SGLN.L vs. EMBE.L
SGLN.L (iShares Physical Gold ETC) and EMBE.L (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist)) are both exchange-traded funds - SGLN.L is a Gold fund tracking the LBMA Gold Price, while EMBE.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified Hedge TR EUR. Both are passively managed. Over the past 10 years, SGLN.L returned 13.68%/yr vs 1.84%/yr for EMBE.L. At a 0.28 correlation, their price movements are largely independent. SGLN.L charges 0.12%/yr vs 0.50%/yr for EMBE.L.
Performance
SGLN.L vs. EMBE.L - Performance Comparison
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Different Trading Currencies
SGLN.L is traded in GBp, while EMBE.L is traded in EUR. To make them comparable, the EMBE.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SGLN.L achieves a 1.38% return, which is significantly higher than EMBE.L's -0.46% return. Over the past 10 years, SGLN.L has outperformed EMBE.L with an annualized return of 13.68%, while EMBE.L has yielded a comparatively lower 1.84% annualized return.
SGLN.L
- 1D
- -0.06%
- 1M
- -6.00%
- YTD
- 1.38%
- 6M
- 3.07%
- 1Y
- 31.70%
- 3Y*
- 27.57%
- 5Y*
- 19.24%
- 10Y*
- 13.68%
EMBE.L
- 1D
- 0.03%
- 1M
- -0.50%
- YTD
- -0.46%
- 6M
- 0.06%
- 1Y
- 11.37%
- 3Y*
- 7.59%
- 5Y*
- -0.54%
- 10Y*
- 1.84%
SGLN.L vs. EMBE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGLN.L iShares Physical Gold ETC | 1.38% | 53.66% | 28.20% | 7.24% | 11.84% | -2.82% | 19.93% | 14.63% | 4.36% | 1.68% |
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | -0.46% | 16.93% | -0.73% | 5.51% | -16.77% | -9.01% | 9.20% | 5.90% | -7.50% | 12.75% |
Correlation
The correlation between SGLN.L and EMBE.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jul 9, 2013 | 0.28 |
The correlation between SGLN.L and EMBE.L shifts across timeframes, from 0.16 (3 years) to 0.29 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
SGLN.L vs. EMBE.L — Risk / Return Rank
SGLN.L
EMBE.L
SGLN.L vs. EMBE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Physical Gold ETC (SGLN.L) and iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.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.
| SGLN.L | EMBE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.31 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 2.18 | -0.43 |
| Martin ratioReturn relative to average drawdown | 4.61 | 7.16 | -2.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SGLN.L | EMBE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.35 | 1.69 | -0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | -0.06 | +0.94 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.73 | 0.16 | +0.56 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.19 | +0.06 |
Drawdowns
SGLN.L vs. EMBE.L - Drawdown Comparison
The maximum SGLN.L drawdown since its inception was -53.23%, which is greater than EMBE.L's maximum drawdown of -33.24%. Use the drawdown chart below to compare losses from any high point for SGLN.L and EMBE.L.
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Drawdown Indicators
| SGLN.L | EMBE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.23% | -33.24% | -19.99% |
Max Drawdown (1Y)Largest decline over 1 year | -18.04% | -5.20% | -12.84% |
Max Drawdown (3Y)Largest decline over 3 years | -20.33% | -7.25% | -13.08% |
Max Drawdown (5Y)Largest decline over 5 years | -20.33% | -29.29% | +8.96% |
Max Drawdown (10Y)Largest decline over 10 years | -22.30% | -33.24% | +10.94% |
Current DrawdownCurrent decline from peak | -18.04% | -8.83% | -9.21% |
Average DrawdownAverage peak-to-trough decline | -24.71% | -11.27% | -13.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.86% | 1.58% | +5.28% |
Volatility
SGLN.L vs. EMBE.L - Volatility Comparison
iShares Physical Gold ETC (SGLN.L) has a higher volatility of 4.84% compared to iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE.L) at 2.33%. This indicates that SGLN.L's price experiences larger fluctuations and is considered to be riskier than EMBE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGLN.L | EMBE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.84% | 2.33% | +2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 20.20% | 5.29% | +14.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.35% | 6.72% | +16.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.74% | 9.86% | +11.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.80% | 11.15% | +7.65% |
SGLN.L vs. EMBE.L - Expense Ratio Comparison
SGLN.L has a 0.12% expense ratio, which is lower than EMBE.L's 0.50% expense ratio.
Dividends
SGLN.L vs. EMBE.L - Dividend Comparison
SGLN.L has not paid dividends to shareholders, while EMBE.L's dividend yield for the trailing twelve months is around 5.66%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMBE.L iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) | 5.66% | 5.44% | 5.64% | 5.50% | 5.39% | 3.92% | 3.85% | 4.77% | 5.75% | 3.88% | 5.36% | 4.72% |
SGLN.L iShares Physical Gold ETC | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SGLN.L and EMBE.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLN.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLN.L is cheaper with a 0.12% expense ratio, compared with 0.50% for EMBE.L.
SGLN.L is categorized as Gold, while EMBE.L is Emerging Markets Bonds. SGLN.L tracks LBMA Gold Price, while EMBE.L tracks JPM EMBI Global Diversified Hedge TR EUR. Their fees differ too: 0.12% for SGLN.L and 0.50% for EMBE.L.
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