SGLD.L vs. IAU
SGLD.L (Invesco Physical Gold ETC) and IAU (iShares Gold Trust) are both Gold funds - SGLD.L tracks the LBMA Gold Price PM while IAU tracks the LBMA Gold Price. Both are passively managed. Over the past 10 years, SGLD.L returned 11.57%/yr vs 11.45%/yr for IAU. A 0.75 correlation means they provide meaningful diversification when combined. SGLD.L charges 0.12%/yr vs 0.25%/yr for IAU.
Performance
SGLD.L vs. IAU - 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 IAU slightly lower at -6.73%. Both investments have delivered pretty close results over the past 10 years, with SGLD.L having a 11.57% annualized return and IAU not far behind at 11.45%.
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%
IAU
- 1D
- 0.96%
- 1M
- -10.73%
- YTD
- -6.73%
- 6M
- -10.23%
- 1Y
- 20.46%
- 3Y*
- 27.63%
- 5Y*
- 17.45%
- 10Y*
- 11.45%
SGLD.L vs. IAU - 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% |
IAU iShares Gold Trust | -6.73% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between SGLD.L and IAU is 0.80, 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 | 0.80 |
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 IAU 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. IAU — Risk / Return Rank
SGLD.L
IAU
SGLD.L vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and iShares Gold Trust (IAU). 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 | IAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.16 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 0.79 | +0.07 |
| Martin ratioReturn relative to average drawdown | 2.49 | 2.19 | +0.30 |
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Drawdowns
SGLD.L vs. IAU - Drawdown Comparison
The maximum SGLD.L drawdown since its inception was -45.21%, roughly equal to the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for SGLD.L and IAU.
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Drawdown Indicators
| SGLD.L | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -45.14% | -0.07% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -26.17% | +1.81% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -26.17% | +1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -26.17% | +1.81% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | -26.17% | +1.81% |
Current DrawdownCurrent decline from peak | -24.07% | -25.46% | +1.39% |
Average DrawdownAverage peak-to-trough decline | -17.95% | -15.98% | -1.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | 9.35% | -0.99% |
Volatility
SGLD.L vs. IAU - Volatility Comparison
Invesco Physical Gold ETC (SGLD.L) has a higher volatility of 9.09% compared to iShares Gold Trust (IAU) at 8.63%. This indicates that SGLD.L's price experiences larger fluctuations and is considered to be riskier than IAU 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 | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 8.63% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 23.04% | 24.32% | -1.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.95% | 27.52% | -1.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.57% | 18.24% | -0.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.64% | 16.01% | -0.37% |
SGLD.L vs. IAU - Expense Ratio Comparison
SGLD.L has a 0.12% expense ratio, which is lower than IAU's 0.25% 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. IAU - Dividend Comparison
Neither SGLD.L nor IAU has paid dividends to shareholders.
Frequently Asked Questions
SGLD.L and IAU 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 0.25% for IAU.
SGLD.L tracks LBMA Gold Price PM, while IAU tracks LBMA Gold Price. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.12% for SGLD.L and 0.25% for IAU.
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