BULP.L vs. SGLD.L

Last updated Jun 26, 2026

BULP.L (WisdomTree Gold) and SGLD.L (Invesco Physical Gold ETC) are both Gold funds - BULP.L tracks the Gold while SGLD.L tracks the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, BULP.L returned 9.36%/yr vs 11.60%/yr for SGLD.L. Their correlation of 0.90 suggests significant overlap in exposure. BULP.L charges 0.49%/yr vs 0.12%/yr for SGLD.L.

Performance

BULP.L vs. SGLD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Gold (BULP.L) and Invesco Physical Gold ETC (SGLD.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, BULP.L achieves a -5.66% return, which is significantly lower than SGLD.L's -4.73% return. Over the past 10 years, BULP.L has underperformed SGLD.L with an annualized return of 9.36%, while SGLD.L has yielded a comparatively higher 11.60% annualized return.

BULP.L

• 1D: 0.08%
• 1M: -9.15%
• YTD: -5.66%
• 6M: -9.51%
• 1Y: 22.42%
• 3Y*: 23.77%
• 5Y*: 16.59%
• 10Y*: 9.36%

SGLD.L

• 1D: 0.15%
• 1M: -9.03%
• YTD: -4.73%
• 6M: -8.41%
• 1Y: 25.15%
• 3Y*: 26.09%
• 5Y*: 18.75%
• 10Y*: 11.60%

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

BULP.L vs. SGLD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BULP.L WisdomTree Gold	-5.66%	50.05%	26.15%	5.12%	9.83%	-4.73%	15.76%	12.89%	2.70%	0.05%
SGLD.L Invesco Physical Gold ETC	-4.73%	53.13%	28.43%	7.70%	11.80%	-3.17%	20.53%	13.83%	4.55%	1.90%

Correlation

The correlation between BULP.L and SGLD.L is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	0.90

The correlation between BULP.L and SGLD.L has been stable across timeframes, ranging from 0.89 to 0.96 - a consistent structural relationship.

Return for Risk

BULP.L vs. SGLD.L — Risk / Return Rank

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

BULP.L

BULP.L Risk / Return Rank: 25
BULP.L Sharpe Ratio Rank: 27
BULP.L Sortino Ratio Rank: 25
BULP.L Omega Ratio Rank: 28
BULP.L Calmar Ratio Rank: 22
BULP.L Martin Ratio Rank: 22

SGLD.L

SGLD.L Risk / Return Rank: 22
SGLD.L Sharpe Ratio Rank: 23
SGLD.L Sortino Ratio Rank: 22
SGLD.L Omega Ratio Rank: 24
SGLD.L Calmar Ratio Rank: 20
SGLD.L Martin Ratio Rank: 21

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.

BULP.L vs. SGLD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Gold (BULP.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.

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.

	BULP.L	SGLD.L	Difference
Sharpe ratio: Return per unit of total volatility	0.91	0.99	-0.08
Sortino ratio: Return per unit of downside risk	1.29	1.39	-0.10
Omega ratio: Gain probability vs. loss probability	1.19	1.20	-0.01
Calmar ratio: Return relative to maximum drawdown	0.95	1.08	-0.14
Martin ratio: Return relative to average drawdown	2.66	3.08	-0.42

BULP.L vs. SGLD.L - Sharpe Ratio Comparison

The current BULP.L Sharpe Ratio is 0.91, which is comparable to the SGLD.L Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of BULP.L and SGLD.L, 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

BULP.L vs. SGLD.L - Drawdown Comparison

The maximum BULP.L drawdown since its inception was -55.22%, which is greater than SGLD.L's maximum drawdown of -41.62%. Use the drawdown chart below to compare losses from any high point for BULP.L and SGLD.L.

Drawdown Indicators

	BULP.L	SGLD.L	Difference
Max Drawdown Largest peak-to-trough decline	-55.22%	-41.62%	-13.60%
Max Drawdown (1Y) Largest decline over 1 year	-23.51%	-23.08%	-0.43%
Max Drawdown (3Y) Largest decline over 3 years	-23.51%	-23.08%	-0.43%
Max Drawdown (5Y) Largest decline over 5 years	-23.51%	-23.08%	-0.43%
Max Drawdown (10Y) Largest decline over 10 years	-23.68%	-23.08%	-0.60%
Current Drawdown Current decline from peak	-23.45%	-22.88%	-0.57%
Average Drawdown Average peak-to-trough decline	-20.36%	-13.52%	-6.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.41%	8.14%	+0.27%

Volatility

BULP.L vs. SGLD.L - Volatility Comparison

The current volatility for WisdomTree Gold (BULP.L) is 8.06%, while Invesco Physical Gold ETC (SGLD.L) has a volatility of 8.89%. This indicates that BULP.L experiences smaller price fluctuations and is considered to be less risky than SGLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BULP.L	SGLD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.06%	8.89%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	21.17%	22.44%	-1.27%
Volatility (1Y) Calculated over the trailing 1-year period	24.44%	25.18%	-0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	17.03%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.75%	15.84%	-0.09%

BULP.L vs. SGLD.L - Expense Ratio Comparison

BULP.L has a 0.49% expense ratio, which is higher than SGLD.L's 0.12% expense ratio.

Dividends

BULP.L vs. SGLD.L - Dividend Comparison

Neither BULP.L nor SGLD.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BULP.L and SGLD.L in my portfolio?

With a correlation of 0.96, BULP.L and SGLD.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.

Which ETF is better, BULP.L or SGLD.L?

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.

Which ETF is cheaper, BULP.L or SGLD.L?

SGLD.L is cheaper with a 0.12% expense ratio, compared with 0.49% for BULP.L.

What is the main difference between BULP.L and SGLD.L?

BULP.L tracks Gold, while SGLD.L tracks LBMA Gold Price PM. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.49% for BULP.L and 0.12% for SGLD.L.