SGLD.L vs. X7PP.L

Last updated Jun 5, 2026

SGLD.L (Invesco Physical Gold ETC) and X7PP.L (Invesco European Banks Sector UCITS ETF) are both exchange-traded funds - SGLD.L is a Gold fund tracking the LBMA Gold Price PM, while X7PP.L is a Financials Equities fund tracking the MSCI World/Financials NR USD. Both are passively managed. Over the past 10 years, SGLD.L returned 13.41%/yr vs 14.08%/yr for X7PP.L. At a 0.01 correlation, their price movements are largely independent. SGLD.L charges 0.12%/yr vs 0.20%/yr for X7PP.L.

Performance

SGLD.L vs. X7PP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Physical Gold ETC (SGLD.L) and Invesco European Banks Sector UCITS ETF (X7PP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SGLD.L is traded in USD, while X7PP.L is traded in GBp. To make them comparable, the X7PP.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 3.72% return, which is significantly lower than X7PP.L's 4.95% return. Both investments have delivered pretty close results over the past 10 years, with SGLD.L having a 13.41% annualized return and X7PP.L not far ahead at 14.08%.

SGLD.L

• 1D: 0.69%
• 1M: -2.34%
• YTD: 3.72%
• 6M: 6.06%
• 1Y: 32.43%
• 3Y*: 31.54%
• 5Y*: 18.60%
• 10Y*: 13.41%

X7PP.L

• 1D: 0.49%
• 1M: 5.45%
• YTD: 4.95%
• 6M: 12.43%
• 1Y: 41.85%
• 3Y*: 46.54%
• 5Y*: 26.10%
• 10Y*: 14.08%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SGLD.L vs. X7PP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SGLD.L Invesco Physical Gold ETC	3.72%	64.87%	26.23%	13.36%	-0.08%	-4.08%	24.18%	18.33%	-1.30%	11.54%
X7PP.L Invesco European Banks Sector UCITS ETF	4.95%	101.94%	24.95%	29.78%	-5.30%	27.99%	-16.01%	12.68%	-29.67%	26.42%

Correlation

The correlation between SGLD.L and X7PP.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.15
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jul 1, 2014	0.01

Over the past year, SGLD.L and X7PP.L have become more correlated (0.26) than their long-term average of 0.01, meaning their price movements have been converging.

Return for Risk

SGLD.L vs. X7PP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SGLD.L

SGLD.L Risk / Return Rank: 36
SGLD.L Sharpe Ratio Rank: 38
SGLD.L Sortino Ratio Rank: 33
SGLD.L Omega Ratio Rank: 39
SGLD.L Calmar Ratio Rank: 39
SGLD.L Martin Ratio Rank: 33

X7PP.L

X7PP.L Risk / Return Rank: 56
X7PP.L Sharpe Ratio Rank: 60
X7PP.L Sortino Ratio Rank: 57
X7PP.L Omega Ratio Rank: 54
X7PP.L Calmar Ratio Rank: 56
X7PP.L Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SGLD.L vs. X7PP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold ETC (SGLD.L) and Invesco European Banks Sector UCITS ETF (X7PP.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.

	SGLD.L	X7PP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.76	-0.45
Sortino ratio: Return per unit of downside risk	1.74	2.42	-0.67
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	1.86	2.30	-0.44
Martin ratio: Return relative to average drawdown	4.82	7.31	-2.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGLD.L vs. X7PP.L - Sharpe Ratio Comparison

The current SGLD.L Sharpe Ratio is 1.31, which is comparable to the X7PP.L Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of SGLD.L and X7PP.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SGLD.L	X7PP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	1.76	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	0.99	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.51	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.30	+0.28

Drawdowns

SGLD.L vs. X7PP.L - Drawdown Comparison

The maximum SGLD.L drawdown since its inception was -45.21%, smaller than the maximum X7PP.L drawdown of -62.74%. Use the drawdown chart below to compare losses from any high point for SGLD.L and X7PP.L.

Drawdown Indicators

	SGLD.L	X7PP.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.21%	-62.74%	+17.53%
Max Drawdown (1Y) Largest decline over 1 year	-17.34%	-18.12%	+0.78%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	-19.96%	+2.62%
Max Drawdown (5Y) Largest decline over 5 years	-21.12%	-38.99%	+17.87%
Max Drawdown (10Y) Largest decline over 10 years	-21.12%	-62.02%	+40.90%
Current Drawdown Current decline from peak	-15.61%	-3.60%	-12.01%
Average Drawdown Average peak-to-trough decline	-18.20%	-22.28%	+4.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.72%	5.71%	+1.01%

Volatility

SGLD.L vs. X7PP.L - Volatility Comparison

The current volatility for Invesco Physical Gold ETC (SGLD.L) is 6.34%, while Invesco European Banks Sector UCITS ETF (X7PP.L) has a volatility of 6.89%. This indicates that SGLD.L experiences smaller price fluctuations and is considered to be less risky than X7PP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGLD.L	X7PP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	6.89%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	21.72%	19.40%	+2.32%
Volatility (1Y) Calculated over the trailing 1-year period	24.72%	23.72%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	26.33%	-9.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.50%	27.41%	-11.91%

SGLD.L vs. X7PP.L - Expense Ratio Comparison

SGLD.L has a 0.12% expense ratio, which is lower than X7PP.L's 0.20% 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. X7PP.L - Dividend Comparison

Neither SGLD.L nor X7PP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SGLD.L and X7PP.L in my portfolio?

SGLD.L and X7PP.L have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SGLD.L or X7PP.L?

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.

Which ETF is cheaper, SGLD.L or X7PP.L?

SGLD.L is cheaper with a 0.12% expense ratio, compared with 0.20% for X7PP.L.

What is the main difference between SGLD.L and X7PP.L?

SGLD.L is categorized as Gold, while X7PP.L is Financials Equities. SGLD.L tracks LBMA Gold Price PM, while X7PP.L tracks MSCI World/Financials NR USD. Their fees differ too: 0.12% for SGLD.L and 0.20% for X7PP.L.