RMAP.L vs. SGLP.L
RMAP.L (HANetf The Royal Mint Responsibly Sourced Physical Gold ETC) and SGLP.L (Invesco Physical Gold A) are both Precious Metals funds tracking the Gold, from HANetf and Invesco respectively. Both are passively managed. Over the past 5 years, RMAP.L returned 19.76%/yr vs 19.87%/yr for SGLP.L. Their correlation of 0.91 suggests significant overlap in exposure. RMAP.L charges 0.22%/yr vs 0.12%/yr for SGLP.L.
Performance
RMAP.L vs. SGLP.L - Performance Comparison
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Returns By Period
In the year-to-date period, RMAP.L achieves a 3.07% return, which is significantly lower than SGLP.L's 3.97% return.
RMAP.L
- 1D
- -1.18%
- 1M
- -2.94%
- YTD
- 3.07%
- 6M
- 4.24%
- 1Y
- 33.07%
- 3Y*
- 27.73%
- 5Y*
- 19.76%
- 10Y*
- —
SGLP.L
- 1D
- 0.70%
- 1M
- -1.36%
- YTD
- 3.97%
- 6M
- 5.45%
- 1Y
- 33.77%
- 3Y*
- 28.15%
- 5Y*
- 19.87%
- 10Y*
- 14.26%
RMAP.L vs. SGLP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
RMAP.L HANetf The Royal Mint Responsibly Sourced Physical Gold ETC | 3.07% | 53.50% | 28.00% | 7.09% | 11.74% | -2.81% | 10.34% |
SGLP.L Invesco Physical Gold A | 3.97% | 53.60% | 28.14% | 7.26% | 11.83% | -2.88% | 11.71% |
Correlation
The correlation between RMAP.L 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 | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2020 | 0.91 |
The correlation between RMAP.L and SGLP.L has been stable across timeframes, ranging from 0.91 to 0.98 - a consistent structural relationship.
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Return for Risk
RMAP.L vs. SGLP.L — Risk / Return Rank
RMAP.L
SGLP.L
RMAP.L vs. SGLP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HANetf The Royal Mint Responsibly Sourced Physical Gold ETC (RMAP.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.
| RMAP.L | SGLP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.77 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.29 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 1.88 | -0.67 |
| Martin ratioReturn relative to average drawdown | 2.41 | 5.06 | -2.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RMAP.L | SGLP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.69 | 1.46 | -0.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.81 | 1.23 | -0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.91 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.70 | 0.53 | +0.17 |
Drawdowns
RMAP.L vs. SGLP.L - Drawdown Comparison
The maximum RMAP.L drawdown since its inception was -27.31%, smaller than the maximum SGLP.L drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for RMAP.L and SGLP.L.
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Drawdown Indicators
| RMAP.L | SGLP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.31% | -38.83% | +11.52% |
Max Drawdown (1Y)Largest decline over 1 year | -27.31% | -17.89% | -9.42% |
Max Drawdown (3Y)Largest decline over 3 years | -27.31% | -17.89% | -9.42% |
Max Drawdown (5Y)Largest decline over 5 years | -27.31% | -17.89% | -9.42% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.34% | — |
Current DrawdownCurrent decline from peak | -19.60% | -15.97% | -3.63% |
Average DrawdownAverage peak-to-trough decline | -7.27% | -13.37% | +6.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.70% | 6.65% | +7.05% |
Volatility
RMAP.L vs. SGLP.L - Volatility Comparison
HANetf The Royal Mint Responsibly Sourced Physical Gold ETC (RMAP.L) and Invesco Physical Gold A (SGLP.L) have volatilities of 5.07% and 5.10%, 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.
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Volatility by Period
| RMAP.L | SGLP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.07% | 5.10% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 19.91% | 19.90% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.58% | 23.02% | +24.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.84% | 16.11% | +8.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.74% | 15.72% | +8.02% |
RMAP.L vs. SGLP.L - Expense Ratio Comparison
RMAP.L has a 0.22% expense ratio, which is higher than SGLP.L's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
RMAP.L vs. SGLP.L - Dividend Comparison
Neither RMAP.L nor SGLP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, RMAP.L 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.
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.
SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.22% for RMAP.L.
Both ETFs track Gold. They also come from different issuers: HANetf and Invesco. Their fees differ too: 0.22% for RMAP.L and 0.12% for SGLP.L.
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