IGLN.L vs. GBSS.L
IGLN.L (iShares Physical Gold ETC) and GBSS.L (Gold Bullion Securities) are both exchange-traded funds - IGLN.L is a Gold fund tracking the LBMA Gold Price, while GBSS.L is a Precious Metals fund tracking the Gold. Both are passively managed. Over the past 10 years, IGLN.L returned 13.42%/yr vs 13.16%/yr for GBSS.L. Their correlation of 0.91 suggests significant overlap in exposure. IGLN.L charges 0.25%/yr vs 0.40%/yr for GBSS.L.
Performance
IGLN.L vs. GBSS.L - Performance Comparison
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Different Trading Currencies
IGLN.L is traded in USD, while GBSS.L is traded in GBp. To make them comparable, the GBSS.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, IGLN.L achieves a 3.70% return, which is significantly higher than GBSS.L's 3.46% return. Both investments have delivered pretty close results over the past 10 years, with IGLN.L having a 13.42% annualized return and GBSS.L not far behind at 13.16%.
IGLN.L
- 1D
- 0.68%
- 1M
- -2.35%
- YTD
- 3.70%
- 6M
- 6.03%
- 1Y
- 32.37%
- 3Y*
- 31.55%
- 5Y*
- 18.61%
- 10Y*
- 13.42%
GBSS.L
- 1D
- 0.66%
- 1M
- -2.32%
- YTD
- 3.46%
- 6M
- 5.88%
- 1Y
- 31.88%
- 3Y*
- 31.03%
- 5Y*
- 18.25%
- 10Y*
- 13.16%
IGLN.L vs. GBSS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IGLN.L iShares Physical Gold ETC | 3.70% | 64.92% | 26.14% | 13.44% | -0.09% | -4.03% | 24.16% | 18.28% | -1.31% | 11.67% |
GBSS.L Gold Bullion Securities | 3.46% | 64.69% | 25.69% | 12.61% | -0.41% | -3.99% | 23.40% | 19.01% | -1.73% | 11.19% |
Correlation
The correlation between IGLN.L and GBSS.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 | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Apr 13, 2011 | 0.91 |
The correlation between IGLN.L and GBSS.L has been stable across timeframes, ranging from 0.91 to 0.97 - a consistent structural relationship.
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Return for Risk
IGLN.L vs. GBSS.L — Risk / Return Rank
IGLN.L
GBSS.L
IGLN.L vs. GBSS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Physical Gold ETC (IGLN.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.
| IGLN.L | GBSS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 1.78 | +0.07 |
| Martin ratioReturn relative to average drawdown | 4.79 | 4.64 | +0.16 |
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
| IGLN.L | GBSS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 1.32 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.07 | 1.05 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | 0.83 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.51 | -0.06 |
Drawdowns
IGLN.L vs. GBSS.L - Drawdown Comparison
The maximum IGLN.L drawdown since its inception was -45.24%, roughly equal to the maximum GBSS.L drawdown of -45.59%. Use the drawdown chart below to compare losses from any high point for IGLN.L and GBSS.L.
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Drawdown Indicators
| IGLN.L | GBSS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.24% | -45.59% | +0.35% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -17.80% | +0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -17.36% | -17.80% | +0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -21.15% | -21.37% | +0.22% |
Max Drawdown (10Y)Largest decline over 10 years | -21.15% | -21.71% | +0.56% |
Current DrawdownCurrent decline from peak | -15.66% | -16.05% | +0.39% |
Average DrawdownAverage peak-to-trough decline | -19.80% | -17.93% | -1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.74% | 6.86% | -0.12% |
Volatility
IGLN.L vs. GBSS.L - Volatility Comparison
iShares Physical Gold ETC (IGLN.L) has a higher volatility of 6.36% compared to Gold Bullion Securities (GBSS.L) at 5.65%. This indicates that IGLN.L's price experiences larger fluctuations and is considered to be riskier than GBSS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IGLN.L | GBSS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.36% | 5.65% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 21.73% | 20.82% | +0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.78% | 24.05% | +0.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.36% | 17.36% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 15.75% | -0.21% |
IGLN.L vs. GBSS.L - Expense Ratio Comparison
IGLN.L has a 0.25% expense ratio, which is lower than GBSS.L's 0.40% expense ratio.
Dividends
IGLN.L vs. GBSS.L - Dividend Comparison
Neither IGLN.L nor GBSS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, IGLN.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, IGLN.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IGLN.L is cheaper with a 0.25% expense ratio, compared with 0.40% for GBSS.L.
IGLN.L is categorized as Gold, while GBSS.L is Precious Metals. IGLN.L tracks LBMA Gold Price, while GBSS.L tracks Gold. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.25% for IGLN.L and 0.40% for GBSS.L.
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