SGLP.L vs. QQQ

Last updated Jun 14, 2026

SGLP.L (Invesco Physical Gold A) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - SGLP.L is a Precious Metals fund tracking the Gold, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, SGLP.L returned 13.00%/yr vs 22.41%/yr for QQQ. At a 0.05 correlation, their price movements are largely independent. SGLP.L charges 0.12%/yr vs 0.18%/yr for QQQ.

Performance

SGLP.L vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Physical Gold A (SGLP.L) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SGLP.L is traded in GBp, while QQQ is traded in USD. To make them comparable, the QQQ 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 -1.79% return, which is significantly lower than QQQ's 18.17% return. Over the past 10 years, SGLP.L has underperformed QQQ with an annualized return of 13.00%, while QQQ has yielded a comparatively higher 22.41% 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%

QQQ

• 1D: 0.68%
• 1M: 0.19%
• YTD: 18.17%
• 6M: 17.56%
• 1Y: 39.26%
• 3Y*: 23.88%
• 5Y*: 18.06%
• 10Y*: 22.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SGLP.L vs. QQQ - 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%
QQQ Invesco QQQ ETF	18.17%	12.17%	27.77%	47.12%	-24.56%	28.63%	44.26%	33.67%	5.80%	21.19%

Correlation

The correlation between SGLP.L and QQQ is 0.09, 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	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	0.05

The correlation between SGLP.L and QQQ shifts across timeframes, from -0.03 (5 years) to 0.09 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SGLP.L vs. QQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SGLP.L

SGLP.L Risk / Return Rank: 32
SGLP.L Sharpe Ratio Rank: 35
SGLP.L Sortino Ratio Rank: 31
SGLP.L Omega Ratio Rank: 38
SGLP.L Calmar Ratio Rank: 27
SGLP.L Martin Ratio Rank: 28

QQQ

QQQ Risk / Return Rank: 71
QQQ Sharpe Ratio Rank: 75
QQQ Sortino Ratio Rank: 70
QQQ Omega Ratio Rank: 73
QQQ Calmar Ratio Rank: 69
QQQ Martin Ratio Rank: 70

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SGLP.L vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold A (SGLP.L) and Invesco QQQ ETF (QQQ). 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	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.09	2.34	-1.25
Sortino ratio: Return per unit of downside risk	1.49	2.96	-1.47
Omega ratio: Gain probability vs. loss probability	1.22	1.42	-0.20
Calmar ratio: Return relative to maximum drawdown	1.13	3.21	-2.08
Martin ratio: Return relative to average drawdown	3.52	9.57	-6.05

SGLP.L vs. QQQ - Sharpe Ratio Comparison

The current SGLP.L Sharpe Ratio is 1.09, which is lower than the QQQ Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of SGLP.L and QQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SGLP.L vs. QQQ - Drawdown Comparison

The maximum SGLP.L drawdown since its inception was -63.75%, which is greater than QQQ's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for SGLP.L and QQQ.

Drawdown Indicators

	SGLP.L	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-63.75%	-34.25%	-29.50%
Max Drawdown (1Y) Largest decline over 1 year	-22.82%	-11.89%	-10.93%
Max Drawdown (3Y) Largest decline over 3 years	-22.82%	-24.87%	+2.05%
Max Drawdown (5Y) Largest decline over 5 years	-22.82%	-27.87%	+5.05%
Max Drawdown (10Y) Largest decline over 10 years	-22.82%	-27.87%	+5.05%
Current Drawdown Current decline from peak	-20.62%	-2.97%	-17.65%
Average Drawdown Average peak-to-trough decline	-31.72%	-5.47%	-26.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.35%	3.98%	+3.37%

Volatility

SGLP.L vs. QQQ - Volatility Comparison

The current volatility for Invesco Physical Gold A (SGLP.L) is 6.68%, while Invesco QQQ ETF (QQQ) has a volatility of 7.06%. This indicates that SGLP.L experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGLP.L	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.68%	7.06%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	20.61%	12.49%	+8.12%
Volatility (1Y) Calculated over the trailing 1-year period	23.66%	16.32%	+7.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.71%	21.26%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.76%	22.29%	-3.53%

SGLP.L vs. QQQ - Expense Ratio Comparison

SGLP.L has a 0.12% expense ratio, which is lower than QQQ'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. QQQ - Dividend Comparison

SGLP.L has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.39%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.39%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
SGLP.L Invesco Physical Gold A	0.00%	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

Can I hold both SGLP.L and QQQ in my portfolio?

SGLP.L and QQQ have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SGLP.L or QQQ?

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.

Which ETF is cheaper, SGLP.L or QQQ?

SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.18% for QQQ.

What is the main difference between SGLP.L and QQQ?

SGLP.L is categorized as Precious Metals, while QQQ is Nasdaq-100. SGLP.L tracks Gold, while QQQ tracks NASDAQ-100 Index. Their fees differ too: 0.12% for SGLP.L and 0.18% for QQQ.