PHGP.L vs. SGLD.L
PHGP.L (WisdomTree Physical Gold) and SGLD.L (Invesco Physical Gold ETC) are both Gold funds - PHGP.L tracks the Gold while SGLD.L tracks the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, PHGP.L returned 11.33%/yr vs 11.60%/yr for SGLD.L. Their correlation of 0.93 suggests significant overlap in exposure. PHGP.L charges 0.39%/yr vs 0.12%/yr for SGLD.L.
Performance
PHGP.L vs. SGLD.L - Performance Comparison
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Different Trading Currencies
PHGP.L is traded in GBp, while SGLD.L is traded in USD. To make them comparable, the SGLD.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, PHGP.L achieves a -5.03% return, which is significantly lower than SGLD.L's -4.73% return. Both investments have delivered pretty close results over the past 10 years, with PHGP.L having a 11.33% annualized return and SGLD.L not far ahead at 11.60%.
PHGP.L
- 1D
- 0.03%
- 1M
- -9.13%
- YTD
- -5.03%
- 6M
- -8.59%
- 1Y
- 24.34%
- 3Y*
- 25.71%
- 5Y*
- 18.45%
- 10Y*
- 11.33%
SGLD.L
- 1D
- 0.15%
- 1M
- -9.03%
- YTD
- -4.73%
- 6M
- -8.41%
- 1Y
- 25.15%
- 3Y*
- 26.09%
- 5Y*
- 18.75%
- 10Y*
- 11.60%
PHGP.L vs. SGLD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHGP.L WisdomTree Physical Gold | -5.03% | 53.14% | 27.85% | 6.97% | 11.52% | -3.11% | 19.74% | 14.47% | 4.18% | 1.55% |
SGLD.L Invesco Physical Gold ETC | -4.73% | 53.13% | 28.43% | 7.70% | 11.80% | -3.17% | 20.53% | 13.83% | 4.55% | 1.90% |
Correlation
The correlation between PHGP.L and SGLD.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 | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | 0.93 |
The correlation between PHGP.L and SGLD.L has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.
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Return for Risk
PHGP.L vs. SGLD.L — Risk / Return Rank
PHGP.L
SGLD.L
PHGP.L vs. SGLD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Gold (PHGP.L) and Invesco Physical Gold ETC (SGLD.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PHGP.L | SGLD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.20 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | 1.08 | -0.04 |
| Martin ratioReturn relative to average drawdown | 2.93 | 3.08 | -0.15 |
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Drawdowns
PHGP.L vs. SGLD.L - Drawdown Comparison
The maximum PHGP.L drawdown since its inception was -45.25%, which is greater than SGLD.L's maximum drawdown of -41.62%. Use the drawdown chart below to compare losses from any high point for PHGP.L and SGLD.L.
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Drawdown Indicators
| PHGP.L | SGLD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.25% | -41.62% | -3.63% |
Max Drawdown (1Y)Largest decline over 1 year | -23.24% | -23.08% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -23.24% | -23.08% | -0.16% |
Max Drawdown (5Y)Largest decline over 5 years | -23.24% | -23.08% | -0.16% |
Max Drawdown (10Y)Largest decline over 10 years | -23.24% | -23.08% | -0.16% |
Current DrawdownCurrent decline from peak | -23.22% | -22.88% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -17.05% | -13.52% | -3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.29% | 8.14% | +0.15% |
Volatility
PHGP.L vs. SGLD.L - Volatility Comparison
The current volatility for WisdomTree Physical Gold (PHGP.L) is 8.14%, while Invesco Physical Gold ETC (SGLD.L) has a volatility of 8.89%. This indicates that PHGP.L experiences smaller price fluctuations and is considered to be less risky than SGLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHGP.L | SGLD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.14% | 8.89% | -0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 21.12% | 22.44% | -1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.96% | 25.18% | -1.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.85% | 17.03% | +4.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.37% | 15.84% | +2.53% |
PHGP.L vs. SGLD.L - Expense Ratio Comparison
PHGP.L has a 0.39% expense ratio, which is higher than SGLD.L's 0.12% expense ratio.
Dividends
PHGP.L vs. SGLD.L - Dividend Comparison
Neither PHGP.L nor SGLD.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, PHGP.L and SGLD.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, SGLD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLD.L is cheaper with a 0.12% expense ratio, compared with 0.39% for PHGP.L.
PHGP.L tracks Gold, while SGLD.L tracks LBMA Gold Price PM. They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.39% for PHGP.L and 0.12% for SGLD.L.
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