SGLD.L vs. VWCE.DE
SGLD.L (Invesco Physical Gold ETC) and VWCE.DE (Vanguard FTSE All-World UCITS ETF) are both exchange-traded funds - SGLD.L is a Gold fund tracking the LBMA Gold Price PM, while VWCE.DE is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past 5 years, SGLD.L returned 17.13%/yr vs 11.00%/yr for VWCE.DE. At a 0.16 correlation, their price movements are largely independent. SGLD.L charges 0.12%/yr vs 0.19%/yr for VWCE.DE.
Performance
SGLD.L vs. VWCE.DE - Performance Comparison
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Different Trading Currencies
SGLD.L is traded in USD, while VWCE.DE is traded in EUR. To make them comparable, the VWCE.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 -6.84% return, which is significantly lower than VWCE.DE's 10.87% return.
SGLD.L
- 1D
- -0.78%
- 1M
- -7.14%
- 6M
- -12.96%
- YTD
- -6.84%
- 1Y
- 18.93%
- 3Y*
- 27.00%
- 5Y*
- 17.13%
- 10Y*
- 11.50%
VWCE.DE
- 1D
- -0.35%
- 1M
- -0.61%
- 6M
- 8.82%
- YTD
- 10.87%
- 1Y
- 24.76%
- 3Y*
- 18.98%
- 5Y*
- 11.00%
- 10Y*
- —
SGLD.L vs. VWCE.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SGLD.L Invesco Physical Gold ETC | -6.84% | 64.87% | 26.23% | 13.36% | -0.08% | -4.08% | 24.18% | 6.83% |
VWCE.DE Vanguard FTSE All-World UCITS ETF | 10.87% | 23.23% | 17.30% | 21.91% | -18.24% | 18.47% | 15.65% | 7.58% |
Correlation
The correlation between SGLD.L and VWCE.DE is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jul 25, 2019 | 0.16 |
Over the past year, SGLD.L and VWCE.DE have become more correlated (0.36) than their long-term average of 0.16, meaning their price movements have been converging.
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Return for Risk
SGLD.L vs. VWCE.DE — Risk / Return Rank
SGLD.L
VWCE.DE
SGLD.L vs. VWCE.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and Vanguard FTSE All-World UCITS ETF (VWCE.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 | VWCE.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.24 | ||
| Sortino ratioReturn per unit of downside risk | -1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.35 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 2.77 | -1.99 |
| Martin ratioReturn relative to average drawdown | 1.88 | 11.27 | -9.39 |
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Drawdowns
SGLD.L vs. VWCE.DE - Drawdown Comparison
The maximum SGLD.L drawdown since its inception was -45.21%, which is greater than VWCE.DE's maximum drawdown of -33.91%. Use the drawdown chart below to compare losses from any high point for SGLD.L and VWCE.DE.
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Drawdown Indicators
| SGLD.L | VWCE.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.21% | -33.91% | -11.30% |
Max Drawdown (1Y)Largest decline over 1 year | -24.36% | -8.91% | -15.45% |
Max Drawdown (3Y)Largest decline over 3 years | -24.36% | -17.27% | -7.09% |
Max Drawdown (5Y)Largest decline over 5 years | -24.36% | -26.11% | +1.75% |
Max Drawdown (10Y)Largest decline over 10 years | -24.36% | — | — |
Current DrawdownCurrent decline from peak | -24.20% | -1.24% | -22.96% |
Average DrawdownAverage peak-to-trough decline | -17.97% | -5.38% | -12.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.07% | 2.19% | +7.88% |
Volatility
SGLD.L vs. VWCE.DE - Volatility Comparison
Invesco Physical Gold ETC (SGLD.L) has a higher volatility of 7.46% compared to Vanguard FTSE All-World UCITS ETF (VWCE.DE) at 3.09%. This indicates that SGLD.L's price experiences larger fluctuations and is considered to be riskier than VWCE.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 | VWCE.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.46% | 3.09% | +4.37% |
Volatility (6M)Calculated over the trailing 6-month period | 22.99% | 9.90% | +13.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.39% | 12.64% | +13.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.73% | 15.36% | +2.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.71% | 17.26% | -1.55% |
SGLD.L vs. VWCE.DE - Expense Ratio Comparison
SGLD.L has a 0.12% expense ratio, which is lower than VWCE.DE'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. VWCE.DE - Dividend Comparison
Neither SGLD.L nor VWCE.DE has paid dividends to shareholders.
Frequently Asked Questions
SGLD.L and VWCE.DE have a correlation of 0.36, 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 VWCE.DE.
SGLD.L is categorized as Gold, while VWCE.DE is Global Equities. SGLD.L tracks LBMA Gold Price PM, while VWCE.DE tracks FTSE All-World Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.12% for SGLD.L and 0.19% for VWCE.DE.
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