NICK.L vs. SPAP.L
NICK.L (WisdomTree Nickel) and SPAP.L (Invesco Physical Palladium) are both exchange-traded funds - NICK.L is a Metals fund tracking the Bloomberg Nickel, while SPAP.L is a Precious Metals fund tracking the Palladium. Both are passively managed. Over the past 10 years, NICK.L returned 6.28%/yr vs 8.75%/yr for SPAP.L. At a 0.27 correlation, their price movements are largely independent. NICK.L charges 0.49%/yr vs 0.19%/yr for SPAP.L.
Performance
NICK.L vs. SPAP.L - Performance Comparison
Loading charts...
Different Trading Currencies
NICK.L is traded in USD, while SPAP.L is traded in GBp. To make them comparable, the SPAP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, NICK.L achieves a 10.65% return, which is significantly higher than SPAP.L's -16.71% return. Over the past 10 years, NICK.L has underperformed SPAP.L with an annualized return of 6.28%, while SPAP.L has yielded a comparatively higher 8.75% annualized return.
NICK.L
- 1D
- -1.03%
- 1M
- -5.12%
- YTD
- 10.65%
- 6M
- 23.90%
- 1Y
- 18.75%
- 3Y*
- -5.71%
- 5Y*
- -0.66%
- 10Y*
- 6.28%
SPAP.L
- 1D
- -1.04%
- 1M
- -12.22%
- YTD
- -16.71%
- 6M
- -8.88%
- 1Y
- 32.64%
- 3Y*
- -2.32%
- 5Y*
- -14.30%
- 10Y*
- 8.75%
NICK.L vs. SPAP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NICK.L WisdomTree Nickel | 10.65% | 6.27% | -8.39% | -46.66% | 46.43% | 23.82% | 14.32% | 32.82% | -14.50% | 18.74% |
SPAP.L Invesco Physical Palladium | -16.71% | 75.03% | -19.28% | -38.03% | -5.67% | -20.37% | 23.23% | 53.29% | 17.53% | 56.28% |
Correlation
The correlation between NICK.L and SPAP.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2014 | 0.27 |
The correlation between NICK.L and SPAP.L shifts across timeframes, from 0.21 (3 years) to 0.33 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NICK.L vs. SPAP.L — Risk / Return Rank
NICK.L
SPAP.L
NICK.L vs. SPAP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Nickel (NICK.L) and Invesco Physical Palladium (SPAP.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.
| NICK.L | SPAP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.15 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 0.85 | +0.97 |
| Martin ratioReturn relative to average drawdown | 3.88 | 1.84 | +2.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| NICK.L | SPAP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 0.72 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | -0.33 | +0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.23 | -0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.09 | -0.18 |
Drawdowns
NICK.L vs. SPAP.L - Drawdown Comparison
The maximum NICK.L drawdown since its inception was -87.80%, which is greater than SPAP.L's maximum drawdown of -71.98%. Use the drawdown chart below to compare losses from any high point for NICK.L and SPAP.L.
Loading charts...
Drawdown Indicators
| NICK.L | SPAP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.80% | -71.98% | -15.82% |
Max Drawdown (1Y)Largest decline over 1 year | -10.26% | -38.36% | +28.10% |
Max Drawdown (3Y)Largest decline over 3 years | -40.82% | -39.84% | -0.98% |
Max Drawdown (5Y)Largest decline over 5 years | -71.83% | -71.98% | +0.15% |
Max Drawdown (10Y)Largest decline over 10 years | -71.83% | -71.98% | +0.15% |
Current DrawdownCurrent decline from peak | -74.59% | -57.04% | -17.55% |
Average DrawdownAverage peak-to-trough decline | -70.10% | -30.16% | -39.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.80% | 17.69% | -12.89% |
Volatility
NICK.L vs. SPAP.L - Volatility Comparison
The current volatility for WisdomTree Nickel (NICK.L) is 6.02%, while Invesco Physical Palladium (SPAP.L) has a volatility of 10.55%. This indicates that NICK.L experiences smaller price fluctuations and is considered to be less risky than SPAP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| NICK.L | SPAP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.02% | 10.55% | -4.53% |
Volatility (6M)Calculated over the trailing 6-month period | 22.98% | 37.90% | -14.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.65% | 45.10% | -20.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.13% | 43.18% | +0.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.48% | 38.56% | -2.08% |
NICK.L vs. SPAP.L - Expense Ratio Comparison
NICK.L has a 0.49% expense ratio, which is higher than SPAP.L's 0.19% expense ratio.
Dividends
NICK.L vs. SPAP.L - Dividend Comparison
Neither NICK.L nor SPAP.L has paid dividends to shareholders.
Frequently Asked Questions
NICK.L and SPAP.L have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPAP.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPAP.L is cheaper with a 0.19% expense ratio, compared with 0.49% for NICK.L.
NICK.L is categorized as Metals, while SPAP.L is Precious Metals. NICK.L tracks Bloomberg Nickel, while SPAP.L tracks Palladium. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.49% for NICK.L and 0.19% for SPAP.L.
Find the right allocation for NICK.L and SPAP.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer