GBSS.L vs. SGLP.L
GBSS.L (Gold Bullion Securities) and SGLP.L (Invesco Physical Gold A) are both Precious Metals funds tracking the Gold, from WisdomTree and Invesco respectively. Both are passively managed. Over the past 10 years, GBSS.L returned 14.02%/yr vs 14.29%/yr for SGLP.L. With a 0.96 correlation, they move nearly in lockstep. GBSS.L charges 0.40%/yr vs 0.12%/yr for SGLP.L.
Performance
GBSS.L vs. SGLP.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 3.09% return and SGLP.L slightly higher at 3.24%. Both investments have delivered pretty close results over the past 10 years, with GBSS.L having a 14.02% annualized return and SGLP.L not far ahead at 14.29%.
GBSS.L
- 1D
- -1.16%
- 1M
- -2.90%
- YTD
- 3.09%
- 6M
- 4.31%
- 1Y
- 32.90%
- 3Y*
- 27.55%
- 5Y*
- 19.36%
- 10Y*
- 14.02%
SGLP.L
- 1D
- -1.17%
- 1M
- -2.86%
- YTD
- 3.24%
- 6M
- 4.38%
- 1Y
- 33.15%
- 3Y*
- 27.94%
- 5Y*
- 19.70%
- 10Y*
- 14.29%
GBSS.L vs. SGLP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBSS.L Gold Bullion Securities | 3.09% | 53.13% | 27.82% | 6.96% | 11.51% | -3.12% | 19.73% | 14.42% | 4.17% | 1.53% |
SGLP.L Invesco Physical Gold A | 3.24% | 53.60% | 28.14% | 7.26% | 11.83% | -2.88% | 19.99% | 14.65% | 4.31% | 1.64% |
Correlation
The correlation between GBSS.L and SGLP.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 Dec 19, 2011 | 0.96 |
The correlation between GBSS.L and SGLP.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. SGLP.L — Risk / Return Rank
GBSS.L
SGLP.L
GBSS.L vs. SGLP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gold Bullion Securities (GBSS.L) and Invesco Physical Gold A (SGLP.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 | SGLP.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 | 1.28 | 1.29 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 1.84 | -0.02 |
| Martin ratioReturn relative to average drawdown | 4.96 | 5.03 | -0.07 |
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 | SGLP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.43 | 1.43 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.20 | 1.22 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | 0.91 | -0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.53 | +0.13 |
Drawdowns
GBSS.L vs. SGLP.L - Drawdown Comparison
The maximum GBSS.L drawdown since its inception was -42.08%, which is greater than SGLP.L's maximum drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for GBSS.L and SGLP.L.
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Drawdown Indicators
| GBSS.L | SGLP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.08% | -38.83% | -3.25% |
Max Drawdown (1Y)Largest decline over 1 year | -17.92% | -17.89% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -17.89% | -0.03% |
Max Drawdown (5Y)Largest decline over 5 years | -17.92% | -17.89% | -0.03% |
Max Drawdown (10Y)Largest decline over 10 years | -22.41% | -22.34% | -0.07% |
Current DrawdownCurrent decline from peak | -16.67% | -16.55% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -13.55% | -13.37% | -0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.62% | 6.58% | +0.04% |
Volatility
GBSS.L vs. SGLP.L - Volatility Comparison
Gold Bullion Securities (GBSS.L) and Invesco Physical Gold A (SGLP.L) have volatilities of 5.06% and 5.09%, 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 | SGLP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.06% | 5.09% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 19.83% | 19.90% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.97% | 23.02% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.13% | 16.11% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.77% | 15.72% | +0.05% |
GBSS.L vs. SGLP.L - Expense Ratio Comparison
GBSS.L has a 0.40% expense ratio, which is higher than SGLP.L's 0.12% expense ratio.
Dividends
GBSS.L vs. SGLP.L - Dividend Comparison
Neither GBSS.L nor SGLP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, GBSS.L and SGLP.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, SGLP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.40% for GBSS.L.
Both ETFs track Gold. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.40% for GBSS.L and 0.12% for SGLP.L.
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