SGLD.L vs. GLD
SGLD.L (Invesco Physical Gold ETC) and GLD (SPDR Gold Shares) are both Gold funds tracking the LBMA Gold Price PM, from Invesco and State Street respectively. Both are passively managed. Over the past 10 years, SGLD.L returned 11.57%/yr vs 11.30%/yr for GLD. A 0.75 correlation means they provide meaningful diversification when combined. SGLD.L charges 0.12%/yr vs 0.40%/yr for GLD.
Performance
SGLD.L vs. GLD - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SGLD.L having a -6.68% return and GLD slightly lower at -6.77%. Both investments have delivered pretty close results over the past 10 years, with SGLD.L having a 11.57% annualized return and GLD not far behind at 11.30%.
SGLD.L
- 1D
- 0.37%
- 1M
- -10.72%
- YTD
- -6.68%
- 6M
- -10.51%
- 1Y
- 20.90%
- 3Y*
- 27.67%
- 5Y*
- 17.57%
- 10Y*
- 11.57%
GLD
- 1D
- 0.97%
- 1M
- -10.76%
- YTD
- -6.77%
- 6M
- -10.31%
- 1Y
- 20.30%
- 3Y*
- 27.44%
- 5Y*
- 17.27%
- 10Y*
- 11.30%
SGLD.L vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGLD.L Invesco Physical Gold ETC | -6.68% | 64.87% | 26.23% | 13.36% | -0.08% | -4.08% | 24.18% | 18.33% | -1.30% | 11.54% |
GLD SPDR Gold Shares | -6.77% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between SGLD.L and GLD is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | 0.75 |
The correlation between SGLD.L and GLD has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.
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Return for Risk
SGLD.L vs. GLD — Risk / Return Rank
SGLD.L
GLD
SGLD.L vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.16 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 0.78 | +0.08 |
| Martin ratioReturn relative to average drawdown | 2.49 | 2.17 | +0.32 |
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Drawdowns
SGLD.L vs. GLD - Drawdown Comparison
The maximum SGLD.L drawdown since its inception was -45.21%, roughly equal to the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SGLD.L and GLD.
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Drawdown Indicators
| SGLD.L | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -45.56% | +0.35% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -26.21% | +1.85% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -26.21% | +1.85% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -26.21% | +1.85% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | -26.21% | +1.85% |
Current DrawdownCurrent decline from peak | -24.07% | -25.50% | +1.43% |
Average DrawdownAverage peak-to-trough decline | -17.95% | -16.17% | -1.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | 9.38% | -1.02% |
Volatility
SGLD.L vs. GLD - Volatility Comparison
Invesco Physical Gold ETC (SGLD.L) and SPDR Gold Shares (GLD) have volatilities of 9.09% and 8.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGLD.L | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 8.70% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 23.04% | 24.48% | -1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.95% | 27.71% | -1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.57% | 18.30% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.64% | 16.07% | -0.43% |
SGLD.L vs. GLD - Expense Ratio Comparison
SGLD.L has a 0.12% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
SGLD.L vs. GLD - Dividend Comparison
Neither SGLD.L nor GLD has paid dividends to shareholders.
Frequently Asked Questions
SGLD.L and GLD have a correlation of 0.80, 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 0.40% for GLD.
Both ETFs track LBMA Gold Price PM. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.12% for SGLD.L and 0.40% for GLD.
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