SGLS.L vs. IGLN.L
SGLS.L (Invesco Physical Gold GBP Hedged ETC) and IGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - SGLS.L is a Precious Metals fund tracking the Gold (GBP Hedged), while IGLN.L is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 5 years, SGLS.L returned 17.34%/yr vs 19.72%/yr for IGLN.L. A 0.69 correlation means they provide meaningful diversification when combined. SGLS.L charges 0.34%/yr vs 0.25%/yr for IGLN.L.
Performance
SGLS.L vs. IGLN.L - Performance Comparison
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Different Trading Currencies
SGLS.L is traded in GBp, while IGLN.L is traded in USD. To make them comparable, the IGLN.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 3.01% return, which is significantly lower than IGLN.L's 3.39% 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*
- —
IGLN.L
- 1D
- 0.00%
- 1M
- -2.15%
- YTD
- 3.39%
- 6M
- 4.55%
- 1Y
- 32.71%
- 3Y*
- 27.94%
- 5Y*
- 19.72%
- 10Y*
- 14.18%
SGLS.L vs. IGLN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SGLS.L Invesco Physical Gold GBP Hedged ETC | 3.01% | 64.22% | 24.42% | 11.48% | -1.42% | -4.63% | -3.17% |
IGLN.L iShares Physical Gold ETC | 4.12% | 53.17% | 28.35% | 7.77% | 11.79% | -3.12% | -8.43% |
Correlation
The correlation between SGLS.L and IGLN.L is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2020 | 0.69 |
Over the past year, SGLS.L and IGLN.L have become more correlated (0.92) than their long-term average of 0.69, meaning their price movements have been converging.
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Return for Risk
SGLS.L vs. IGLN.L — Risk / Return Rank
SGLS.L
IGLN.L
SGLS.L vs. IGLN.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 iShares Physical Gold ETC (IGLN.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 | IGLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.27 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 1.86 | -0.15 |
| Martin ratioReturn relative to average drawdown | 4.48 | 4.95 | -0.46 |
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 | IGLN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 1.35 | -0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.07 | 1.17 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 0.52 | +0.38 |
Drawdowns
SGLS.L vs. IGLN.L - Drawdown Comparison
The maximum SGLS.L drawdown since its inception was -21.94%, smaller than the maximum IGLN.L drawdown of -41.86%. Use the drawdown chart below to compare losses from any high point for SGLS.L and IGLN.L.
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Drawdown Indicators
| SGLS.L | IGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.94% | -41.86% | +19.92% |
Max Drawdown (1Y)Largest decline over 1 year | -17.93% | -17.53% | -0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -17.93% | -17.53% | -0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -21.94% | -17.53% | -4.41% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.37% | — |
Current DrawdownCurrent decline from peak | -15.99% | -16.35% | +0.36% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -14.94% | +7.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.84% | 6.59% | +0.25% |
Volatility
SGLS.L vs. IGLN.L - Volatility Comparison
Invesco Physical Gold GBP Hedged ETC (SGLS.L) has a higher volatility of 6.40% compared to iShares Physical Gold ETC (IGLN.L) at 5.98%. This indicates that SGLS.L's price experiences larger fluctuations and is considered to be riskier than IGLN.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 | IGLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.40% | 5.98% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 21.65% | 21.12% | +0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.68% | 24.08% | +0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.91% | 16.81% | +1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.29% | 16.35% | +1.94% |
SGLS.L vs. IGLN.L - Expense Ratio Comparison
SGLS.L has a 0.34% expense ratio, which is higher than IGLN.L's 0.25% expense ratio.
Dividends
SGLS.L vs. IGLN.L - Dividend Comparison
Neither SGLS.L nor IGLN.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.92, SGLS.L and IGLN.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, IGLN.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IGLN.L is cheaper with a 0.25% expense ratio, compared with 0.34% for SGLS.L.
SGLS.L is categorized as Precious Metals, while IGLN.L is Gold. SGLS.L tracks Gold (GBP Hedged), while IGLN.L tracks LBMA Gold Price. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.34% for SGLS.L and 0.25% for IGLN.L.
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