SGLD.L vs. IGLD.DE
SGLD.L (Invesco Physical Gold ETC) and IGLD.DE (iShares Physical Gold (EUR Hedged) ETC) are both Gold funds - SGLD.L tracks the LBMA Gold Price PM while IGLD.DE tracks the Gold (EUR Hedged). Both are passively managed. Over the past 3 years, SGLD.L returned 27.67%/yr vs 26.15%/yr for IGLD.DE. Their correlation of 0.90 suggests significant overlap in exposure. SGLD.L charges 0.12%/yr vs 0.25%/yr for IGLD.DE.
Performance
SGLD.L vs. IGLD.DE - Performance Comparison
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Different Trading Currencies
SGLD.L is traded in USD, while IGLD.DE is traded in EUR. To make them comparable, the IGLD.DE values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, SGLD.L achieves a -6.68% return, which is significantly higher than IGLD.DE's -13.28% return.
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%
IGLD.DE
- 1D
- 0.00%
- 1M
- -13.43%
- YTD
- -13.28%
- 6M
- -14.85%
- 1Y
- 13.97%
- 3Y*
- 26.15%
- 5Y*
- —
- 10Y*
- —
SGLD.L vs. IGLD.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SGLD.L Invesco Physical Gold ETC | -6.68% | 64.87% | 26.23% | 13.36% | 0.64% |
IGLD.DE iShares Physical Gold (EUR Hedged) ETC | -13.28% | 84.06% | 17.42% | 13.98% | 3.91% |
Correlation
The correlation between SGLD.L and IGLD.DE is 0.94, 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 | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jul 5, 2022 | 0.90 |
The correlation between SGLD.L and IGLD.DE has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.
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Return for Risk
SGLD.L vs. IGLD.DE — Risk / Return Rank
SGLD.L
IGLD.DE
SGLD.L vs. IGLD.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and iShares Physical Gold (EUR Hedged) ETC (IGLD.DE). 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 | IGLD.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.11 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 0.48 | +0.37 |
| Martin ratioReturn relative to average drawdown | 2.49 | 1.38 | +1.11 |
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Drawdowns
SGLD.L vs. IGLD.DE - Drawdown Comparison
The maximum SGLD.L drawdown since its inception was -45.21%, which is greater than IGLD.DE's maximum drawdown of -28.86%. Use the drawdown chart below to compare losses from any high point for SGLD.L and IGLD.DE.
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Drawdown Indicators
| SGLD.L | IGLD.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -28.86% | -16.35% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -28.86% | +4.50% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -28.86% | +4.50% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | — | — |
Current DrawdownCurrent decline from peak | -24.07% | -28.86% | +4.79% |
Average DrawdownAverage peak-to-trough decline | -17.95% | -5.22% | -12.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | 10.08% | -1.72% |
Volatility
SGLD.L vs. IGLD.DE - Volatility Comparison
The current volatility for Invesco Physical Gold ETC (SGLD.L) is 9.09%, while iShares Physical Gold (EUR Hedged) ETC (IGLD.DE) has a volatility of 9.59%. This indicates that SGLD.L experiences smaller price fluctuations and is considered to be less risky than IGLD.DE 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 | IGLD.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 9.59% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 23.04% | 24.67% | -1.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.95% | 28.23% | -2.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.57% | 22.05% | -4.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.64% | 22.05% | -6.41% |
SGLD.L vs. IGLD.DE - Expense Ratio Comparison
SGLD.L has a 0.12% expense ratio, which is lower than IGLD.DE'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. IGLD.DE - Dividend Comparison
Neither SGLD.L nor IGLD.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, SGLD.L and IGLD.DE 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.
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 IGLD.DE.
SGLD.L tracks LBMA Gold Price PM, while IGLD.DE tracks Gold (EUR Hedged). They also come from different issuers: Invesco and iShares. Their fees differ too: 0.12% for SGLD.L and 0.25% for IGLD.DE.
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