GLDW.L vs. GBSS.L
GLDW.L (WisdomTree Core Physical Gold) and GBSS.L (Gold Bullion Securities) are both Precious Metals funds from WisdomTree tracking the Gold. Both are passively managed. Over the past 5 years, GLDW.L returned 19.87%/yr vs 19.51%/yr for GBSS.L. With a 0.99 correlation, they move nearly in lockstep. GLDW.L charges 0.12%/yr vs 0.40%/yr for GBSS.L.
Performance
GLDW.L vs. GBSS.L - Performance Comparison
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Returns By Period
In the year-to-date period, GLDW.L achieves a 3.96% return, which is significantly higher than GBSS.L's 3.71% return.
GLDW.L
- 1D
- 0.63%
- 1M
- -1.34%
- YTD
- 3.96%
- 6M
- 5.38%
- 1Y
- 33.68%
- 3Y*
- 28.15%
- 5Y*
- 19.87%
- 10Y*
- —
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%
GLDW.L vs. GBSS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GLDW.L WisdomTree Core Physical Gold | 3.96% | 53.57% | 28.18% | 7.26% | 11.82% | 9.07% |
GBSS.L Gold Bullion Securities | 3.71% | 53.13% | 27.82% | 6.96% | 11.51% | 7.99% |
Correlation
The correlation between GLDW.L and GBSS.L is 1.00 - 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 | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 2021 | 0.99 |
The correlation between GLDW.L and GBSS.L has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
GLDW.L vs. GBSS.L — Risk / Return Rank
GLDW.L
GBSS.L
GLDW.L vs. GBSS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Core Physical Gold (GLDW.L) and Gold Bullion Securities (GBSS.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.
| GLDW.L | GBSS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 1.84 | +0.04 |
| Martin ratioReturn relative to average drawdown | 5.05 | 4.94 | +0.12 |
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
| GLDW.L | GBSS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | 1.44 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.23 | 1.21 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.89 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.30 | 0.66 | +0.65 |
Drawdowns
GLDW.L vs. GBSS.L - Drawdown Comparison
The maximum GLDW.L drawdown since its inception was -17.86%, smaller than the maximum GBSS.L drawdown of -42.08%. Use the drawdown chart below to compare losses from any high point for GLDW.L and GBSS.L.
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Drawdown Indicators
| GLDW.L | GBSS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.86% | -42.08% | +24.22% |
Max Drawdown (1Y)Largest decline over 1 year | -17.86% | -17.92% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -17.86% | -17.92% | +0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -17.86% | -17.92% | +0.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.41% | — |
Current DrawdownCurrent decline from peak | -15.93% | -16.16% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -3.58% | -13.56% | +9.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.65% | 6.70% | -0.05% |
Volatility
GLDW.L vs. GBSS.L - Volatility Comparison
WisdomTree Core Physical Gold (GLDW.L) and Gold Bullion Securities (GBSS.L) have volatilities of 5.09% and 5.05%, 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
| GLDW.L | GBSS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 5.05% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 19.82% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.95% | 22.96% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.09% | 16.12% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.94% | 15.77% | +0.17% |
GLDW.L vs. GBSS.L - Expense Ratio Comparison
GLDW.L has a 0.12% expense ratio, which is lower than GBSS.L's 0.40% expense ratio.
Dividends
GLDW.L vs. GBSS.L - Dividend Comparison
Neither GLDW.L nor GBSS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, GLDW.L and GBSS.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, GLDW.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLDW.L is cheaper with a 0.12% expense ratio, compared with 0.40% for GBSS.L.
Both ETFs track Gold. Their fees differ too: 0.12% for GLDW.L and 0.40% for GBSS.L.
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