GBSS.L vs. SGLS.L
GBSS.L (Gold Bullion Securities) and SGLS.L (Invesco Physical Gold GBP Hedged ETC) are both Precious Metals funds - GBSS.L tracks the Gold while SGLS.L tracks the Gold (GBP Hedged). Both are passively managed. Over the past 5 years, GBSS.L returned 19.51%/yr vs 17.34%/yr for SGLS.L. A 0.69 correlation means they provide meaningful diversification when combined. GBSS.L charges 0.40%/yr vs 0.34%/yr for SGLS.L.
Performance
GBSS.L vs. SGLS.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 SGLS.L's 3.01% 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%
SGLS.L
- 1D
- 0.62%
- 1M
- -2.49%
- YTD
- 3.01%
- 6M
- 5.20%
- 1Y
- 30.77%
- 3Y*
- 29.59%
- 5Y*
- 17.34%
- 10Y*
- —
GBSS.L vs. SGLS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GBSS.L Gold Bullion Securities | 3.71% | 53.13% | 27.82% | 6.96% | 11.51% | -3.12% | -8.28% |
SGLS.L Invesco Physical Gold GBP Hedged ETC | 3.01% | 64.22% | 24.42% | 11.48% | -1.42% | -4.63% | -3.17% |
Correlation
The correlation between GBSS.L and SGLS.L is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2020 | 0.69 |
Over the past year, GBSS.L and SGLS.L have become more correlated (0.93) than their long-term average of 0.69, meaning their price movements have been converging.
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Return for Risk
GBSS.L vs. SGLS.L — Risk / Return Rank
GBSS.L
SGLS.L
GBSS.L vs. SGLS.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 GBP Hedged ETC (SGLS.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 | SGLS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.24 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 1.71 | +0.13 |
| Martin ratioReturn relative to average drawdown | 4.94 | 4.48 | +0.45 |
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 | SGLS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 1.24 | +0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.21 | 1.07 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.90 | -0.24 |
Drawdowns
GBSS.L vs. SGLS.L - Drawdown Comparison
The maximum GBSS.L drawdown since its inception was -42.08%, which is greater than SGLS.L's maximum drawdown of -21.94%. Use the drawdown chart below to compare losses from any high point for GBSS.L and SGLS.L.
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Drawdown Indicators
| GBSS.L | SGLS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.08% | -21.94% | -20.14% |
Max Drawdown (1Y)Largest decline over 1 year | -17.92% | -17.93% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -17.92% | -17.93% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -17.92% | -21.94% | +4.02% |
Max Drawdown (10Y)Largest decline over 10 years | -22.41% | — | — |
Current DrawdownCurrent decline from peak | -16.16% | -15.99% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -13.56% | -6.98% | -6.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.70% | 6.84% | -0.14% |
Volatility
GBSS.L vs. SGLS.L - Volatility Comparison
The current volatility for Gold Bullion Securities (GBSS.L) is 5.05%, while Invesco Physical Gold GBP Hedged ETC (SGLS.L) has a volatility of 6.40%. This indicates that GBSS.L experiences smaller price fluctuations and is considered to be less risky than SGLS.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 | SGLS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 6.40% | -1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 19.82% | 21.65% | -1.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.96% | 24.68% | -1.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.12% | 17.91% | -1.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.77% | 18.29% | -2.52% |
GBSS.L vs. SGLS.L - Expense Ratio Comparison
GBSS.L has a 0.40% expense ratio, which is higher than SGLS.L's 0.34% expense ratio.
Dividends
GBSS.L vs. SGLS.L - Dividend Comparison
Neither GBSS.L nor SGLS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.93, GBSS.L and SGLS.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, SGLS.L is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLS.L is cheaper with a 0.34% expense ratio, compared with 0.40% for GBSS.L.
GBSS.L tracks Gold, while SGLS.L tracks Gold (GBP Hedged). They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.40% for GBSS.L and 0.34% for SGLS.L.
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