SGLP.L vs. SPGP.L
SGLP.L (Invesco Physical Gold A) and SPGP.L (iShares Gold Producers UCITS ETF) are both Gold funds - SGLP.L tracks the Gold while SPGP.L tracks the EMIX Global Mining Global Gold TR USD. Both are passively managed. Over the past 10 years, SGLP.L returned 11.96%/yr vs 12.38%/yr for SPGP.L. A 0.68 correlation means they provide meaningful diversification when combined. SGLP.L charges 0.12%/yr vs 0.55%/yr for SPGP.L.
Performance
SGLP.L vs. SPGP.L - Performance Comparison
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Returns By Period
In the year-to-date period, SGLP.L achieves a -4.91% return, which is significantly higher than SPGP.L's -9.84% return. Both investments have delivered pretty close results over the past 10 years, with SGLP.L having a 11.96% annualized return and SPGP.L not far ahead at 12.38%.
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%
SPGP.L
- 1D
- -4.05%
- 1M
- -9.78%
- YTD
- -9.84%
- 6M
- -13.66%
- 1Y
- 50.38%
- 3Y*
- 36.59%
- 5Y*
- 19.42%
- 10Y*
- 12.38%
SGLP.L vs. SPGP.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% |
SPGP.L iShares Gold Producers UCITS ETF | -9.84% | 137.41% | 12.81% | 3.72% | -0.45% | -9.15% | 19.43% | 41.00% | -4.37% | -2.80% |
Correlation
The correlation between SGLP.L and SPGP.L is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011 | 0.68 |
The correlation between SGLP.L and SPGP.L has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.
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Return for Risk
SGLP.L vs. SPGP.L — Risk / Return Rank
SGLP.L
SPGP.L
SGLP.L vs. SPGP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold A (SGLP.L) and iShares Gold Producers UCITS ETF (SPGP.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 | SPGP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 1.49 | -0.41 |
| Martin ratioReturn relative to average drawdown | 3.08 | 3.96 | -0.87 |
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Drawdowns
SGLP.L vs. SPGP.L - Drawdown Comparison
The maximum SGLP.L drawdown since its inception was -63.75%, smaller than the maximum SPGP.L drawdown of -86.56%. Use the drawdown chart below to compare losses from any high point for SGLP.L and SPGP.L.
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Drawdown Indicators
| SGLP.L | SPGP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.75% | -86.56% | +22.81% |
Max Drawdown (1Y)Largest decline over 1 year | -23.15% | -33.69% | +10.54% |
Max Drawdown (3Y)Largest decline over 3 years | -23.15% | -33.69% | +10.54% |
Max Drawdown (5Y)Largest decline over 5 years | -23.15% | -34.81% | +11.66% |
Max Drawdown (10Y)Largest decline over 10 years | -23.15% | -43.71% | +20.56% |
Current DrawdownCurrent decline from peak | -23.15% | -32.49% | +9.34% |
Average DrawdownAverage peak-to-trough decline | -31.70% | -60.18% | +28.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.12% | 12.69% | -4.57% |
Volatility
SGLP.L vs. SPGP.L - Volatility Comparison
The current volatility for Invesco Physical Gold A (SGLP.L) is 8.15%, while iShares Gold Producers UCITS ETF (SPGP.L) has a volatility of 16.42%. This indicates that SGLP.L experiences smaller price fluctuations and is considered to be less risky than SPGP.L 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 | SPGP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 16.42% | -8.27% |
Volatility (6M)Calculated over the trailing 6-month period | 21.14% | 35.24% | -14.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.14% | 43.02% | -18.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.77% | 35.25% | -13.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.34% | 33.82% | -15.48% |
SGLP.L vs. SPGP.L - Expense Ratio Comparison
SGLP.L has a 0.12% expense ratio, which is lower than SPGP.L's 0.55% expense ratio.
Dividends
SGLP.L vs. SPGP.L - Dividend Comparison
Neither SGLP.L nor SPGP.L has paid dividends to shareholders.
Frequently Asked Questions
SGLP.L and SPGP.L have a correlation of 0.77, 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 0.55% for SPGP.L.
SGLP.L tracks Gold, while SPGP.L tracks EMIX Global Mining Global Gold TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.12% for SGLP.L and 0.55% for SPGP.L.
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