SGLD.L vs. CMOD.L
SGLD.L (Invesco Physical Gold ETC) and CMOD.L (Invesco Bloomberg Commodity UCITS ETF) are both exchange-traded funds - SGLD.L is a Gold fund tracking the LBMA Gold Price PM, while CMOD.L is a Commodities fund tracking the Bloomberg Commodity TR Index. Both are passively managed. Over the past 5 years, SGLD.L returned 17.13%/yr vs 10.06%/yr for CMOD.L. At a 0.35 correlation, their price movements are largely independent. SGLD.L charges 0.12%/yr vs 0.19%/yr for CMOD.L.
Performance
SGLD.L vs. CMOD.L - Performance Comparison
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Returns By Period
In the year-to-date period, SGLD.L achieves a -6.84% return, which is significantly lower than CMOD.L's 20.31% return.
SGLD.L
- 1D
- -0.78%
- 1M
- -7.14%
- 6M
- -12.96%
- YTD
- -6.84%
- 1Y
- 18.93%
- 3Y*
- 27.00%
- 5Y*
- 17.13%
- 10Y*
- 11.50%
CMOD.L
- 1D
- 0.16%
- 1M
- 2.26%
- 6M
- 16.35%
- YTD
- 20.31%
- 1Y
- 29.56%
- 3Y*
- 12.52%
- 5Y*
- 10.06%
- 10Y*
- —
SGLD.L vs. CMOD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGLD.L Invesco Physical Gold ETC | -6.84% | 64.87% | 26.23% | 13.36% | -0.08% | -4.08% | 24.18% | 18.33% | -1.30% | 10.29% |
CMOD.L Invesco Bloomberg Commodity UCITS ETF | 20.31% | 16.16% | 4.12% | -7.56% | 14.50% | 27.35% | -3.87% | 6.64% | -10.22% | 2.08% |
Correlation
The correlation between SGLD.L and CMOD.L is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jan 9, 2017 | 0.35 |
The correlation between SGLD.L and CMOD.L shifts across timeframes, from 0.25 (1 year) to 0.38 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SGLD.L vs. CMOD.L — Risk / Return Rank
SGLD.L
CMOD.L
SGLD.L vs. CMOD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and Invesco Bloomberg Commodity UCITS ETF (CMOD.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 | CMOD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.31 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 2.04 | -1.26 |
| Martin ratioReturn relative to average drawdown | 1.88 | 6.49 | -4.62 |
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Drawdowns
SGLD.L vs. CMOD.L - Drawdown Comparison
The maximum SGLD.L drawdown since its inception was -45.21%, which is greater than CMOD.L's maximum drawdown of -33.16%. Use the drawdown chart below to compare losses from any high point for SGLD.L and CMOD.L.
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Drawdown Indicators
| SGLD.L | CMOD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -33.16% | -12.05% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -14.44% | -9.92% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -14.44% | -9.92% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -26.86% | +2.50% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | — | — |
Current DrawdownCurrent decline from peak | -24.20% | -8.76% | -15.44% |
Average DrawdownAverage peak-to-trough decline | -17.97% | -12.24% | -5.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.07% | 4.54% | +5.53% |
Volatility
SGLD.L vs. CMOD.L - Volatility Comparison
Invesco Physical Gold ETC (SGLD.L) has a higher volatility of 7.46% compared to Invesco Bloomberg Commodity UCITS ETF (CMOD.L) at 4.66%. This indicates that SGLD.L's price experiences larger fluctuations and is considered to be riskier than CMOD.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 | CMOD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.46% | 4.66% | +2.80% |
Volatility (6M)Calculated over the trailing 6-month period | 22.99% | 15.06% | +7.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.39% | 17.03% | +9.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.73% | 16.57% | +1.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.71% | 14.68% | +1.03% |
SGLD.L vs. CMOD.L - Expense Ratio Comparison
SGLD.L has a 0.12% expense ratio, which is lower than CMOD.L'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. CMOD.L - Dividend Comparison
Neither SGLD.L nor CMOD.L has paid dividends to shareholders.
Frequently Asked Questions
SGLD.L and CMOD.L have a correlation of 0.25, 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 0.19% for CMOD.L.
SGLD.L is categorized as Gold, while CMOD.L is Commodities. SGLD.L tracks LBMA Gold Price PM, while CMOD.L tracks Bloomberg Commodity TR Index. Their fees differ too: 0.12% for SGLD.L and 0.19% for CMOD.L.
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