SGLD.L vs. PHGP.L
SGLD.L (Invesco Physical Gold ETC) and PHGP.L (WisdomTree Physical Gold) are both Gold funds - SGLD.L tracks the LBMA Gold Price PM while PHGP.L tracks the Gold. Both are passively managed. Over the past 10 years, SGLD.L returned 11.57%/yr vs 11.30%/yr for PHGP.L. Their correlation of 0.93 suggests significant overlap in exposure. SGLD.L charges 0.12%/yr vs 0.39%/yr for PHGP.L.
Performance
SGLD.L vs. PHGP.L - Performance Comparison
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Different Trading Currencies
SGLD.L is traded in USD, while PHGP.L is traded in GBp. To make them comparable, the PHGP.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 PHGP.L slightly lower at -6.88%. Both investments have delivered pretty close results over the past 10 years, with SGLD.L having a 11.57% annualized return and PHGP.L not far behind at 11.30%.
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%
PHGP.L
- 1D
- 0.24%
- 1M
- -10.84%
- YTD
- -6.88%
- 6M
- -10.67%
- 1Y
- 20.08%
- 3Y*
- 27.28%
- 5Y*
- 17.28%
- 10Y*
- 11.30%
SGLD.L vs. PHGP.L - 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% |
PHGP.L WisdomTree Physical Gold | -6.88% | 64.70% | 25.72% | 12.61% | -0.40% | -3.99% | 23.41% | 19.06% | -1.72% | 11.22% |
Correlation
The correlation between SGLD.L and PHGP.L is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | 0.93 |
The correlation between SGLD.L and PHGP.L has been stable across timeframes, ranging from 0.91 to 0.98 - a consistent structural relationship.
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Return for Risk
SGLD.L vs. PHGP.L — Risk / Return Rank
SGLD.L
PHGP.L
SGLD.L vs. PHGP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and WisdomTree Physical Gold (PHGP.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 | PHGP.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 | 0.81 | +0.04 |
| Martin ratioReturn relative to average drawdown | 2.49 | 2.35 | +0.14 |
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Drawdowns
SGLD.L vs. PHGP.L - Drawdown Comparison
The maximum SGLD.L drawdown since its inception was -45.21%, smaller than the maximum PHGP.L drawdown of -60.03%. Use the drawdown chart below to compare losses from any high point for SGLD.L and PHGP.L.
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Drawdown Indicators
| SGLD.L | PHGP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -60.03% | +14.82% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -24.61% | +0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -24.61% | +0.25% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -24.61% | +0.25% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | -24.61% | +0.25% |
Current DrawdownCurrent decline from peak | -24.07% | -24.43% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -17.95% | -26.87% | +8.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | 8.52% | -0.16% |
Volatility
SGLD.L vs. PHGP.L - Volatility Comparison
Invesco Physical Gold ETC (SGLD.L) has a higher volatility of 9.09% compared to WisdomTree Physical Gold (PHGP.L) at 8.54%. This indicates that SGLD.L's price experiences larger fluctuations and is considered to be riskier than PHGP.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 | PHGP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 8.54% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 23.04% | 22.18% | +0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.95% | 25.19% | +0.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.57% | 22.78% | -5.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.64% | 18.82% | -3.18% |
SGLD.L vs. PHGP.L - Expense Ratio Comparison
SGLD.L has a 0.12% expense ratio, which is lower than PHGP.L's 0.39% expense ratio.
Dividends
SGLD.L vs. PHGP.L - Dividend Comparison
Neither SGLD.L nor PHGP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, SGLD.L and PHGP.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.
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 0.39% for PHGP.L.
SGLD.L tracks LBMA Gold Price PM, while PHGP.L tracks Gold. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.12% for SGLD.L and 0.39% for PHGP.L.
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