SGLS.L vs. GLDW.L
SGLS.L (Invesco Physical Gold GBP Hedged ETC) and GLDW.L (WisdomTree Core Physical Gold) are both Precious Metals funds - SGLS.L tracks the Gold (GBP Hedged) while GLDW.L tracks the Gold. Both are passively managed. Over the past 5 years, SGLS.L returned 17.34%/yr vs 19.87%/yr for GLDW.L. A 0.74 correlation means they provide meaningful diversification when combined. SGLS.L charges 0.34%/yr vs 0.12%/yr for GLDW.L.
Performance
SGLS.L vs. GLDW.L - Performance Comparison
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Returns By Period
In the year-to-date period, SGLS.L achieves a 3.01% return, which is significantly lower than GLDW.L's 3.96% return.
SGLS.L
- 1D
- 0.62%
- 1M
- -2.49%
- YTD
- 3.01%
- 6M
- 5.20%
- 1Y
- 30.77%
- 3Y*
- 29.59%
- 5Y*
- 17.34%
- 10Y*
- —
GLDW.L
- 1D
- 0.63%
- 1M
- -1.34%
- YTD
- 3.96%
- 6M
- 5.38%
- 1Y
- 33.68%
- 3Y*
- 28.15%
- 5Y*
- 19.87%
- 10Y*
- —
SGLS.L vs. GLDW.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SGLS.L Invesco Physical Gold GBP Hedged ETC | 3.01% | 64.22% | 24.42% | 11.48% | -1.42% | 3.78% |
GLDW.L WisdomTree Core Physical Gold | 3.96% | 53.57% | 28.18% | 7.26% | 11.82% | 9.07% |
Correlation
The correlation between SGLS.L and GLDW.L is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 2021 | 0.74 |
The correlation between SGLS.L and GLDW.L shifts across timeframes, from 0.74 (all time) to 0.94 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SGLS.L vs. GLDW.L — Risk / Return Rank
SGLS.L
GLDW.L
SGLS.L vs. GLDW.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Gold GBP Hedged ETC (SGLS.L) and WisdomTree Core Physical Gold (GLDW.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.
| SGLS.L | GLDW.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.29 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 1.88 | -0.17 |
| Martin ratioReturn relative to average drawdown | 4.48 | 5.05 | -0.57 |
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
| SGLS.L | GLDW.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 1.46 | -0.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.07 | 1.23 | -0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 1.30 | -0.40 |
Drawdowns
SGLS.L vs. GLDW.L - Drawdown Comparison
The maximum SGLS.L drawdown since its inception was -21.94%, which is greater than GLDW.L's maximum drawdown of -17.86%. Use the drawdown chart below to compare losses from any high point for SGLS.L and GLDW.L.
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Drawdown Indicators
| SGLS.L | GLDW.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.94% | -17.86% | -4.08% |
Max Drawdown (1Y)Largest decline over 1 year | -17.93% | -17.86% | -0.07% |
Max Drawdown (3Y)Largest decline over 3 years | -17.93% | -17.86% | -0.07% |
Max Drawdown (5Y)Largest decline over 5 years | -21.94% | -17.86% | -4.08% |
Current DrawdownCurrent decline from peak | -15.99% | -15.93% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -3.58% | -3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.84% | 6.65% | +0.19% |
Volatility
SGLS.L vs. GLDW.L - Volatility Comparison
Invesco Physical Gold GBP Hedged ETC (SGLS.L) has a higher volatility of 6.40% compared to WisdomTree Core Physical Gold (GLDW.L) at 5.09%. This indicates that SGLS.L's price experiences larger fluctuations and is considered to be riskier than GLDW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SGLS.L | GLDW.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.40% | 5.09% | +1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 21.65% | 19.81% | +1.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.68% | 22.95% | +1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.91% | 16.09% | +1.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.29% | 15.94% | +2.35% |
SGLS.L vs. GLDW.L - Expense Ratio Comparison
SGLS.L has a 0.34% expense ratio, which is higher than GLDW.L's 0.12% expense ratio.
Dividends
SGLS.L vs. GLDW.L - Dividend Comparison
Neither SGLS.L nor GLDW.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, SGLS.L and GLDW.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.
On fees, GLDW.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLDW.L is cheaper with a 0.12% expense ratio, compared with 0.34% for SGLS.L.
SGLS.L tracks Gold (GBP Hedged), while GLDW.L tracks Gold. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.34% for SGLS.L and 0.12% for GLDW.L.
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