SGLP.L vs. VEVE.L

Last updated Jun 14, 2026

SGLP.L (Invesco Physical Gold A) and VEVE.L (Vanguard FTSE Developed World UCITS ETF Distributing) are both exchange-traded funds - SGLP.L is a Precious Metals fund tracking the Gold, while VEVE.L is a Global Equities fund tracking the MSCI ACWI NR USD. Both are passively managed. Over the past 10 years, SGLP.L returned 13.00%/yr vs 14.06%/yr for VEVE.L. At a 0.07 correlation, their price movements are largely independent. Both charge a 0.12% expense ratio.

Performance

SGLP.L vs. VEVE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Physical Gold A (SGLP.L) and Vanguard FTSE Developed World UCITS ETF Distributing (VEVE.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SGLP.L is traded in GBp, while VEVE.L is traded in GBP. To make them comparable, the VEVE.L 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 VEVE.L's 10.77% return. Over the past 10 years, SGLP.L has underperformed VEVE.L with an annualized return of 13.00%, while VEVE.L has yielded a comparatively higher 14.06% annualized 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%

VEVE.L

• 1D: 1.79%
• 1M: 0.63%
• YTD: 10.77%
• 6M: 11.37%
• 1Y: 28.30%
• 3Y*: 17.81%
• 5Y*: 12.89%
• 10Y*: 14.06%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SGLP.L Invesco Physical Gold A	-1.79%	53.60%	28.14%	7.26%	11.83%	-2.88%	19.99%	14.65%	4.31%	1.64%
VEVE.L Vanguard FTSE Developed World UCITS ETF Distributing	10.77%	13.81%	20.22%	17.46%	-8.34%	22.68%	12.44%	22.89%	-4.39%	12.62%

Correlation

The correlation between SGLP.L and VEVE.L is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Sep 30, 2014	0.07

The correlation between SGLP.L and VEVE.L shifts across timeframes, from 0.04 (5 years) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SGLP.L vs. VEVE.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: 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

VEVE.L

VEVE.L Risk / Return Rank: 87
VEVE.L Sharpe Ratio Rank: 89
VEVE.L Sortino Ratio Rank: 89
VEVE.L Omega Ratio Rank: 89
VEVE.L Calmar Ratio Rank: 84
VEVE.L Martin Ratio Rank: 87

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. VEVE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold A (SGLP.L) and Vanguard FTSE Developed World UCITS ETF Distributing (VEVE.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	VEVE.L	Difference
Sharpe ratio: Return per unit of total volatility	1.09	2.59	-1.50
Sortino ratio: Return per unit of downside risk	1.49	3.57	-2.08
Omega ratio: Gain probability vs. loss probability	1.22	1.49	-0.27
Calmar ratio: Return relative to maximum drawdown	1.13	3.96	-2.83
Martin ratio: Return relative to average drawdown	3.52	15.94	-12.42

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

The current SGLP.L Sharpe Ratio is 1.09, which is lower than the VEVE.L Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of SGLP.L and VEVE.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.

Drawdowns

SGLP.L vs. VEVE.L - Drawdown Comparison

The maximum SGLP.L drawdown since its inception was -63.75%, which is greater than VEVE.L's maximum drawdown of -25.53%. Use the drawdown chart below to compare losses from any high point for SGLP.L and VEVE.L.

Drawdown Indicators

	SGLP.L	VEVE.L	Difference
Max Drawdown Largest peak-to-trough decline	-63.75%	-25.53%	-38.22%
Max Drawdown (1Y) Largest decline over 1 year	-22.82%	-6.94%	-15.88%
Max Drawdown (3Y) Largest decline over 3 years	-22.82%	-18.34%	-4.48%
Max Drawdown (5Y) Largest decline over 5 years	-22.82%	-18.34%	-4.48%
Max Drawdown (10Y) Largest decline over 10 years	-22.82%	-25.53%	+2.71%
Current Drawdown Current decline from peak	-20.62%	-1.32%	-19.30%
Average Drawdown Average peak-to-trough decline	-31.72%	-3.41%	-28.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.35%	1.73%	+5.62%

Volatility

SGLP.L vs. VEVE.L - Volatility Comparison

Invesco Physical Gold A (SGLP.L) has a higher volatility of 6.68% compared to Vanguard FTSE Developed World UCITS ETF Distributing (VEVE.L) at 3.53%. This indicates that SGLP.L's price experiences larger fluctuations and is considered to be riskier than VEVE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGLP.L	VEVE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.68%	3.53%	+3.15%
Volatility (6M) Calculated over the trailing 6-month period	20.61%	7.96%	+12.65%
Volatility (1Y) Calculated over the trailing 1-year period	23.66%	10.64%	+13.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.71%	13.14%	+8.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.76%	14.35%	+4.41%

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

Both SGLP.L and VEVE.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. VEVE.L - Dividend Comparison

SGLP.L has not paid dividends to shareholders, while VEVE.L's dividend yield for the trailing twelve months is around 1.24%.

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%
VEVE.L Vanguard FTSE Developed World UCITS ETF Distributing	1.24%	1.38%	1.48%	1.71%	1.98%	1.46%	1.62%	1.95%	2.24%	1.93%	1.88%	2.03%

Frequently Asked Questions

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

SGLP.L and VEVE.L have a correlation of 0.19, 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 VEVE.L?

Both ETFs have the same 0.12% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SGLP.L or VEVE.L?

SGLP.L and VEVE.L have the same expense ratio: 0.12% per year.

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

SGLP.L is categorized as Precious Metals, while VEVE.L is Global Equities. SGLP.L tracks Gold, while VEVE.L tracks MSCI ACWI NR USD. They also come from different issuers: Invesco and Vanguard.