SGLD.L vs. EVAL.L

Last updated Jul 17, 2026

SGLD.L (Invesco Physical Gold ETC) and EVAL.L (SPDR MSCI Europe Value UCITS ETF) are both exchange-traded funds - SGLD.L is a Gold fund tracking the LBMA Gold Price PM, while EVAL.L is a Europe Equities fund tracking the MSCI Europe Value NR EUR. Both are passively managed. Over the past 10 years, SGLD.L returned 11.50%/yr vs 11.56%/yr for EVAL.L. At a 0.13 correlation, their price movements are largely independent. SGLD.L charges 0.12%/yr vs 0.20%/yr for EVAL.L.

Performance

SGLD.L vs. EVAL.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Physical Gold ETC (SGLD.L) and SPDR MSCI Europe Value UCITS ETF (EVAL.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SGLD.L is traded in USD, while EVAL.L is traded in GBP. To make them comparable, the EVAL.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 EVAL.L's 12.66% return. Both investments have delivered pretty close results over the past 10 years, with SGLD.L having a 11.50% annualized return and EVAL.L not far ahead at 11.56%.

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%

EVAL.L

• 1D: -0.37%
• 1M: 0.08%
• 6M: 10.57%
• YTD: 12.66%
• 1Y: 31.58%
• 3Y*: 22.08%
• 5Y*: 14.31%
• 10Y*: 11.56%

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

SGLD.L vs. EVAL.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%	11.54%
EVAL.L SPDR MSCI Europe Value UCITS ETF	12.66%	52.52%	2.62%	16.87%	-9.51%	18.05%	0.45%	20.89%	-18.65%	26.54%

Correlation

The correlation between SGLD.L and EVAL.L is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Feb 18, 2015	0.13

Over the past year, SGLD.L and EVAL.L have become more correlated (0.41) than their long-term average of 0.13, meaning their price movements have been converging.

Return for Risk

SGLD.L vs. EVAL.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: 23
SGLD.L Sharpe Ratio Rank: 24
SGLD.L Sortino Ratio Rank: 23
SGLD.L Omega Ratio Rank: 25
SGLD.L Calmar Ratio Rank: 21
SGLD.L Martin Ratio Rank: 21

EVAL.L

EVAL.L Risk / Return Rank: 83
EVAL.L Sharpe Ratio Rank: 88
EVAL.L Sortino Ratio Rank: 86
EVAL.L Omega Ratio Rank: 87
EVAL.L Calmar Ratio Rank: 75
EVAL.L Martin Ratio Rank: 77

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. EVAL.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and SPDR MSCI Europe Value UCITS ETF (EVAL.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	EVAL.L	Difference
Sharpe ratio: Return per unit of total volatility	0.72	2.02	-1.31
Sortino ratio: Return per unit of downside risk	1.08	2.78	-1.71
Omega ratio: Gain probability vs. loss probability	1.15	1.36	-0.21
Calmar ratio: Return relative to maximum drawdown	0.77	2.85	-2.07
Martin ratio: Return relative to average drawdown	1.88	10.05	-8.18

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

The current SGLD.L Sharpe Ratio is 0.72, which is lower than the EVAL.L Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of SGLD.L and EVAL.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.

Drawdowns

SGLD.L vs. EVAL.L - Drawdown Comparison

The maximum SGLD.L drawdown since its inception was -45.21%, smaller than the maximum EVAL.L drawdown of -49.92%. Use the drawdown chart below to compare losses from any high point for SGLD.L and EVAL.L.

Drawdown Indicators

	SGLD.L	EVAL.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.21%	-49.92%	+4.71%
Max Drawdown (1Y) Largest decline over 1 year	-24.36%	-11.04%	-13.32%
Max Drawdown (3Y) Largest decline over 3 years	-24.36%	-15.65%	-8.71%
Max Drawdown (5Y) Largest decline over 5 years	-24.36%	-30.47%	+6.11%
Max Drawdown (10Y) Largest decline over 10 years	-24.36%	-46.78%	+22.42%
Current Drawdown Current decline from peak	-24.20%	-0.37%	-23.83%
Average Drawdown Average peak-to-trough decline	-17.97%	-16.37%	-1.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.07%	3.13%	+6.94%

Volatility

SGLD.L vs. EVAL.L - Volatility Comparison

Invesco Physical Gold ETC (SGLD.L) has a higher volatility of 7.46% compared to SPDR MSCI Europe Value UCITS ETF (EVAL.L) at 4.68%. This indicates that SGLD.L's price experiences larger fluctuations and is considered to be riskier than EVAL.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGLD.L	EVAL.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.46%	4.68%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	22.99%	12.90%	+10.09%
Volatility (1Y) Calculated over the trailing 1-year period	26.39%	15.54%	+10.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.73%	19.49%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.71%	19.97%	-4.26%

SGLD.L vs. EVAL.L - Expense Ratio Comparison

SGLD.L has a 0.12% expense ratio, which is lower than EVAL.L's 0.20% 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. EVAL.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

SGLD.L and EVAL.L have a correlation of 0.41, 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 EVAL.L?

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 EVAL.L?

SGLD.L is cheaper with a 0.12% expense ratio, compared with 0.20% for EVAL.L.

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

SGLD.L is categorized as Gold, while EVAL.L is Europe Equities. SGLD.L tracks LBMA Gold Price PM, while EVAL.L tracks MSCI Europe Value NR EUR. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.12% for SGLD.L and 0.20% for EVAL.L.