ISEU.L vs. SGLN.L

Last updated Jun 5, 2026

ISEU.L (iShares MSCI Europe UCITS Dist) and SGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - ISEU.L is a Europe Equities fund tracking the MSCI Europe NR EUR, while SGLN.L is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 5 years, ISEU.L returned 8.98%/yr vs 18.86%/yr for SGLN.L. At a 0.15 correlation, their price movements are largely independent. ISEU.L charges 1.00%/yr vs 0.12%/yr for SGLN.L.

Performance

ISEU.L vs. SGLN.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Europe UCITS Dist (ISEU.L) and iShares Physical Gold ETC (SGLN.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ISEU.L is traded in USD, while SGLN.L is traded in GBp. To make them comparable, the SGLN.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ISEU.L achieves a 6.49% return, which is significantly higher than SGLN.L's 3.64% return.

ISEU.L

• 1D: 0.66%
• 1M: 2.76%
• YTD: 6.49%
• 6M: 9.55%
• 1Y: 18.11%
• 3Y*: 16.86%
• 5Y*: 8.98%
• 10Y*: —

SGLN.L

• 1D: 0.75%
• 1M: -2.20%
• YTD: 3.64%
• 6M: 6.20%
• 1Y: 32.48%
• 3Y*: 31.47%
• 5Y*: 18.86%
• 10Y*: 13.44%

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

ISEU.L vs. SGLN.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISEU.L iShares MSCI Europe UCITS Dist	6.49%	35.19%	2.19%	19.52%	-13.73%	15.84%	5.73%	23.56%	-14.38%	26.22%
SGLN.L iShares Physical Gold ETC	3.64%	65.25%	26.06%	12.89%	-0.12%	-3.46%	23.28%	19.23%	-1.55%	11.36%

Correlation

The correlation between ISEU.L and SGLN.L is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Nov 29, 2016	0.15

Over the past year, ISEU.L and SGLN.L have become more correlated (0.36) than their long-term average of 0.15, meaning their price movements have been converging.

Return for Risk

ISEU.L vs. SGLN.L — Risk / Return Rank

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

ISEU.L

ISEU.L Risk / Return Rank: 34
ISEU.L Sharpe Ratio Rank: 34
ISEU.L Sortino Ratio Rank: 34
ISEU.L Omega Ratio Rank: 34
ISEU.L Calmar Ratio Rank: 33
ISEU.L Martin Ratio Rank: 37

SGLN.L

SGLN.L Risk / Return Rank: 40
SGLN.L Sharpe Ratio Rank: 42
SGLN.L Sortino Ratio Rank: 37
SGLN.L Omega Ratio Rank: 47
SGLN.L Calmar Ratio Rank: 40
SGLN.L Martin Ratio Rank: 34

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.

ISEU.L vs. SGLN.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe UCITS Dist (ISEU.L) and iShares Physical Gold ETC (SGLN.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.

	ISEU.L	SGLN.L	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.33	-0.14
Sortino ratio: Return per unit of downside risk	1.77	1.78	-0.01
Omega ratio: Gain probability vs. loss probability	1.22	1.25	-0.03
Calmar ratio: Return relative to maximum drawdown	1.57	1.85	-0.28
Martin ratio: Return relative to average drawdown	5.63	4.74	+0.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISEU.L vs. SGLN.L - Sharpe Ratio Comparison

The current ISEU.L Sharpe Ratio is 1.19, which is comparable to the SGLN.L Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of ISEU.L and SGLN.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.

Sharpe Ratios by Period

	ISEU.L	SGLN.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	1.33	-0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	1.08	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.46	+0.15

Drawdowns

ISEU.L vs. SGLN.L - Drawdown Comparison

The maximum ISEU.L drawdown since its inception was -36.02%, smaller than the maximum SGLN.L drawdown of -45.21%. Use the drawdown chart below to compare losses from any high point for ISEU.L and SGLN.L.

Drawdown Indicators

	ISEU.L	SGLN.L	Difference
Max Drawdown Largest peak-to-trough decline	-36.02%	-45.21%	+9.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-17.50%	+6.03%
Max Drawdown (3Y) Largest decline over 3 years	-14.15%	-17.50%	+3.35%
Max Drawdown (5Y) Largest decline over 5 years	-30.77%	-21.27%	-9.50%
Max Drawdown (10Y) Largest decline over 10 years	—	-21.27%	—
Current Drawdown Current decline from peak	-1.38%	-15.90%	+14.52%
Average Drawdown Average peak-to-trough decline	-6.33%	-19.80%	+13.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.21%	6.83%	-3.62%

Volatility

ISEU.L vs. SGLN.L - Volatility Comparison

The current volatility for iShares MSCI Europe UCITS Dist (ISEU.L) is 5.35%, while iShares Physical Gold ETC (SGLN.L) has a volatility of 5.74%. This indicates that ISEU.L experiences smaller price fluctuations and is considered to be less risky than SGLN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISEU.L	SGLN.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.35%	5.74%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	12.62%	21.04%	-8.42%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	24.26%	-9.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	17.52%	+0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.61%	15.86%	+1.75%

ISEU.L vs. SGLN.L - Expense Ratio Comparison

ISEU.L has a 1.00% expense ratio, which is higher than SGLN.L's 0.12% expense ratio.

Dividends

ISEU.L vs. SGLN.L - Dividend Comparison

ISEU.L's dividend yield for the trailing twelve months is around 2.54%, while SGLN.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ISEU.L iShares MSCI Europe UCITS Dist	2.54%	2.46%	3.00%	2.81%	2.86%	2.36%	1.91%	3.03%	3.28%	2.48%
SGLN.L iShares Physical Gold ETC	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 ISEU.L and SGLN.L in my portfolio?

ISEU.L and SGLN.L have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ISEU.L or SGLN.L?

On fees, SGLN.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ISEU.L or SGLN.L?

SGLN.L is cheaper with a 0.12% expense ratio, compared with 1.00% for ISEU.L.

What is the main difference between ISEU.L and SGLN.L?

ISEU.L is categorized as Europe Equities, while SGLN.L is Gold. ISEU.L tracks MSCI Europe NR EUR, while SGLN.L tracks LBMA Gold Price. Their fees differ too: 1.00% for ISEU.L and 0.12% for SGLN.L.