SGBX.L vs. GBSP.L
SGBX.L (WisdomTree Physical Swiss Gold) and GBSP.L (WisdomTree Physical Gold - GBP Daily Hedged) are both Precious Metals funds from WisdomTree - SGBX.L tracks the Gold while GBSP.L tracks the Gold (GBP Hedged). Both are passively managed. Over the past 5 years, SGBX.L returned 19.84%/yr vs 17.19%/yr for GBSP.L. A 0.77 correlation means they provide meaningful diversification when combined. SGBX.L charges 0.15%/yr vs 0.25%/yr for GBSP.L.
Performance
SGBX.L vs. GBSP.L - Performance Comparison
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Returns By Period
In the year-to-date period, SGBX.L achieves a 3.86% return, which is significantly higher than GBSP.L's 3.18% return.
SGBX.L
- 1D
- 0.68%
- 1M
- -3.57%
- YTD
- 3.86%
- 6M
- 5.03%
- 1Y
- 34.31%
- 3Y*
- 28.08%
- 5Y*
- 19.84%
- 10Y*
- —
GBSP.L
- 1D
- 0.76%
- 1M
- -4.73%
- YTD
- 3.18%
- 6M
- 5.42%
- 1Y
- 31.89%
- 3Y*
- 30.23%
- 5Y*
- 17.19%
- 10Y*
- 11.30%
SGBX.L vs. GBSP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGBX.L WisdomTree Physical Swiss Gold | 3.86% | 53.55% | 28.13% | 7.24% | 12.36% | -3.37% | 20.00% | 14.67% | 4.35% | -3.78% |
GBSP.L WisdomTree Physical Gold - GBP Daily Hedged | 3.18% | 63.29% | 25.01% | 11.75% | -1.73% | -4.92% | 21.84% | 14.56% | -4.55% | 1.10% |
Correlation
The correlation between SGBX.L and GBSP.L is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2017 | 0.77 |
The correlation between SGBX.L and GBSP.L shifts across timeframes, from 0.77 (all time) to 0.94 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SGBX.L vs. GBSP.L — Risk / Return Rank
SGBX.L
GBSP.L
SGBX.L vs. GBSP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Swiss Gold (SGBX.L) and WisdomTree Physical Gold - GBP Daily Hedged (GBSP.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.
| SGBX.L | GBSP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.24 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 1.76 | +0.08 |
| Martin ratioReturn relative to average drawdown | 4.94 | 4.51 | +0.44 |
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
| SGBX.L | GBSP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.44 | 1.25 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.23 | 0.99 | +0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.72 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 0.38 | +0.53 |
Drawdowns
SGBX.L vs. GBSP.L - Drawdown Comparison
The maximum SGBX.L drawdown since its inception was -22.29%, smaller than the maximum GBSP.L drawdown of -37.30%. Use the drawdown chart below to compare losses from any high point for SGBX.L and GBSP.L.
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Drawdown Indicators
| SGBX.L | GBSP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.29% | -37.30% | +15.01% |
Max Drawdown (1Y)Largest decline over 1 year | -18.07% | -17.53% | -0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -18.07% | -17.53% | -0.54% |
Max Drawdown (5Y)Largest decline over 5 years | -18.07% | -22.05% | +3.98% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.99% | — |
Current DrawdownCurrent decline from peak | -16.26% | -15.96% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -6.07% | -17.52% | +11.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.76% | 6.88% | -0.12% |
Volatility
SGBX.L vs. GBSP.L - Volatility Comparison
The current volatility for WisdomTree Physical Swiss Gold (SGBX.L) is 5.08%, while WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) has a volatility of 6.25%. This indicates that SGBX.L experiences smaller price fluctuations and is considered to be less risky than GBSP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGBX.L | GBSP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.08% | 6.25% | -1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 19.94% | 21.79% | -1.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.13% | 24.78% | -1.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.17% | 17.29% | -1.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.17% | 15.56% | -0.39% |
SGBX.L vs. GBSP.L - Expense Ratio Comparison
SGBX.L has a 0.15% expense ratio, which is lower than GBSP.L's 0.25% 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
SGBX.L vs. GBSP.L - Dividend Comparison
Neither SGBX.L nor GBSP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, SGBX.L and GBSP.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, SGBX.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGBX.L is cheaper with a 0.15% expense ratio, compared with 0.25% for GBSP.L.
SGBX.L tracks Gold, while GBSP.L tracks Gold (GBP Hedged). Their fees differ too: 0.15% for SGBX.L and 0.25% for GBSP.L.
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