GBSP.L vs. SGLP.L

Last updated Jun 5, 2026

GBSP.L (WisdomTree Physical Gold - GBP Daily Hedged) and SGLP.L (Invesco Physical Gold A) are both Precious Metals funds - GBSP.L tracks the Gold (GBP Hedged) while SGLP.L tracks the Gold. Both are passively managed. Over the past 10 years, GBSP.L returned 11.30%/yr vs 14.26%/yr for SGLP.L. A 0.77 correlation means they provide meaningful diversification when combined. GBSP.L charges 0.25%/yr vs 0.12%/yr for SGLP.L.

Performance

GBSP.L vs. SGLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) and Invesco Physical Gold A (SGLP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GBSP.L achieves a 3.18% return, which is significantly lower than SGLP.L's 3.97% return. Over the past 10 years, GBSP.L has underperformed SGLP.L with an annualized return of 11.30%, while SGLP.L has yielded a comparatively higher 14.26% annualized return.

GBSP.L

• 1D: 0.76%
• 1M: -4.73%
• YTD: 3.18%
• 6M: 5.42%
• 1Y: 31.89%
• 3Y*: 30.23%
• 5Y*: 17.19%
• 10Y*: 11.30%

SGLP.L

• 1D: 0.70%
• 1M: -3.54%
• YTD: 3.97%
• 6M: 5.23%
• 1Y: 34.67%
• 3Y*: 28.15%
• 5Y*: 19.87%
• 10Y*: 14.26%

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

GBSP.L vs. SGLP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SGLP.L Invesco Physical Gold A	3.97%	53.60%	28.14%	7.26%	11.83%	-2.88%	19.99%	14.65%	4.31%	1.64%

Correlation

The correlation between GBSP.L and SGLP.L is 0.94, 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	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Mar 26, 2013	0.77

The correlation between GBSP.L and SGLP.L shifts across timeframes, from 0.77 (10 years) to 0.94 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GBSP.L vs. SGLP.L — Risk / Return Rank

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

GBSP.L

GBSP.L Risk / Return Rank: 35
GBSP.L Sharpe Ratio Rank: 35
GBSP.L Sortino Ratio Rank: 32
GBSP.L Omega Ratio Rank: 38
GBSP.L Calmar Ratio Rank: 37
GBSP.L Martin Ratio Rank: 31

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.

GBSP.L vs. SGLP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) 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.

	GBSP.L	SGLP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.46	-0.21
Sortino ratio: Return per unit of downside risk	1.68	1.90	-0.22
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	1.76	1.88	-0.11
Martin ratio: Return relative to average drawdown	4.51	5.06	-0.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBSP.L vs. SGLP.L - Sharpe Ratio Comparison

The current GBSP.L Sharpe Ratio is 1.25, which is comparable to the SGLP.L Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of GBSP.L 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

	GBSP.L	SGLP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	1.46	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	1.23	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	0.91	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.53	-0.16

Drawdowns

GBSP.L vs. SGLP.L - Drawdown Comparison

The maximum GBSP.L drawdown since its inception was -37.30%, roughly equal to the maximum SGLP.L drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for GBSP.L and SGLP.L.

Drawdown Indicators

	GBSP.L	SGLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-37.30%	-38.83%	+1.53%
Max Drawdown (1Y) Largest decline over 1 year	-17.53%	-17.89%	+0.36%
Max Drawdown (3Y) Largest decline over 3 years	-17.53%	-17.89%	+0.36%
Max Drawdown (5Y) Largest decline over 5 years	-22.05%	-17.89%	-4.16%
Max Drawdown (10Y) Largest decline over 10 years	-22.99%	-22.34%	-0.65%
Current Drawdown Current decline from peak	-15.96%	-15.97%	+0.01%
Average Drawdown Average peak-to-trough decline	-17.52%	-13.37%	-4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.88%	6.65%	+0.23%

Volatility

GBSP.L vs. SGLP.L - Volatility Comparison

WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) has a higher volatility of 6.25% compared to Invesco Physical Gold A (SGLP.L) at 5.10%. This indicates that GBSP.L's price experiences larger fluctuations and is considered to be riskier than SGLP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBSP.L	SGLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.25%	5.10%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	21.79%	19.90%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	24.78%	23.02%	+1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	16.11%	+1.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.56%	15.72%	-0.16%

GBSP.L vs. SGLP.L - Expense Ratio Comparison

GBSP.L 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

GBSP.L vs. SGLP.L - Dividend Comparison

Neither GBSP.L nor SGLP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.94, GBSP.L and SGLP.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, GBSP.L 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, GBSP.L or SGLP.L?

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

What is the main difference between GBSP.L and SGLP.L?

GBSP.L tracks Gold (GBP Hedged), while SGLP.L tracks Gold. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.25% for GBSP.L and 0.12% for SGLP.L.