SGLP.L vs. QUAL
SGLP.L (Invesco Physical Gold A) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - SGLP.L is a Precious Metals fund tracking the Gold, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 10 years, SGLP.L returned 13.00%/yr vs 15.05%/yr for QUAL. At a 0.06 correlation, their price movements are largely independent. SGLP.L charges 0.12%/yr vs 0.15%/yr for QUAL.
Performance
SGLP.L vs. QUAL - Performance Comparison
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Different Trading Currencies
SGLP.L is traded in GBp, while QUAL is traded in USD. To make them comparable, the QUAL 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 QUAL's 10.00% return. Over the past 10 years, SGLP.L has underperformed QUAL with an annualized return of 13.00%, while QUAL has yielded a comparatively higher 15.05% 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%
QUAL
- 1D
- 0.56%
- 1M
- 2.12%
- YTD
- 10.00%
- 6M
- 9.02%
- 1Y
- 24.40%
- 3Y*
- 16.89%
- 5Y*
- 13.13%
- 10Y*
- 15.05%
SGLP.L vs. QUAL - 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% |
QUAL iShares MSCI USA Quality Factor ETF | 10.00% | 4.62% | 24.42% | 24.34% | -11.05% | 28.14% | 13.60% | 28.80% | -0.11% | 11.69% |
Correlation
The correlation between SGLP.L and QUAL 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 | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jul 18, 2013 | 0.06 |
The correlation between SGLP.L and QUAL shifts across timeframes, from -0.02 (5 years) to 0.09 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SGLP.L vs. QUAL — Risk / Return Rank
SGLP.L
QUAL
SGLP.L vs. QUAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold A (SGLP.L) and iShares MSCI USA Quality Factor ETF (QUAL). 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 | QUAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.36 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 3.18 | -2.05 |
| Martin ratioReturn relative to average drawdown | 3.52 | 13.06 | -9.54 |
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Drawdowns
SGLP.L vs. QUAL - Drawdown Comparison
The maximum SGLP.L drawdown since its inception was -63.75%, which is greater than QUAL's maximum drawdown of -26.16%. Use the drawdown chart below to compare losses from any high point for SGLP.L and QUAL.
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Drawdown Indicators
| SGLP.L | QUAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.75% | -26.16% | -37.59% |
Max Drawdown (1Y)Largest decline over 1 year | -22.82% | -7.21% | -15.61% |
Max Drawdown (3Y)Largest decline over 3 years | -22.82% | -20.86% | -1.96% |
Max Drawdown (5Y)Largest decline over 5 years | -22.82% | -20.86% | -1.96% |
Max Drawdown (10Y)Largest decline over 10 years | -22.82% | -26.16% | +3.34% |
Current DrawdownCurrent decline from peak | -20.62% | -0.06% | -20.56% |
Average DrawdownAverage peak-to-trough decline | -31.72% | -3.56% | -28.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.35% | 1.76% | +5.59% |
Volatility
SGLP.L vs. QUAL - Volatility Comparison
Invesco Physical Gold A (SGLP.L) has a higher volatility of 6.68% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 3.22%. This indicates that SGLP.L's price experiences larger fluctuations and is considered to be riskier than QUAL 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 | QUAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.68% | 3.22% | +3.46% |
Volatility (6M)Calculated over the trailing 6-month period | 20.61% | 8.60% | +12.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.66% | 11.43% | +12.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.71% | 16.28% | +5.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.76% | 18.19% | +0.57% |
SGLP.L vs. QUAL - Expense Ratio Comparison
SGLP.L has a 0.12% expense ratio, which is lower than QUAL's 0.15% 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. QUAL - Dividend Comparison
SGLP.L has not paid dividends to shareholders, while QUAL's dividend yield for the trailing twelve months is around 0.87%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QUAL iShares MSCI USA Quality Factor ETF | 0.87% | 0.94% | 1.02% | 1.23% | 1.59% | 1.20% | 1.39% | 1.60% | 2.00% | 1.76% | 1.96% | 1.63% |
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
SGLP.L and QUAL 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.
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 0.15% for QUAL.
SGLP.L is categorized as Precious Metals, while QUAL is Large Cap Blend Equities. SGLP.L tracks Gold, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.12% for SGLP.L and 0.15% for QUAL.
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