PHAU.AS vs. SGLP.L

Last updated Jun 5, 2026

PHAU.AS (WisdomTree Physical Gold UCITS ETC) and SGLP.L (Invesco Physical Gold A) are both exchange-traded funds - PHAU.AS is a Gold fund tracking the LBMA Gold Price PM, while SGLP.L is a Precious Metals fund tracking the Gold. Both are passively managed. Over the past 10 years, PHAU.AS returned 12.91%/yr vs 13.18%/yr for SGLP.L. Their correlation of 0.90 suggests significant overlap in exposure. PHAU.AS charges 0.39%/yr vs 0.12%/yr for SGLP.L.

Performance

PHAU.AS vs. SGLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in WisdomTree Physical Gold UCITS ETC (PHAU.AS) and Invesco Physical Gold A (SGLP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PHAU.AS is traded in EUR, while SGLP.L is traded in GBp. To make them comparable, the SGLP.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 lower than SGLP.L's 4.89% return. Both investments have delivered pretty close results over the past 10 years, with PHAU.AS having a 12.91% annualized return and SGLP.L not far ahead at 13.18%.

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%

SGLP.L

• 1D: 0.61%
• 1M: -1.55%
• YTD: 4.89%
• 6M: 6.52%
• 1Y: 30.28%
• 3Y*: 27.95%
• 5Y*: 19.71%
• 10Y*: 13.18%

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

PHAU.AS vs. SGLP.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%
SGLP.L Invesco Physical Gold A	4.89%	45.59%	34.32%	9.54%	6.07%	3.44%	13.47%	21.94%	3.02%	-2.36%

Correlation

The correlation between PHAU.AS and SGLP.L is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.94
Correlation (10Y) Calculated over the trailing 10-year period	0.92
Correlation (All Time) Calculated using the full available price history since Dec 19, 2011	0.90

The correlation between PHAU.AS and SGLP.L has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.

Return for Risk

PHAU.AS vs. SGLP.L — Risk / Return Rank

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

PHAU.AS

PHAU.AS Risk / Return Rank: 35
PHAU.AS Sharpe Ratio Rank: 36
PHAU.AS Sortino Ratio Rank: 33
PHAU.AS Omega Ratio Rank: 40
PHAU.AS Calmar Ratio Rank: 36
PHAU.AS Martin Ratio Rank: 31

SGLP.L

SGLP.L Risk / Return Rank: 40
SGLP.L Sharpe Ratio Rank: 42
SGLP.L Sortino Ratio Rank: 37
SGLP.L Omega Ratio Rank: 47
SGLP.L Calmar Ratio Rank: 39
SGLP.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.

PHAU.AS vs. SGLP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Gold UCITS ETC (PHAU.AS) and Invesco Physical Gold A (SGLP.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	SGLP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.27	1.31	-0.03
Sortino ratio: Return per unit of downside risk	1.71	1.76	-0.05
Omega ratio: Gain probability vs. loss probability	1.25	1.26	0.00
Calmar ratio: Return relative to maximum drawdown	1.75	1.75	0.00
Martin ratio: Return relative to average drawdown	4.43	4.56	-0.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHAU.AS vs. SGLP.L - Sharpe Ratio Comparison

The current PHAU.AS Sharpe Ratio is 1.27, which is comparable to the SGLP.L Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of PHAU.AS and SGLP.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

	PHAU.AS	SGLP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	1.31	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.19	1.21	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.89	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.54	+0.12

Drawdowns

PHAU.AS vs. SGLP.L - Drawdown Comparison

The maximum PHAU.AS drawdown since its inception was -37.19%, roughly equal to the maximum SGLP.L drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for PHAU.AS and SGLP.L.

Drawdown Indicators

	PHAU.AS	SGLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-37.19%	-37.06%	-0.13%
Max Drawdown (1Y) Largest decline over 1 year	-16.74%	-17.24%	+0.50%
Max Drawdown (3Y) Largest decline over 3 years	-16.74%	-17.24%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-16.74%	-17.24%	+0.50%
Max Drawdown (10Y) Largest decline over 10 years	-18.59%	-18.41%	-0.18%
Current Drawdown Current decline from peak	-15.26%	-15.31%	+0.05%
Average Drawdown Average peak-to-trough decline	-12.23%	-13.74%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.66%	6.62%	+0.04%

Volatility

PHAU.AS vs. SGLP.L - Volatility Comparison

WisdomTree Physical Gold UCITS ETC (PHAU.AS) and Invesco Physical Gold A (SGLP.L) have volatilities of 5.17% and 5.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHAU.AS	SGLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.17%	5.07%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	20.12%	20.05%	+0.07%
Volatility (1Y) Calculated over the trailing 1-year period	23.04%	23.07%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.99%	16.25%	-0.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.29%	14.81%	-0.52%

PHAU.AS vs. SGLP.L - Expense Ratio Comparison

PHAU.AS has a 0.39% expense ratio, which is higher than SGLP.L's 0.12% expense ratio.

Dividends

PHAU.AS vs. SGLP.L - Dividend Comparison

Neither PHAU.AS nor SGLP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PHAU.AS and SGLP.L in my portfolio?

With a correlation of 0.97, PHAU.AS and SGLP.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.

Which ETF is better, PHAU.AS or SGLP.L?

On fees, SGLP.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, PHAU.AS or SGLP.L?

SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.39% for PHAU.AS.

What is the main difference between PHAU.AS and SGLP.L?

PHAU.AS is categorized as Gold, while SGLP.L is Precious Metals. PHAU.AS tracks LBMA Gold Price PM, while SGLP.L tracks Gold. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.39% for PHAU.AS and 0.12% for SGLP.L.