SGLP.L vs. IAUP.L
SGLP.L (Invesco Physical Gold A) and IAUP.L (iShares Gold Producers UCITS ETF USD Acc) are both Gold funds - SGLP.L tracks the Gold while IAUP.L tracks the S&P Commodity Producers Gold Index. Both are passively managed. Over the past 10 years, SGLP.L returned 11.36%/yr vs 10.29%/yr for IAUP.L. A 0.66 correlation means they provide meaningful diversification when combined. SGLP.L charges 0.12%/yr vs 0.55%/yr for IAUP.L.
Performance
SGLP.L vs. IAUP.L - Performance Comparison
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Different Trading Currencies
SGLP.L is traded in GBp, while IAUP.L is traded in USD. To make them comparable, the IAUP.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 IAUP.L's -13.55% return. Over the past 10 years, SGLP.L has outperformed IAUP.L with an annualized return of 11.36%, while IAUP.L has yielded a comparatively lower 10.29% annualized return.
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%
IAUP.L
- 1D
- -3.75%
- 1M
- -15.19%
- 6M
- -23.36%
- YTD
- -13.55%
- 1Y
- 43.66%
- 3Y*
- 32.38%
- 5Y*
- 18.23%
- 10Y*
- 10.29%
SGLP.L vs. IAUP.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% |
IAUP.L iShares Gold Producers UCITS ETF USD Acc | -13.55% | 135.89% | 13.44% | 3.96% | -0.48% | -9.46% | 19.97% | 40.06% | -4.18% | -2.54% |
Correlation
The correlation between SGLP.L and IAUP.L is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011 | 0.66 |
The correlation between SGLP.L and IAUP.L shifts across timeframes, from 0.65 (5 years) to 0.79 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SGLP.L vs. IAUP.L — Risk / Return Rank
SGLP.L
IAUP.L
SGLP.L vs. IAUP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold A (SGLP.L) and iShares Gold Producers UCITS ETF USD Acc (IAUP.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 | IAUP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.18 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 1.21 | -0.37 |
| Martin ratioReturn relative to average drawdown | 2.08 | 2.93 | -0.84 |
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Drawdowns
SGLP.L vs. IAUP.L - Drawdown Comparison
The maximum SGLP.L drawdown since its inception was -63.75%, smaller than the maximum IAUP.L drawdown of -79.77%. Use the drawdown chart below to compare losses from any high point for SGLP.L and IAUP.L.
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Drawdown Indicators
| SGLP.L | IAUP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.75% | -79.77% | +16.02% |
Max Drawdown (1Y)Largest decline over 1 year | -24.29% | -35.96% | +11.67% |
Max Drawdown (3Y)Largest decline over 3 years | -24.29% | -35.96% | +11.67% |
Max Drawdown (5Y)Largest decline over 5 years | -24.29% | -35.96% | +11.67% |
Max Drawdown (10Y)Largest decline over 10 years | -24.29% | -43.97% | +19.68% |
Current DrawdownCurrent decline from peak | -24.29% | -35.33% | +11.04% |
Average DrawdownAverage peak-to-trough decline | -31.67% | -42.69% | +11.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.84% | 14.88% | -5.04% |
Volatility
SGLP.L vs. IAUP.L - Volatility Comparison
The current volatility for Invesco Physical Gold A (SGLP.L) is 6.71%, while iShares Gold Producers UCITS ETF USD Acc (IAUP.L) has a volatility of 15.43%. This indicates that SGLP.L experiences smaller price fluctuations and is considered to be less risky than IAUP.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 | IAUP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.71% | 15.43% | -8.72% |
Volatility (6M)Calculated over the trailing 6-month period | 21.07% | 37.04% | -15.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.32% | 45.44% | -21.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.89% | 33.92% | -12.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.29% | 33.41% | -15.12% |
SGLP.L vs. IAUP.L - Expense Ratio Comparison
SGLP.L has a 0.12% expense ratio, which is lower than IAUP.L's 0.55% expense ratio.
Dividends
SGLP.L vs. IAUP.L - Dividend Comparison
Neither SGLP.L nor IAUP.L has paid dividends to shareholders.
Frequently Asked Questions
SGLP.L and IAUP.L have a correlation of 0.79, 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 IAUP.L.
SGLP.L tracks Gold, while IAUP.L tracks S&P Commodity Producers Gold Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.12% for SGLP.L and 0.55% for IAUP.L.
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