AUCO.L vs. SPGP.L
AUCO.L (L&G Gold Mining UCITS ETF) and SPGP.L (iShares Gold Producers UCITS ETF) are both Gold funds - AUCO.L tracks the STOXX Global Gold Miners Index while SPGP.L tracks the EMIX Global Mining Global Gold TR USD. Both are passively managed. Over the past 10 years, AUCO.L returned 13.80%/yr vs 12.24%/yr for SPGP.L. Their correlation of 0.95 suggests significant overlap in exposure. Both charge a 0.55% expense ratio.
Performance
AUCO.L vs. SPGP.L - Performance Comparison
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Different Trading Currencies
AUCO.L is traded in USD, while SPGP.L is traded in GBp. To make them comparable, the SPGP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, AUCO.L achieves a -9.57% return, which is significantly lower than SPGP.L's -8.62% return. Over the past 10 years, AUCO.L has outperformed SPGP.L with an annualized return of 13.80%, while SPGP.L has yielded a comparatively lower 12.24% annualized return.
AUCO.L
- 1D
- 2.52%
- 1M
- -9.87%
- YTD
- -9.57%
- 6M
- -14.11%
- 1Y
- 53.11%
- 3Y*
- 49.15%
- 5Y*
- 23.24%
- 10Y*
- 13.80%
SPGP.L
- 1D
- 2.39%
- 1M
- -10.32%
- YTD
- -8.62%
- 6M
- -12.78%
- 1Y
- 49.28%
- 3Y*
- 40.19%
- 5Y*
- 19.02%
- 10Y*
- 12.24%
AUCO.L vs. SPGP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AUCO.L L&G Gold Mining UCITS ETF | -9.57% | 181.83% | 17.96% | 15.02% | -14.30% | -10.12% | 21.72% | 44.14% | -10.42% | 10.00% |
SPGP.L iShares Gold Producers UCITS ETF | -8.62% | 155.33% | 10.93% | 9.19% | -11.09% | -9.98% | 23.09% | 46.66% | -9.78% | 6.45% |
Correlation
The correlation between AUCO.L and SPGP.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011 | 0.95 |
The correlation between AUCO.L and SPGP.L has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
AUCO.L vs. SPGP.L — Risk / Return Rank
AUCO.L
SPGP.L
AUCO.L vs. SPGP.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 iShares Gold Producers UCITS ETF (SPGP.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AUCO.L | SPGP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.20 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | 1.43 | +0.04 |
| Martin ratioReturn relative to average drawdown | 3.75 | 3.65 | +0.10 |
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Drawdowns
AUCO.L vs. SPGP.L - Drawdown Comparison
The maximum AUCO.L drawdown since its inception was -78.30%, smaller than the maximum SPGP.L drawdown of -86.87%. Use the drawdown chart below to compare losses from any high point for AUCO.L and SPGP.L.
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Drawdown Indicators
| AUCO.L | SPGP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.30% | -86.87% | +8.57% |
Max Drawdown (1Y)Largest decline over 1 year | -35.92% | -34.25% | -1.67% |
Max Drawdown (3Y)Largest decline over 3 years | -35.92% | -34.25% | -1.67% |
Max Drawdown (5Y)Largest decline over 5 years | -48.62% | -45.86% | -2.76% |
Max Drawdown (10Y)Largest decline over 10 years | -54.47% | -51.86% | -2.61% |
Current DrawdownCurrent decline from peak | -32.56% | -31.69% | -0.87% |
Average DrawdownAverage peak-to-trough decline | -40.75% | -64.96% | +24.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.11% | 13.46% | +0.65% |
Volatility
AUCO.L vs. SPGP.L - Volatility Comparison
L&G Gold Mining UCITS ETF (AUCO.L) has a higher volatility of 18.91% compared to iShares Gold Producers UCITS ETF (SPGP.L) at 17.21%. This indicates that AUCO.L's price experiences larger fluctuations and is considered to be riskier than SPGP.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 | SPGP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.91% | 17.21% | +1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 39.30% | 36.68% | +2.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.02% | 44.66% | +3.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.69% | 37.89% | +0.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.65% | 35.73% | -0.08% |
AUCO.L vs. SPGP.L - Expense Ratio Comparison
Both AUCO.L and SPGP.L have an expense ratio of 0.55%.
Dividends
AUCO.L vs. SPGP.L - Dividend Comparison
Neither AUCO.L nor SPGP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, AUCO.L and SPGP.L 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.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
AUCO.L and SPGP.L have the same expense ratio: 0.55% per year.
AUCO.L tracks STOXX Global Gold Miners Index, while SPGP.L tracks EMIX Global Mining Global Gold TR USD. They also come from different issuers: L&G and iShares.
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