SGLD.L vs. SPGP.L
SGLD.L (Invesco Physical Gold ETC) and SPGP.L (iShares Gold Producers UCITS ETF) are both Gold funds - SGLD.L tracks the LBMA Gold Price PM while SPGP.L tracks the EMIX Global Mining Global Gold TR USD. Both are passively managed. Over the past 10 years, SGLD.L returned 11.57%/yr vs 12.00%/yr for SPGP.L. A 0.78 correlation means they provide meaningful diversification when combined. SGLD.L charges 0.12%/yr vs 0.55%/yr for SPGP.L.
Performance
SGLD.L vs. SPGP.L - Performance Comparison
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Different Trading Currencies
SGLD.L is traded in USD, while SPGP.L is traded in GBp. To make them comparable, the SPGP.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 SPGP.L's -10.72% return. Both investments have delivered pretty close results over the past 10 years, with SGLD.L having a 11.57% annualized return and SPGP.L not far ahead at 12.00%.
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%
SPGP.L
- 1D
- 1.20%
- 1M
- -12.84%
- YTD
- -10.72%
- 6M
- -14.80%
- 1Y
- 47.06%
- 3Y*
- 38.45%
- 5Y*
- 18.47%
- 10Y*
- 12.00%
SGLD.L vs. SPGP.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% |
SPGP.L iShares Gold Producers UCITS ETF | -10.72% | 155.33% | 10.93% | 9.19% | -11.09% | -9.98% | 23.09% | 46.66% | -9.78% | 6.45% |
Correlation
The correlation between SGLD.L and SPGP.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 | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011 | 0.78 |
The correlation between SGLD.L and SPGP.L has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.
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Return for Risk
SGLD.L vs. SPGP.L — Risk / Return Rank
SGLD.L
SPGP.L
SGLD.L vs. SPGP.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 (SPGP.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 | SPGP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.19 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 0.85 | 1.37 | -0.51 |
| Martin ratioReturn relative to average drawdown | 2.49 | 3.53 | -1.03 |
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Drawdowns
SGLD.L vs. SPGP.L - Drawdown Comparison
The maximum SGLD.L drawdown since its inception was -45.21%, smaller than the maximum SPGP.L drawdown of -86.87%. Use the drawdown chart below to compare losses from any high point for SGLD.L and SPGP.L.
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Drawdown Indicators
| SGLD.L | SPGP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -86.87% | +41.66% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -34.25% | +9.89% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -34.25% | +9.89% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -45.86% | +21.50% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | -51.86% | +27.50% |
Current DrawdownCurrent decline from peak | -24.07% | -33.27% | +9.20% |
Average DrawdownAverage peak-to-trough decline | -17.95% | -64.97% | +47.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.36% | 13.31% | -4.95% |
Volatility
SGLD.L vs. SPGP.L - Volatility Comparison
The current volatility for Invesco Physical Gold ETC (SGLD.L) is 9.09%, while iShares Gold Producers UCITS ETF (SPGP.L) has a volatility of 16.95%. This indicates that SGLD.L experiences smaller price fluctuations and is considered to be less risky than SPGP.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 | SPGP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 16.95% | -7.86% |
Volatility (6M)Calculated over the trailing 6-month period | 23.04% | 36.61% | -13.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.95% | 44.60% | -18.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.57% | 37.89% | -20.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.64% | 35.72% | -20.08% |
SGLD.L vs. SPGP.L - Expense Ratio Comparison
SGLD.L has a 0.12% expense ratio, which is lower than SPGP.L's 0.55% expense ratio.
Dividends
SGLD.L vs. SPGP.L - Dividend Comparison
Neither SGLD.L nor SPGP.L has paid dividends to shareholders.
Frequently Asked Questions
SGLD.L and SPGP.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 SPGP.L.
SGLD.L tracks LBMA Gold Price PM, while SPGP.L tracks EMIX Global Mining Global Gold TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.12% for SGLD.L and 0.55% for SPGP.L.
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