SGOL vs. HQH

Last updated Jun 9, 2026

SGOL (abrdn Physical Gold Shares ETF) is Gold fund tracking the LBMA Gold Price PM ($/ozt), while HQH (Tekla Healthcare Investors) is a stock. Over the past 10 years, SGOL returned 12.74%/yr vs 6.93%/yr for HQH. At a 0.04 correlation, their price movements are largely independent.

Performance

SGOL vs. HQH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Physical Gold Shares ETF (SGOL) and Tekla Healthcare Investors (HQH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SGOL achieves a 0.32% return, which is significantly lower than HQH's 5.47% return. Over the past 10 years, SGOL has outperformed HQH with an annualized return of 12.74%, while HQH has yielded a comparatively lower 6.93% annualized return.

SGOL

• 1D: 0.22%
• 1M: -8.40%
• YTD: 0.32%
• 6M: 3.15%
• 1Y: 30.41%
• 3Y*: 29.97%
• 5Y*: 17.81%
• 10Y*: 12.74%

HQH

• 1D: -1.83%
• 1M: -3.39%
• YTD: 5.47%
• 6M: 3.99%
• 1Y: 35.45%
• 3Y*: 16.70%
• 5Y*: 5.14%
• 10Y*: 6.93%

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

SGOL vs. HQH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SGOL abrdn Physical Gold Shares ETF	0.32%	63.99%	26.90%	12.99%	-0.51%	-3.94%	25.03%	18.21%	-1.94%	12.86%
HQH Tekla Healthcare Investors	5.47%	34.12%	10.22%	1.22%	-17.27%	7.99%	24.82%	26.80%	-13.08%	15.97%

Correlation

The correlation between SGOL and HQH is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Sep 10, 2009	0.04

The correlation between SGOL and HQH shifts across timeframes, from 0.04 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SGOL vs. HQH — Risk / Return Rank

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

SGOL

SGOL Risk / Return Rank: 34
SGOL Sharpe Ratio Rank: 35
SGOL Sortino Ratio Rank: 31
SGOL Omega Ratio Rank: 39
SGOL Calmar Ratio Rank: 34
SGOL Martin Ratio Rank: 29

HQH

HQH Risk / Return Rank: 83
HQH Sharpe Ratio Rank: 86
HQH Sortino Ratio Rank: 82
HQH Omega Ratio Rank: 80
HQH Calmar Ratio Rank: 82
HQH Martin Ratio Rank: 87

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.

SGOL vs. HQH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Physical Gold Shares ETF (SGOL) and Tekla Healthcare Investors (HQH). 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.

	SGOL	HQH	Difference
Sharpe ratio: Return per unit of total volatility	1.15	1.74	-0.59
Sortino ratio: Return per unit of downside risk	1.54	2.37	-0.84
Omega ratio: Gain probability vs. loss probability	1.23	1.29	-0.06
Calmar ratio: Return relative to maximum drawdown	1.53	2.74	-1.21
Martin ratio: Return relative to average drawdown	3.82	9.58	-5.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SGOL vs. HQH - Sharpe Ratio Comparison

The current SGOL Sharpe Ratio is 1.15, which is lower than the HQH Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of SGOL and HQH, 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

	SGOL	HQH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	1.74	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.26	+0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.80	0.32	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.37	+0.16

Drawdowns

SGOL vs. HQH - Drawdown Comparison

The maximum SGOL drawdown since its inception was -45.51%, smaller than the maximum HQH drawdown of -62.36%. Use the drawdown chart below to compare losses from any high point for SGOL and HQH.

Drawdown Indicators

	SGOL	HQH	Difference
Max Drawdown Largest peak-to-trough decline	-45.51%	-62.36%	+16.85%
Max Drawdown (1Y) Largest decline over 1 year	-20.02%	-13.01%	-7.01%
Max Drawdown (3Y) Largest decline over 3 years	-20.02%	-21.14%	+1.12%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-37.55%	+16.63%
Max Drawdown (10Y) Largest decline over 10 years	-21.56%	-37.55%	+15.99%
Current Drawdown Current decline from peak	-19.84%	-6.10%	-13.74%
Average Drawdown Average peak-to-trough decline	-18.41%	-21.04%	+2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.98%	3.71%	+4.27%

Volatility

SGOL vs. HQH - Volatility Comparison

abrdn Physical Gold Shares ETF (SGOL) and Tekla Healthcare Investors (HQH) have volatilities of 5.62% and 5.83%, 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

	SGOL	HQH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.62%	5.83%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	23.24%	14.56%	+8.68%
Volatility (1Y) Calculated over the trailing 1-year period	26.58%	20.49%	+6.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.96%	19.60%	-1.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	21.51%	-5.56%

Dividends

SGOL vs. HQH - Dividend Comparison

SGOL has not paid dividends to shareholders, while HQH's dividend yield for the trailing twelve months is around 12.36%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HQH Tekla Healthcare Investors	12.36%	11.56%	14.21%	9.66%	9.50%	8.59%	7.97%	8.24%	10.75%	8.78%	9.80%	11.97%
SGOL abrdn Physical Gold Shares ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SGOL and HQH in my portfolio?

SGOL and HQH have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SGOL or HQH?

HQH has higher volatility (5.83%) compared to SGOL (5.62%). In terms of maximum drawdown, SGOL dropped -45.51% vs HQH's -62.36%.

Which has better risk-adjusted returns?

HQH currently has the higher Sharpe Ratio (1.74 vs 1.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.