SGLD.L vs. GLDW.L
SGLD.L (Invesco Physical Gold ETC) and GLDW.L (WisdomTree Core Physical Gold) are both Gold funds - SGLD.L tracks the LBMA Gold Price PM while GLDW.L tracks the Gold. Both are passively managed. Over the past 5 years, SGLD.L returned 17.57%/yr vs 17.57%/yr for GLDW.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.12% expense ratio.
Performance
SGLD.L vs. GLDW.L - Performance Comparison
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Different Trading Currencies
SGLD.L is traded in USD, while GLDW.L is traded in GBp. To make them comparable, the GLDW.L values have been converted to USD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with SGLD.L having a -6.68% return and GLDW.L slightly lower at -6.80%.
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%
GLDW.L
- 1D
- 0.21%
- 1M
- -10.89%
- YTD
- -6.80%
- 6M
- -10.63%
- 1Y
- 20.36%
- 3Y*
- 27.61%
- 5Y*
- 17.57%
- 10Y*
- —
SGLD.L vs. GLDW.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SGLD.L Invesco Physical Gold ETC | -6.68% | 64.87% | 26.23% | 13.36% | -0.08% | -4.08% | 5.95% |
GLDW.L WisdomTree Core Physical Gold | -6.80% | 65.15% | 26.05% | 12.92% | -0.13% | 6,959.86% | 10.01% |
Correlation
The correlation between SGLD.L and GLDW.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2020 | 0.92 |
The correlation between SGLD.L and GLDW.L has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.
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Return for Risk
SGLD.L vs. GLDW.L — Risk / Return Rank
SGLD.L
GLDW.L
SGLD.L vs. GLDW.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and WisdomTree Core Physical Gold (GLDW.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 | GLDW.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.16 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 0.83 | +0.03 |
| Martin ratioReturn relative to average drawdown | 2.49 | 2.40 | +0.10 |
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Drawdowns
SGLD.L vs. GLDW.L - Drawdown Comparison
The maximum SGLD.L drawdown since its inception was -45.21%, which is greater than GLDW.L's maximum drawdown of -24.51%. Use the drawdown chart below to compare losses from any high point for SGLD.L and GLDW.L.
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Drawdown Indicators
| SGLD.L | GLDW.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -24.51% | -20.70% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -24.51% | +0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -24.51% | +0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -24.51% | +0.15% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | — | — |
Current DrawdownCurrent decline from peak | -24.07% | -24.35% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -17.95% | -6.57% | -11.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | 8.47% | -0.11% |
Volatility
SGLD.L vs. GLDW.L - Volatility Comparison
Invesco Physical Gold ETC (SGLD.L) has a higher volatility of 9.09% compared to WisdomTree Core Physical Gold (GLDW.L) at 8.44%. This indicates that SGLD.L's price experiences larger fluctuations and is considered to be riskier than GLDW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGLD.L | GLDW.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 8.44% | +0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 23.04% | 22.01% | +1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.95% | 25.07% | +0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.57% | 22.66% | -5.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.64% | 2,997.71% | -2,982.07% |
SGLD.L vs. GLDW.L - Expense Ratio Comparison
Both SGLD.L and GLDW.L have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SGLD.L vs. GLDW.L - Dividend Comparison
Neither SGLD.L nor GLDW.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, SGLD.L and GLDW.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.12% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SGLD.L and GLDW.L have the same expense ratio: 0.12% per year.
SGLD.L tracks LBMA Gold Price PM, while GLDW.L tracks Gold. They also come from different issuers: Invesco and WisdomTree.
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