PRFP.L vs. SGLP.L

Last updated Jul 16, 2026

PRFP.L (Invesco Preferred Shares UCITS ETF) and SGLP.L (Invesco Physical Gold A) are both exchange-traded funds - PRFP.L is a Global Equities fund tracking the Invesco Preferred Shares UCITS ETF, while SGLP.L is a Gold fund tracking the Gold. Both are passively managed. Over the past 5 years, PRFP.L returned -1.28%/yr vs 17.81%/yr for SGLP.L. At a 0.16 correlation, their price movements are largely independent. PRFP.L charges 0.50%/yr vs 0.12%/yr for SGLP.L.

Performance

PRFP.L vs. SGLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Preferred Shares UCITS ETF (PRFP.L) and Invesco Physical Gold A (SGLP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PRFP.L achieves a -0.84% return, which is significantly higher than SGLP.L's -6.33% return.

PRFP.L

• 1D: -0.70%
• 1M: -0.58%
• 6M: -1.97%
• YTD: -0.84%
• 1Y: 2.08%
• 3Y*: 2.70%
• 5Y*: -1.28%
• 10Y*: —

SGLP.L

• 1D: -1.60%
• 1M: -7.47%
• 6M: -12.71%
• YTD: -6.33%
• 1Y: 20.56%
• 3Y*: 26.02%
• 5Y*: 17.81%
• 10Y*: 11.36%

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

PRFP.L vs. SGLP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRFP.L Invesco Preferred Shares UCITS ETF	-0.84%	-4.46%	6.43%	3.44%	-12.08%	4.09%	2.23%	14.04%	-26.72%	0.07%
SGLP.L Invesco Physical Gold A	-6.33%	53.60%	28.14%	7.26%	11.83%	-2.88%	19.99%	14.65%	4.31%	-0.02%

Correlation

The correlation between PRFP.L and SGLP.L is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Sep 28, 2017	0.16

The correlation between PRFP.L and SGLP.L shifts across timeframes, from 0.03 (3 years) to 0.16 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PRFP.L vs. SGLP.L — Risk / Return Rank

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

PRFP.L

PRFP.L Risk / Return Rank: 13
PRFP.L Sharpe Ratio Rank: 14
PRFP.L Sortino Ratio Rank: 12
PRFP.L Omega Ratio Rank: 12
PRFP.L Calmar Ratio Rank: 15
PRFP.L Martin Ratio Rank: 14

SGLP.L

SGLP.L Risk / Return Rank: 26
SGLP.L Sharpe Ratio Rank: 28
SGLP.L Sortino Ratio Rank: 26
SGLP.L Omega Ratio Rank: 30
SGLP.L Calmar Ratio Rank: 22
SGLP.L Martin Ratio Rank: 22

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.

PRFP.L vs. SGLP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Preferred Shares UCITS ETF (PRFP.L) 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.

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.

	PRFP.L	SGLP.L	Difference
Sharpe ratio: Return per unit of total volatility	0.27	0.84	-0.57
Sortino ratio: Return per unit of downside risk	0.43	1.21	-0.78
Omega ratio: Gain probability vs. loss probability	1.05	1.17	-0.12
Calmar ratio: Return relative to maximum drawdown	0.41	0.84	-0.43
Martin ratio: Return relative to average drawdown	0.76	2.08	-1.33

PRFP.L vs. SGLP.L - Sharpe Ratio Comparison

The current PRFP.L Sharpe Ratio is 0.27, which is lower than the SGLP.L Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of PRFP.L 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.

Drawdowns

PRFP.L vs. SGLP.L - Drawdown Comparison

The maximum PRFP.L drawdown since its inception was -33.34%, smaller than the maximum SGLP.L drawdown of -63.75%. Use the drawdown chart below to compare losses from any high point for PRFP.L and SGLP.L.

Drawdown Indicators

	PRFP.L	SGLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-33.34%	-63.75%	+30.41%
Max Drawdown (1Y) Largest decline over 1 year	-5.06%	-24.29%	+19.23%
Max Drawdown (3Y) Largest decline over 3 years	-13.79%	-24.29%	+10.50%
Max Drawdown (5Y) Largest decline over 5 years	-20.03%	-24.29%	+4.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-24.29%	—
Current Drawdown Current decline from peak	-19.04%	-24.29%	+5.25%
Average Drawdown Average peak-to-trough decline	-16.25%	-31.67%	+15.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.73%	9.84%	-7.11%

Volatility

PRFP.L vs. SGLP.L - Volatility Comparison

The current volatility for Invesco Preferred Shares UCITS ETF (PRFP.L) is 2.64%, while Invesco Physical Gold A (SGLP.L) has a volatility of 6.71%. This indicates that PRFP.L experiences smaller price fluctuations and is considered to be less risky than SGLP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PRFP.L	SGLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.64%	6.71%	-4.07%
Volatility (6M) Calculated over the trailing 6-month period	5.89%	21.07%	-15.18%
Volatility (1Y) Calculated over the trailing 1-year period	7.75%	24.32%	-16.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.19%	21.89%	-10.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.02%	18.29%	-3.27%

PRFP.L vs. SGLP.L - Expense Ratio Comparison

PRFP.L has a 0.50% expense ratio, which is higher than SGLP.L's 0.12% expense ratio.

Dividends

PRFP.L vs. SGLP.L - Dividend Comparison

PRFP.L's dividend yield for the trailing twelve months is around 5.58%, while SGLP.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PRFP.L Invesco Preferred Shares UCITS ETF	5.58%	5.38%	5.08%	5.39%	5.57%	4.36%	4.81%	4.64%	5.05%	0.57%
SGLP.L Invesco Physical Gold A	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

PRFP.L and SGLP.L have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PRFP.L 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, PRFP.L or SGLP.L?

SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.50% for PRFP.L.

What is the main difference between PRFP.L and SGLP.L?

PRFP.L is categorized as Global Equities, while SGLP.L is Gold. PRFP.L tracks Invesco Preferred Shares UCITS ETF, while SGLP.L tracks Gold. Their fees differ too: 0.50% for PRFP.L and 0.12% for SGLP.L.