IAUP.L vs. SGLD.L
IAUP.L (iShares Gold Producers UCITS ETF USD Acc) and SGLD.L (Invesco Physical Gold ETC) are both Gold funds - IAUP.L tracks the S&P Commodity Producers Gold Index while SGLD.L tracks the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, IAUP.L returned 14.14%/yr vs 13.41%/yr for SGLD.L. A 0.76 correlation means they provide meaningful diversification when combined. IAUP.L charges 0.55%/yr vs 0.12%/yr for SGLD.L.
Performance
IAUP.L vs. SGLD.L - Performance Comparison
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Returns By Period
In the year-to-date period, IAUP.L achieves a 1.67% return, which is significantly lower than SGLD.L's 3.72% return. Over the past 10 years, IAUP.L has outperformed SGLD.L with an annualized return of 14.14%, while SGLD.L has yielded a comparatively lower 13.41% annualized return.
IAUP.L
- 1D
- 0.89%
- 1M
- -0.28%
- YTD
- 1.67%
- 6M
- 7.47%
- 1Y
- 63.58%
- 3Y*
- 42.10%
- 5Y*
- 18.73%
- 10Y*
- 14.14%
SGLD.L
- 1D
- 0.69%
- 1M
- -2.34%
- YTD
- 3.72%
- 6M
- 6.06%
- 1Y
- 32.43%
- 3Y*
- 31.54%
- 5Y*
- 18.60%
- 10Y*
- 13.41%
IAUP.L vs. SGLD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAUP.L iShares Gold Producers UCITS ETF USD Acc | 1.67% | 153.95% | 11.53% | 9.39% | -11.06% | -10.31% | 23.60% | 45.64% | -9.60% | 6.75% |
SGLD.L Invesco Physical Gold ETC | 3.72% | 64.87% | 26.23% | 13.36% | -0.08% | -4.08% | 24.18% | 18.33% | -1.30% | 11.54% |
Correlation
The correlation between IAUP.L and SGLD.L is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2011 | 0.76 |
The correlation between IAUP.L and SGLD.L has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.
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Return for Risk
IAUP.L vs. SGLD.L — Risk / Return Rank
IAUP.L
SGLD.L
IAUP.L vs. SGLD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF USD Acc (IAUP.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.
| IAUP.L | SGLD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 1.86 | +0.35 |
| Martin ratioReturn relative to average drawdown | 5.66 | 4.82 | +0.84 |
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
| IAUP.L | SGLD.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | 1.31 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 1.08 | -0.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.86 | -0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.58 | -0.49 |
Drawdowns
IAUP.L vs. SGLD.L - Drawdown Comparison
The maximum IAUP.L drawdown since its inception was -79.95%, which is greater than SGLD.L's maximum drawdown of -45.21%. Use the drawdown chart below to compare losses from any high point for IAUP.L and SGLD.L.
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Drawdown Indicators
| IAUP.L | SGLD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.95% | -45.21% | -34.74% |
Max Drawdown (1Y)Largest decline over 1 year | -28.57% | -17.34% | -11.23% |
Max Drawdown (3Y)Largest decline over 3 years | -28.57% | -17.34% | -11.23% |
Max Drawdown (5Y)Largest decline over 5 years | -44.90% | -21.12% | -23.78% |
Max Drawdown (10Y)Largest decline over 10 years | -51.26% | -21.12% | -30.14% |
Current DrawdownCurrent decline from peak | -24.01% | -15.61% | -8.40% |
Average DrawdownAverage peak-to-trough decline | -49.54% | -18.20% | -31.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.20% | 6.72% | +4.48% |
Volatility
IAUP.L vs. SGLD.L - Volatility Comparison
iShares Gold Producers UCITS ETF USD Acc (IAUP.L) has a higher volatility of 14.96% compared to Invesco Physical Gold ETC (SGLD.L) at 6.34%. This indicates that IAUP.L's price experiences larger fluctuations and is considered to be riskier 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
| IAUP.L | SGLD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.96% | 6.34% | +8.62% |
Volatility (6M)Calculated over the trailing 6-month period | 35.03% | 21.72% | +13.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.36% | 24.72% | +18.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.32% | 17.29% | +18.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.55% | 15.50% | +19.05% |
IAUP.L vs. SGLD.L - Expense Ratio Comparison
IAUP.L has a 0.55% expense ratio, which is higher than SGLD.L's 0.12% expense ratio.
Dividends
IAUP.L vs. SGLD.L - Dividend Comparison
Neither IAUP.L nor SGLD.L has paid dividends to shareholders.
Frequently Asked Questions
IAUP.L and SGLD.L have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLD.L is cheaper with a 0.12% expense ratio, compared with 0.55% for IAUP.L.
IAUP.L tracks S&P Commodity Producers Gold Index, while SGLD.L tracks LBMA Gold Price PM. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.55% for IAUP.L and 0.12% for SGLD.L.
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