IPRP.L vs. SPGP.L

Last updated Jun 13, 2026

IPRP.L (iShares European Property Yield UCITS ETF) and SPGP.L (iShares Gold Producers UCITS ETF) are both exchange-traded funds - IPRP.L is a REIT fund tracking the FTSE EPRA Nareit Developed Europe TR EUR, while SPGP.L is a Precious Metals fund tracking the EMIX Global Mining Global Gold TR USD. Both are passively managed. Over the past 10 years, IPRP.L returned 1.88%/yr vs 13.80%/yr for SPGP.L. At a 0.21 correlation, their price movements are largely independent. IPRP.L charges 0.40%/yr vs 0.55%/yr for SPGP.L.

Performance

IPRP.L vs. SPGP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares European Property Yield UCITS ETF (IPRP.L) and iShares Gold Producers UCITS ETF (SPGP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IPRP.L achieves a 0.47% return, which is significantly higher than SPGP.L's -5.80% return. Over the past 10 years, IPRP.L has underperformed SPGP.L with an annualized return of 1.88%, while SPGP.L has yielded a comparatively higher 13.80% annualized return.

IPRP.L

• 1D: 1.60%
• 1M: 0.26%
• YTD: 0.47%
• 6M: 2.67%
• 1Y: 1.29%
• 3Y*: 11.51%
• 5Y*: -4.25%
• 10Y*: 1.88%

SPGP.L

• 1D: 5.49%
• 1M: -16.05%
• YTD: -5.80%
• 6M: -4.88%
• 1Y: 52.23%
• 3Y*: 36.39%
• 5Y*: 18.46%
• 10Y*: 13.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IPRP.L vs. SPGP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IPRP.L iShares European Property Yield UCITS ETF	0.47%	13.63%	-4.96%	15.42%	-33.74%	1.88%	-3.84%	18.45%	-5.36%	19.14%
SPGP.L iShares Gold Producers UCITS ETF	-5.80%	137.41%	12.81%	3.72%	-0.45%	-9.15%	19.43%	41.00%	-4.37%	-2.80%

Correlation

The correlation between IPRP.L and SPGP.L is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011	0.21

IPRP.L vs. SPGP.L - Sectors Allocation Comparison

Sectors	IPRP.L	SPGP.L
Real Estate	100.0%	-
Basic Materials	-	99.8%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	0.2%
Technology	-	-
Utilities	-	-

Return for Risk

IPRP.L vs. SPGP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IPRP.L

IPRP.L Risk / Return Rank: 10
IPRP.L Sharpe Ratio Rank: 11
IPRP.L Sortino Ratio Rank: 10
IPRP.L Omega Ratio Rank: 10
IPRP.L Calmar Ratio Rank: 10
IPRP.L Martin Ratio Rank: 10

SPGP.L

SPGP.L Risk / Return Rank: 37
SPGP.L Sharpe Ratio Rank: 41
SPGP.L Sortino Ratio Rank: 37
SPGP.L Omega Ratio Rank: 38
SPGP.L Calmar Ratio Rank: 35
SPGP.L Martin Ratio Rank: 33

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IPRP.L vs. SPGP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares European Property Yield UCITS ETF (IPRP.L) and iShares Gold Producers UCITS ETF (SPGP.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.

	IPRP.L	SPGP.L	Difference
Sharpe ratio: Return per unit of total volatility	0.08	1.26	-1.18
Sortino ratio: Return per unit of downside risk	0.23	1.73	-1.50
Omega ratio: Gain probability vs. loss probability	1.03	1.22	-0.20
Calmar ratio: Return relative to maximum drawdown	0.08	1.54	-1.46
Martin ratio: Return relative to average drawdown	0.21	4.40	-4.20

IPRP.L vs. SPGP.L - Sharpe Ratio Comparison

The current IPRP.L Sharpe Ratio is 0.08, which is lower than the SPGP.L Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of IPRP.L and SPGP.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IPRP.L vs. SPGP.L - Drawdown Comparison

The maximum IPRP.L drawdown since its inception was -64.48%, smaller than the maximum SPGP.L drawdown of -86.56%. Use the drawdown chart below to compare losses from any high point for IPRP.L and SPGP.L.

Drawdown Indicators

	IPRP.L	SPGP.L	Difference
Max Drawdown Largest peak-to-trough decline	-64.48%	-86.56%	+22.08%
Max Drawdown (1Y) Largest decline over 1 year	-16.12%	-33.69%	+17.57%
Max Drawdown (3Y) Largest decline over 3 years	-16.12%	-33.69%	+17.57%
Max Drawdown (5Y) Largest decline over 5 years	-48.77%	-34.81%	-13.96%
Max Drawdown (10Y) Largest decline over 10 years	-48.77%	-43.71%	-5.06%
Current Drawdown Current decline from peak	-23.83%	-29.46%	+5.63%
Average Drawdown Average peak-to-trough decline	-16.67%	-60.25%	+43.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.28%	11.81%	-5.53%

Volatility

IPRP.L vs. SPGP.L - Volatility Comparison

The current volatility for iShares European Property Yield UCITS ETF (IPRP.L) is 4.23%, while iShares Gold Producers UCITS ETF (SPGP.L) has a volatility of 13.22%. This indicates that IPRP.L experiences smaller price fluctuations and is considered to be less risky than SPGP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IPRP.L	SPGP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	13.22%	-8.99%
Volatility (6M) Calculated over the trailing 6-month period	13.05%	33.40%	-20.35%
Volatility (1Y) Calculated over the trailing 1-year period	15.28%	41.37%	-26.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.53%	34.91%	-13.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.35%	33.95%	-14.60%

IPRP.L vs. SPGP.L - Expense Ratio Comparison

IPRP.L has a 0.40% expense ratio, which is lower than SPGP.L's 0.55% expense ratio.

Dividends

IPRP.L vs. SPGP.L - Dividend Comparison

IPRP.L's dividend yield for the trailing twelve months is around 0.50%, while SPGP.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPRP.L iShares European Property Yield UCITS ETF	0.50%	2.83%	2.79%	2.62%	4.20%	2.11%	2.68%	3.07%	3.24%	2.81%	2.49%	2.59%
SPGP.L iShares Gold Producers UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IPRP.L and SPGP.L in my portfolio?

IPRP.L and SPGP.L have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IPRP.L or SPGP.L?

On fees, IPRP.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IPRP.L or SPGP.L?

IPRP.L is cheaper with a 0.40% expense ratio, compared with 0.55% for SPGP.L.

What is the main difference between IPRP.L and SPGP.L?

IPRP.L is categorized as REIT, while SPGP.L is Precious Metals. IPRP.L tracks FTSE EPRA Nareit Developed Europe TR EUR, while SPGP.L tracks EMIX Global Mining Global Gold TR USD. Their fees differ too: 0.40% for IPRP.L and 0.55% for SPGP.L.