GBSS.L vs. GDGB.L
GBSS.L (Gold Bullion Securities) and GDGB.L (VanEck Gold Miners UCITS ETF) are both Gold funds - GBSS.L tracks the Gold while GDGB.L tracks the MarketVector Global Gold Miners Index. Both are passively managed. Over the past 5 years, GBSS.L returned 18.42%/yr vs 19.88%/yr for GDGB.L. A 0.69 correlation means they provide meaningful diversification when combined. GBSS.L charges 0.40%/yr vs 0.53%/yr for GDGB.L.
Performance
GBSS.L vs. GDGB.L - Performance Comparison
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Different Trading Currencies
GBSS.L is traded in GBp, while GDGB.L is traded in GBP. To make them comparable, the GDGB.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 -5.08% return, which is significantly higher than GDGB.L's -9.63% return.
GBSS.L
- 1D
- -0.06%
- 1M
- -9.20%
- YTD
- -5.08%
- 6M
- -8.68%
- 1Y
- 24.28%
- 3Y*
- 25.68%
- 5Y*
- 18.42%
- 10Y*
- 11.30%
GDGB.L
- 1D
- 1.30%
- 1M
- -11.13%
- YTD
- -9.63%
- 6M
- -13.73%
- 1Y
- 52.81%
- 3Y*
- 36.08%
- 5Y*
- 19.88%
- 10Y*
- —
GBSS.L vs. GDGB.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBSS.L Gold Bullion Securities | -5.08% | 53.13% | 27.82% | 6.96% | 11.51% | -3.12% | 19.73% | 14.42% | 4.17% | -3.53% |
GDGB.L VanEck Gold Miners UCITS ETF | -9.63% | 138.26% | 11.24% | 3.69% | 3.04% | -10.47% | 19.56% | 38.86% | -5.04% | -3.87% |
Correlation
The correlation between GBSS.L and GDGB.L is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2017 | 0.69 |
The correlation between GBSS.L and GDGB.L shifts across timeframes, from 0.68 (5 years) to 0.79 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GBSS.L vs. GDGB.L — Risk / Return Rank
GBSS.L
GDGB.L
GBSS.L vs. GDGB.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gold Bullion Securities (GBSS.L) and VanEck Gold Miners UCITS ETF (GDGB.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GBSS.L | GDGB.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.21 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.52 | -0.48 |
| Martin ratioReturn relative to average drawdown | 2.92 | 3.92 | -1.00 |
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Drawdowns
GBSS.L vs. GDGB.L - Drawdown Comparison
The maximum GBSS.L drawdown since its inception was -45.24%, which is greater than GDGB.L's maximum drawdown of -40.80%. Use the drawdown chart below to compare losses from any high point for GBSS.L and GDGB.L.
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Drawdown Indicators
| GBSS.L | GDGB.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.24% | -40.80% | -4.44% |
Max Drawdown (1Y)Largest decline over 1 year | -23.27% | -34.64% | +11.37% |
Max Drawdown (3Y)Largest decline over 3 years | -23.27% | -34.64% | +11.37% |
Max Drawdown (5Y)Largest decline over 5 years | -23.27% | -35.49% | +12.22% |
Max Drawdown (10Y)Largest decline over 10 years | -23.27% | — | — |
Current DrawdownCurrent decline from peak | -23.27% | -32.59% | +9.32% |
Average DrawdownAverage peak-to-trough decline | -17.04% | -17.58% | +0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.30% | 13.44% | -5.14% |
Volatility
GBSS.L vs. GDGB.L - Volatility Comparison
The current volatility for Gold Bullion Securities (GBSS.L) is 8.19%, while VanEck Gold Miners UCITS ETF (GDGB.L) has a volatility of 16.75%. This indicates that GBSS.L experiences smaller price fluctuations and is considered to be less risky than GDGB.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 | GDGB.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.19% | 16.75% | -8.56% |
Volatility (6M)Calculated over the trailing 6-month period | 21.04% | 36.16% | -15.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.89% | 44.22% | -20.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.80% | 33.25% | -11.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.35% | 32.39% | -14.04% |
GBSS.L vs. GDGB.L - Expense Ratio Comparison
GBSS.L has a 0.40% expense ratio, which is lower than GDGB.L's 0.53% expense ratio.
Dividends
GBSS.L vs. GDGB.L - Dividend Comparison
Neither GBSS.L nor GDGB.L has paid dividends to shareholders.
Frequently Asked Questions
GBSS.L and GDGB.L have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GBSS.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBSS.L is cheaper with a 0.40% expense ratio, compared with 0.53% for GDGB.L.
GBSS.L tracks Gold, while GDGB.L tracks MarketVector Global Gold Miners Index. They also come from different issuers: WisdomTree and VanEck. Their fees differ too: 0.40% for GBSS.L and 0.53% for GDGB.L.
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