PPFB.DE vs. IUSE.L
PPFB.DE (iShares Physical Gold ETC) and IUSE.L (iShares S&P 500 EUR Hedged UCITS ETF Acc) are both exchange-traded funds - PPFB.DE is a Gold fund tracking the Gold, while IUSE.L is a S&P 500 fund tracking the S&P 500 EUR Hedged Index. Both are passively managed. Over the past 5 years, PPFB.DE returned 17.85%/yr vs 10.14%/yr for IUSE.L. At a 0.00 correlation, their price movements are largely independent. PPFB.DE charges 0.12%/yr vs 0.20%/yr for IUSE.L.
Performance
PPFB.DE vs. IUSE.L - Performance Comparison
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Returns By Period
In the year-to-date period, PPFB.DE achieves a -6.38% return, which is significantly lower than IUSE.L's 7.54% return.
PPFB.DE
- 1D
- 0.00%
- 1M
- -4.91%
- 6M
- -11.49%
- YTD
- -6.38%
- 1Y
- 21.76%
- 3Y*
- 25.59%
- 5Y*
- 17.85%
- 10Y*
- —
IUSE.L
- 1D
- -1.30%
- 1M
- -0.21%
- 6M
- 6.68%
- YTD
- 7.54%
- 1Y
- 17.02%
- 3Y*
- 16.87%
- 5Y*
- 10.14%
- 10Y*
- 12.04%
PPFB.DE vs. IUSE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PPFB.DE iShares Physical Gold ETC | -6.38% | 49.11% | 34.17% | 9.42% | 7.03% | 2.86% |
IUSE.L iShares S&P 500 EUR Hedged UCITS ETF Acc | 7.54% | 14.95% | 23.21% | 23.05% | -21.17% | 9.19% |
Correlation
The correlation between PPFB.DE and IUSE.L is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2021 | 0.00 |
Over the past year, PPFB.DE and IUSE.L have become more correlated (0.30) than their long-term average of 0.00, meaning their price movements have been converging.
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Return for Risk
PPFB.DE vs. IUSE.L — Risk / Return Rank
PPFB.DE
IUSE.L
PPFB.DE vs. IUSE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Physical Gold ETC (PPFB.DE) and iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.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.
| PPFB.DE | IUSE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.26 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.98 | -1.01 |
| Martin ratioReturn relative to average drawdown | 2.28 | 7.93 | -5.65 |
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Drawdowns
PPFB.DE vs. IUSE.L - Drawdown Comparison
The maximum PPFB.DE drawdown since its inception was -22.54%, smaller than the maximum IUSE.L drawdown of -34.75%. Use the drawdown chart below to compare losses from any high point for PPFB.DE and IUSE.L.
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Drawdown Indicators
| PPFB.DE | IUSE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.54% | -34.75% | +12.21% |
Max Drawdown (1Y)Largest decline over 1 year | -22.54% | -8.67% | -13.87% |
Max Drawdown (3Y)Largest decline over 3 years | -22.54% | -18.33% | -4.21% |
Max Drawdown (5Y)Largest decline over 5 years | -22.54% | -26.23% | +3.69% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.75% | — |
Current DrawdownCurrent decline from peak | -22.54% | -1.97% | -20.57% |
Average DrawdownAverage peak-to-trough decline | -4.80% | -4.25% | -0.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.58% | 2.16% | +7.42% |
Volatility
PPFB.DE vs. IUSE.L - Volatility Comparison
iShares Physical Gold ETC (PPFB.DE) has a higher volatility of 6.29% compared to iShares S&P 500 EUR Hedged UCITS ETF Acc (IUSE.L) at 3.05%. This indicates that PPFB.DE's price experiences larger fluctuations and is considered to be riskier than IUSE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PPFB.DE | IUSE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.29% | 3.05% | +3.24% |
Volatility (6M)Calculated over the trailing 6-month period | 21.19% | 9.34% | +11.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.61% | 12.08% | +12.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.46% | 16.07% | +0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.45% | 16.29% | +0.16% |
PPFB.DE vs. IUSE.L - Expense Ratio Comparison
PPFB.DE has a 0.12% expense ratio, which is lower than IUSE.L's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
PPFB.DE vs. IUSE.L - Dividend Comparison
Neither PPFB.DE nor IUSE.L has paid dividends to shareholders.
Frequently Asked Questions
PPFB.DE and IUSE.L have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PPFB.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PPFB.DE is cheaper with a 0.12% expense ratio, compared with 0.20% for IUSE.L.
PPFB.DE is categorized as Gold, while IUSE.L is S&P 500. PPFB.DE tracks Gold, while IUSE.L tracks S&P 500 EUR Hedged Index. Their fees differ too: 0.12% for PPFB.DE and 0.20% for IUSE.L.
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