MCHT.L vs. SGLS.L
MCHT.L (Invesco MSCI China Technology All Shares Stock Connect UCITS ETF) and SGLS.L (Invesco Physical Gold GBP Hedged ETC) are both exchange-traded funds - MCHT.L is a Technology Equities fund tracking the MSCI World/Information Tech NR USD, while SGLS.L is a Precious Metals fund tracking the Gold (GBP Hedged). Both are passively managed. Over the past 3 years, MCHT.L returned 13.22%/yr vs 32.62%/yr for SGLS.L. At a 0.15 correlation, their price movements are largely independent. MCHT.L charges 0.49%/yr vs 0.34%/yr for SGLS.L.
Performance
MCHT.L vs. SGLS.L - Performance Comparison
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Different Trading Currencies
MCHT.L is traded in USD, while SGLS.L is traded in GBp. To make them comparable, the SGLS.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with MCHT.L having a 2.81% return and SGLS.L slightly lower at 2.76%.
MCHT.L
- 1D
- -0.68%
- 1M
- 2.16%
- YTD
- 2.81%
- 6M
- 1.74%
- 1Y
- 18.14%
- 3Y*
- 13.22%
- 5Y*
- —
- 10Y*
- —
SGLS.L
- 1D
- 0.67%
- 1M
- -3.32%
- YTD
- 2.76%
- 6M
- 5.98%
- 1Y
- 29.53%
- 3Y*
- 32.62%
- 5Y*
- 16.10%
- 10Y*
- —
MCHT.L vs. SGLS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MCHT.L Invesco MSCI China Technology All Shares Stock Connect UCITS ETF | 2.81% | 31.75% | 21.18% | -18.06% | -31.36% | -19.40% |
SGLS.L Invesco Physical Gold GBP Hedged ETC | 2.76% | 76.07% | 22.71% | 17.37% | -11.75% | -2.21% |
Correlation
The correlation between MCHT.L and SGLS.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 | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2021 | 0.15 |
Over the past year, MCHT.L and SGLS.L have become more correlated (0.36) than their long-term average of 0.15, meaning their price movements have been converging.
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Return for Risk
MCHT.L vs. SGLS.L — Risk / Return Rank
MCHT.L
SGLS.L
MCHT.L vs. SGLS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco MSCI China Technology All Shares Stock Connect UCITS ETF (MCHT.L) and Invesco Physical Gold GBP Hedged ETC (SGLS.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.
| MCHT.L | SGLS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.20 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.88 | 1.46 | -0.58 |
| Martin ratioReturn relative to average drawdown | 1.79 | 3.60 | -1.80 |
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
| MCHT.L | SGLS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 1.09 | -0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.80 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.21 | 0.76 | -0.97 |
Drawdowns
MCHT.L vs. SGLS.L - Drawdown Comparison
The maximum MCHT.L drawdown since its inception was -62.63%, which is greater than SGLS.L's maximum drawdown of -37.85%. Use the drawdown chart below to compare losses from any high point for MCHT.L and SGLS.L.
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Drawdown Indicators
| MCHT.L | SGLS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.63% | -37.85% | -24.78% |
Max Drawdown (1Y)Largest decline over 1 year | -20.55% | -20.20% | -0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -33.84% | -20.20% | -13.64% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.79% | — |
Current DrawdownCurrent decline from peak | -28.53% | -18.32% | -10.21% |
Average DrawdownAverage peak-to-trough decline | -39.11% | -10.15% | -28.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.08% | 8.19% | +1.89% |
Volatility
MCHT.L vs. SGLS.L - Volatility Comparison
Invesco MSCI China Technology All Shares Stock Connect UCITS ETF (MCHT.L) has a higher volatility of 9.51% compared to Invesco Physical Gold GBP Hedged ETC (SGLS.L) at 7.27%. This indicates that MCHT.L's price experiences larger fluctuations and is considered to be riskier than SGLS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MCHT.L | SGLS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.51% | 7.27% | +2.24% |
Volatility (6M)Calculated over the trailing 6-month period | 16.64% | 23.33% | -6.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.69% | 27.02% | -3.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.35% | 22.37% | +20.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.35% | 22.81% | +20.54% |
MCHT.L vs. SGLS.L - Expense Ratio Comparison
MCHT.L has a 0.49% expense ratio, which is higher than SGLS.L's 0.34% expense ratio.
Dividends
MCHT.L vs. SGLS.L - Dividend Comparison
Neither MCHT.L nor SGLS.L has paid dividends to shareholders.
Frequently Asked Questions
MCHT.L and SGLS.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.
On fees, SGLS.L is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLS.L is cheaper with a 0.34% expense ratio, compared with 0.49% for MCHT.L.
MCHT.L is categorized as Technology Equities, while SGLS.L is Precious Metals. MCHT.L tracks MSCI World/Information Tech NR USD, while SGLS.L tracks Gold (GBP Hedged). Their fees differ too: 0.49% for MCHT.L and 0.34% for SGLS.L.
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