GBSS.L vs. GBSP.L
GBSS.L (Gold Bullion Securities) and GBSP.L (WisdomTree Physical Gold - GBP Daily Hedged) are both Precious Metals funds from WisdomTree - GBSS.L tracks the Gold while GBSP.L tracks the Gold (GBP Hedged). Both are passively managed. Over the past 10 years, GBSS.L returned 13.99%/yr vs 11.30%/yr for GBSP.L. A 0.77 correlation means they provide meaningful diversification when combined. GBSS.L charges 0.40%/yr vs 0.25%/yr for GBSP.L.
Performance
GBSS.L vs. GBSP.L - Performance Comparison
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Returns By Period
In the year-to-date period, GBSS.L achieves a 3.71% return, which is significantly higher than GBSP.L's 3.18% return. Over the past 10 years, GBSS.L has outperformed GBSP.L with an annualized return of 13.99%, while GBSP.L has yielded a comparatively lower 11.30% annualized 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%
GBSP.L
- 1D
- 0.76%
- 1M
- -2.40%
- YTD
- 3.18%
- 6M
- 5.51%
- 1Y
- 31.06%
- 3Y*
- 30.23%
- 5Y*
- 17.19%
- 10Y*
- 11.30%
GBSS.L vs. GBSP.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% |
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% |
Correlation
The correlation between GBSS.L and GBSP.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 | 0.76 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2013 | 0.77 |
The correlation between GBSS.L and GBSP.L shifts across timeframes, from 0.76 (10 years) to 0.94 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GBSS.L vs. GBSP.L — Risk / Return Rank
GBSS.L
GBSP.L
GBSS.L vs. GBSP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gold Bullion Securities (GBSS.L) and WisdomTree Physical Gold - GBP Daily Hedged (GBSP.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 | GBSP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.24 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 1.76 | +0.08 |
| Martin ratioReturn relative to average drawdown | 4.94 | 4.51 | +0.43 |
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 | GBSP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 1.25 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.21 | 0.99 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | 0.72 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.38 | +0.28 |
Drawdowns
GBSS.L vs. GBSP.L - Drawdown Comparison
The maximum GBSS.L drawdown since its inception was -42.08%, which is greater than GBSP.L's maximum drawdown of -37.30%. Use the drawdown chart below to compare losses from any high point for GBSS.L and GBSP.L.
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Drawdown Indicators
| GBSS.L | GBSP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.08% | -37.30% | -4.78% |
Max Drawdown (1Y)Largest decline over 1 year | -17.92% | -17.53% | -0.39% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -17.53% | -0.39% |
Max Drawdown (5Y)Largest decline over 5 years | -17.92% | -22.05% | +4.13% |
Max Drawdown (10Y)Largest decline over 10 years | -22.41% | -22.99% | +0.58% |
Current DrawdownCurrent decline from peak | -16.16% | -15.96% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -13.56% | -17.52% | +3.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.70% | 6.88% | -0.18% |
Volatility
GBSS.L vs. GBSP.L - Volatility Comparison
The current volatility for Gold Bullion Securities (GBSS.L) is 5.05%, while WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) has a volatility of 6.25%. This indicates that GBSS.L experiences smaller price fluctuations and is considered to be less risky than GBSP.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 | GBSP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 6.25% | -1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 19.82% | 21.79% | -1.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.96% | 24.78% | -1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.12% | 17.29% | -1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.77% | 15.56% | +0.21% |
GBSS.L vs. GBSP.L - Expense Ratio Comparison
GBSS.L has a 0.40% expense ratio, which is higher than GBSP.L's 0.25% expense ratio.
Dividends
GBSS.L vs. GBSP.L - Dividend Comparison
Neither GBSS.L nor GBSP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, GBSS.L and GBSP.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, GBSP.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBSP.L is cheaper with a 0.25% expense ratio, compared with 0.40% for GBSS.L.
GBSS.L tracks Gold, while GBSP.L tracks Gold (GBP Hedged). Their fees differ too: 0.40% for GBSS.L and 0.25% for GBSP.L.
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