SGLS.L vs. PHGP.L
SGLS.L (Invesco Physical Gold GBP Hedged ETC) and PHGP.L (WisdomTree Physical Gold) are both Precious Metals funds - SGLS.L tracks the Gold (GBP Hedged) while PHGP.L tracks the Gold. Both are passively managed. Over the past 5 years, SGLS.L returned 17.34%/yr vs 19.54%/yr for PHGP.L. A 0.68 correlation means they provide meaningful diversification when combined. SGLS.L charges 0.34%/yr vs 0.39%/yr for PHGP.L.
Performance
SGLS.L vs. PHGP.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 PHGP.L's 3.81% 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*
- —
PHGP.L
- 1D
- 0.71%
- 1M
- -1.41%
- YTD
- 3.81%
- 6M
- 5.28%
- 1Y
- 33.28%
- 3Y*
- 27.79%
- 5Y*
- 19.54%
- 10Y*
- 14.02%
SGLS.L vs. PHGP.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% |
PHGP.L WisdomTree Physical Gold | 3.81% | 53.14% | 27.85% | 6.97% | 11.52% | -3.11% | -8.33% |
Correlation
The correlation between SGLS.L and PHGP.L is 0.93, 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 | 0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2020 | 0.68 |
Over the past year, SGLS.L and PHGP.L have become more correlated (0.93) than their long-term average of 0.68, meaning their price movements have been converging.
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Return for Risk
SGLS.L vs. PHGP.L — Risk / Return Rank
SGLS.L
PHGP.L
SGLS.L vs. PHGP.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 Physical Gold (PHGP.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 | PHGP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.29 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 1.89 | -0.19 |
| Martin ratioReturn relative to average drawdown | 4.48 | 4.96 | -0.48 |
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 | PHGP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 1.44 | -0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.07 | 1.21 | -0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.89 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 0.66 | +0.23 |
Drawdowns
SGLS.L vs. PHGP.L - Drawdown Comparison
The maximum SGLS.L drawdown since its inception was -21.94%, smaller than the maximum PHGP.L drawdown of -42.06%. Use the drawdown chart below to compare losses from any high point for SGLS.L and PHGP.L.
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Drawdown Indicators
| SGLS.L | PHGP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.94% | -42.06% | +20.12% |
Max Drawdown (1Y)Largest decline over 1 year | -17.93% | -17.49% | -0.44% |
Max Drawdown (3Y)Largest decline over 3 years | -17.93% | -17.49% | -0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -21.94% | -17.49% | -4.45% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.37% | — |
Current DrawdownCurrent decline from peak | -15.99% | -16.07% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -13.50% | +6.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.84% | 6.69% | +0.15% |
Volatility
SGLS.L vs. PHGP.L - Volatility Comparison
Invesco Physical Gold GBP Hedged ETC (SGLS.L) has a higher volatility of 6.40% compared to WisdomTree Physical Gold (PHGP.L) at 5.10%. This indicates that SGLS.L's price experiences larger fluctuations and is considered to be riskier than PHGP.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 | PHGP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.40% | 5.10% | +1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 21.65% | 19.93% | +1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.68% | 23.05% | +1.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.91% | 16.21% | +1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.29% | 15.80% | +2.49% |
SGLS.L vs. PHGP.L - Expense Ratio Comparison
SGLS.L has a 0.34% expense ratio, which is lower than PHGP.L's 0.39% expense ratio.
Dividends
SGLS.L vs. PHGP.L - Dividend Comparison
Neither SGLS.L nor PHGP.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.93, SGLS.L and PHGP.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, SGLS.L is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLS.L is cheaper with a 0.34% expense ratio, compared with 0.39% for PHGP.L.
SGLS.L tracks Gold (GBP Hedged), while PHGP.L tracks Gold. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.34% for SGLS.L and 0.39% for PHGP.L.
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