SGLD.L vs. AUCP.L
SGLD.L (Invesco Physical Gold ETC) and AUCP.L (L&G Gold Mining UCITS ETF) are both Gold funds - SGLD.L tracks the LBMA Gold Price PM while AUCP.L tracks the STOXX Global Gold Miners. Both are passively managed. Over the past 10 years, SGLD.L returned 11.57%/yr vs 13.46%/yr for AUCP.L. A 0.77 correlation means they provide meaningful diversification when combined. SGLD.L charges 0.12%/yr vs 0.55%/yr for AUCP.L.
Performance
SGLD.L vs. AUCP.L - Performance Comparison
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Different Trading Currencies
SGLD.L is traded in USD, while AUCP.L is traded in GBp. To make them comparable, the AUCP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SGLD.L achieves a -6.68% return, which is significantly higher than AUCP.L's -11.97% return. Over the past 10 years, SGLD.L has underperformed AUCP.L with an annualized return of 11.57%, while AUCP.L has yielded a comparatively higher 13.46% annualized return.
SGLD.L
- 1D
- 0.37%
- 1M
- -10.72%
- YTD
- -6.68%
- 6M
- -10.51%
- 1Y
- 20.90%
- 3Y*
- 27.67%
- 5Y*
- 17.57%
- 10Y*
- 11.57%
AUCP.L
- 1D
- 1.60%
- 1M
- -12.96%
- YTD
- -11.97%
- 6M
- -16.27%
- 1Y
- 50.48%
- 3Y*
- 46.94%
- 5Y*
- 22.64%
- 10Y*
- 13.46%
SGLD.L vs. AUCP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGLD.L Invesco Physical Gold ETC | -6.68% | 64.87% | 26.23% | 13.36% | -0.08% | -4.08% | 24.18% | 18.33% | -1.30% | 11.54% |
AUCP.L L&G Gold Mining UCITS ETF | -11.97% | 181.76% | 18.19% | 14.43% | -14.30% | -9.74% | 21.20% | 45.13% | -10.97% | 10.14% |
Correlation
The correlation between SGLD.L and AUCP.L is 0.83, 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 | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | 0.77 |
The correlation between SGLD.L and AUCP.L has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.
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Return for Risk
SGLD.L vs. AUCP.L — Risk / Return Rank
SGLD.L
AUCP.L
SGLD.L vs. AUCP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and L&G Gold Mining UCITS ETF (AUCP.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.
| SGLD.L | AUCP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.19 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 1.39 | -0.54 |
| Martin ratioReturn relative to average drawdown | 2.49 | 3.58 | -1.09 |
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Drawdowns
SGLD.L vs. AUCP.L - Drawdown Comparison
The maximum SGLD.L drawdown since its inception was -45.21%, smaller than the maximum AUCP.L drawdown of -82.34%. Use the drawdown chart below to compare losses from any high point for SGLD.L and AUCP.L.
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Drawdown Indicators
| SGLD.L | AUCP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -82.34% | +37.13% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -36.15% | +11.79% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -36.15% | +11.79% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -49.52% | +25.16% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | -54.94% | +30.58% |
Current DrawdownCurrent decline from peak | -24.07% | -34.31% | +10.24% |
Average DrawdownAverage peak-to-trough decline | -17.95% | -52.16% | +34.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | 14.05% | -5.69% |
Volatility
SGLD.L vs. AUCP.L - Volatility Comparison
The current volatility for Invesco Physical Gold ETC (SGLD.L) is 9.09%, while L&G Gold Mining UCITS ETF (AUCP.L) has a volatility of 18.35%. This indicates that SGLD.L experiences smaller price fluctuations and is considered to be less risky than AUCP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGLD.L | AUCP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 18.35% | -9.26% |
Volatility (6M)Calculated over the trailing 6-month period | 23.04% | 38.66% | -15.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.95% | 48.27% | -22.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.57% | 41.82% | -24.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.64% | 37.96% | -22.32% |
SGLD.L vs. AUCP.L - Expense Ratio Comparison
SGLD.L has a 0.12% expense ratio, which is lower than AUCP.L's 0.55% expense ratio.
Dividends
SGLD.L vs. AUCP.L - Dividend Comparison
Neither SGLD.L nor AUCP.L has paid dividends to shareholders.
Frequently Asked Questions
SGLD.L and AUCP.L have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLD.L is cheaper with a 0.12% expense ratio, compared with 0.55% for AUCP.L.
SGLD.L tracks LBMA Gold Price PM, while AUCP.L tracks STOXX Global Gold Miners. They also come from different issuers: Invesco and Legal & General. Their fees differ too: 0.12% for SGLD.L and 0.55% for AUCP.L.
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