SC0U.DE vs. SGLP.L

Last updated Jun 5, 2026

SC0U.DE (Invesco European Banks Sector UCITS ETF) and SGLP.L (Invesco Physical Gold A) are both exchange-traded funds - SC0U.DE is a Financials Equities fund tracking the STOXX® Europe 600 Optimised Banks, while SGLP.L is a Precious Metals fund tracking the Gold. Both are passively managed. Over the past 10 years, SC0U.DE returned 13.83%/yr vs 13.18%/yr for SGLP.L. At a correlation of -0.12, they often move in opposite directions. SC0U.DE charges 0.20%/yr vs 0.12%/yr for SGLP.L.

Performance

SC0U.DE vs. SGLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco European Banks Sector UCITS ETF (SC0U.DE) and Invesco Physical Gold A (SGLP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SC0U.DE is traded in EUR, while SGLP.L is traded in GBp. To make them comparable, the SGLP.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, SC0U.DE achieves a 5.95% return, which is significantly higher than SGLP.L's 4.89% return. Both investments have delivered pretty close results over the past 10 years, with SC0U.DE having a 13.83% annualized return and SGLP.L not far behind at 13.18%.

SC0U.DE

• 1D: 0.62%
• 1M: 6.28%
• YTD: 5.95%
• 6M: 12.82%
• 1Y: 39.72%
• 3Y*: 42.79%
• 5Y*: 27.34%
• 10Y*: 13.83%

SGLP.L

• 1D: 0.61%
• 1M: -1.55%
• YTD: 4.89%
• 6M: 6.52%
• 1Y: 30.28%
• 3Y*: 27.95%
• 5Y*: 19.71%
• 10Y*: 13.18%

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

SC0U.DE vs. SGLP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SC0U.DE Invesco European Banks Sector UCITS ETF	5.95%	79.97%	32.49%	25.93%	-0.07%	37.72%	-22.62%	15.49%	-26.78%	10.92%
SGLP.L Invesco Physical Gold A	4.89%	45.59%	34.32%	9.54%	6.07%	3.44%	13.47%	21.94%	3.02%	-2.36%

Correlation

The correlation between SC0U.DE and SGLP.L is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.10
Correlation (10Y) Calculated over the trailing 10-year period	-0.17
Correlation (All Time) Calculated using the full available price history since Dec 19, 2011	-0.12

The correlation between SC0U.DE and SGLP.L shifts across timeframes, from -0.17 (10 years) to 0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SC0U.DE vs. SGLP.L — Risk / Return Rank

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

SC0U.DE

SC0U.DE Risk / Return Rank: 49
SC0U.DE Sharpe Ratio Rank: 51
SC0U.DE Sortino Ratio Rank: 51
SC0U.DE Omega Ratio Rank: 47
SC0U.DE Calmar Ratio Rank: 49
SC0U.DE Martin Ratio Rank: 47

SGLP.L

SGLP.L Risk / Return Rank: 40
SGLP.L Sharpe Ratio Rank: 42
SGLP.L Sortino Ratio Rank: 37
SGLP.L Omega Ratio Rank: 47
SGLP.L Calmar Ratio Rank: 39
SGLP.L Martin Ratio Rank: 34

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.

SC0U.DE vs. SGLP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco European Banks Sector UCITS ETF (SC0U.DE) 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.

	SC0U.DE	SGLP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.31	+0.43
Sortino ratio: Return per unit of downside risk	2.43	1.76	+0.67
Omega ratio: Gain probability vs. loss probability	1.29	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	2.37	1.75	+0.62
Martin ratio: Return relative to average drawdown	7.76	4.56	+3.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SC0U.DE vs. SGLP.L - Sharpe Ratio Comparison

The current SC0U.DE Sharpe Ratio is 1.74, which is higher than the SGLP.L Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of SC0U.DE 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.

Sharpe Ratios by Period

	SC0U.DE	SGLP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	1.31	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.14	1.21	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.89	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.54	-0.27

Drawdowns

SC0U.DE vs. SGLP.L - Drawdown Comparison

The maximum SC0U.DE drawdown since its inception was -60.69%, which is greater than SGLP.L's maximum drawdown of -37.06%. Use the drawdown chart below to compare losses from any high point for SC0U.DE and SGLP.L.

Drawdown Indicators

	SC0U.DE	SGLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-60.69%	-37.06%	-23.63%
Max Drawdown (1Y) Largest decline over 1 year	-16.70%	-17.24%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	-19.82%	-17.24%	-2.58%
Max Drawdown (5Y) Largest decline over 5 years	-29.85%	-17.24%	-12.61%
Max Drawdown (10Y) Largest decline over 10 years	-56.61%	-18.41%	-38.20%
Current Drawdown Current decline from peak	-1.85%	-15.31%	+13.46%
Average Drawdown Average peak-to-trough decline	-20.40%	-13.74%	-6.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.10%	6.62%	-1.52%

Volatility

SC0U.DE vs. SGLP.L - Volatility Comparison

Invesco European Banks Sector UCITS ETF (SC0U.DE) has a higher volatility of 6.03% compared to Invesco Physical Gold A (SGLP.L) at 5.07%. This indicates that SC0U.DE's price experiences larger fluctuations and is considered to be riskier than SGLP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SC0U.DE	SGLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.03%	5.07%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	18.45%	20.05%	-1.60%
Volatility (1Y) Calculated over the trailing 1-year period	22.74%	23.07%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.64%	16.25%	+7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.62%	14.81%	+10.81%

SC0U.DE vs. SGLP.L - Expense Ratio Comparison

SC0U.DE has a 0.20% 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

SC0U.DE vs. SGLP.L - Dividend Comparison

Neither SC0U.DE nor SGLP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SC0U.DE and SGLP.L in my portfolio?

SC0U.DE and SGLP.L have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SC0U.DE 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, SC0U.DE or SGLP.L?

SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.20% for SC0U.DE.

What is the main difference between SC0U.DE and SGLP.L?

SC0U.DE is categorized as Financials Equities, while SGLP.L is Precious Metals. SC0U.DE tracks STOXX® Europe 600 Optimised Banks, while SGLP.L tracks Gold. Their fees differ too: 0.20% for SC0U.DE and 0.12% for SGLP.L.