SGLP.L vs. TLH
SGLP.L (Invesco Physical Gold A) and TLH (iShares 10-20 Year Treasury Bond ETF) are both exchange-traded funds - SGLP.L is a Precious Metals fund tracking the Gold, while TLH is a Government Bonds fund tracking the ICE U.S. Treasury 10-20 Year Bond Index. Both are passively managed. Over the past 10 years, SGLP.L returned 14.26%/yr vs -0.01%/yr for TLH. At a 0.29 correlation, their price movements are largely independent. SGLP.L charges 0.12%/yr vs 0.15%/yr for TLH.
Performance
SGLP.L vs. TLH - Performance Comparison
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Different Trading Currencies
SGLP.L is traded in GBp, while TLH is traded in USD. To make them comparable, the TLH 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 3.97% return, which is significantly higher than TLH's 0.05% return. Over the past 10 years, SGLP.L has outperformed TLH with an annualized return of 14.26%, while TLH has yielded a comparatively lower -0.01% 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%
TLH
- 1D
- 0.00%
- 1M
- 0.86%
- YTD
- 0.05%
- 6M
- -1.10%
- 1Y
- 5.35%
- 3Y*
- -2.00%
- 5Y*
- -2.74%
- 10Y*
- -0.01%
SGLP.L vs. TLH - 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% |
TLH iShares 10-20 Year Treasury Bond ETF | 0.05% | -1.12% | -2.54% | -1.17% | -16.35% | -4.48% | 10.43% | 5.92% | 6.32% | -4.80% |
Correlation
The correlation between SGLP.L and TLH is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2011 | 0.29 |
Over the past year, the correlation between SGLP.L and TLH has dropped to 0.03 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.
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Return for Risk
SGLP.L vs. TLH — Risk / Return Rank
SGLP.L
TLH
SGLP.L vs. TLH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold A (SGLP.L) and iShares 10-20 Year Treasury Bond ETF (TLH). 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 | TLH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.11 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 0.79 | +1.09 |
| Martin ratioReturn relative to average drawdown | 5.06 | 1.70 | +3.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SGLP.L | TLH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | 0.63 | +0.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.23 | -0.20 | +1.43 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.91 | -0.00 | +0.91 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.37 | +0.16 |
Drawdowns
SGLP.L vs. TLH - Drawdown Comparison
The maximum SGLP.L drawdown since its inception was -38.83%, smaller than the maximum TLH drawdown of -42.25%. Use the drawdown chart below to compare losses from any high point for SGLP.L and TLH.
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Drawdown Indicators
| SGLP.L | TLH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.83% | -42.25% | +3.42% |
Max Drawdown (1Y)Largest decline over 1 year | -17.89% | -6.82% | -11.07% |
Max Drawdown (3Y)Largest decline over 3 years | -17.89% | -12.85% | -5.04% |
Max Drawdown (5Y)Largest decline over 5 years | -17.89% | -29.52% | +11.63% |
Max Drawdown (10Y)Largest decline over 10 years | -22.34% | -42.25% | +19.91% |
Current DrawdownCurrent decline from peak | -15.97% | -37.59% | +21.62% |
Average DrawdownAverage peak-to-trough decline | -13.37% | -14.94% | +1.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.65% | 3.16% | +3.49% |
Volatility
SGLP.L vs. TLH - Volatility Comparison
Invesco Physical Gold A (SGLP.L) has a higher volatility of 5.10% compared to iShares 10-20 Year Treasury Bond ETF (TLH) at 1.97%. This indicates that SGLP.L's price experiences larger fluctuations and is considered to be riskier than TLH 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 | TLH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.10% | 1.97% | +3.13% |
Volatility (6M)Calculated over the trailing 6-month period | 19.90% | 6.34% | +13.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.02% | 8.57% | +14.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.11% | 13.58% | +2.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.72% | 13.80% | +1.92% |
SGLP.L vs. TLH - Expense Ratio Comparison
SGLP.L has a 0.12% expense ratio, which is lower than TLH'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. TLH - Dividend Comparison
SGLP.L has not paid dividends to shareholders, while TLH's dividend yield for the trailing twelve months is around 4.50%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TLH iShares 10-20 Year Treasury Bond ETF | 4.50% | 4.17% | 4.28% | 3.83% | 2.78% | 1.50% | 2.65% | 2.31% | 2.17% | 1.83% | 1.91% | 2.13% |
Frequently Asked Questions
SGLP.L and TLH have a correlation of 0.03, 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 TLH.
SGLP.L is categorized as Precious Metals, while TLH is Government Bonds. SGLP.L tracks Gold, while TLH tracks ICE U.S. Treasury 10-20 Year Bond Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.12% for SGLP.L and 0.15% for TLH.
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