BULP.L vs. GBSP.L
BULP.L (WisdomTree Gold) and GBSP.L (WisdomTree Physical Gold - GBP Daily Hedged) are both Precious Metals funds from WisdomTree - BULP.L tracks the Gold while GBSP.L tracks the Gold (GBP Hedged). Both are passively managed. Over the past 10 years, BULP.L returned 12.01%/yr vs 11.30%/yr for GBSP.L. A 0.76 correlation means they provide meaningful diversification when combined. BULP.L charges 0.49%/yr vs 0.25%/yr for GBSP.L.
Performance
BULP.L vs. GBSP.L - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with BULP.L having a 3.12% return and GBSP.L slightly higher at 3.18%. Over the past 10 years, BULP.L has outperformed GBSP.L with an annualized return of 12.01%, while GBSP.L has yielded a comparatively lower 11.30% annualized return.
BULP.L
- 1D
- 0.71%
- 1M
- -1.50%
- YTD
- 3.12%
- 6M
- 4.39%
- 1Y
- 31.07%
- 3Y*
- 25.79%
- 5Y*
- 17.62%
- 10Y*
- 12.01%
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%
BULP.L vs. GBSP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BULP.L WisdomTree Gold | 3.12% | 50.05% | 26.15% | 5.12% | 9.83% | -4.73% | 15.76% | 12.89% | 2.70% | 0.05% |
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 BULP.L and GBSP.L is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
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 | 0.76 |
The correlation between BULP.L and GBSP.L shifts across timeframes, from 0.75 (10 years) to 0.93 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BULP.L vs. GBSP.L — Risk / Return Rank
BULP.L
GBSP.L
BULP.L vs. GBSP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Gold (BULP.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.
| BULP.L | GBSP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.24 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 1.76 | -0.03 |
| Martin ratioReturn relative to average drawdown | 4.57 | 4.51 | +0.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BULP.L | GBSP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.31 | 1.25 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.06 | 0.99 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.74 | 0.72 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.38 | +0.19 |
Drawdowns
BULP.L vs. GBSP.L - Drawdown Comparison
The maximum BULP.L drawdown since its inception was -44.90%, 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 BULP.L and GBSP.L.
Loading charts...
Drawdown Indicators
| BULP.L | GBSP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.90% | -37.30% | -7.60% |
Max Drawdown (1Y)Largest decline over 1 year | -17.88% | -17.53% | -0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -17.88% | -17.53% | -0.35% |
Max Drawdown (5Y)Largest decline over 5 years | -17.88% | -22.05% | +4.17% |
Max Drawdown (10Y)Largest decline over 10 years | -23.68% | -22.99% | -0.69% |
Current DrawdownCurrent decline from peak | -16.32% | -15.96% | -0.36% |
Average DrawdownAverage peak-to-trough decline | -16.25% | -17.52% | +1.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.79% | 6.88% | -0.09% |
Volatility
BULP.L vs. GBSP.L - Volatility Comparison
The current volatility for WisdomTree Gold (BULP.L) is 5.11%, while WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) has a volatility of 6.25%. This indicates that BULP.L experiences smaller price fluctuations and is considered to be less risky than GBSP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BULP.L | GBSP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.11% | 6.25% | -1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 20.04% | 21.79% | -1.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.59% | 24.78% | -1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.63% | 17.29% | -0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.23% | 15.56% | +0.67% |
BULP.L vs. GBSP.L - Expense Ratio Comparison
BULP.L has a 0.49% expense ratio, which is higher than GBSP.L's 0.25% expense ratio.
Dividends
BULP.L vs. GBSP.L - Dividend Comparison
Neither BULP.L nor GBSP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.93, BULP.L and GBSP.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.
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 0.49% for BULP.L.
BULP.L tracks Gold, while GBSP.L tracks Gold (GBP Hedged). Their fees differ too: 0.49% for BULP.L and 0.25% for GBSP.L.
Find the right allocation for BULP.L and GBSP.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer