GLDW.L vs. SGLD.L
GLDW.L (WisdomTree Core Physical Gold) and SGLD.L (Invesco Physical Gold ETC) are both Gold funds - GLDW.L tracks the Gold while SGLD.L tracks the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, GLDW.L returned 18.76%/yr vs 18.75%/yr for SGLD.L. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.12% expense ratio.
Performance
GLDW.L vs. SGLD.L - Performance Comparison
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Different Trading Currencies
GLDW.L is traded in GBp, while SGLD.L is traded in USD. To make them comparable, the SGLD.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with GLDW.L having a -4.94% return and SGLD.L slightly higher at -4.73%.
GLDW.L
- 1D
- 0.01%
- 1M
- -9.18%
- YTD
- -4.94%
- 6M
- -8.54%
- 1Y
- 24.63%
- 3Y*
- 26.04%
- 5Y*
- 18.76%
- 10Y*
- —
SGLD.L
- 1D
- 0.15%
- 1M
- -9.03%
- YTD
- -4.73%
- 6M
- -8.41%
- 1Y
- 25.15%
- 3Y*
- 26.09%
- 5Y*
- 18.75%
- 10Y*
- 11.60%
GLDW.L vs. SGLD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GLDW.L WisdomTree Core Physical Gold | -4.94% | 53.57% | 28.18% | 7.26% | 11.82% | 7,024.45% | 7.28% |
SGLD.L Invesco Physical Gold ETC | -4.73% | 53.13% | 28.43% | 7.70% | 11.80% | -3.17% | 3.26% |
Correlation
The correlation between GLDW.L and SGLD.L is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2020 | 0.91 |
The correlation between GLDW.L and SGLD.L has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
GLDW.L vs. SGLD.L — Risk / Return Rank
GLDW.L
SGLD.L
GLDW.L vs. SGLD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Core Physical Gold (GLDW.L) and Invesco Physical Gold ETC (SGLD.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.
| GLDW.L | SGLD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.20 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | 1.08 | -0.02 |
| Martin ratioReturn relative to average drawdown | 2.98 | 3.08 | -0.10 |
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Drawdowns
GLDW.L vs. SGLD.L - Drawdown Comparison
The maximum GLDW.L drawdown since its inception was -23.14%, smaller than the maximum SGLD.L drawdown of -41.62%. Use the drawdown chart below to compare losses from any high point for GLDW.L and SGLD.L.
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Drawdown Indicators
| GLDW.L | SGLD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.14% | -41.62% | +18.48% |
Max Drawdown (1Y)Largest decline over 1 year | -23.14% | -23.08% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -23.14% | -23.08% | -0.06% |
Max Drawdown (5Y)Largest decline over 5 years | -23.14% | -23.08% | -0.06% |
Max Drawdown (10Y)Largest decline over 10 years | — | -23.08% | — |
Current DrawdownCurrent decline from peak | -23.13% | -22.88% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -5.12% | -13.52% | +8.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.24% | 8.14% | +0.10% |
Volatility
GLDW.L vs. SGLD.L - Volatility Comparison
The current volatility for WisdomTree Core Physical Gold (GLDW.L) is 8.05%, while Invesco Physical Gold ETC (SGLD.L) has a volatility of 8.89%. This indicates that GLDW.L experiences smaller price fluctuations and is considered to be less risky than SGLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLDW.L | SGLD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.05% | 8.89% | -0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 20.97% | 22.44% | -1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.85% | 25.18% | -1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.75% | 17.03% | +4.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3,005.26% | 15.84% | +2,989.42% |
GLDW.L vs. SGLD.L - Expense Ratio Comparison
Both GLDW.L and SGLD.L have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
GLDW.L vs. SGLD.L - Dividend Comparison
Neither GLDW.L nor SGLD.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, GLDW.L and SGLD.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.
Both ETFs have the same 0.12% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
GLDW.L and SGLD.L have the same expense ratio: 0.12% per year.
GLDW.L tracks Gold, while SGLD.L tracks LBMA Gold Price PM. They also come from different issuers: WisdomTree and Invesco.
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