SGLP.L vs. AUCO.L
SGLP.L (Invesco Physical Gold A) and AUCO.L (L&G Gold Mining UCITS ETF) are both Gold funds - SGLP.L tracks the Gold while AUCO.L tracks the STOXX Global Gold Miners Index. Both are passively managed. Over the past 10 years, SGLP.L returned 11.36%/yr vs 11.70%/yr for AUCO.L. A 0.64 correlation means they provide meaningful diversification when combined. SGLP.L charges 0.12%/yr vs 0.55%/yr for AUCO.L.
Performance
SGLP.L vs. AUCO.L - Performance Comparison
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Different Trading Currencies
SGLP.L is traded in GBp, while AUCO.L is traded in USD. To make them comparable, the AUCO.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SGLP.L achieves a -6.33% return, which is significantly higher than AUCO.L's -15.05% return. Both investments have delivered pretty close results over the past 10 years, with SGLP.L having a 11.36% annualized return and AUCO.L not far ahead at 11.70%.
SGLP.L
- 1D
- -1.60%
- 1M
- -7.47%
- 6M
- -12.71%
- YTD
- -6.33%
- 1Y
- 20.56%
- 3Y*
- 26.02%
- 5Y*
- 17.81%
- 10Y*
- 11.36%
AUCO.L
- 1D
- -3.99%
- 1M
- -15.23%
- 6M
- -23.89%
- YTD
- -15.05%
- 1Y
- 46.48%
- 3Y*
- 39.74%
- 5Y*
- 22.49%
- 10Y*
- 11.70%
SGLP.L vs. AUCO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGLP.L Invesco Physical Gold A | -6.33% | 53.60% | 28.14% | 7.26% | 11.83% | -2.88% | 19.99% | 14.65% | 4.31% | 1.64% |
AUCO.L L&G Gold Mining UCITS ETF | -15.05% | 161.75% | 20.02% | 9.27% | -4.11% | -9.27% | 18.14% | 38.65% | -5.11% | 0.49% |
Correlation
The correlation between SGLP.L and AUCO.L is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | 0.64 |
The correlation between SGLP.L and AUCO.L shifts across timeframes, from 0.64 (all time) to 0.80 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SGLP.L vs. AUCO.L — Risk / Return Rank
SGLP.L
AUCO.L
SGLP.L vs. AUCO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold A (SGLP.L) and L&G Gold Mining UCITS ETF (AUCO.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.
| SGLP.L | AUCO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.18 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 1.24 | -0.40 |
| Martin ratioReturn relative to average drawdown | 2.08 | 2.96 | -0.87 |
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Drawdowns
SGLP.L vs. AUCO.L - Drawdown Comparison
The maximum SGLP.L drawdown since its inception was -63.75%, smaller than the maximum AUCO.L drawdown of -77.54%. Use the drawdown chart below to compare losses from any high point for SGLP.L and AUCO.L.
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Drawdown Indicators
| SGLP.L | AUCO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.75% | -77.54% | +13.79% |
Max Drawdown (1Y)Largest decline over 1 year | -24.29% | -37.18% | +12.89% |
Max Drawdown (3Y)Largest decline over 3 years | -24.29% | -37.18% | +12.89% |
Max Drawdown (5Y)Largest decline over 5 years | -24.29% | -39.29% | +15.00% |
Max Drawdown (10Y)Largest decline over 10 years | -24.29% | -45.83% | +21.54% |
Current DrawdownCurrent decline from peak | -24.29% | -36.60% | +12.31% |
Average DrawdownAverage peak-to-trough decline | -31.67% | -34.38% | +2.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.84% | 15.68% | -5.84% |
Volatility
SGLP.L vs. AUCO.L - Volatility Comparison
The current volatility for Invesco Physical Gold A (SGLP.L) is 6.71%, while L&G Gold Mining UCITS ETF (AUCO.L) has a volatility of 16.14%. This indicates that SGLP.L experiences smaller price fluctuations and is considered to be less risky than AUCO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGLP.L | AUCO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.71% | 16.14% | -9.43% |
Volatility (6M)Calculated over the trailing 6-month period | 21.07% | 38.38% | -17.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.32% | 47.49% | -23.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.89% | 36.64% | -14.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.29% | 34.19% | -15.90% |
SGLP.L vs. AUCO.L - Expense Ratio Comparison
SGLP.L has a 0.12% expense ratio, which is lower than AUCO.L's 0.55% expense ratio.
Dividends
SGLP.L vs. AUCO.L - Dividend Comparison
Neither SGLP.L nor AUCO.L has paid dividends to shareholders.
Frequently Asked Questions
SGLP.L and AUCO.L have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.55% for AUCO.L.
SGLP.L tracks Gold, while AUCO.L tracks STOXX Global Gold Miners Index. They also come from different issuers: Invesco and L&G. Their fees differ too: 0.12% for SGLP.L and 0.55% for AUCO.L.
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