SGLN.L vs. GBSS.L
SGLN.L (iShares Physical Gold ETC) and GBSS.L (Gold Bullion Securities) are both Gold funds - SGLN.L tracks the LBMA Gold Price while GBSS.L tracks the Gold. Both are passively managed. Over the past 10 years, SGLN.L returned 11.57%/yr vs 11.30%/yr for GBSS.L. With a 0.99 correlation, they move nearly in lockstep. SGLN.L charges 0.12%/yr vs 0.40%/yr for GBSS.L.
Performance
SGLN.L vs. GBSS.L - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SGLN.L having a -4.94% return and GBSS.L slightly lower at -5.08%. Both investments have delivered pretty close results over the past 10 years, with SGLN.L having a 11.57% annualized return and GBSS.L not far behind at 11.30%.
SGLN.L
- 1D
- 0.07%
- 1M
- -9.12%
- YTD
- -4.94%
- 6M
- -8.41%
- 1Y
- 24.63%
- 3Y*
- 26.05%
- 5Y*
- 18.77%
- 10Y*
- 11.57%
GBSS.L
- 1D
- -0.06%
- 1M
- -9.20%
- YTD
- -5.08%
- 6M
- -8.68%
- 1Y
- 24.28%
- 3Y*
- 25.68%
- 5Y*
- 18.42%
- 10Y*
- 11.30%
SGLN.L vs. GBSS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGLN.L iShares Physical Gold ETC | -4.94% | 53.66% | 28.20% | 7.24% | 11.84% | -2.82% | 19.93% | 14.63% | 4.36% | 1.68% |
GBSS.L Gold Bullion Securities | -5.08% | 53.13% | 27.82% | 6.96% | 11.51% | -3.12% | 19.73% | 14.42% | 4.17% | 1.53% |
Correlation
The correlation between SGLN.L and GBSS.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2011 | 0.99 |
The correlation between SGLN.L and GBSS.L has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
SGLN.L vs. GBSS.L — Risk / Return Rank
SGLN.L
GBSS.L
SGLN.L vs. GBSS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Physical Gold ETC (SGLN.L) and Gold Bullion Securities (GBSS.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.
| SGLN.L | GBSS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.20 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | 1.04 | +0.02 |
| Martin ratioReturn relative to average drawdown | 2.97 | 2.92 | +0.05 |
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Drawdowns
SGLN.L vs. GBSS.L - Drawdown Comparison
The maximum SGLN.L drawdown since its inception was -53.23%, which is greater than GBSS.L's maximum drawdown of -45.24%. Use the drawdown chart below to compare losses from any high point for SGLN.L and GBSS.L.
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Drawdown Indicators
| SGLN.L | GBSS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.23% | -45.24% | -7.99% |
Max Drawdown (1Y)Largest decline over 1 year | -23.20% | -23.27% | +0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -23.20% | -23.27% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -23.20% | -23.27% | +0.07% |
Max Drawdown (10Y)Largest decline over 10 years | -23.20% | -23.27% | +0.07% |
Current DrawdownCurrent decline from peak | -23.15% | -23.27% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -24.69% | -17.04% | -7.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.27% | 8.30% | -0.03% |
Volatility
SGLN.L vs. GBSS.L - Volatility Comparison
iShares Physical Gold ETC (SGLN.L) and Gold Bullion Securities (GBSS.L) have volatilities of 8.09% and 8.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGLN.L | GBSS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.09% | 8.19% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 21.25% | 21.04% | +0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.09% | 23.89% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.90% | 21.80% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.39% | 18.35% | +0.04% |
SGLN.L vs. GBSS.L - Expense Ratio Comparison
SGLN.L has a 0.12% expense ratio, which is lower than GBSS.L's 0.40% expense ratio.
Dividends
SGLN.L vs. GBSS.L - Dividend Comparison
Neither SGLN.L nor GBSS.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, SGLN.L and GBSS.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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 0.40% for GBSS.L.
SGLN.L tracks LBMA Gold Price, while GBSS.L tracks Gold. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.12% for SGLN.L and 0.40% for GBSS.L.
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