SGLP.L vs. EMIM.L
SGLP.L (Invesco Physical Gold A) and EMIM.L (iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc)) are both exchange-traded funds - SGLP.L is a Gold fund tracking the Gold, while EMIM.L is a Emerging Markets Equities fund tracking the MSCI EM NR USD. Both are passively managed. Over the past 10 years, SGLP.L returned 13.00%/yr vs 11.13%/yr for EMIM.L. At a 0.13 correlation, their price movements are largely independent. SGLP.L charges 0.12%/yr vs 0.18%/yr for EMIM.L.
Performance
SGLP.L vs. EMIM.L - Performance Comparison
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Returns By Period
In the year-to-date period, SGLP.L achieves a -1.79% return, which is significantly lower than EMIM.L's 22.83% return. Over the past 10 years, SGLP.L has outperformed EMIM.L with an annualized return of 13.00%, while EMIM.L has yielded a comparatively lower 11.13% annualized return.
SGLP.L
- 1D
- 2.85%
- 1M
- -9.58%
- YTD
- -1.79%
- 6M
- -1.95%
- 1Y
- 24.73%
- 3Y*
- 26.66%
- 5Y*
- 18.64%
- 10Y*
- 13.00%
EMIM.L
- 1D
- 2.84%
- 1M
- 1.03%
- YTD
- 22.83%
- 6M
- 25.36%
- 1Y
- 46.92%
- 3Y*
- 19.09%
- 5Y*
- 8.57%
- 10Y*
- 11.13%
SGLP.L vs. EMIM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGLP.L Invesco Physical Gold A | -1.79% | 53.60% | 28.14% | 7.26% | 11.83% | -2.88% | 19.99% | 14.65% | 4.31% | 1.64% |
EMIM.L iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) | 22.83% | 23.35% | 9.18% | 4.93% | -10.17% | 0.74% | 14.91% | 12.69% | -9.32% | 24.72% |
Correlation
The correlation between SGLP.L and EMIM.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 | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jun 9, 2014 | 0.13 |
The correlation between SGLP.L and EMIM.L shifts across timeframes, from 0.13 (5 years) to 0.26 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SGLP.L vs. EMIM.L — Risk / Return Rank
SGLP.L
EMIM.L
SGLP.L vs. EMIM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold A (SGLP.L) and iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.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 | EMIM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.49 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 4.09 | -2.96 |
| Martin ratioReturn relative to average drawdown | 3.52 | 14.02 | -10.49 |
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Drawdowns
SGLP.L vs. EMIM.L - Drawdown Comparison
The maximum SGLP.L drawdown since its inception was -63.75%, which is greater than EMIM.L's maximum drawdown of -31.70%. Use the drawdown chart below to compare losses from any high point for SGLP.L and EMIM.L.
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Drawdown Indicators
| SGLP.L | EMIM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.75% | -31.70% | -32.05% |
Max Drawdown (1Y)Largest decline over 1 year | -22.82% | -10.92% | -11.90% |
Max Drawdown (3Y)Largest decline over 3 years | -22.82% | -15.56% | -7.26% |
Max Drawdown (5Y)Largest decline over 5 years | -22.82% | -21.98% | -0.84% |
Max Drawdown (10Y)Largest decline over 10 years | -22.82% | -26.46% | +3.64% |
Current DrawdownCurrent decline from peak | -20.62% | -3.48% | -17.14% |
Average DrawdownAverage peak-to-trough decline | -31.72% | -8.70% | -23.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.35% | 3.20% | +4.15% |
Volatility
SGLP.L vs. EMIM.L - Volatility Comparison
The current volatility for Invesco Physical Gold A (SGLP.L) is 6.68%, while iShares Core MSCI Emerging Markets IMI UCITS ETF (Acc) (EMIM.L) has a volatility of 7.38%. This indicates that SGLP.L experiences smaller price fluctuations and is considered to be less risky than EMIM.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 | EMIM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.68% | 7.38% | -0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 20.61% | 14.94% | +5.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.66% | 17.33% | +6.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.71% | 15.97% | +5.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.76% | 17.86% | +0.90% |
SGLP.L vs. EMIM.L - Expense Ratio Comparison
SGLP.L has a 0.12% expense ratio, which is lower than EMIM.L's 0.18% 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
SGLP.L vs. EMIM.L - Dividend Comparison
Neither SGLP.L nor EMIM.L has paid dividends to shareholders.
Frequently Asked Questions
SGLP.L and EMIM.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.
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 0.18% for EMIM.L.
SGLP.L is categorized as Gold, while EMIM.L is Emerging Markets Equities. SGLP.L tracks Gold, while EMIM.L tracks MSCI EM NR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.12% for SGLP.L and 0.18% for EMIM.L.
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