SGLS.L vs. ICLU.L
SGLS.L (Invesco Physical Gold GBP Hedged ETC) and ICLU.L (Invesco USD AAA CLO UCITS ETF Acc) are both exchange-traded funds - SGLS.L is a Gold fund tracking the Gold (GBP Hedged), while ICLU.L is a CLO fund actively managed by Invesco. SGLS.L is passively managed, while ICLU.L is actively managed. Over the past year, SGLS.L returned 19.53% vs 8.29% for ICLU.L. At a correlation of -0.40, they often move in opposite directions. SGLS.L charges 0.34%/yr vs 0.25%/yr for ICLU.L.
Performance
SGLS.L vs. ICLU.L - Performance Comparison
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Different Trading Currencies
SGLS.L is traded in GBp, while ICLU.L is traded in USD. To make them comparable, the ICLU.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SGLS.L achieves a -7.61% return, which is significantly lower than ICLU.L's 4.49% return.
SGLS.L
- 1D
- -2.89%
- 1M
- -11.28%
- YTD
- -7.61%
- 6M
- -11.43%
- 1Y
- 19.53%
- 3Y*
- 26.26%
- 5Y*
- 15.98%
- 10Y*
- —
ICLU.L
- 1D
- 0.00%
- 1M
- 2.13%
- YTD
- 4.49%
- 6M
- 4.82%
- 1Y
- 8.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SGLS.L vs. ICLU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SGLS.L Invesco Physical Gold GBP Hedged ETC | -7.61% | 48.64% |
ICLU.L Invesco USD AAA CLO UCITS ETF Acc | 4.49% | -4.33% |
Correlation
The correlation between SGLS.L and ICLU.L is -0.34, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.34 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2025 | -0.40 |
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Return for Risk
SGLS.L vs. ICLU.L — Risk / Return Rank
SGLS.L
ICLU.L
SGLS.L vs. ICLU.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 Invesco USD AAA CLO UCITS ETF Acc (ICLU.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.
| SGLS.L | ICLU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.22 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 1.74 | -0.95 |
| Martin ratioReturn relative to average drawdown | 2.33 | 4.93 | -2.61 |
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Drawdowns
SGLS.L vs. ICLU.L - Drawdown Comparison
The maximum SGLS.L drawdown since its inception was -24.66%, which is greater than ICLU.L's maximum drawdown of -8.54%. Use the drawdown chart below to compare losses from any high point for SGLS.L and ICLU.L.
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Drawdown Indicators
| SGLS.L | ICLU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.66% | -8.54% | -16.12% |
Max Drawdown (1Y)Largest decline over 1 year | -24.66% | -4.76% | -19.90% |
Max Drawdown (3Y)Largest decline over 3 years | -24.66% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.66% | — | — |
Current DrawdownCurrent decline from peak | -24.66% | -0.03% | -24.63% |
Average DrawdownAverage peak-to-trough decline | -8.80% | -4.36% | -4.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.38% | 1.68% | +6.70% |
Volatility
SGLS.L vs. ICLU.L - Volatility Comparison
Invesco Physical Gold GBP Hedged ETC (SGLS.L) has a higher volatility of 9.09% compared to Invesco USD AAA CLO UCITS ETF Acc (ICLU.L) at 1.53%. This indicates that SGLS.L's price experiences larger fluctuations and is considered to be riskier than ICLU.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 | ICLU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 1.53% | +7.56% |
Volatility (6M)Calculated over the trailing 6-month period | 23.00% | 5.13% | +17.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.93% | 6.68% | +19.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.45% | 7.20% | +10.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.42% | 7.20% | +10.22% |
SGLS.L vs. ICLU.L - Expense Ratio Comparison
SGLS.L has a 0.34% expense ratio, which is higher than ICLU.L's 0.25% expense ratio.
Dividends
SGLS.L vs. ICLU.L - Dividend Comparison
Neither SGLS.L nor ICLU.L has paid dividends to shareholders.
Frequently Asked Questions
SGLS.L and ICLU.L have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ICLU.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ICLU.L is cheaper with a 0.25% expense ratio, compared with 0.34% for SGLS.L.
SGLS.L is categorized as Gold, while ICLU.L is CLO. Their fees differ too: 0.34% for SGLS.L and 0.25% for ICLU.L.
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