SGLP.L vs. SGLD.L
SGLP.L (Invesco Physical Gold A) and SGLD.L (Invesco Physical Gold ETC) are both Gold funds from Invesco - SGLP.L tracks the Gold while SGLD.L tracks the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SGLP.L returned 11.96%/yr vs 11.98%/yr for SGLD.L. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.12% expense ratio.
Performance
SGLP.L vs. SGLD.L - Performance Comparison
Loading charts...
Different Trading Currencies
SGLP.L is traded in GBp, while SGLD.L is traded in USD. To make them comparable, the SGLD.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with SGLP.L having a -4.91% return and SGLD.L slightly lower at -4.94%. Both investments have delivered pretty close results over the past 10 years, with SGLP.L having a 11.96% annualized return and SGLD.L not far ahead at 11.98%.
SGLP.L
- 1D
- -2.76%
- 1M
- -9.48%
- YTD
- -4.91%
- 6M
- -8.44%
- 1Y
- 25.12%
- 3Y*
- 26.12%
- 5Y*
- 18.76%
- 10Y*
- 11.96%
SGLD.L
- 1D
- -2.85%
- 1M
- -9.60%
- YTD
- -4.94%
- 6M
- -8.61%
- 1Y
- 24.73%
- 3Y*
- 26.10%
- 5Y*
- 18.70%
- 10Y*
- 11.98%
SGLP.L vs. SGLD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SGLP.L Invesco Physical Gold A | -4.91% | 53.60% | 28.14% | 7.26% | 11.83% | -2.88% | 19.99% | 14.65% | 4.31% | 1.64% |
SGLD.L Invesco Physical Gold ETC | -4.94% | 53.13% | 28.43% | 7.70% | 11.80% | -3.17% | 20.53% | 13.83% | 4.55% | 1.90% |
Correlation
The correlation between SGLP.L and SGLD.L is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009 | 0.85 |
The correlation between SGLP.L and SGLD.L shifts across timeframes, from 0.85 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SGLP.L vs. SGLD.L — Risk / Return Rank
SGLP.L
SGLD.L
SGLP.L vs. SGLD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold A (SGLP.L) and Invesco Physical Gold ETC (SGLD.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 | SGLD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.20 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 1.07 | +0.01 |
| Martin ratioReturn relative to average drawdown | 3.08 | 3.08 | +0.01 |
Loading charts...
Drawdowns
SGLP.L vs. SGLD.L - Drawdown Comparison
The maximum SGLP.L drawdown since its inception was -63.75%, which is greater than SGLD.L's maximum drawdown of -41.62%. Use the drawdown chart below to compare losses from any high point for SGLP.L and SGLD.L.
Loading charts...
Drawdown Indicators
| SGLP.L | SGLD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.75% | -41.62% | -22.13% |
Max Drawdown (1Y)Largest decline over 1 year | -23.15% | -23.08% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -23.15% | -23.08% | -0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -23.15% | -23.08% | -0.07% |
Max Drawdown (10Y)Largest decline over 10 years | -23.15% | -23.08% | -0.07% |
Current DrawdownCurrent decline from peak | -23.15% | -23.05% | -0.10% |
Average DrawdownAverage peak-to-trough decline | -31.70% | -13.52% | -18.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.12% | 8.02% | +0.10% |
Volatility
SGLP.L vs. SGLD.L - Volatility Comparison
The current volatility for Invesco Physical Gold A (SGLP.L) is 8.15%, while Invesco Physical Gold ETC (SGLD.L) has a volatility of 8.94%. This indicates that SGLP.L experiences smaller price fluctuations and is considered to be less risky than SGLD.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SGLP.L | SGLD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 8.94% | -0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 21.14% | 22.49% | -1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.14% | 25.35% | -1.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.77% | 17.04% | +4.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.34% | 15.84% | +2.50% |
SGLP.L vs. SGLD.L - Expense Ratio Comparison
Both SGLP.L and SGLD.L have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
SGLP.L vs. SGLD.L - Dividend Comparison
Neither SGLP.L nor SGLD.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, SGLP.L and SGLD.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.12% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SGLP.L and SGLD.L have the same expense ratio: 0.12% per year.
SGLP.L tracks Gold, while SGLD.L tracks LBMA Gold Price PM.
Find the right allocation for SGLP.L and SGLD.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer