SBEM.L vs. SGLN.L
SBEM.L (UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis) and SGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - SBEM.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD, while SGLN.L is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, SBEM.L returned 4.44%/yr vs 13.01%/yr for SGLN.L. At a 0.30 correlation, their price movements are largely independent. SBEM.L charges 0.42%/yr vs 0.12%/yr for SGLN.L.
Performance
SBEM.L vs. SGLN.L - Performance Comparison
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Returns By Period
In the year-to-date period, SBEM.L achieves a 2.82% return, which is significantly higher than SGLN.L's -1.83% return. Over the past 10 years, SBEM.L has underperformed SGLN.L with an annualized return of 4.44%, while SGLN.L has yielded a comparatively higher 13.01% annualized return.
SBEM.L
- 1D
- 0.16%
- 1M
- 1.55%
- YTD
- 2.82%
- 6M
- 3.45%
- 1Y
- 14.87%
- 3Y*
- 9.07%
- 5Y*
- 3.36%
- 10Y*
- 4.44%
SGLN.L
- 1D
- 2.90%
- 1M
- -9.54%
- YTD
- -1.83%
- 6M
- -1.90%
- 1Y
- 24.78%
- 3Y*
- 26.65%
- 5Y*
- 18.64%
- 10Y*
- 13.01%
SBEM.L vs. SGLN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SBEM.L UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis | 2.82% | 7.42% | 9.45% | 5.95% | -10.24% | -1.29% | 1.29% | 10.91% | 1.42% | 0.47% |
SGLN.L iShares Physical Gold ETC | -1.83% | 53.66% | 28.20% | 7.24% | 11.84% | -2.82% | 19.93% | 14.63% | 4.36% | 1.68% |
Correlation
The correlation between SBEM.L and SGLN.L is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | 0.30 |
Over the past year, the correlation between SBEM.L and SGLN.L has dropped to 0.04 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.
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Return for Risk
SBEM.L vs. SGLN.L — Risk / Return Rank
SBEM.L
SGLN.L
SBEM.L vs. SGLN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.L) and iShares Physical Gold ETC (SGLN.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.
| SBEM.L | SGLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.22 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 4.05 | 1.13 | +2.92 |
| Martin ratioReturn relative to average drawdown | 11.69 | 3.51 | +8.18 |
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Drawdowns
SBEM.L vs. SGLN.L - Drawdown Comparison
The maximum SBEM.L drawdown since its inception was -21.61%, smaller than the maximum SGLN.L drawdown of -53.23%. Use the drawdown chart below to compare losses from any high point for SBEM.L and SGLN.L.
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Drawdown Indicators
| SBEM.L | SGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.61% | -53.23% | +31.62% |
Max Drawdown (1Y)Largest decline over 1 year | -3.53% | -22.87% | +19.34% |
Max Drawdown (3Y)Largest decline over 3 years | -9.79% | -22.87% | +13.08% |
Max Drawdown (5Y)Largest decline over 5 years | -17.20% | -22.87% | +5.67% |
Max Drawdown (10Y)Largest decline over 10 years | -21.61% | -22.87% | +1.26% |
Current DrawdownCurrent decline from peak | 0.00% | -20.64% | +20.64% |
Average DrawdownAverage peak-to-trough decline | -7.22% | -24.70% | +17.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 7.37% | -6.14% |
Volatility
SBEM.L vs. SGLN.L - Volatility Comparison
The current volatility for UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.L) is 1.48%, while iShares Physical Gold ETC (SGLN.L) has a volatility of 6.68%. This indicates that SBEM.L experiences smaller price fluctuations and is considered to be less risky than SGLN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SBEM.L | SGLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 6.68% | -5.20% |
Volatility (6M)Calculated over the trailing 6-month period | 4.51% | 20.78% | -16.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.40% | 23.82% | -17.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.13% | 21.84% | -12.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 18.84% | -7.87% |
SBEM.L vs. SGLN.L - Expense Ratio Comparison
SBEM.L has a 0.42% expense ratio, which is higher than SGLN.L's 0.12% expense ratio.
Dividends
SBEM.L vs. SGLN.L - Dividend Comparison
SBEM.L's dividend yield for the trailing twelve months is around 6.51%, while SGLN.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SBEM.L UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis | 6.51% | 7.69% | 6.27% | 6.49% | 5.73% | 4.35% | 4.92% | 4.83% | 4.47% | 4.84% | 2.27% |
SGLN.L iShares Physical Gold ETC | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SBEM.L and SGLN.L have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLN.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLN.L is cheaper with a 0.12% expense ratio, compared with 0.42% for SBEM.L.
SBEM.L is categorized as Emerging Markets Bonds, while SGLN.L is Gold. SBEM.L tracks JPM EMBI Global Diversified TR USD, while SGLN.L tracks LBMA Gold Price. They also come from different issuers: UBS and iShares. Their fees differ too: 0.42% for SBEM.L and 0.12% for SGLN.L.
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