SGLS.L vs. X7PP.L

Last updated Jun 5, 2026

SGLS.L (Invesco Physical Gold GBP Hedged ETC) and X7PP.L (Invesco European Banks Sector UCITS ETF) are both exchange-traded funds - SGLS.L is a Precious Metals fund tracking the Gold (GBP Hedged), while X7PP.L is a Financials Equities fund tracking the MSCI World/Financials NR USD. Both are passively managed. Over the past 5 years, SGLS.L returned 17.34%/yr vs 27.44%/yr for X7PP.L. At a 0.02 correlation, their price movements are largely independent. SGLS.L charges 0.34%/yr vs 0.20%/yr for X7PP.L.

Performance

SGLS.L vs. X7PP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Physical Gold GBP Hedged ETC (SGLS.L) and Invesco European Banks Sector UCITS ETF (X7PP.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGLS.L achieves a 3.01% return, which is significantly lower than X7PP.L's 5.21% 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*: —

X7PP.L

• 1D: 0.44%
• 1M: 6.36%
• YTD: 5.21%
• 6M: 11.61%
• 1Y: 43.21%
• 3Y*: 42.86%
• 5Y*: 27.44%
• 10Y*: 14.91%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SGLS.L vs. X7PP.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%
X7PP.L Invesco European Banks Sector UCITS ETF	5.21%	87.77%	27.07%	23.27%	6.04%	29.16%	13.37%

Correlation

The correlation between SGLS.L and X7PP.L is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jul 29, 2020	0.02

The correlation between SGLS.L and X7PP.L shifts across timeframes, from 0.02 (all time) to 0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SGLS.L vs. X7PP.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SGLS.L

SGLS.L Risk / Return Rank: 34
SGLS.L Sharpe Ratio Rank: 36
SGLS.L Sortino Ratio Rank: 32
SGLS.L Omega Ratio Rank: 37
SGLS.L Calmar Ratio Rank: 35
SGLS.L Martin Ratio Rank: 31

X7PP.L

X7PP.L Risk / Return Rank: 56
X7PP.L Sharpe Ratio Rank: 60
X7PP.L Sortino Ratio Rank: 57
X7PP.L Omega Ratio Rank: 54
X7PP.L Calmar Ratio Rank: 56
X7PP.L Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SGLS.L vs. X7PP.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 European Banks Sector UCITS ETF (X7PP.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	X7PP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.98	-0.73
Sortino ratio: Return per unit of downside risk	1.66	2.68	-1.02
Omega ratio: Gain probability vs. loss probability	1.24	1.33	-0.09
Calmar ratio: Return relative to maximum drawdown	1.71	2.70	-0.99
Martin ratio: Return relative to average drawdown	4.48	9.03	-4.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGLS.L vs. X7PP.L - Sharpe Ratio Comparison

The current SGLS.L Sharpe Ratio is 1.24, which is lower than the X7PP.L Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of SGLS.L and X7PP.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SGLS.L	X7PP.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.98	-0.73
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	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.42	+0.48

Drawdowns

SGLS.L vs. X7PP.L - Drawdown Comparison

The maximum SGLS.L drawdown since its inception was -21.94%, smaller than the maximum X7PP.L drawdown of -56.28%. Use the drawdown chart below to compare losses from any high point for SGLS.L and X7PP.L.

Drawdown Indicators

	SGLS.L	X7PP.L	Difference
Max Drawdown Largest peak-to-trough decline	-21.94%	-56.28%	+34.34%
Max Drawdown (1Y) Largest decline over 1 year	-17.93%	-15.94%	-1.99%
Max Drawdown (3Y) Largest decline over 3 years	-17.93%	-18.17%	+0.24%
Max Drawdown (5Y) Largest decline over 5 years	-21.94%	-30.79%	+8.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.28%	—
Current Drawdown Current decline from peak	-15.99%	-1.64%	-14.35%
Average Drawdown Average peak-to-trough decline	-6.98%	-15.39%	+8.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.84%	4.77%	+2.07%

Volatility

SGLS.L vs. X7PP.L - Volatility Comparison

Invesco Physical Gold GBP Hedged ETC (SGLS.L) and Invesco European Banks Sector UCITS ETF (X7PP.L) have volatilities of 6.40% and 6.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SGLS.L	X7PP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.40%	6.19%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	21.65%	17.80%	+3.85%
Volatility (1Y) Calculated over the trailing 1-year period	24.68%	21.78%	+2.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.91%	23.48%	-5.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.29%	24.63%	-6.34%

SGLS.L vs. X7PP.L - Expense Ratio Comparison

SGLS.L has a 0.34% expense ratio, which is higher than X7PP.L's 0.20% expense ratio.

Dividends

SGLS.L vs. X7PP.L - Dividend Comparison

Neither SGLS.L nor X7PP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SGLS.L and X7PP.L in my portfolio?

SGLS.L and X7PP.L have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SGLS.L or X7PP.L?

On fees, X7PP.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SGLS.L or X7PP.L?

X7PP.L is cheaper with a 0.20% expense ratio, compared with 0.34% for SGLS.L.

What is the main difference between SGLS.L and X7PP.L?

SGLS.L is categorized as Precious Metals, while X7PP.L is Financials Equities. SGLS.L tracks Gold (GBP Hedged), while X7PP.L tracks MSCI World/Financials NR USD. Their fees differ too: 0.34% for SGLS.L and 0.20% for X7PP.L.