SGLD.L vs. PPFB.DE
SGLD.L (Invesco Physical Gold ETC) and PPFB.DE (iShares Physical Gold ETC) are both Gold funds - SGLD.L tracks the LBMA Gold Price PM while PPFB.DE tracks the Gold. Both are passively managed. Over the past 3 years, SGLD.L returned 27.67%/yr vs 27.55%/yr for PPFB.DE. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.12% expense ratio.
Performance
SGLD.L vs. PPFB.DE - Performance Comparison
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Different Trading Currencies
SGLD.L is traded in USD, while PPFB.DE is traded in EUR. To make them comparable, the PPFB.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 PPFB.DE's -8.89% 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%
PPFB.DE
- 1D
- 0.00%
- 1M
- -11.09%
- YTD
- -8.89%
- 6M
- -10.32%
- 1Y
- 20.12%
- 3Y*
- 27.55%
- 5Y*
- —
- 10Y*
- —
SGLD.L vs. PPFB.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SGLD.L Invesco Physical Gold ETC | -6.68% | 64.87% | 26.23% | 13.36% | -0.08% | -0.38% |
PPFB.DE iShares Physical Gold ETC | -8.89% | 68.33% | 26.50% | 12.88% | 1.14% | -1.31% |
Correlation
The correlation between SGLD.L and PPFB.DE is 0.95, 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2021 | 0.92 |
The correlation between SGLD.L and PPFB.DE has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.
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Return for Risk
SGLD.L vs. PPFB.DE — Risk / Return Rank
SGLD.L
PPFB.DE
SGLD.L vs. PPFB.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 ETC (PPFB.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 | PPFB.DE | 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 | +0.02 |
| Martin ratioReturn relative to average drawdown | 2.49 | 2.40 | +0.09 |
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Drawdowns
SGLD.L vs. PPFB.DE - Drawdown Comparison
The maximum SGLD.L drawdown since its inception was -45.21%, which is greater than PPFB.DE's maximum drawdown of -24.30%. Use the drawdown chart below to compare losses from any high point for SGLD.L and PPFB.DE.
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Drawdown Indicators
| SGLD.L | PPFB.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -24.30% | -20.91% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -24.30% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -24.30% | -0.06% |
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% | -24.30% | +0.23% |
Average DrawdownAverage peak-to-trough decline | -17.95% | -5.60% | -12.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | 8.40% | -0.04% |
Volatility
SGLD.L vs. PPFB.DE - Volatility Comparison
Invesco Physical Gold ETC (SGLD.L) has a higher volatility of 9.09% compared to iShares Physical Gold ETC (PPFB.DE) at 8.43%. This indicates that SGLD.L's price experiences larger fluctuations and is considered to be riskier than PPFB.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 | PPFB.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 8.43% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 23.04% | 22.36% | +0.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.95% | 25.46% | +0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.57% | 17.66% | -0.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.64% | 17.66% | -2.02% |
SGLD.L vs. PPFB.DE - Expense Ratio Comparison
Both SGLD.L and PPFB.DE 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. PPFB.DE - Dividend Comparison
Neither SGLD.L nor PPFB.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.95, SGLD.L and PPFB.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.
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 PPFB.DE have the same expense ratio: 0.12% per year.
SGLD.L tracks LBMA Gold Price PM, while PPFB.DE tracks Gold. They also come from different issuers: Invesco and iShares.
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