SGLD.L vs. GLDI.L

Last updated Jun 5, 2026

SGLD.L (Invesco Physical Gold ETC) and GLDI.L (IncomeShares Gold+ Yield ETP) are both exchange-traded funds - SGLD.L is a Gold fund tracking the LBMA Gold Price PM, while GLDI.L is a Derivative Income fund actively managed by Leverage Shares. SGLD.L is passively managed, while GLDI.L is actively managed. Over the past year, SGLD.L returned 32.43% vs 26.77% for GLDI.L. Their correlation of 0.86 suggests significant overlap in exposure. SGLD.L charges 0.12%/yr vs 0.35%/yr for GLDI.L.

Performance

SGLD.L vs. GLDI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Physical Gold ETC (SGLD.L) and IncomeShares Gold+ Yield ETP (GLDI.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGLD.L achieves a 3.72% return, which is significantly higher than GLDI.L's -0.81% 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%

GLDI.L

• 1D: -0.21%
• 1M: -2.73%
• YTD: -0.81%
• 6M: 0.96%
• 1Y: 26.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
SGLD.L Invesco Physical Gold ETC	3.72%	64.87%	8.49%
GLDI.L IncomeShares Gold+ Yield ETP	-0.81%	61.04%	6.19%

Correlation

The correlation between SGLD.L and GLDI.L is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	0.86

The correlation between SGLD.L and GLDI.L has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

Return for Risk

SGLD.L vs. GLDI.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

GLDI.L

GLDI.L Risk / Return Rank: 33
GLDI.L Sharpe Ratio Rank: 34
GLDI.L Sortino Ratio Rank: 31
GLDI.L Omega Ratio Rank: 37
GLDI.L Calmar Ratio Rank: 34
GLDI.L Martin Ratio Rank: 30

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. GLDI.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and IncomeShares Gold+ Yield ETP (GLDI.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	GLDI.L	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.23	+0.08
Sortino ratio: Return per unit of downside risk	1.74	1.60	+0.14
Omega ratio: Gain probability vs. loss probability	1.25	1.24	+0.01
Calmar ratio: Return relative to maximum drawdown	1.86	1.62	+0.24
Martin ratio: Return relative to average drawdown	4.82	4.13	+0.68
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. GLDI.L - Sharpe Ratio Comparison

The current SGLD.L Sharpe Ratio is 1.31, which is comparable to the GLDI.L Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of SGLD.L and GLDI.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	GLDI.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	1.23	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	—	—
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	1.74	-1.16

Drawdowns

SGLD.L vs. GLDI.L - Drawdown Comparison

The maximum SGLD.L drawdown since its inception was -45.21%, which is greater than GLDI.L's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for SGLD.L and GLDI.L.

Drawdown Indicators

	SGLD.L	GLDI.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.21%	-16.47%	-28.74%
Max Drawdown (1Y) Largest decline over 1 year	-17.34%	-16.47%	-0.87%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-21.12%	—	—
Current Drawdown Current decline from peak	-15.61%	-15.11%	-0.50%
Average Drawdown Average peak-to-trough decline	-18.20%	-3.38%	-14.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.72%	6.46%	+0.26%

Volatility

SGLD.L vs. GLDI.L - Volatility Comparison

Invesco Physical Gold ETC (SGLD.L) has a higher volatility of 6.34% compared to IncomeShares Gold+ Yield ETP (GLDI.L) at 4.55%. This indicates that SGLD.L's price experiences larger fluctuations and is considered to be riskier than GLDI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGLD.L	GLDI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	4.55%	+1.79%
Volatility (6M) Calculated over the trailing 6-month period	21.72%	18.56%	+3.16%
Volatility (1Y) Calculated over the trailing 1-year period	24.72%	21.67%	+3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	18.78%	-1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	18.78%	-3.28%

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

SGLD.L has a 0.12% expense ratio, which is lower than GLDI.L's 0.35% expense ratio.

Dividends

SGLD.L vs. GLDI.L - Dividend Comparison

SGLD.L has not paid dividends to shareholders, while GLDI.L's dividend yield for the trailing twelve months is around 12.75%.

Position	TTM	2025	2024
GLDI.L IncomeShares Gold+ Yield ETP	12.75%	9.15%	1.08%
SGLD.L Invesco Physical Gold ETC	0.00%	0.00%	0.00%

Frequently Asked Questions

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

SGLD.L and GLDI.L have a correlation of 0.84, 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 GLDI.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 GLDI.L?

SGLD.L is cheaper with a 0.12% expense ratio, compared with 0.35% for GLDI.L.

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

SGLD.L is categorized as Gold, while GLDI.L is Derivative Income. They also come from different issuers: Invesco and Leverage Shares. Their fees differ too: 0.12% for SGLD.L and 0.35% for GLDI.L.