PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SGLD.L vs. CTY.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SGLD.L vs. CTY.L

Last updated Jul 17, 2026
Documentation

SGLD.L (Invesco Physical Gold ETC) is Gold fund tracking the LBMA Gold Price PM, while CTY.L (The City of London Investment Trust plc) is a stock. Over the past 10 years, SGLD.L returned 11.50%/yr vs 9.03%/yr for CTY.L. At a 0.18 correlation, their price movements are largely independent.

Performance

SGLD.L vs. CTY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Physical Gold ETC (SGLD.L) and The City of London Investment Trust plc (CTY.L). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

SGLD.L is traded in USD, while CTY.L is traded in GBp. To make them comparable, the CTY.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 -6.84% return, which is significantly lower than CTY.L's 12.62% return. Over the past 10 years, SGLD.L has outperformed CTY.L with an annualized return of 11.50%, while CTY.L has yielded a comparatively lower 9.03% annualized 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%

CTY.L

1D
0.75%
1M
2.85%
6M
8.96%
YTD
12.62%
1Y
23.81%
3Y*
20.67%
5Y*
12.88%
10Y*
9.03%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SGLD.L vs. CTY.L - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SGLD.L
Invesco Physical Gold ETC		-6.84%64.87%26.23%13.36%-0.08%-4.08%24.18%18.33%-1.30%11.54%
CTY.L
The City of London Investment Trust plc		12.62%37.82%8.78%10.36%-2.29%10.76%-9.14%25.34%-13.65%23.26%

Correlation

The correlation between SGLD.L and CTY.L is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.37

Correlation (3Y)
Calculated over the trailing 3-year period

0.32

Correlation (5Y)
Calculated over the trailing 5-year period

0.27

Correlation (10Y)
Calculated over the trailing 10-year period

0.18

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2009

0.18

The correlation between SGLD.L and CTY.L shifts across timeframes, from 0.18 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco Physical Gold ETC

The City of London Investment Trust plc

Often compared with SGLD.L:
SGLD.L vs. SGLP.LSGLD.L vs. SGLN.LSGLD.L vs. IGLN.LSGLD.L vs. GOLB.LSGLD.L vs. 8PSG.DESGLD.L vs. GBSS.LSGLD.L vs. EGLN.L
Often compared with CTY.L:
CTY.L vs. BNKR.LCTY.L vs. MYI.LCTY.L vs. CCC.LCTY.L vs. FGT.LCTY.L vs. ATY.LCTY.L vs. DHYA.LCTY.L vs. SPY

Return for Risk

SGLD.L vs. CTY.L — 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: 2323
Overall Rank
SGLD.L Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
SGLD.L Sortino Ratio Rank: 2323
Sortino Ratio Rank
SGLD.L Omega Ratio Rank: 2525
Omega Ratio Rank
SGLD.L Calmar Ratio Rank: 2121
Calmar Ratio Rank
SGLD.L Martin Ratio Rank: 2121
Martin Ratio Rank
CTY.L
CTY.L Risk / Return Rank: 8686
Overall Rank
CTY.L Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
CTY.L Sortino Ratio Rank: 8787
Sortino Ratio Rank
CTY.L Omega Ratio Rank: 8888
Omega Ratio Rank
CTY.L Calmar Ratio Rank: 8181
Calmar Ratio Rank
CTY.L Martin Ratio Rank: 8686
Martin Ratio Rank
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. CTY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and The City of London Investment Trust plc (CTY.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.LCTY.LDifference
Sharpe ratioReturn per unit of total volatility
0.72
1.53

-0.82

Sortino ratioReturn per unit of downside risk
1.08
2.21

-1.14

Omega ratioGain probability vs. loss probability

1.15

1.28

-0.14

Calmar ratioReturn relative to maximum drawdown

0.77

2.14

-1.37

Martin ratioReturn relative to average drawdown

1.88

7.01

-5.14

SGLD.L vs. CTY.L - Sharpe Ratio Comparison

The current SGLD.L Sharpe Ratio is 0.72, which is lower than the CTY.L Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of SGLD.L and CTY.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.

Loading charts...

Drawdowns

SGLD.L vs. CTY.L - Drawdown Comparison

The maximum SGLD.L drawdown since its inception was -45.21%, smaller than the maximum CTY.L drawdown of -62.58%. Use the drawdown chart below to compare losses from any high point for SGLD.L and CTY.L.

Loading charts...

Drawdown Indicators

SGLD.LCTY.LDifference

Max Drawdown

Largest peak-to-trough decline

-45.21%

-62.58%

+17.37%

Max Drawdown (1Y)

Largest decline over 1 year

-24.36%

-11.06%

-13.30%

Max Drawdown (3Y)

Largest decline over 3 years

-24.36%

-12.83%

-11.53%

Max Drawdown (5Y)

Largest decline over 5 years

-24.36%

-25.85%

+1.49%

Max Drawdown (10Y)

Largest decline over 10 years

-24.36%

-44.76%

+20.40%

Current Drawdown

Current decline from peak

-24.20%

0.00%

-24.20%

Average Drawdown

Average peak-to-trough decline

-17.97%

-15.36%

-2.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.07%

3.39%

+6.68%

Volatility

SGLD.L vs. CTY.L - Volatility Comparison

Invesco Physical Gold ETC (SGLD.L) has a higher volatility of 7.46% compared to The City of London Investment Trust plc (CTY.L) at 3.75%. This indicates that SGLD.L's price experiences larger fluctuations and is considered to be riskier than CTY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

SGLD.LCTY.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.46%

3.75%

+3.71%

Volatility (6M)

Calculated over the trailing 6-month period

22.99%

12.97%

+10.02%

Volatility (1Y)

Calculated over the trailing 1-year period

26.39%

15.48%

+10.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.73%

17.27%

+0.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.71%

18.56%

-2.85%

Dividends

SGLD.L vs. CTY.L - Dividend Comparison

SGLD.L has not paid dividends to shareholders, while CTY.L's dividend yield for the trailing twelve months is around 3.75%.

PositionTTM20252024202320222021202020192018201720162015
CTY.L
The City of London Investment Trust plc		3.75%4.06%4.82%4.92%4.82%4.86%5.07%4.22%4.66%3.86%1.00%3.99%
SGLD.L
Invesco Physical Gold ETC		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SGLD.L and CTY.L have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Portfolio Optimizer

Find the right allocation for SGLD.L and CTY.L

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer