SGLP.L vs. RSBT

Last updated Jun 14, 2026

SGLP.L (Invesco Physical Gold A) and RSBT (Return Stacked Bonds & Managed Futures ETF) are both exchange-traded funds - SGLP.L is a Gold fund tracking the Gold, while RSBT is a Nontraditional Bonds fund actively managed by Return Stacked. SGLP.L is passively managed, while RSBT is actively managed. Over the past 3 years, SGLP.L returned 26.66%/yr vs 1.13%/yr for RSBT. At a 0.25 correlation, their price movements are largely independent. SGLP.L charges 0.12%/yr vs 0.97%/yr for RSBT.

Performance

SGLP.L vs. RSBT - Performance Comparison

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

Different Trading Currencies

SGLP.L is traded in GBp, while RSBT is traded in USD. To make them comparable, the RSBT 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 RSBT's 6.96% 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%

RSBT

• 1D: 0.46%
• 1M: -3.02%
• YTD: 6.96%
• 6M: 8.01%
• 1Y: 25.05%
• 3Y*: 1.13%
• 5Y*: —
• 10Y*: —

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

SGLP.L vs. RSBT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SGLP.L Invesco Physical Gold A	-1.79%	53.60%	28.14%	3.68%
RSBT Return Stacked Bonds & Managed Futures ETF	6.96%	2.45%	-1.20%	-16.43%

Correlation

The correlation between SGLP.L and RSBT is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (All Time) Calculated using the full available price history since Feb 8, 2023	0.25

Return for Risk

SGLP.L vs. RSBT — 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

RSBT

RSBT Risk / Return Rank: 56
RSBT Sharpe Ratio Rank: 50
RSBT Sortino Ratio Rank: 44
RSBT Omega Ratio Rank: 52
RSBT Calmar Ratio Rank: 78
RSBT Martin Ratio Rank: 59

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. RSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold A (SGLP.L) and Return Stacked Bonds & Managed Futures ETF (RSBT). 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	RSBT	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.79	-0.70
Sortino ratio: Return per unit of downside risk	1.49	2.33	-0.84
Omega ratio: Gain probability vs. loss probability	1.22	1.33	-0.11
Calmar ratio: Return relative to maximum drawdown	1.13	4.27	-3.14
Martin ratio: Return relative to average drawdown	3.52	11.51	-7.98

SGLP.L vs. RSBT - Sharpe Ratio Comparison

The current SGLP.L Sharpe Ratio is 1.09, which is lower than the RSBT Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of SGLP.L and RSBT, 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. RSBT - Drawdown Comparison

The maximum SGLP.L drawdown since its inception was -63.75%, which is greater than RSBT's maximum drawdown of -30.34%. Use the drawdown chart below to compare losses from any high point for SGLP.L and RSBT.

Drawdown Indicators

	SGLP.L	RSBT	Difference
Max Drawdown Largest peak-to-trough decline	-63.75%	-30.34%	-33.41%
Max Drawdown (1Y) Largest decline over 1 year	-22.82%	-5.67%	-17.15%
Max Drawdown (3Y) Largest decline over 3 years	-22.82%	-21.81%	-1.01%
Max Drawdown (5Y) Largest decline over 5 years	-22.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.82%	—	—
Current Drawdown Current decline from peak	-20.62%	-11.96%	-8.66%
Average Drawdown Average peak-to-trough decline	-31.72%	-17.64%	-14.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.35%	2.11%	+5.24%

Volatility

SGLP.L vs. RSBT - Volatility Comparison

Invesco Physical Gold A (SGLP.L) has a higher volatility of 6.68% compared to Return Stacked Bonds & Managed Futures ETF (RSBT) at 5.20%. This indicates that SGLP.L's price experiences larger fluctuations and is considered to be riskier than RSBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGLP.L	RSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.68%	5.20%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	20.61%	10.39%	+10.22%
Volatility (1Y) Calculated over the trailing 1-year period	23.66%	13.53%	+10.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.71%	14.08%	+7.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.76%	14.08%	+4.68%

SGLP.L vs. RSBT - Expense Ratio Comparison

SGLP.L has a 0.12% expense ratio, which is lower than RSBT's 0.97% expense ratio.

Dividends

SGLP.L vs. RSBT - Dividend Comparison

SGLP.L has not paid dividends to shareholders, while RSBT's dividend yield for the trailing twelve months is around 3.01%.

Position	TTM	2025	2024	2023
RSBT Return Stacked Bonds & Managed Futures ETF	3.01%	3.20%	0.00%	2.38%
SGLP.L Invesco Physical Gold A	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

SGLP.L and RSBT have a correlation of 0.34, 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 RSBT?

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 RSBT?

SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.97% for RSBT.

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

SGLP.L is categorized as Gold, while RSBT is Nontraditional Bonds. They also come from different issuers: Invesco and Return Stacked. Their fees differ too: 0.12% for SGLP.L and 0.97% for RSBT.