GBSS.L vs. PHGP.L
GBSS.L (Gold Bullion Securities) and PHGP.L (WisdomTree Physical Gold) are both Precious Metals funds from WisdomTree tracking the Gold. Both are passively managed. Over the past 10 years, GBSS.L returned 13.99%/yr vs 14.02%/yr for PHGP.L. Their correlation of 0.95 suggests significant overlap in exposure. GBSS.L charges 0.40%/yr vs 0.39%/yr for PHGP.L.
Performance
GBSS.L vs. PHGP.L - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with GBSS.L having a 3.71% return and PHGP.L slightly higher at 3.81%. Both investments have delivered pretty close results over the past 10 years, with GBSS.L having a 13.99% annualized return and PHGP.L not far ahead at 14.02%.
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%
PHGP.L
- 1D
- 0.71%
- 1M
- -1.41%
- YTD
- 3.81%
- 6M
- 5.28%
- 1Y
- 33.28%
- 3Y*
- 27.79%
- 5Y*
- 19.54%
- 10Y*
- 14.02%
GBSS.L vs. PHGP.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% |
PHGP.L WisdomTree Physical Gold | 3.81% | 53.14% | 27.85% | 6.97% | 11.52% | -3.11% | 19.74% | 14.47% | 4.18% | 1.55% |
Correlation
The correlation between GBSS.L and PHGP.L is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2007 | 0.95 |
The correlation between GBSS.L and PHGP.L has been stable across timeframes, ranging from 0.95 to 0.99 - a consistent structural relationship.
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Return for Risk
GBSS.L vs. PHGP.L — Risk / Return Rank
GBSS.L
PHGP.L
GBSS.L vs. PHGP.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 (PHGP.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 | PHGP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| 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 | 1.89 | -0.05 |
| Martin ratioReturn relative to average drawdown | 4.94 | 4.96 | -0.03 |
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 | PHGP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 1.44 | 0.00 |
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 | 0.89 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.66 | -0.01 |
Drawdowns
GBSS.L vs. PHGP.L - Drawdown Comparison
The maximum GBSS.L drawdown since its inception was -42.08%, roughly equal to the maximum PHGP.L drawdown of -42.06%. Use the drawdown chart below to compare losses from any high point for GBSS.L and PHGP.L.
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Drawdown Indicators
| GBSS.L | PHGP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.08% | -42.06% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -17.92% | -17.49% | -0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -17.49% | -0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -17.92% | -17.49% | -0.43% |
Max Drawdown (10Y)Largest decline over 10 years | -22.41% | -22.37% | -0.04% |
Current DrawdownCurrent decline from peak | -16.16% | -16.07% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -13.56% | -13.50% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.70% | 6.69% | +0.01% |
Volatility
GBSS.L vs. PHGP.L - Volatility Comparison
Gold Bullion Securities (GBSS.L) and WisdomTree Physical Gold (PHGP.L) have volatilities of 5.05% and 5.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBSS.L | PHGP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 5.10% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 19.82% | 19.93% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.96% | 23.05% | -0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.12% | 16.21% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.77% | 15.80% | -0.03% |
GBSS.L vs. PHGP.L - Expense Ratio Comparison
GBSS.L has a 0.40% expense ratio, which is higher than PHGP.L's 0.39% expense ratio.
Dividends
GBSS.L vs. PHGP.L - Dividend Comparison
Neither GBSS.L nor PHGP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, GBSS.L and PHGP.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, PHGP.L is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PHGP.L is cheaper with a 0.39% expense ratio, compared with 0.40% for GBSS.L.
Both ETFs track Gold. Their fees differ too: 0.40% for GBSS.L and 0.39% for PHGP.L.
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