SGLN.L vs. SBEM.L
SGLN.L (iShares Physical Gold ETC) and SBEM.L (UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis) are both exchange-traded funds - SGLN.L is a Gold fund tracking the LBMA Gold Price, while SBEM.L is a Emerging Markets Bonds fund tracking the JPM EMBI Global Diversified TR USD. Both are passively managed. Over the past 10 years, SGLN.L returned 13.01%/yr vs 4.44%/yr for SBEM.L. At a 0.30 correlation, their price movements are largely independent. SGLN.L charges 0.12%/yr vs 0.42%/yr for SBEM.L.
Performance
SGLN.L vs. SBEM.L - Performance Comparison
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Returns By Period
In the year-to-date period, SGLN.L achieves a -1.83% return, which is significantly lower than SBEM.L's 2.82% return. Over the past 10 years, SGLN.L has outperformed SBEM.L with an annualized return of 13.01%, while SBEM.L has yielded a comparatively lower 4.44% annualized return.
SGLN.L
- 1D
- 2.90%
- 1M
- -9.54%
- YTD
- -1.83%
- 6M
- -1.90%
- 1Y
- 24.78%
- 3Y*
- 26.65%
- 5Y*
- 18.64%
- 10Y*
- 13.01%
SBEM.L
- 1D
- 0.16%
- 1M
- 1.55%
- YTD
- 2.82%
- 6M
- 3.45%
- 1Y
- 14.87%
- 3Y*
- 9.07%
- 5Y*
- 3.36%
- 10Y*
- 4.44%
SGLN.L vs. SBEM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGLN.L iShares Physical Gold ETC | -1.83% | 53.66% | 28.20% | 7.24% | 11.84% | -2.82% | 19.93% | 14.63% | 4.36% | 1.68% |
SBEM.L UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis | 2.82% | 7.42% | 9.45% | 5.95% | -10.24% | -1.29% | 1.29% | 10.91% | 1.42% | 0.47% |
Correlation
The correlation between SGLN.L and SBEM.L is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | 0.30 |
Over the past year, the correlation between SGLN.L and SBEM.L has dropped to 0.04 - well below their long-term average of 0.30, suggesting their price drivers have been diverging.
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Return for Risk
SGLN.L vs. SBEM.L — Risk / Return Rank
SGLN.L
SBEM.L
SGLN.L vs. SBEM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Physical Gold ETC (SGLN.L) and UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.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 | SBEM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.40 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 4.05 | -2.92 |
| Martin ratioReturn relative to average drawdown | 3.51 | 11.69 | -8.18 |
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Drawdowns
SGLN.L vs. SBEM.L - Drawdown Comparison
The maximum SGLN.L drawdown since its inception was -53.23%, which is greater than SBEM.L's maximum drawdown of -21.61%. Use the drawdown chart below to compare losses from any high point for SGLN.L and SBEM.L.
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Drawdown Indicators
| SGLN.L | SBEM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.23% | -21.61% | -31.62% |
Max Drawdown (1Y)Largest decline over 1 year | -22.87% | -3.53% | -19.34% |
Max Drawdown (3Y)Largest decline over 3 years | -22.87% | -9.79% | -13.08% |
Max Drawdown (5Y)Largest decline over 5 years | -22.87% | -17.20% | -5.67% |
Max Drawdown (10Y)Largest decline over 10 years | -22.87% | -21.61% | -1.26% |
Current DrawdownCurrent decline from peak | -20.64% | 0.00% | -20.64% |
Average DrawdownAverage peak-to-trough decline | -24.70% | -7.22% | -17.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.37% | 1.23% | +6.14% |
Volatility
SGLN.L vs. SBEM.L - Volatility Comparison
iShares Physical Gold ETC (SGLN.L) has a higher volatility of 6.68% compared to UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis (SBEM.L) at 1.48%. This indicates that SGLN.L's price experiences larger fluctuations and is considered to be riskier than SBEM.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 | SBEM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.68% | 1.48% | +5.20% |
Volatility (6M)Calculated over the trailing 6-month period | 20.78% | 4.51% | +16.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.82% | 6.40% | +17.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.84% | 9.13% | +12.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.84% | 10.97% | +7.87% |
SGLN.L vs. SBEM.L - Expense Ratio Comparison
SGLN.L has a 0.12% expense ratio, which is lower than SBEM.L's 0.42% expense ratio.
Dividends
SGLN.L vs. SBEM.L - Dividend Comparison
SGLN.L has not paid dividends to shareholders, while SBEM.L's dividend yield for the trailing twelve months is around 6.51%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SBEM.L UBS ETF (LU) Bloomberg USD Emerging Markets Sovereign UCITS ETF (USD) A-dis | 6.51% | 7.69% | 6.27% | 6.49% | 5.73% | 4.35% | 4.92% | 4.83% | 4.47% | 4.84% | 2.27% |
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% |
Frequently Asked Questions
SGLN.L and SBEM.L have a correlation of 0.04, 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 0.42% for SBEM.L.
SGLN.L is categorized as Gold, while SBEM.L is Emerging Markets Bonds. SGLN.L tracks LBMA Gold Price, while SBEM.L tracks JPM EMBI Global Diversified TR USD. They also come from different issuers: iShares and UBS. Their fees differ too: 0.12% for SGLN.L and 0.42% for SBEM.L.
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