AUCP.L vs. GBSP.L
AUCP.L (L&G Gold Mining UCITS ETF) and GBSP.L (WisdomTree Physical Gold - GBP Daily Hedged) are both Precious Metals funds - AUCP.L tracks the STOXX Global Gold Miners while GBSP.L tracks the Gold (GBP Hedged). Both are passively managed. Over the past 10 years, AUCP.L returned 16.41%/yr vs 11.30%/yr for GBSP.L. A 0.74 correlation means they provide meaningful diversification when combined. AUCP.L charges 0.55%/yr vs 0.25%/yr for GBSP.L.
Performance
AUCP.L vs. GBSP.L - Performance Comparison
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Returns By Period
In the year-to-date period, AUCP.L achieves a -0.57% return, which is significantly lower than GBSP.L's 3.18% return. Over the past 10 years, AUCP.L has outperformed GBSP.L with an annualized return of 16.41%, while GBSP.L has yielded a comparatively lower 11.30% annualized return.
AUCP.L
- 1D
- 0.71%
- 1M
- -0.45%
- YTD
- -0.57%
- 6M
- 4.66%
- 1Y
- 65.77%
- 3Y*
- 46.06%
- 5Y*
- 23.58%
- 10Y*
- 16.41%
GBSP.L
- 1D
- 0.76%
- 1M
- -2.40%
- YTD
- 3.18%
- 6M
- 5.51%
- 1Y
- 31.06%
- 3Y*
- 30.23%
- 5Y*
- 17.19%
- 10Y*
- 11.30%
AUCP.L vs. GBSP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AUCP.L L&G Gold Mining UCITS ETF | -0.57% | 161.99% | 20.20% | 8.69% | -4.04% | -8.91% | 17.60% | 39.53% | -5.63% | 0.57% |
GBSP.L WisdomTree Physical Gold - GBP Daily Hedged | 3.18% | 63.29% | 25.01% | 11.75% | -1.73% | -4.92% | 21.84% | 14.56% | -4.55% | 8.43% |
Correlation
The correlation between AUCP.L and GBSP.L is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2013 | 0.74 |
The correlation between AUCP.L and GBSP.L has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.
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Return for Risk
AUCP.L vs. GBSP.L — Risk / Return Rank
AUCP.L
GBSP.L
AUCP.L vs. GBSP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Gold Mining UCITS ETF (AUCP.L) and WisdomTree Physical Gold - GBP Daily Hedged (GBSP.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.
| AUCP.L | GBSP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.24 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 1.76 | +0.45 |
| Martin ratioReturn relative to average drawdown | 5.70 | 4.51 | +1.19 |
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
| AUCP.L | GBSP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.49 | 1.25 | +0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.65 | 0.99 | -0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.72 | -0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.38 | -0.11 |
Drawdowns
AUCP.L vs. GBSP.L - Drawdown Comparison
The maximum AUCP.L drawdown since its inception was -77.57%, which is greater than GBSP.L's maximum drawdown of -37.30%. Use the drawdown chart below to compare losses from any high point for AUCP.L and GBSP.L.
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Drawdown Indicators
| AUCP.L | GBSP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.57% | -37.30% | -40.27% |
Max Drawdown (1Y)Largest decline over 1 year | -29.56% | -17.53% | -12.03% |
Max Drawdown (3Y)Largest decline over 3 years | -29.56% | -17.53% | -12.03% |
Max Drawdown (5Y)Largest decline over 5 years | -39.38% | -22.05% | -17.33% |
Max Drawdown (10Y)Largest decline over 10 years | -45.72% | -22.99% | -22.73% |
Current DrawdownCurrent decline from peak | -25.67% | -15.96% | -9.71% |
Average DrawdownAverage peak-to-trough decline | -35.74% | -17.52% | -18.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.51% | 6.88% | +4.63% |
Volatility
AUCP.L vs. GBSP.L - Volatility Comparison
L&G Gold Mining UCITS ETF (AUCP.L) has a higher volatility of 13.97% compared to WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) at 6.25%. This indicates that AUCP.L's price experiences larger fluctuations and is considered to be riskier than GBSP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AUCP.L | GBSP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.97% | 6.25% | +7.72% |
Volatility (6M)Calculated over the trailing 6-month period | 34.06% | 21.79% | +12.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.95% | 24.78% | +19.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.99% | 17.29% | +18.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.66% | 15.56% | +19.10% |
AUCP.L vs. GBSP.L - Expense Ratio Comparison
AUCP.L has a 0.55% expense ratio, which is higher than GBSP.L's 0.25% expense ratio.
Dividends
AUCP.L vs. GBSP.L - Dividend Comparison
Neither AUCP.L nor GBSP.L has paid dividends to shareholders.
Frequently Asked Questions
AUCP.L and GBSP.L have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GBSP.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBSP.L is cheaper with a 0.25% expense ratio, compared with 0.55% for AUCP.L.
AUCP.L tracks STOXX Global Gold Miners, while GBSP.L tracks Gold (GBP Hedged). They also come from different issuers: Legal & General and WisdomTree. Their fees differ too: 0.55% for AUCP.L and 0.25% for GBSP.L.
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