GOLB.L vs. AUCP.L
GOLB.L (Market Access NYSE Arca Gold Bugs UCITS ETF) and AUCP.L (L&G Gold Mining UCITS ETF) are both Gold funds - GOLB.L tracks the EMIX Global Mining Global Gold TR USD while AUCP.L tracks the STOXX Global Gold Miners. Both are passively managed. Over the past 5 years, GOLB.L returned 20.48%/yr vs 23.87%/yr for AUCP.L. Their correlation of 0.92 suggests significant overlap in exposure. GOLB.L charges 0.65%/yr vs 0.55%/yr for AUCP.L.
Performance
GOLB.L vs. AUCP.L - Performance Comparison
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Different Trading Currencies
GOLB.L is traded in GBP, while AUCP.L is traded in GBp. To make them comparable, the AUCP.L values have been converted to GBP using the latest available exchange rates.
Returns By Period
In the year-to-date period, GOLB.L achieves a -6.12% return, which is significantly higher than AUCP.L's -10.22% return.
GOLB.L
- 1D
- 1.26%
- 1M
- -11.87%
- YTD
- -6.12%
- 6M
- -11.22%
- 1Y
- 59.74%
- 3Y*
- 38.72%
- 5Y*
- 20.48%
- 10Y*
- —
AUCP.L
- 1D
- 1.39%
- 1M
- -11.29%
- YTD
- -10.22%
- 6M
- -14.31%
- 1Y
- 55.82%
- 3Y*
- 45.12%
- 5Y*
- 23.87%
- 10Y*
- 13.49%
GOLB.L vs. AUCP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GOLB.L Market Access NYSE Arca Gold Bugs UCITS ETF | -6.12% | 138.44% | 14.06% | 0.34% | 1.34% | -14.65% | 84.95% |
AUCP.L L&G Gold Mining UCITS ETF | -10.22% | 161.99% | 20.20% | 8.69% | -4.04% | -8.91% | 20.26% |
Correlation
The correlation between GOLB.L and AUCP.L is 0.96 - 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 | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2020 | 0.92 |
The correlation between GOLB.L and AUCP.L has been stable across timeframes, ranging from 0.92 to 0.96 - a consistent structural relationship.
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Return for Risk
GOLB.L vs. AUCP.L — Risk / Return Rank
GOLB.L
AUCP.L
GOLB.L vs. AUCP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Market Access NYSE Arca Gold Bugs UCITS ETF (GOLB.L) and L&G Gold Mining UCITS ETF (AUCP.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.
| GOLB.L | AUCP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.21 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 1.56 | +0.19 |
| Martin ratioReturn relative to average drawdown | 4.54 | 4.09 | +0.45 |
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Drawdowns
GOLB.L vs. AUCP.L - Drawdown Comparison
The maximum GOLB.L drawdown since its inception was -44.07%, smaller than the maximum AUCP.L drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for GOLB.L and AUCP.L.
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Drawdown Indicators
| GOLB.L | AUCP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.07% | -81.66% | +37.59% |
Max Drawdown (1Y)Largest decline over 1 year | -33.95% | -35.61% | +1.66% |
Max Drawdown (3Y)Largest decline over 3 years | -33.95% | -35.61% | +1.66% |
Max Drawdown (5Y)Largest decline over 5 years | -37.60% | -39.38% | +1.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.72% | — |
Current DrawdownCurrent decline from peak | -32.23% | -32.88% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -21.25% | -45.85% | +24.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.10% | 13.60% | -0.50% |
Volatility
GOLB.L vs. AUCP.L - Volatility Comparison
The current volatility for Market Access NYSE Arca Gold Bugs UCITS ETF (GOLB.L) is 16.93%, while L&G Gold Mining UCITS ETF (AUCP.L) has a volatility of 17.90%. This indicates that GOLB.L experiences smaller price fluctuations and is considered to be less risky than AUCP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOLB.L | AUCP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.93% | 17.90% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 36.28% | 37.14% | -0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.56% | 46.44% | -1.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.48% | 39.29% | -4.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.67% | 36.09% | +7.58% |
GOLB.L vs. AUCP.L - Expense Ratio Comparison
GOLB.L has a 0.65% expense ratio, which is higher than AUCP.L's 0.55% expense ratio.
Dividends
GOLB.L vs. AUCP.L - Dividend Comparison
Neither GOLB.L nor AUCP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, GOLB.L and AUCP.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, AUCP.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AUCP.L is cheaper with a 0.55% expense ratio, compared with 0.65% for GOLB.L.
GOLB.L tracks EMIX Global Mining Global Gold TR USD, while AUCP.L tracks STOXX Global Gold Miners. They also come from different issuers: China Post Global and Legal & General. Their fees differ too: 0.65% for GOLB.L and 0.55% for AUCP.L.
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