AUCP.L vs. PICB

Last updated Jun 13, 2026

AUCP.L (L&G Gold Mining UCITS ETF) and PICB (Invesco International Corporate Bond ETF) are both exchange-traded funds - AUCP.L is a Precious Metals fund tracking the STOXX Global Gold Miners, while PICB is a Corporate Bonds fund tracking the S&P International Corporate Bond Index. Both are passively managed. Over the past 10 years, AUCP.L returned 15.25%/yr vs 1.33%/yr for PICB. At a 0.19 correlation, their price movements are largely independent. AUCP.L charges 0.55%/yr vs 0.50%/yr for PICB.

Performance

AUCP.L vs. PICB - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in L&G Gold Mining UCITS ETF (AUCP.L) and Invesco International Corporate Bond ETF (PICB). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AUCP.L is traded in GBp, while PICB is traded in USD. To make them comparable, the PICB values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, AUCP.L achieves a -7.67% return, which is significantly lower than PICB's -0.06% return. Over the past 10 years, AUCP.L has outperformed PICB with an annualized return of 15.25%, while PICB has yielded a comparatively lower 1.33% annualized return.

AUCP.L

• 1D: 5.97%
• 1M: -15.23%
• YTD: -7.67%
• 6M: -6.42%
• 1Y: 50.86%
• 3Y*: 44.14%
• 5Y*: 22.06%
• 10Y*: 15.25%

PICB

• 1D: 0.09%
• 1M: 0.29%
• YTD: -0.06%
• 6M: -0.19%
• 1Y: 2.89%
• 3Y*: 4.03%
• 5Y*: -1.26%
• 10Y*: 1.33%

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

AUCP.L vs. PICB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AUCP.L L&G Gold Mining UCITS ETF	-7.67%	161.99%	20.20%	8.69%	-4.04%	-8.91%	17.60%	39.53%	-5.63%	0.57%
PICB Invesco International Corporate Bond ETF	-0.06%	6.19%	-1.77%	5.99%	-13.44%	-5.99%	9.55%	5.24%	-1.77%	4.54%

Correlation

The correlation between AUCP.L and PICB is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.23
Correlation (All Time) Calculated using the full available price history since Jun 3, 2010	0.19

AUCP.L vs. PICB - Sectors Allocation Comparison

Sectors	AUCP.L	PICB
Basic Materials	100.0%	0.1%
Communication Services	-	5.4%
Consumer Cyclical	-	3.2%
Consumer Defensive	-	2.2%
Energy	-	2.8%
Financial Services	-	29.9%
Healthcare	-	3.3%
Industrials	-	4.7%
Real Estate	-	0.8%
Technology	-	1.0%
Utilities	-	4.6%

Return for Risk

AUCP.L vs. PICB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AUCP.L

AUCP.L Risk / Return Rank: 35
AUCP.L Sharpe Ratio Rank: 38
AUCP.L Sortino Ratio Rank: 36
AUCP.L Omega Ratio Rank: 36
AUCP.L Calmar Ratio Rank: 35
AUCP.L Martin Ratio Rank: 33

PICB

PICB Risk / Return Rank: 11
PICB Sharpe Ratio Rank: 12
PICB Sortino Ratio Rank: 11
PICB Omega Ratio Rank: 10
PICB Calmar Ratio Rank: 12
PICB Martin Ratio Rank: 12

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.

AUCP.L vs. PICB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for L&G Gold Mining UCITS ETF (AUCP.L) and Invesco International Corporate Bond ETF (PICB). 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.

	AUCP.L	PICB	Difference
Sharpe ratio: Return per unit of total volatility	1.20	0.61	+0.59
Sortino ratio: Return per unit of downside risk	1.69	0.88	+0.81
Omega ratio: Gain probability vs. loss probability	1.21	1.11	+0.11
Calmar ratio: Return relative to maximum drawdown	1.52	0.66	+0.86
Martin ratio: Return relative to average drawdown	4.30	1.70	+2.60

AUCP.L vs. PICB - Sharpe Ratio Comparison

The current AUCP.L Sharpe Ratio is 1.20, which is higher than the PICB Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of AUCP.L and PICB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AUCP.L vs. PICB - Drawdown Comparison

The maximum AUCP.L drawdown since its inception was -81.66%, which is greater than PICB's maximum drawdown of -24.01%. Use the drawdown chart below to compare losses from any high point for AUCP.L and PICB.

Drawdown Indicators

	AUCP.L	PICB	Difference
Max Drawdown Largest peak-to-trough decline	-81.66%	-24.01%	-57.65%
Max Drawdown (1Y) Largest decline over 1 year	-35.61%	-4.14%	-31.47%
Max Drawdown (3Y) Largest decline over 3 years	-35.61%	-4.24%	-31.37%
Max Drawdown (5Y) Largest decline over 5 years	-39.38%	-20.49%	-18.89%
Max Drawdown (10Y) Largest decline over 10 years	-45.72%	-24.01%	-21.71%
Current Drawdown Current decline from peak	-30.97%	-11.54%	-19.43%
Average Drawdown Average peak-to-trough decline	-45.88%	-6.84%	-39.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.55%	1.60%	+10.95%

Volatility

AUCP.L vs. PICB - Volatility Comparison

L&G Gold Mining UCITS ETF (AUCP.L) has a higher volatility of 14.66% compared to Invesco International Corporate Bond ETF (PICB) at 1.54%. This indicates that AUCP.L's price experiences larger fluctuations and is considered to be riskier than PICB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AUCP.L	PICB	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.66%	1.54%	+13.12%
Volatility (6M) Calculated over the trailing 6-month period	35.37%	3.70%	+31.67%
Volatility (1Y) Calculated over the trailing 1-year period	45.10%	4.52%	+40.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.96%	6.56%	+32.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.19%	7.84%	+28.35%

AUCP.L vs. PICB - Expense Ratio Comparison

AUCP.L has a 0.55% expense ratio, which is higher than PICB's 0.50% expense ratio.

Dividends

AUCP.L vs. PICB - Dividend Comparison

AUCP.L has not paid dividends to shareholders, while PICB's dividend yield for the trailing twelve months is around 3.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AUCP.L L&G Gold Mining UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PICB Invesco International Corporate Bond ETF	3.34%	3.17%	3.19%	2.24%	1.64%	1.34%	1.22%	1.42%	1.70%	1.47%	2.20%	2.39%

Frequently Asked Questions

Can I hold both AUCP.L and PICB in my portfolio?

AUCP.L and PICB have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AUCP.L or PICB?

On fees, PICB is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AUCP.L or PICB?

PICB is cheaper with a 0.50% expense ratio, compared with 0.55% for AUCP.L.

What is the main difference between AUCP.L and PICB?

AUCP.L is categorized as Precious Metals, while PICB is Corporate Bonds. AUCP.L tracks STOXX Global Gold Miners, while PICB tracks S&P International Corporate Bond Index. They also come from different issuers: Legal & General and Invesco. Their fees differ too: 0.55% for AUCP.L and 0.50% for PICB.