SGBX.L vs. SGLS.L

Last updated Jun 5, 2026

SGBX.L (WisdomTree Physical Swiss Gold) and SGLS.L (Invesco Physical Gold GBP Hedged ETC) are both Precious Metals funds - SGBX.L tracks the Gold while SGLS.L tracks the Gold (GBP Hedged). Both are passively managed. Over the past 5 years, SGBX.L returned 19.84%/yr vs 17.34%/yr for SGLS.L. A 0.69 correlation means they provide meaningful diversification when combined. SGBX.L charges 0.15%/yr vs 0.34%/yr for SGLS.L.

Performance

SGBX.L vs. SGLS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in WisdomTree Physical Swiss Gold (SGBX.L) and Invesco Physical Gold GBP Hedged ETC (SGLS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGBX.L achieves a 3.86% return, which is significantly higher than SGLS.L's 3.01% 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*: —

SGLS.L

• 1D: 0.62%
• 1M: -4.85%
• YTD: 3.01%
• 6M: 5.19%
• 1Y: 31.26%
• 3Y*: 29.59%
• 5Y*: 17.34%
• 10Y*: —

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

SGBX.L vs. SGLS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SGBX.L WisdomTree Physical Swiss Gold	3.86%	53.55%	28.13%	7.24%	12.36%	-3.37%	-8.29%
SGLS.L Invesco Physical Gold GBP Hedged ETC	3.01%	64.22%	24.42%	11.48%	-1.42%	-4.63%	-3.17%

Correlation

The correlation between SGBX.L and SGLS.L is 0.93, 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	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jul 29, 2020	0.69

Over the past year, SGBX.L and SGLS.L have become more correlated (0.93) than their long-term average of 0.69, meaning their price movements have been converging.

Return for Risk

SGBX.L vs. SGLS.L — Risk / Return Rank

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

SGBX.L

SGBX.L Risk / Return Rank: 39
SGBX.L Sharpe Ratio Rank: 42
SGBX.L Sortino Ratio Rank: 37
SGBX.L Omega Ratio Rank: 46
SGBX.L Calmar Ratio Rank: 38
SGBX.L Martin Ratio Rank: 33

SGLS.L

SGLS.L Risk / Return Rank: 34
SGLS.L Sharpe Ratio Rank: 36
SGLS.L Sortino Ratio Rank: 32
SGLS.L Omega Ratio Rank: 37
SGLS.L Calmar Ratio Rank: 35
SGLS.L Martin Ratio Rank: 31

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.

SGBX.L vs. SGLS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Swiss Gold (SGBX.L) and Invesco Physical Gold GBP Hedged ETC (SGLS.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	SGLS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.24	+0.20
Sortino ratio: Return per unit of downside risk	1.88	1.66	+0.22
Omega ratio: Gain probability vs. loss probability	1.29	1.24	+0.05
Calmar ratio: Return relative to maximum drawdown	1.85	1.71	+0.14
Martin ratio: Return relative to average drawdown	4.94	4.48	+0.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGBX.L vs. SGLS.L - Sharpe Ratio Comparison

The current SGBX.L Sharpe Ratio is 1.44, which is comparable to the SGLS.L Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of SGBX.L and SGLS.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

	SGBX.L	SGLS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	1.24	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	1.07	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.90	0.00

Drawdowns

SGBX.L vs. SGLS.L - Drawdown Comparison

The maximum SGBX.L drawdown since its inception was -22.29%, roughly equal to the maximum SGLS.L drawdown of -21.94%. Use the drawdown chart below to compare losses from any high point for SGBX.L and SGLS.L.

Drawdown Indicators

	SGBX.L	SGLS.L	Difference
Max Drawdown Largest peak-to-trough decline	-22.29%	-21.94%	-0.35%
Max Drawdown (1Y) Largest decline over 1 year	-18.07%	-17.93%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-18.07%	-17.93%	-0.14%
Max Drawdown (5Y) Largest decline over 5 years	-18.07%	-21.94%	+3.87%
Current Drawdown Current decline from peak	-16.26%	-15.99%	-0.27%
Average Drawdown Average peak-to-trough decline	-6.07%	-6.98%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.76%	6.84%	-0.08%

Volatility

SGBX.L vs. SGLS.L - Volatility Comparison

The current volatility for WisdomTree Physical Swiss Gold (SGBX.L) is 5.08%, while Invesco Physical Gold GBP Hedged ETC (SGLS.L) has a volatility of 6.40%. This indicates that SGBX.L experiences smaller price fluctuations and is considered to be less risky than SGLS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGBX.L	SGLS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.08%	6.40%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	19.94%	21.65%	-1.71%
Volatility (1Y) Calculated over the trailing 1-year period	23.13%	24.68%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	17.91%	-1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.17%	18.29%	-3.12%

SGBX.L vs. SGLS.L - Expense Ratio Comparison

SGBX.L has a 0.15% expense ratio, which is lower than SGLS.L's 0.34% expense ratio.

Dividends

SGBX.L vs. SGLS.L - Dividend Comparison

Neither SGBX.L nor SGLS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SGBX.L and SGLS.L in my portfolio?

With a correlation of 0.93, SGBX.L and SGLS.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.

Which ETF is better, SGBX.L or SGLS.L?

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.

Which ETF is cheaper, SGBX.L or SGLS.L?

SGBX.L is cheaper with a 0.15% expense ratio, compared with 0.34% for SGLS.L.

What is the main difference between SGBX.L and SGLS.L?

SGBX.L tracks Gold, while SGLS.L tracks Gold (GBP Hedged). They also come from different issuers: WisdomTree and Invesco. Their fees differ too: 0.15% for SGBX.L and 0.34% for SGLS.L.