PHAU.AS vs. IGLN.L
PHAU.AS (WisdomTree Physical Gold UCITS ETC) and IGLN.L (iShares Physical Gold ETC) are both Gold funds - PHAU.AS tracks the LBMA Gold Price PM while IGLN.L tracks the LBMA Gold Price. Both are passively managed. Over the past 10 years, PHAU.AS returned 12.91%/yr vs 13.10%/yr for IGLN.L. Their correlation of 0.90 suggests significant overlap in exposure. PHAU.AS charges 0.39%/yr vs 0.25%/yr for IGLN.L.
Performance
PHAU.AS vs. IGLN.L - Performance Comparison
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Different Trading Currencies
PHAU.AS is traded in EUR, while IGLN.L is traded in USD. To make them comparable, the IGLN.L values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, PHAU.AS achieves a 4.61% return, which is significantly higher than IGLN.L's 4.24% return. Both investments have delivered pretty close results over the past 10 years, with PHAU.AS having a 12.91% annualized return and IGLN.L not far ahead at 13.10%.
PHAU.AS
- 1D
- 0.56%
- 1M
- -1.68%
- YTD
- 4.61%
- 6M
- 6.21%
- 1Y
- 29.74%
- 3Y*
- 27.67%
- 5Y*
- 19.40%
- 10Y*
- 12.91%
IGLN.L
- 1D
- 0.00%
- 1M
- -2.30%
- YTD
- 4.24%
- 6M
- 5.66%
- 1Y
- 29.35%
- 3Y*
- 27.79%
- 5Y*
- 19.57%
- 10Y*
- 13.10%
PHAU.AS vs. IGLN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHAU.AS WisdomTree Physical Gold UCITS ETC | 4.61% | 45.53% | 34.03% | 9.32% | 5.55% | 3.63% | 13.51% | 20.41% | 2.85% | -1.37% |
IGLN.L iShares Physical Gold ETC | 4.88% | 45.35% | 34.47% | 10.04% | 6.10% | 3.15% | 13.92% | 20.96% | 3.32% | -2.06% |
Correlation
The correlation between PHAU.AS and IGLN.L is 0.95 - 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
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 | 0.90 |
The correlation between PHAU.AS and IGLN.L has been stable across timeframes, ranging from 0.90 to 0.95 - a consistent structural relationship.
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Return for Risk
PHAU.AS vs. IGLN.L — Risk / Return Rank
PHAU.AS
IGLN.L
PHAU.AS vs. IGLN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Gold UCITS ETC (PHAU.AS) and iShares Physical Gold ETC (IGLN.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.
| PHAU.AS | IGLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.24 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 1.74 | +0.02 |
| Martin ratioReturn relative to average drawdown | 4.43 | 4.46 | -0.03 |
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
| PHAU.AS | IGLN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 1.21 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.19 | 1.17 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.89 | 0.86 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.55 | +0.11 |
Drawdowns
PHAU.AS vs. IGLN.L - Drawdown Comparison
The maximum PHAU.AS drawdown since its inception was -37.19%, roughly equal to the maximum IGLN.L drawdown of -36.98%. Use the drawdown chart below to compare losses from any high point for PHAU.AS and IGLN.L.
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Drawdown Indicators
| PHAU.AS | IGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.19% | -36.98% | -0.21% |
Max Drawdown (1Y)Largest decline over 1 year | -16.74% | -16.82% | +0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -16.74% | -16.82% | +0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -16.74% | -16.82% | +0.08% |
Max Drawdown (10Y)Largest decline over 10 years | -18.59% | -18.24% | -0.35% |
Current DrawdownCurrent decline from peak | -15.26% | -15.63% | +0.37% |
Average DrawdownAverage peak-to-trough decline | -12.23% | -13.22% | +0.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.66% | 6.57% | +0.09% |
Volatility
PHAU.AS vs. IGLN.L - Volatility Comparison
The current volatility for WisdomTree Physical Gold UCITS ETC (PHAU.AS) is 5.17%, while iShares Physical Gold ETC (IGLN.L) has a volatility of 5.84%. This indicates that PHAU.AS experiences smaller price fluctuations and is considered to be less risky than IGLN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHAU.AS | IGLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 5.84% | -0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 20.12% | 21.17% | -1.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.04% | 24.06% | -1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.99% | 16.72% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.29% | 15.13% | -0.84% |
PHAU.AS vs. IGLN.L - Expense Ratio Comparison
PHAU.AS has a 0.39% expense ratio, which is higher than IGLN.L's 0.25% expense ratio.
Dividends
PHAU.AS vs. IGLN.L - Dividend Comparison
Neither PHAU.AS nor IGLN.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, PHAU.AS and IGLN.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 0.39% for PHAU.AS.
PHAU.AS tracks LBMA Gold Price PM, while IGLN.L tracks LBMA Gold Price. They also come from different issuers: WisdomTree and iShares. Their fees differ too: 0.39% for PHAU.AS and 0.25% for IGLN.L.
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