SGLD.L vs. GJGB.L

Last updated Jun 5, 2026

SGLD.L (Invesco Physical Gold ETC) and GJGB.L (VanEck Junior Gold Miners UCITS ETF) are both Gold funds - SGLD.L tracks the LBMA Gold Price PM while GJGB.L tracks the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 5 years, SGLD.L returned 18.60%/yr vs 17.66%/yr for GJGB.L. A 0.76 correlation means they provide meaningful diversification when combined. SGLD.L charges 0.12%/yr vs 0.55%/yr for GJGB.L.

Performance

SGLD.L vs. GJGB.L - Performance Comparison

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

Different Trading Currencies

SGLD.L is traded in USD, while GJGB.L is traded in GBP. To make them comparable, the GJGB.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 3.72% return, which is significantly higher than GJGB.L's -1.72% 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%

GJGB.L

• 1D: 0.74%
• 1M: -2.35%
• YTD: -1.72%
• 6M: 7.37%
• 1Y: 64.42%
• 3Y*: 46.15%
• 5Y*: 17.66%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SGLD.L Invesco Physical Gold ETC	3.72%	64.87%	26.23%	13.36%	-0.08%	-4.08%	24.18%	18.33%	-1.30%	1.44%
GJGB.L VanEck Junior Gold Miners UCITS ETF	-1.72%	175.86%	12.92%	7.04%	-13.16%	-22.71%	29.59%	45.27%	-13.10%	0.45%

Correlation

The correlation between SGLD.L and GJGB.L is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jun 15, 2017	0.76

The correlation between SGLD.L and GJGB.L has been stable across timeframes, ranging from 0.76 to 0.82 - a consistent structural relationship.

Return for Risk

SGLD.L vs. GJGB.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: 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

GJGB.L

GJGB.L Risk / Return Rank: 40
GJGB.L Sharpe Ratio Rank: 41
GJGB.L Sortino Ratio Rank: 38
GJGB.L Omega Ratio Rank: 38
GJGB.L Calmar Ratio Rank: 45
GJGB.L Martin Ratio Rank: 35

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. GJGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and VanEck Junior Gold Miners UCITS ETF (GJGB.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.

	SGLD.L	GJGB.L	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.35	-0.04
Sortino ratio: Return per unit of downside risk	1.74	1.86	-0.12
Omega ratio: Gain probability vs. loss probability	1.25	1.23	+0.02
Calmar ratio: Return relative to maximum drawdown	1.86	2.08	-0.22
Martin ratio: Return relative to average drawdown	4.82	5.02	-0.20
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. GJGB.L - Sharpe Ratio Comparison

The current SGLD.L Sharpe Ratio is 1.31, which is comparable to the GJGB.L Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of SGLD.L and GJGB.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.

Sharpe Ratios by Period

	SGLD.L	GJGB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	1.35	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	0.44	+0.63
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	0.39	+0.19

Drawdowns

SGLD.L vs. GJGB.L - Drawdown Comparison

The maximum SGLD.L drawdown since its inception was -45.21%, smaller than the maximum GJGB.L drawdown of -58.19%. Use the drawdown chart below to compare losses from any high point for SGLD.L and GJGB.L.

Drawdown Indicators

	SGLD.L	GJGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.21%	-58.19%	+12.98%
Max Drawdown (1Y) Largest decline over 1 year	-17.34%	-30.68%	+13.34%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	-30.68%	+13.34%
Max Drawdown (5Y) Largest decline over 5 years	-21.12%	-50.02%	+28.90%
Max Drawdown (10Y) Largest decline over 10 years	-21.12%	—	—
Current Drawdown Current decline from peak	-15.61%	-27.45%	+11.84%
Average Drawdown Average peak-to-trough decline	-18.20%	-22.63%	+4.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.72%	12.75%	-6.03%

Volatility

SGLD.L vs. GJGB.L - Volatility Comparison

The current volatility for Invesco Physical Gold ETC (SGLD.L) is 6.34%, while VanEck Junior Gold Miners UCITS ETF (GJGB.L) has a volatility of 16.63%. This indicates that SGLD.L experiences smaller price fluctuations and is considered to be less risky than GJGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGLD.L	GJGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	16.63%	-10.29%
Volatility (6M) Calculated over the trailing 6-month period	21.72%	38.27%	-16.55%
Volatility (1Y) Calculated over the trailing 1-year period	24.72%	47.39%	-22.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	39.91%	-22.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	39.03%	-23.53%

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

SGLD.L has a 0.12% expense ratio, which is lower than GJGB.L's 0.55% expense ratio.

Dividends

SGLD.L vs. GJGB.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

SGLD.L and GJGB.L have a correlation of 0.82, 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 GJGB.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 GJGB.L?

SGLD.L is cheaper with a 0.12% expense ratio, compared with 0.55% for GJGB.L.

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

SGLD.L tracks LBMA Gold Price PM, while GJGB.L tracks MVIS Global Junior Gold Miners Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.12% for SGLD.L and 0.55% for GJGB.L.