GBSS.L vs. EGLN.L
GBSS.L (Gold Bullion Securities) and EGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - GBSS.L is a Precious Metals fund tracking the Gold, while EGLN.L is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 5 years, GBSS.L returned 19.51%/yr vs 19.87%/yr for EGLN.L. With a 0.95 correlation, they move nearly in lockstep. GBSS.L charges 0.40%/yr vs 0.25%/yr for EGLN.L.
Performance
GBSS.L vs. EGLN.L - Performance Comparison
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Different Trading Currencies
GBSS.L is traded in GBp, while EGLN.L is traded in EUR. To make them comparable, the EGLN.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, GBSS.L achieves a 3.71% return, which is significantly lower than EGLN.L's 4.06% return.
GBSS.L
- 1D
- 0.61%
- 1M
- -1.48%
- YTD
- 3.71%
- 6M
- 5.10%
- 1Y
- 33.15%
- 3Y*
- 27.74%
- 5Y*
- 19.51%
- 10Y*
- 13.99%
EGLN.L
- 1D
- 0.68%
- 1M
- -1.40%
- YTD
- 4.06%
- 6M
- 5.30%
- 1Y
- 33.71%
- 3Y*
- 28.21%
- 5Y*
- 19.87%
- 10Y*
- —
GBSS.L vs. EGLN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBSS.L Gold Bullion Securities | 3.71% | 53.13% | 27.82% | 6.96% | 11.51% | -3.12% | 19.73% | 14.42% | 4.17% | 1.53% |
EGLN.L iShares Physical Gold ETC | 4.06% | 53.83% | 28.21% | 7.18% | 11.48% | -2.31% | 20.11% | 13.77% | 4.38% | 2.47% |
Correlation
The correlation between GBSS.L and EGLN.L is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Nov 29, 2016 | 0.95 |
The correlation between GBSS.L and EGLN.L has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.
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Return for Risk
GBSS.L vs. EGLN.L — Risk / Return Rank
GBSS.L
EGLN.L
GBSS.L vs. EGLN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gold Bullion Securities (GBSS.L) and iShares Physical Gold ETC (EGLN.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.
| GBSS.L | EGLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 1.93 | -0.08 |
| Martin ratioReturn relative to average drawdown | 4.94 | 5.09 | -0.15 |
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
| GBSS.L | EGLN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 1.45 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.21 | 1.21 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.91 | -0.25 |
Drawdowns
GBSS.L vs. EGLN.L - Drawdown Comparison
The maximum GBSS.L drawdown since its inception was -42.08%, which is greater than EGLN.L's maximum drawdown of -22.58%. Use the drawdown chart below to compare losses from any high point for GBSS.L and EGLN.L.
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Drawdown Indicators
| GBSS.L | EGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.08% | -22.58% | -19.50% |
Max Drawdown (1Y)Largest decline over 1 year | -17.92% | -17.43% | -0.49% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -17.43% | -0.49% |
Max Drawdown (5Y)Largest decline over 5 years | -17.92% | -17.43% | -0.49% |
Max Drawdown (10Y)Largest decline over 10 years | -22.41% | — | — |
Current DrawdownCurrent decline from peak | -16.16% | -15.86% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -13.56% | -6.05% | -7.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.70% | 6.61% | +0.09% |
Volatility
GBSS.L vs. EGLN.L - Volatility Comparison
The current volatility for Gold Bullion Securities (GBSS.L) is 5.05%, while iShares Physical Gold ETC (EGLN.L) has a volatility of 5.54%. This indicates that GBSS.L experiences smaller price fluctuations and is considered to be less risky than EGLN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBSS.L | EGLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 5.54% | -0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 19.82% | 20.07% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.96% | 23.22% | -0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.12% | 16.35% | -0.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.77% | 15.11% | +0.66% |
GBSS.L vs. EGLN.L - Expense Ratio Comparison
GBSS.L has a 0.40% expense ratio, which is higher than EGLN.L's 0.25% expense ratio.
Dividends
GBSS.L vs. EGLN.L - Dividend Comparison
Neither GBSS.L nor EGLN.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, GBSS.L and EGLN.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, EGLN.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EGLN.L is cheaper with a 0.25% expense ratio, compared with 0.40% for GBSS.L.
GBSS.L is categorized as Precious Metals, while EGLN.L is Gold. GBSS.L tracks Gold, while EGLN.L tracks LBMA Gold Price. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.40% for GBSS.L and 0.25% for EGLN.L.
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