CLOA.DE vs. SGLP.L

Last updated Jun 5, 2026

CLOA.DE (Invesco EUR AAA CLO UCITS ETF Acc) and SGLP.L (Invesco Physical Gold A) are both exchange-traded funds - CLOA.DE is a CLO fund tracking the J.P. Morgan European Collateralized Loan Obligation AAA-only Index, while SGLP.L is a Precious Metals fund tracking the Gold. Both are passively managed. Over the past year, CLOA.DE returned 3.46% vs 30.28% for SGLP.L. At a correlation of -0.11, they often move in opposite directions. CLOA.DE charges 0.25%/yr vs 0.12%/yr for SGLP.L.

Performance

CLOA.DE vs. SGLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco EUR AAA CLO UCITS ETF Acc (CLOA.DE) and Invesco Physical Gold A (SGLP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CLOA.DE is traded in EUR, while SGLP.L is traded in GBp. To make them comparable, the SGLP.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, CLOA.DE achieves a 1.37% return, which is significantly lower than SGLP.L's 4.89% return.

CLOA.DE

• 1D: 0.11%
• 1M: 0.39%
• YTD: 1.37%
• 6M: 1.66%
• 1Y: 3.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SGLP.L

• 1D: 0.61%
• 1M: -1.55%
• YTD: 4.89%
• 6M: 6.52%
• 1Y: 30.28%
• 3Y*: 27.95%
• 5Y*: 19.71%
• 10Y*: 13.18%

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

CLOA.DE vs. SGLP.L - Yearly Performance Comparison

	2026 (YTD)	2025
CLOA.DE Invesco EUR AAA CLO UCITS ETF Acc	1.37%	2.88%
SGLP.L Invesco Physical Gold A	4.89%	31.08%

Correlation

The correlation between CLOA.DE and SGLP.L is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	-0.11

Return for Risk

CLOA.DE vs. SGLP.L — Risk / Return Rank

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

CLOA.DE

CLOA.DE Risk / Return Rank: 91
CLOA.DE Sharpe Ratio Rank: 83
CLOA.DE Sortino Ratio Rank: 90
CLOA.DE Omega Ratio Rank: 89
CLOA.DE Calmar Ratio Rank: 97
CLOA.DE Martin Ratio Rank: 96

SGLP.L

SGLP.L Risk / Return Rank: 40
SGLP.L Sharpe Ratio Rank: 42
SGLP.L Sortino Ratio Rank: 37
SGLP.L Omega Ratio Rank: 47
SGLP.L Calmar Ratio Rank: 39
SGLP.L Martin Ratio Rank: 34

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.

CLOA.DE vs. SGLP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco EUR AAA CLO UCITS ETF Acc (CLOA.DE) and Invesco Physical Gold A (SGLP.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.

	CLOA.DE	SGLP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.68	1.31	+1.37
Sortino ratio: Return per unit of downside risk	4.08	1.76	+2.32
Omega ratio: Gain probability vs. loss probability	1.55	1.26	+0.29
Calmar ratio: Return relative to maximum drawdown	11.09	1.75	+9.34
Martin ratio: Return relative to average drawdown	35.06	4.56	+30.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLOA.DE vs. SGLP.L - Sharpe Ratio Comparison

The current CLOA.DE Sharpe Ratio is 2.68, which is higher than the SGLP.L Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of CLOA.DE and SGLP.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.

Sharpe Ratios by Period

	CLOA.DE	SGLP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	1.31	+1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.31	0.54	+1.77

Drawdowns

CLOA.DE vs. SGLP.L - Drawdown Comparison

The maximum CLOA.DE drawdown since its inception was -0.49%, smaller than the maximum SGLP.L drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for CLOA.DE and SGLP.L.

Drawdown Indicators

	CLOA.DE	SGLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-0.49%	-37.06%	+36.57%
Max Drawdown (1Y) Largest decline over 1 year	-0.31%	-17.24%	+16.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.24%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.24%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-18.41%	—
Current Drawdown Current decline from peak	-0.02%	-15.31%	+15.29%
Average Drawdown Average peak-to-trough decline	-0.09%	-13.74%	+13.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	6.62%	-6.52%

Volatility

CLOA.DE vs. SGLP.L - Volatility Comparison

The current volatility for Invesco EUR AAA CLO UCITS ETF Acc (CLOA.DE) is 0.43%, while Invesco Physical Gold A (SGLP.L) has a volatility of 5.07%. This indicates that CLOA.DE experiences smaller price fluctuations and is considered to be less risky than SGLP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLOA.DE	SGLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	5.07%	-4.64%
Volatility (6M) Calculated over the trailing 6-month period	0.95%	20.05%	-19.10%
Volatility (1Y) Calculated over the trailing 1-year period	1.30%	23.07%	-21.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.42%	16.25%	-14.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.42%	14.81%	-13.39%

CLOA.DE vs. SGLP.L - Expense Ratio Comparison

CLOA.DE has a 0.25% expense ratio, which is higher than SGLP.L's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CLOA.DE vs. SGLP.L - Dividend Comparison

Neither CLOA.DE nor SGLP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CLOA.DE and SGLP.L in my portfolio?

CLOA.DE and SGLP.L have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CLOA.DE or SGLP.L?

On fees, SGLP.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, CLOA.DE or SGLP.L?

SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.25% for CLOA.DE.

What is the main difference between CLOA.DE and SGLP.L?

CLOA.DE is categorized as CLO, while SGLP.L is Precious Metals. CLOA.DE tracks J.P. Morgan European Collateralized Loan Obligation AAA-only Index, while SGLP.L tracks Gold. Their fees differ too: 0.25% for CLOA.DE and 0.12% for SGLP.L.