PHPP.L vs. GC=F

Last updated Jun 5, 2026

PHPP.L (WisdomTree Physical Precious Metals) is Precious Metals fund tracking the Precious Metals Basket, while GC=F (Gold Futures) is an asset. Over the past 10 years, PHPP.L returned 13.52%/yr vs 14.57%/yr for GC=F. A 0.61 correlation means they provide meaningful diversification when combined.

Performance

PHPP.L vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Physical Precious Metals (PHPP.L) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PHPP.L is traded in GBp, while GC=F is traded in USD. To make them comparable, the GC=F values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, PHPP.L achieves a 0.99% return, which is significantly lower than GC=F's 4.51% return. Over the past 10 years, PHPP.L has underperformed GC=F with an annualized return of 13.52%, while GC=F has yielded a comparatively higher 14.57% annualized return.

PHPP.L

• 1D: 0.37%
• 1M: -1.92%
• YTD: 0.99%
• 6M: 9.62%
• 1Y: 51.59%
• 3Y*: 25.31%
• 5Y*: 12.75%
• 10Y*: 13.52%

GC=F

• 1D: 1.48%
• 1M: -0.27%
• YTD: 4.51%
• 6M: 6.16%
• 1Y: 34.76%
• 3Y*: 28.68%
• 5Y*: 20.25%
• 10Y*: 14.57%

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

PHPP.L vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PHPP.L WisdomTree Physical Precious Metals	0.99%	72.45%	17.27%	-8.55%	11.64%	-10.26%	22.29%	22.41%	5.44%	5.38%
GC=F Gold Futures	4.51%	52.80%	29.71%	7.67%	11.41%	-2.55%	20.93%	14.35%	3.66%	3.77%

Correlation

The correlation between PHPP.L and GC=F is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Nov 15, 2007	0.61

The correlation between PHPP.L and GC=F shifts across timeframes, from 0.61 (all time) to 0.77 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PHPP.L vs. GC=F — Risk / Return Rank

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

PHPP.L

PHPP.L Risk / Return Rank: 42
PHPP.L Sharpe Ratio Rank: 47
PHPP.L Sortino Ratio Rank: 40
PHPP.L Omega Ratio Rank: 48
PHPP.L Calmar Ratio Rank: 43
PHPP.L Martin Ratio Rank: 34

GC=F

GC=F Risk / Return Rank: 54
GC=F Sharpe Ratio Rank: 53
GC=F Sortino Ratio Rank: 52
GC=F Omega Ratio Rank: 54
GC=F Calmar Ratio Rank: 45
GC=F Martin Ratio Rank: 64

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.

PHPP.L vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Precious Metals (PHPP.L) and Gold Futures (GC=F). 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.

	PHPP.L	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.31	+0.30
Sortino ratio: Return per unit of downside risk	2.02	1.70	+0.32
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.03
Calmar ratio: Return relative to maximum drawdown	2.11	1.98	+0.12
Martin ratio: Return relative to average drawdown	5.01	5.00	+0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PHPP.L vs. GC=F - Sharpe Ratio Comparison

The current PHPP.L Sharpe Ratio is 1.61, which is comparable to the GC=F Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of PHPP.L and GC=F, 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

	PHPP.L	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	1.31	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	1.16	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.85	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.69	-0.18

Drawdowns

PHPP.L vs. GC=F - Drawdown Comparison

The maximum PHPP.L drawdown since its inception was -49.43%, which is greater than GC=F's maximum drawdown of -40.62%. Use the drawdown chart below to compare losses from any high point for PHPP.L and GC=F.

Drawdown Indicators

	PHPP.L	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-49.43%	-40.62%	-8.81%
Max Drawdown (1Y) Largest decline over 1 year	-24.37%	-16.99%	-7.38%
Max Drawdown (3Y) Largest decline over 3 years	-24.37%	-16.99%	-7.38%
Max Drawdown (5Y) Largest decline over 5 years	-26.89%	-16.99%	-9.90%
Max Drawdown (10Y) Largest decline over 10 years	-26.89%	-22.25%	-4.64%
Current Drawdown Current decline from peak	-22.56%	-15.05%	-7.51%
Average Drawdown Average peak-to-trough decline	-18.70%	-12.19%	-6.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.26%	6.82%	+3.44%

Volatility

PHPP.L vs. GC=F - Volatility Comparison

WisdomTree Physical Precious Metals (PHPP.L) has a higher volatility of 7.69% compared to Gold Futures (GC=F) at 4.26%. This indicates that PHPP.L's price experiences larger fluctuations and is considered to be riskier than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PHPP.L	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.69%	4.26%	+3.43%
Volatility (6M) Calculated over the trailing 6-month period	29.24%	22.29%	+6.95%
Volatility (1Y) Calculated over the trailing 1-year period	31.86%	25.67%	+6.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.47%	17.38%	+4.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.84%	17.07%	+2.77%

Frequently Asked Questions

Can I hold both PHPP.L and GC=F in my portfolio?

PHPP.L and GC=F have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.