GBSS.L vs. SPGP.L
GBSS.L (Gold Bullion Securities) and SPGP.L (iShares Gold Producers UCITS ETF) are both Gold funds - GBSS.L tracks the Gold while SPGP.L tracks the EMIX Global Mining Global Gold TR USD. Both are passively managed. Over the past 10 years, GBSS.L returned 11.30%/yr vs 12.02%/yr for SPGP.L. A 0.71 correlation means they provide meaningful diversification when combined. GBSS.L charges 0.40%/yr vs 0.55%/yr for SPGP.L.
Performance
GBSS.L vs. SPGP.L - Performance Comparison
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Returns By Period
In the year-to-date period, GBSS.L achieves a -5.08% return, which is significantly higher than SPGP.L's -8.95% return. Over the past 10 years, GBSS.L has underperformed SPGP.L with an annualized return of 11.30%, while SPGP.L has yielded a comparatively higher 12.02% annualized 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%
SPGP.L
- 1D
- 0.99%
- 1M
- -11.17%
- YTD
- -8.95%
- 6M
- -12.81%
- 1Y
- 52.28%
- 3Y*
- 36.74%
- 5Y*
- 19.66%
- 10Y*
- 12.02%
GBSS.L vs. SPGP.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% | 1.53% |
SPGP.L iShares Gold Producers UCITS ETF | -8.95% | 137.41% | 12.81% | 3.72% | -0.45% | -9.15% | 19.43% | 41.00% | -4.37% | -2.80% |
Correlation
The correlation between GBSS.L and SPGP.L is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011 | 0.71 |
The correlation between GBSS.L and SPGP.L has been stable across timeframes, ranging from 0.68 to 0.78 - a consistent structural relationship.
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Return for Risk
GBSS.L vs. SPGP.L — Risk / Return Rank
GBSS.L
SPGP.L
GBSS.L vs. SPGP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gold Bullion Securities (GBSS.L) and iShares Gold Producers UCITS ETF (SPGP.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 | SPGP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.22 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.54 | -0.51 |
| Martin ratioReturn relative to average drawdown | 2.92 | 4.06 | -1.14 |
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Drawdowns
GBSS.L vs. SPGP.L - Drawdown Comparison
The maximum GBSS.L drawdown since its inception was -45.24%, smaller than the maximum SPGP.L drawdown of -86.56%. Use the drawdown chart below to compare losses from any high point for GBSS.L and SPGP.L.
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Drawdown Indicators
| GBSS.L | SPGP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.24% | -86.56% | +41.32% |
Max Drawdown (1Y)Largest decline over 1 year | -23.27% | -33.69% | +10.42% |
Max Drawdown (3Y)Largest decline over 3 years | -23.27% | -33.69% | +10.42% |
Max Drawdown (5Y)Largest decline over 5 years | -23.27% | -34.81% | +11.54% |
Max Drawdown (10Y)Largest decline over 10 years | -23.27% | -43.71% | +20.44% |
Current DrawdownCurrent decline from peak | -23.27% | -31.82% | +8.55% |
Average DrawdownAverage peak-to-trough decline | -17.04% | -60.17% | +43.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.30% | 12.85% | -4.55% |
Volatility
GBSS.L vs. SPGP.L - Volatility Comparison
The current volatility for Gold Bullion Securities (GBSS.L) is 8.19%, while iShares Gold Producers UCITS ETF (SPGP.L) has a volatility of 16.49%. This indicates that GBSS.L experiences smaller price fluctuations and is considered to be less risky than SPGP.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 | SPGP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.19% | 16.49% | -8.30% |
Volatility (6M)Calculated over the trailing 6-month period | 21.04% | 35.13% | -14.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.89% | 42.80% | -18.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.80% | 35.26% | -13.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.35% | 33.81% | -15.46% |
GBSS.L vs. SPGP.L - Expense Ratio Comparison
GBSS.L has a 0.40% expense ratio, which is lower than SPGP.L's 0.55% expense ratio.
Dividends
GBSS.L vs. SPGP.L - Dividend Comparison
Neither GBSS.L nor SPGP.L has paid dividends to shareholders.
Frequently Asked Questions
GBSS.L and SPGP.L have a correlation of 0.78, 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 0.55% for SPGP.L.
GBSS.L tracks Gold, while SPGP.L tracks EMIX Global Mining Global Gold TR USD. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.40% for GBSS.L and 0.55% for SPGP.L.
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