SGLD.L vs. BOXX

Last updated Jun 5, 2026

SGLD.L (Invesco Physical Gold ETC) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - SGLD.L is a Gold fund tracking the LBMA Gold Price PM, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. Both are passively managed. Over the past 3 years, SGLD.L returned 31.54%/yr vs 4.75%/yr for BOXX. At a 0.03 correlation, their price movements are largely independent. SGLD.L charges 0.12%/yr vs 0.19%/yr for BOXX.

Performance

SGLD.L vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Physical Gold ETC (SGLD.L) and Alpha Architect 1-3 Month Box ETF (BOXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGLD.L achieves a 3.72% return, which is significantly higher than BOXX's 1.59% return.

SGLD.L

• 1D: 0.69%
• 1M: -2.34%
• YTD: 3.72%
• 6M: 6.06%
• 1Y: 32.43%
• 3Y*: 31.54%
• 5Y*: 18.60%
• 10Y*: 13.41%

BOXX

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.59%
• 6M: 1.98%
• 1Y: 4.09%
• 3Y*: 4.75%
• 5Y*: —
• 10Y*: —

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

SGLD.L vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SGLD.L Invesco Physical Gold ETC	3.72%	64.87%	26.23%	13.36%	1.05%
BOXX Alpha Architect 1-3 Month Box ETF	1.59%	4.37%	5.16%	5.04%	0.07%

Correlation

The correlation between SGLD.L and BOXX is 0.05, 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	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (All Time) Calculated using the full available price history since Dec 29, 2022	0.03

Return for Risk

SGLD.L vs. BOXX — Risk / Return Rank

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

SGLD.L

SGLD.L Risk / Return Rank: 36
SGLD.L Sharpe Ratio Rank: 38
SGLD.L Sortino Ratio Rank: 33
SGLD.L Omega Ratio Rank: 39
SGLD.L Calmar Ratio Rank: 39
SGLD.L Martin Ratio Rank: 33

BOXX

BOXX Risk / Return Rank: 100
BOXX Sharpe Ratio Rank: 100
BOXX Sortino Ratio Rank: 100
BOXX Omega Ratio Rank: 100
BOXX Calmar Ratio Rank: 100
BOXX Martin Ratio Rank: 100

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.

SGLD.L vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and Alpha Architect 1-3 Month Box ETF (BOXX). 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.

	SGLD.L	BOXX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	12.81	-11.50
Sortino ratio: Return per unit of downside risk	1.74	37.95	-36.21
Omega ratio: Gain probability vs. loss probability	1.25	9.96	-8.71
Calmar ratio: Return relative to maximum drawdown	1.86	59.63	-57.77
Martin ratio: Return relative to average drawdown	4.82	530.59	-525.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGLD.L vs. BOXX - Sharpe Ratio Comparison

The current SGLD.L Sharpe Ratio is 1.31, which is lower than the BOXX Sharpe Ratio of 12.81. The chart below compares the historical Sharpe Ratios of SGLD.L and BOXX, 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

	SGLD.L	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	12.81	-11.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	12.91	-12.33

Drawdowns

SGLD.L vs. BOXX - Drawdown Comparison

The maximum SGLD.L drawdown since its inception was -45.21%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for SGLD.L and BOXX.

Drawdown Indicators

	SGLD.L	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	-45.21%	-0.12%	-45.09%
Max Drawdown (1Y) Largest decline over 1 year	-17.34%	-0.07%	-17.27%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	-0.12%	-17.22%
Max Drawdown (5Y) Largest decline over 5 years	-21.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.12%	—	—
Current Drawdown Current decline from peak	-15.61%	0.00%	-15.61%
Average Drawdown Average peak-to-trough decline	-18.20%	-0.00%	-18.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.72%	0.01%	+6.71%

Volatility

SGLD.L vs. BOXX - Volatility Comparison

Invesco Physical Gold ETC (SGLD.L) has a higher volatility of 6.34% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that SGLD.L's price experiences larger fluctuations and is considered to be riskier than BOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGLD.L	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	0.09%	+6.25%
Volatility (6M) Calculated over the trailing 6-month period	21.72%	0.25%	+21.47%
Volatility (1Y) Calculated over the trailing 1-year period	24.72%	0.32%	+24.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	0.37%	+16.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	0.37%	+15.13%

SGLD.L vs. BOXX - Expense Ratio Comparison

SGLD.L has a 0.12% expense ratio, which is lower than BOXX's 0.19% 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

SGLD.L vs. BOXX - Dividend Comparison

Neither SGLD.L nor BOXX has paid dividends to shareholders.

Position	TTM	2025	2024
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%
SGLD.L Invesco Physical Gold ETC	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SGLD.L and BOXX in my portfolio?

SGLD.L and BOXX have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SGLD.L or BOXX?

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.

Which ETF is cheaper, SGLD.L or BOXX?

SGLD.L is cheaper with a 0.12% expense ratio, compared with 0.19% for BOXX.

What is the main difference between SGLD.L and BOXX?

SGLD.L is categorized as Gold, while BOXX is Ultrashort Bond. SGLD.L tracks LBMA Gold Price PM, while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: Invesco and Alpha Architect. Their fees differ too: 0.12% for SGLD.L and 0.19% for BOXX.