SGLD.L vs. SPAP.L
SGLD.L (Invesco Physical Gold ETC) and SPAP.L (Invesco Physical Palladium) are both exchange-traded funds - SGLD.L is a Gold fund tracking the LBMA Gold Price PM, while SPAP.L is a Precious Metals fund tracking the Palladium. Both are passively managed. Over the past 10 years, SGLD.L returned 11.57%/yr vs 7.57%/yr for SPAP.L. At a 0.33 correlation, their price movements are largely independent. SGLD.L charges 0.12%/yr vs 0.19%/yr for SPAP.L.
Performance
SGLD.L vs. SPAP.L - Performance Comparison
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Different Trading Currencies
SGLD.L is traded in USD, while SPAP.L is traded in GBp. To make them comparable, the SPAP.L 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 SPAP.L's -25.84% return. Over the past 10 years, SGLD.L has outperformed SPAP.L with an annualized return of 11.57%, while SPAP.L has yielded a comparatively lower 7.57% annualized 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%
SPAP.L
- 1D
- 0.00%
- 1M
- -14.62%
- YTD
- -25.84%
- 6M
- -36.13%
- 1Y
- 10.73%
- 3Y*
- -3.88%
- 5Y*
- -15.01%
- 10Y*
- 7.57%
SGLD.L vs. SPAP.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% |
SPAP.L Invesco Physical Palladium | -25.84% | 75.03% | -19.28% | -38.03% | -5.67% | -20.37% | 23.23% | 53.29% | 20.38% | 52.58% |
Correlation
The correlation between SGLD.L and SPAP.L is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014 | 0.33 |
Over the past year, SGLD.L and SPAP.L have become more correlated (0.57) than their long-term average of 0.33, meaning their price movements have been converging.
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Return for Risk
SGLD.L vs. SPAP.L — Risk / Return Rank
SGLD.L
SPAP.L
SGLD.L vs. SPAP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and Invesco Physical Palladium (SPAP.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 | SPAP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.10 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 0.24 | +0.62 |
| Martin ratioReturn relative to average drawdown | 2.49 | 0.48 | +2.01 |
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Drawdowns
SGLD.L vs. SPAP.L - Drawdown Comparison
The maximum SGLD.L drawdown since its inception was -45.21%, smaller than the maximum SPAP.L drawdown of -71.98%. Use the drawdown chart below to compare losses from any high point for SGLD.L and SPAP.L.
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Drawdown Indicators
| SGLD.L | SPAP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -71.98% | +26.77% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -45.11% | +20.75% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -45.11% | +20.75% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -71.98% | +47.62% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | -71.98% | +47.62% |
Current DrawdownCurrent decline from peak | -24.07% | -61.75% | +37.68% |
Average DrawdownAverage peak-to-trough decline | -17.95% | -39.35% | +21.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | 22.19% | -13.83% |
Volatility
SGLD.L vs. SPAP.L - Volatility Comparison
The current volatility for Invesco Physical Gold ETC (SGLD.L) is 9.09%, while Invesco Physical Palladium (SPAP.L) has a volatility of 12.51%. This indicates that SGLD.L experiences smaller price fluctuations and is considered to be less risky than SPAP.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 | SPAP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 12.51% | -3.42% |
Volatility (6M)Calculated over the trailing 6-month period | 23.04% | 38.93% | -15.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.95% | 61.15% | -35.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.57% | 47.05% | -29.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.64% | 42.40% | -26.76% |
SGLD.L vs. SPAP.L - Expense Ratio Comparison
SGLD.L has a 0.12% expense ratio, which is lower than SPAP.L's 0.19% 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. SPAP.L - Dividend Comparison
Neither SGLD.L nor SPAP.L has paid dividends to shareholders.
Frequently Asked Questions
SGLD.L and SPAP.L have a correlation of 0.57, 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 0.19% for SPAP.L.
SGLD.L is categorized as Gold, while SPAP.L is Precious Metals. SGLD.L tracks LBMA Gold Price PM, while SPAP.L tracks Palladium. Their fees differ too: 0.12% for SGLD.L and 0.19% for SPAP.L.
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