GBSE.DE vs. PCOM.DE
GBSE.DE (WisdomTree Physical Gold EUR Daily Hedged) and PCOM.DE (WisdomTree Broad Commodities UCITS ETF) are both exchange-traded funds - GBSE.DE is a Gold fund tracking the MS Long Gold Euro Hedged, while PCOM.DE is a Commodities fund tracking the Bloomberg Commodity. Both are passively managed. Over the past 3 years, GBSE.DE returned 28.22%/yr vs 13.46%/yr for PCOM.DE. At a 0.18 correlation, their price movements are largely independent. GBSE.DE charges 0.12%/yr vs 0.19%/yr for PCOM.DE.
Performance
GBSE.DE vs. PCOM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, GBSE.DE achieves a 0.31% return, which is significantly lower than PCOM.DE's 25.30% return.
GBSE.DE
- 1D
- 0.75%
- 1M
- -2.43%
- YTD
- 0.31%
- 6M
- 4.63%
- 1Y
- 28.73%
- 3Y*
- 28.22%
- 5Y*
- 15.61%
- 10Y*
- 10.16%
PCOM.DE
- 1D
- 0.54%
- 1M
- -1.79%
- YTD
- 25.30%
- 6M
- 26.22%
- 1Y
- 37.88%
- 3Y*
- 13.46%
- 5Y*
- —
- 10Y*
- —
GBSE.DE vs. PCOM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GBSE.DE WisdomTree Physical Gold EUR Daily Hedged | 0.31% | 62.87% | 24.14% | 10.15% | -2.06% | 1.49% |
PCOM.DE WisdomTree Broad Commodities UCITS ETF | 25.30% | 5.09% | 10.91% | -10.29% | 19.78% | 3.63% |
Correlation
The correlation between GBSE.DE and PCOM.DE is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 2021 | 0.18 |
The correlation between GBSE.DE and PCOM.DE shifts across timeframes, from 0.05 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GBSE.DE vs. PCOM.DE — Risk / Return Rank
GBSE.DE
PCOM.DE
GBSE.DE vs. PCOM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Gold EUR Daily Hedged (GBSE.DE) and WisdomTree Broad Commodities UCITS ETF (PCOM.DE). 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.
| GBSE.DE | PCOM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.73 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.34 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 4.17 | -2.54 |
| Martin ratioReturn relative to average drawdown | 4.08 | 9.37 | -5.29 |
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
| GBSE.DE | PCOM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | 1.89 | -0.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.90 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.64 | -0.33 |
Drawdowns
GBSE.DE vs. PCOM.DE - Drawdown Comparison
The maximum GBSE.DE drawdown since its inception was -38.38%, which is greater than PCOM.DE's maximum drawdown of -27.22%. Use the drawdown chart below to compare losses from any high point for GBSE.DE and PCOM.DE.
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Drawdown Indicators
| GBSE.DE | PCOM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.38% | -27.22% | -11.16% |
Max Drawdown (1Y)Largest decline over 1 year | -17.55% | -8.82% | -8.73% |
Max Drawdown (3Y)Largest decline over 3 years | -17.55% | -15.80% | -1.75% |
Max Drawdown (5Y)Largest decline over 5 years | -22.71% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.45% | — | — |
Current DrawdownCurrent decline from peak | -16.18% | -3.52% | -12.66% |
Average DrawdownAverage peak-to-trough decline | -18.88% | -15.90% | -2.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.02% | 3.93% | +3.09% |
Volatility
GBSE.DE vs. PCOM.DE - Volatility Comparison
The current volatility for WisdomTree Physical Gold EUR Daily Hedged (GBSE.DE) is 5.93%, while WisdomTree Broad Commodities UCITS ETF (PCOM.DE) has a volatility of 6.27%. This indicates that GBSE.DE experiences smaller price fluctuations and is considered to be less risky than PCOM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBSE.DE | PCOM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.93% | 6.27% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 21.62% | 17.17% | +4.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.64% | 19.43% | +5.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.12% | 17.76% | -0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.50% | 17.76% | -2.26% |
GBSE.DE vs. PCOM.DE - Expense Ratio Comparison
GBSE.DE has a 0.12% expense ratio, which is lower than PCOM.DE's 0.19% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GBSE.DE vs. PCOM.DE - Dividend Comparison
Neither GBSE.DE nor PCOM.DE has paid dividends to shareholders.
Frequently Asked Questions
GBSE.DE and PCOM.DE have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GBSE.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBSE.DE is cheaper with a 0.12% expense ratio, compared with 0.19% for PCOM.DE.
GBSE.DE is categorized as Gold, while PCOM.DE is Commodities. GBSE.DE tracks MS Long Gold Euro Hedged, while PCOM.DE tracks Bloomberg Commodity. Their fees differ too: 0.12% for GBSE.DE and 0.19% for PCOM.DE.
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