SGLS.L vs. SPGP.L
SGLS.L (Invesco Physical Gold GBP Hedged ETC) and SPGP.L (iShares Gold Producers UCITS ETF) are both Gold funds - SGLS.L tracks the Gold (GBP Hedged) while SPGP.L tracks the EMIX Global Mining Global Gold TR USD. Both are passively managed. Over the past 5 years, SGLS.L returned 15.98%/yr vs 19.42%/yr for SPGP.L. A 0.76 correlation means they provide meaningful diversification when combined. SGLS.L charges 0.34%/yr vs 0.55%/yr for SPGP.L.
Performance
SGLS.L vs. SPGP.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SGLS.L achieves a -7.61% return, which is significantly higher than SPGP.L's -9.84% 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*
- —
SPGP.L
- 1D
- -4.05%
- 1M
- -9.78%
- YTD
- -9.84%
- 6M
- -13.66%
- 1Y
- 50.38%
- 3Y*
- 36.59%
- 5Y*
- 19.42%
- 10Y*
- 12.38%
SGLS.L vs. SPGP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SGLS.L Invesco Physical Gold GBP Hedged ETC | -7.61% | 63.32% | 25.10% | 11.48% | -1.79% | -5.15% | 3.51% |
SPGP.L iShares Gold Producers UCITS ETF | -9.84% | 137.41% | 12.81% | 3.72% | -0.45% | -9.15% | -10.73% |
Correlation
The correlation between SGLS.L and SPGP.L is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jul 9, 2020 | 0.76 |
The correlation between SGLS.L and SPGP.L has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SGLS.L vs. SPGP.L — Risk / Return Rank
SGLS.L
SPGP.L
SGLS.L vs. SPGP.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 Gold Producers UCITS ETF (SPGP.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 | SPGP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.21 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 1.49 | -0.70 |
| Martin ratioReturn relative to average drawdown | 2.33 | 3.96 | -1.63 |
Loading charts...
Drawdowns
SGLS.L vs. SPGP.L - Drawdown Comparison
The maximum SGLS.L drawdown since its inception was -24.66%, smaller than the maximum SPGP.L drawdown of -86.56%. Use the drawdown chart below to compare losses from any high point for SGLS.L and SPGP.L.
Loading charts...
Drawdown Indicators
| SGLS.L | SPGP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.66% | -86.56% | +61.90% |
Max Drawdown (1Y)Largest decline over 1 year | -24.66% | -33.69% | +9.03% |
Max Drawdown (3Y)Largest decline over 3 years | -24.66% | -33.69% | +9.03% |
Max Drawdown (5Y)Largest decline over 5 years | -24.66% | -34.81% | +10.15% |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.71% | — |
Current DrawdownCurrent decline from peak | -24.66% | -32.49% | +7.83% |
Average DrawdownAverage peak-to-trough decline | -8.80% | -60.18% | +51.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.38% | 12.69% | -4.31% |
Volatility
SGLS.L vs. SPGP.L - Volatility Comparison
The current volatility for Invesco Physical Gold GBP Hedged ETC (SGLS.L) is 9.09%, while iShares Gold Producers UCITS ETF (SPGP.L) has a volatility of 16.42%. This indicates that SGLS.L experiences smaller price fluctuations and is considered to be less risky than SPGP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SGLS.L | SPGP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.09% | 16.42% | -7.33% |
Volatility (6M)Calculated over the trailing 6-month period | 23.00% | 35.24% | -12.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.93% | 43.02% | -17.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.45% | 35.25% | -17.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.42% | 33.82% | -16.40% |
SGLS.L vs. SPGP.L - Expense Ratio Comparison
SGLS.L has a 0.34% expense ratio, which is lower than SPGP.L's 0.55% expense ratio.
Dividends
SGLS.L vs. SPGP.L - Dividend Comparison
Neither SGLS.L nor SPGP.L has paid dividends to shareholders.
Frequently Asked Questions
SGLS.L and SPGP.L have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.55% for SPGP.L.
SGLS.L tracks Gold (GBP Hedged), while SPGP.L tracks EMIX Global Mining Global Gold TR USD. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.34% for SGLS.L and 0.55% for SPGP.L.
Find the right allocation for SGLS.L and SPGP.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer