largest decline over 1 year | -30.56% | -17.34% | -13.22% |
Max Drawdown (3Y)Largest decline over 3 years | -30.56% | -17.34% | -13.22% |
Max Drawdown (5Y)Largest decline over 5 years | -48.64% | -21.12% | -27.52% |
Max Drawdown (10Y)Largest decline over 10 years | -54.49% | -21.12% | -33.37% |
Current DrawdownCurrent decline from peak | -25.94% | -15.61% | -10.33% |
Average DrawdownAverage peak-to-trough decline | -42.54% | -18.20% | -24.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.83% | 6.72% | +5.11% |
Volatility
AUCO.L vs. SGLD.L - Volatility Comparison
L&G Gold Mining UCITS ETF (AUCO.L) has a higher volatility of 15.82% compared to Invesco Physical Gold ETC (SGLD.L) at 6.34%. This indicates that AUCO.L's price experiences larger fluctuations and is considered to be riskier than SGLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AUCO.L | SGLD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.82% | 6.34% | +9.48% |
Volatility (6M)Calculated over the trailing 6-month period | 36.24% | 21.72% | +14.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.42% | 24.72% | +20.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.11% | 17.29% | +20.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.36% | 15.50% | +19.86% |
AUCO.L vs. SGLD.L - Expense Ratio Comparison
AUCO.L has a 0.55% expense ratio, which is higher than SGLD.L's 0.12% expense ratio.
Dividends
AUCO.L vs. SGLD.L - Dividend Comparison
Neither AUCO.L nor SGLD.L has paid dividends to shareholders.
Frequently Asked Questions
AUCO.L and SGLD.L have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLD.L is cheaper with a 0.12% expense ratio, compared with 0.55% for AUCO.L.
AUCO.L tracks STOXX Global Gold Miners Index, while SGLD.L tracks LBMA Gold Price PM. They also come from different issuers: L&G and Invesco. Their fees differ too: 0.55% for AUCO.L and 0.12% for SGLD.L.
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