SGLP.L vs. S600.L

Last updated Jun 5, 2026

SGLP.L (Invesco Physical Gold A) and S600.L (Invesco STOXX Europe 600 UCITS ETF) are both exchange-traded funds - SGLP.L is a Precious Metals fund tracking the Gold, while S600.L is a Europe Equities fund tracking the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, SGLP.L returned 14.26%/yr vs 10.10%/yr for S600.L. At a 0.05 correlation, their price movements are largely independent. SGLP.L charges 0.12%/yr vs 0.19%/yr for S600.L.

Performance

SGLP.L vs. S600.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Physical Gold A (SGLP.L) and Invesco STOXX Europe 600 UCITS ETF (S600.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGLP.L achieves a 3.97% return, which is significantly lower than S600.L's 6.62% return. Over the past 10 years, SGLP.L has outperformed S600.L with an annualized return of 14.26%, while S600.L has yielded a comparatively lower 10.10% annualized return.

SGLP.L

• 1D: 0.70%
• 1M: -3.54%
• YTD: 3.97%
• 6M: 5.23%
• 1Y: 34.67%
• 3Y*: 28.15%
• 5Y*: 19.87%
• 10Y*: 14.26%

S600.L

• 1D: 0.63%
• 1M: 0.83%
• YTD: 6.62%
• 6M: 8.86%
• 1Y: 19.13%
• 3Y*: 13.88%
• 5Y*: 9.71%
• 10Y*: 10.10%

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

SGLP.L vs. S600.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SGLP.L Invesco Physical Gold A	3.97%	53.60%	28.14%	7.26%	11.83%	-2.88%	19.99%	14.65%	4.31%	1.64%
S600.L Invesco STOXX Europe 600 UCITS ETF	6.62%	26.17%	3.70%	13.14%	-4.95%	16.44%	3.69%	20.15%	-9.75%	15.24%

Correlation

The correlation between SGLP.L and S600.L is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jul 1, 2014	0.05

The correlation between SGLP.L and S600.L shifts across timeframes, from 0.05 (5 years) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SGLP.L vs. S600.L — 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: 40
SGLP.L Sharpe Ratio Rank: 42
SGLP.L Sortino Ratio Rank: 37
SGLP.L Omega Ratio Rank: 47
SGLP.L Calmar Ratio Rank: 39
SGLP.L Martin Ratio Rank: 34

S600.L

S600.L Risk / Return Rank: 44
S600.L Sharpe Ratio Rank: 46
S600.L Sortino Ratio Rank: 46
S600.L Omega Ratio Rank: 49
S600.L Calmar Ratio Rank: 37
S600.L Martin Ratio Rank: 42

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. S600.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold A (SGLP.L) and Invesco STOXX Europe 600 UCITS ETF (S600.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.

	SGLP.L	S600.L	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.58	-0.12
Sortino ratio: Return per unit of downside risk	1.90	2.23	-0.34
Omega ratio: Gain probability vs. loss probability	1.29	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	1.88	1.82	+0.06
Martin ratio: Return relative to average drawdown	5.06	6.60	-1.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGLP.L vs. S600.L - Sharpe Ratio Comparison

The current SGLP.L Sharpe Ratio is 1.46, which is comparable to the S600.L Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of SGLP.L and S600.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SGLP.L	S600.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.58	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	0.70	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.68	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.58	-0.05

Drawdowns

SGLP.L vs. S600.L - Drawdown Comparison

The maximum SGLP.L drawdown since its inception was -38.83%, which is greater than S600.L's maximum drawdown of -30.21%. Use the drawdown chart below to compare losses from any high point for SGLP.L and S600.L.

Drawdown Indicators

	SGLP.L	S600.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.83%	-30.21%	-8.62%
Max Drawdown (1Y) Largest decline over 1 year	-17.89%	-10.47%	-7.42%
Max Drawdown (3Y) Largest decline over 3 years	-17.89%	-12.53%	-5.36%
Max Drawdown (5Y) Largest decline over 5 years	-17.89%	-17.04%	-0.85%
Max Drawdown (10Y) Largest decline over 10 years	-22.34%	-30.21%	+7.87%
Current Drawdown Current decline from peak	-15.97%	-1.22%	-14.75%
Average Drawdown Average peak-to-trough decline	-13.37%	-4.30%	-9.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.65%	2.90%	+3.75%

Volatility

SGLP.L vs. S600.L - Volatility Comparison

Invesco Physical Gold A (SGLP.L) has a higher volatility of 5.10% compared to Invesco STOXX Europe 600 UCITS ETF (S600.L) at 4.05%. This indicates that SGLP.L's price experiences larger fluctuations and is considered to be riskier than S600.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGLP.L	S600.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	4.05%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	19.90%	10.11%	+9.79%
Volatility (1Y) Calculated over the trailing 1-year period	23.02%	12.08%	+10.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	13.90%	+2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.72%	14.86%	+0.86%

SGLP.L vs. S600.L - Expense Ratio Comparison

SGLP.L has a 0.12% expense ratio, which is lower than S600.L's 0.19% 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. S600.L - Dividend Comparison

Neither SGLP.L nor S600.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SGLP.L and S600.L in my portfolio?

SGLP.L and S600.L have a correlation of 0.23, 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 S600.L?

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 S600.L?

SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.19% for S600.L.

What is the main difference between SGLP.L and S600.L?

SGLP.L is categorized as Precious Metals, while S600.L is Europe Equities. SGLP.L tracks Gold, while S600.L tracks MSCI Europe NR EUR. Their fees differ too: 0.12% for SGLP.L and 0.19% for S600.L.