GBSS.L vs. SGLN.L
GBSS.L (Gold Bullion Securities) and SGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - GBSS.L is a Precious Metals fund tracking the Gold, while SGLN.L is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, GBSS.L returned 13.99%/yr vs 14.27%/yr for SGLN.L. With a 0.96 correlation, they move nearly in lockstep. GBSS.L charges 0.40%/yr vs 0.12%/yr for SGLN.L.
Performance
GBSS.L vs. SGLN.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 SGLN.L slightly higher at 3.89%. Both investments have delivered pretty close results over the past 10 years, with GBSS.L having a 13.99% annualized return and SGLN.L not far ahead at 14.27%.
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%
SGLN.L
- 1D
- 0.70%
- 1M
- -1.36%
- YTD
- 3.89%
- 6M
- 5.42%
- 1Y
- 33.75%
- 3Y*
- 28.17%
- 5Y*
- 20.12%
- 10Y*
- 14.27%
GBSS.L vs. SGLN.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% |
SGLN.L iShares Physical Gold ETC | 3.89% | 53.66% | 28.20% | 7.24% | 11.84% | -2.57% | 19.62% | 14.63% | 4.36% | 1.68% |
Correlation
The correlation between GBSS.L and SGLN.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 | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 13, 2011 | 0.96 |
The correlation between GBSS.L and SGLN.L has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
GBSS.L vs. SGLN.L — Risk / Return Rank
GBSS.L
SGLN.L
GBSS.L vs. SGLN.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 (SGLN.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 | SGLN.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 | 1.91 | -0.07 |
| Martin ratioReturn relative to average drawdown | 4.94 | 5.05 | -0.11 |
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 | SGLN.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 | 1.23 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | 0.90 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.55 | +0.11 |
Drawdowns
GBSS.L vs. SGLN.L - Drawdown Comparison
The maximum GBSS.L drawdown since its inception was -42.08%, roughly equal to the maximum SGLN.L drawdown of -41.71%. Use the drawdown chart below to compare losses from any high point for GBSS.L and SGLN.L.
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Drawdown Indicators
| GBSS.L | SGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.08% | -41.71% | -0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -17.92% | -17.57% | -0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -17.57% | -0.35% |
Max Drawdown (5Y)Largest decline over 5 years | -17.92% | -17.57% | -0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -22.41% | -21.91% | -0.50% |
Current DrawdownCurrent decline from peak | -16.16% | -16.01% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -13.56% | -14.76% | +1.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.70% | 6.67% | +0.03% |
Volatility
GBSS.L vs. SGLN.L - Volatility Comparison
Gold Bullion Securities (GBSS.L) and iShares Physical Gold ETC (SGLN.L) have volatilities of 5.05% and 5.08%, 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 | SGLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 5.08% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 19.82% | 20.08% | -0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.96% | 23.19% | -0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.12% | 16.30% | -0.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.77% | 15.78% | -0.01% |
GBSS.L vs. SGLN.L - Expense Ratio Comparison
GBSS.L has a 0.40% expense ratio, which is higher than SGLN.L's 0.12% expense ratio.
Dividends
GBSS.L vs. SGLN.L - Dividend Comparison
Neither GBSS.L nor SGLN.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, GBSS.L and SGLN.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, SGLN.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLN.L is cheaper with a 0.12% expense ratio, compared with 0.40% for GBSS.L.
GBSS.L is categorized as Precious Metals, while SGLN.L is Gold. GBSS.L tracks Gold, while SGLN.L tracks LBMA Gold Price. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.40% for GBSS.L and 0.12% for SGLN.L.
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