SGLP.L vs. XSLR.L

Last updated Jun 5, 2026

SGLP.L (Invesco Physical Gold A) and XSLR.L (Xtrackers IE Physical Silver ETC Securities) are both exchange-traded funds - SGLP.L is a Precious Metals fund tracking the Gold, while XSLR.L is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past 5 years, SGLP.L returned 19.87%/yr vs 22.57%/yr for XSLR.L. A 0.63 correlation means they provide meaningful diversification when combined. SGLP.L charges 0.12%/yr vs 0.20%/yr for XSLR.L.

Performance

SGLP.L vs. XSLR.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Physical Gold A (SGLP.L) and Xtrackers IE Physical Silver ETC Securities (XSLR.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SGLP.L is traded in GBp, while XSLR.L is traded in USD. To make them comparable, the XSLR.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 3.97% return, which is significantly higher than XSLR.L's 3.15% return.

SGLP.L

• 1D: 0.70%
• 1M: -1.36%
• YTD: 3.97%
• 6M: 5.45%
• 1Y: 33.77%
• 3Y*: 28.15%
• 5Y*: 19.87%
• 10Y*: 14.26%

XSLR.L

• 1D: 0.31%
• 1M: 0.91%
• YTD: 3.15%
• 6M: 27.97%
• 1Y: 115.67%
• 3Y*: 42.25%
• 5Y*: 22.57%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
SGLP.L Invesco Physical Gold A	3.97%	53.60%	28.14%	7.26%	11.83%	-2.88%	1.17%
XSLR.L Xtrackers IE Physical Silver ETC Securities	3.15%	129.79%	23.40%	-5.74%	15.58%	-12.20%	58.71%

Correlation

The correlation between SGLP.L and XSLR.L is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (All Time) Calculated using the full available price history since Apr 30, 2020	0.63

The correlation between SGLP.L and XSLR.L has been stable across timeframes, ranging from 0.62 to 0.71 - a consistent structural relationship.

Return for Risk

SGLP.L vs. XSLR.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

XSLR.L

XSLR.L Risk / Return Rank: 53
XSLR.L Sharpe Ratio Rank: 61
XSLR.L Sortino Ratio Rank: 49
XSLR.L Omega Ratio Rank: 59
XSLR.L Calmar Ratio Rank: 57
XSLR.L Martin Ratio Rank: 39

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. XSLR.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold A (SGLP.L) and Xtrackers IE Physical Silver ETC Securities (XSLR.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	XSLR.L	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.10	-0.64
Sortino ratio: Return per unit of downside risk	1.90	2.42	-0.52
Omega ratio: Gain probability vs. loss probability	1.29	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	1.88	2.96	-1.08
Martin ratio: Return relative to average drawdown	5.06	6.49	-1.42
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. XSLR.L - Sharpe Ratio Comparison

The current SGLP.L Sharpe Ratio is 1.46, which is lower than the XSLR.L Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of SGLP.L and XSLR.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	XSLR.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	2.10	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	0.67	+0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.83	-0.29

Drawdowns

SGLP.L vs. XSLR.L - Drawdown Comparison

The maximum SGLP.L drawdown since its inception was -38.83%, roughly equal to the maximum XSLR.L drawdown of -38.87%. Use the drawdown chart below to compare losses from any high point for SGLP.L and XSLR.L.

Drawdown Indicators

	SGLP.L	XSLR.L	Difference
Max Drawdown Largest peak-to-trough decline	-38.83%	-38.87%	+0.04%
Max Drawdown (1Y) Largest decline over 1 year	-17.89%	-38.87%	+20.98%
Max Drawdown (3Y) Largest decline over 3 years	-17.89%	-38.87%	+20.98%
Max Drawdown (5Y) Largest decline over 5 years	-17.89%	-38.87%	+20.98%
Max Drawdown (10Y) Largest decline over 10 years	-22.34%	—	—
Current Drawdown Current decline from peak	-15.97%	-33.73%	+17.76%
Average Drawdown Average peak-to-trough decline	-13.37%	-14.05%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.65%	17.77%	-11.12%

Volatility

SGLP.L vs. XSLR.L - Volatility Comparison

The current volatility for Invesco Physical Gold A (SGLP.L) is 5.10%, while Xtrackers IE Physical Silver ETC Securities (XSLR.L) has a volatility of 16.83%. This indicates that SGLP.L experiences smaller price fluctuations and is considered to be less risky than XSLR.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGLP.L	XSLR.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	16.83%	-11.73%
Volatility (6M) Calculated over the trailing 6-month period	19.90%	51.96%	-32.06%
Volatility (1Y) Calculated over the trailing 1-year period	23.02%	54.69%	-31.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	33.62%	-17.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.72%	33.58%	-17.86%

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

SGLP.L has a 0.12% expense ratio, which is lower than XSLR.L's 0.20% 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. XSLR.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

SGLP.L and XSLR.L have a correlation of 0.71, 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 XSLR.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 XSLR.L?

SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.20% for XSLR.L.

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

SGLP.L is categorized as Precious Metals, while XSLR.L is Silver. SGLP.L tracks Gold, while XSLR.L tracks LBMA Silver Price. They also come from different issuers: Invesco and Xtrackers. Their fees differ too: 0.12% for SGLP.L and 0.20% for XSLR.L.