SGLD.L vs. IAUP.L
SGLD.L (Invesco Physical Gold ETC) and IAUP.L (iShares Gold Producers UCITS ETF USD Acc) are both Gold funds - SGLD.L tracks the LBMA Gold Price PM while IAUP.L tracks the S&P Commodity Producers Gold Index. Both are passively managed. Over the past 10 years, SGLD.L returned 13.41%/yr vs 14.14%/yr for IAUP.L. A 0.76 correlation means they provide meaningful diversification when combined. SGLD.L charges 0.12%/yr vs 0.55%/yr for IAUP.L.
Performance
SGLD.L vs. IAUP.L - Performance Comparison
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Returns By Period
In the year-to-date period, SGLD.L achieves a 3.72% return, which is significantly higher than IAUP.L's 1.67% return. Over the past 10 years, SGLD.L has underperformed IAUP.L with an annualized return of 13.41%, while IAUP.L has yielded a comparatively higher 14.14% annualized 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%
IAUP.L
- 1D
- 0.89%
- 1M
- -0.28%
- YTD
- 1.67%
- 6M
- 7.47%
- 1Y
- 63.58%
- 3Y*
- 42.10%
- 5Y*
- 18.73%
- 10Y*
- 14.14%
SGLD.L vs. IAUP.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% | 11.54% |
IAUP.L iShares Gold Producers UCITS ETF USD Acc | 1.67% | 153.95% | 11.53% | 9.39% | -11.06% | -10.31% | 23.60% | 45.64% | -9.60% | 6.75% |
Correlation
The correlation between SGLD.L and IAUP.L is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Sep 20, 2011 | 0.76 |
The correlation between SGLD.L and IAUP.L has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.
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Return for Risk
SGLD.L vs. IAUP.L — Risk / Return Rank
SGLD.L
IAUP.L
SGLD.L vs. IAUP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and iShares Gold Producers UCITS ETF USD Acc (IAUP.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 | IAUP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 2.21 | -0.35 |
| Martin ratioReturn relative to average drawdown | 4.82 | 5.66 | -0.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SGLD.L | IAUP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.31 | 1.46 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.08 | 0.53 | +0.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | 0.41 | +0.45 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.09 | +0.49 |
Drawdowns
SGLD.L vs. IAUP.L - Drawdown Comparison
The maximum SGLD.L drawdown since its inception was -45.21%, smaller than the maximum IAUP.L drawdown of -79.95%. Use the drawdown chart below to compare losses from any high point for SGLD.L and IAUP.L.
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Drawdown Indicators
| SGLD.L | IAUP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -79.95% | +34.74% |
Max Drawdown (1Y)Largest decline over 1 year | -17.34% | -28.57% | +11.23% |
Max Drawdown (3Y)Largest decline over 3 years | -17.34% | -28.57% | +11.23% |
Max Drawdown (5Y)Largest decline over 5 years | -21.12% | -44.90% | +23.78% |
Max Drawdown (10Y)Largest decline over 10 years | -21.12% | -51.26% | +30.14% |
Current DrawdownCurrent decline from peak | -15.61% | -24.01% | +8.40% |
Average DrawdownAverage peak-to-trough decline | -18.20% | -49.54% | +31.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.72% | 11.20% | -4.48% |
Volatility
SGLD.L vs. IAUP.L - Volatility Comparison
The current volatility for Invesco Physical Gold ETC (SGLD.L) is 6.34%, while iShares Gold Producers UCITS ETF USD Acc (IAUP.L) has a volatility of 14.96%. This indicates that SGLD.L experiences smaller price fluctuations and is considered to be less risky than IAUP.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 | IAUP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.34% | 14.96% | -8.62% |
Volatility (6M)Calculated over the trailing 6-month period | 21.72% | 35.03% | -13.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.72% | 43.36% | -18.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.29% | 35.32% | -18.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.50% | 34.55% | -19.05% |
SGLD.L vs. IAUP.L - Expense Ratio Comparison
SGLD.L has a 0.12% expense ratio, which is lower than IAUP.L's 0.55% expense ratio.
Dividends
SGLD.L vs. IAUP.L - Dividend Comparison
Neither SGLD.L nor IAUP.L has paid dividends to shareholders.
Frequently Asked Questions
SGLD.L and IAUP.L have a correlation of 0.81, 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 0.55% for IAUP.L.
SGLD.L tracks LBMA Gold Price PM, while IAUP.L tracks S&P Commodity Producers Gold Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.12% for SGLD.L and 0.55% for IAUP.L.
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