SMT.L vs. SGLN.L
SMT.L (Scottish Mortgage Investment Trust plc) and SGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - SMT.L is a Global Equities fund actively managed by Baillie Gifford Funds, while SGLN.L is a Gold fund tracking the LBMA Gold Price. SMT.L is actively managed, while SGLN.L is passively managed. Over the past 10 years, SMT.L returned 19.40%/yr vs 13.68%/yr for SGLN.L. At a 0.01 correlation, their price movements are largely independent. SMT.L charges 0.31%/yr vs 0.12%/yr for SGLN.L.
Performance
SMT.L vs. SGLN.L - Performance Comparison
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Returns By Period
In the year-to-date period, SMT.L achieves a 21.25% return, which is significantly higher than SGLN.L's 1.38% return. Over the past 10 years, SMT.L has outperformed SGLN.L with an annualized return of 19.40%, while SGLN.L has yielded a comparatively lower 13.68% annualized return.
SMT.L
- 1D
- -2.84%
- 1M
- 0.35%
- YTD
- 21.25%
- 6M
- 31.38%
- 1Y
- 44.42%
- 3Y*
- 28.42%
- 5Y*
- 3.88%
- 10Y*
- 19.40%
SGLN.L
- 1D
- -0.06%
- 1M
- -6.00%
- YTD
- 1.38%
- 6M
- 3.07%
- 1Y
- 31.70%
- 3Y*
- 27.57%
- 5Y*
- 19.24%
- 10Y*
- 13.68%
SMT.L vs. SGLN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMT.L Scottish Mortgage Investment Trust plc | 21.25% | 24.72% | 18.75% | 12.46% | -45.71% | 10.46% | 110.49% | 24.76% | 4.64% | 41.09% |
SGLN.L iShares Physical Gold ETC | 1.38% | 53.66% | 28.20% | 7.24% | 11.84% | -2.82% | 19.93% | 14.63% | 4.36% | 1.68% |
Correlation
The correlation between SMT.L and SGLN.L is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Apr 8, 2011 | 0.01 |
The correlation between SMT.L and SGLN.L shifts across timeframes, from -0.03 (5 years) to 0.07 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMT.L vs. SGLN.L — Risk / Return Rank
SMT.L
SGLN.L
SMT.L vs. SGLN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Scottish Mortgage Investment Trust plc (SMT.L) and iShares Physical Gold ETC (SGLN.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.
| SMT.L | SGLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.82 | ||
| Sortino ratioReturn per unit of downside risk | +1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.27 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.61 | 1.75 | +1.86 |
| Martin ratioReturn relative to average drawdown | 12.10 | 4.61 | +7.50 |
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
| SMT.L | SGLN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.17 | 1.35 | +0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | 0.89 | -0.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.67 | 0.73 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | 0.25 | +0.48 |
Drawdowns
SMT.L vs. SGLN.L - Drawdown Comparison
The maximum SMT.L drawdown since its inception was -60.25%, which is greater than SGLN.L's maximum drawdown of -53.23%. Use the drawdown chart below to compare losses from any high point for SMT.L and SGLN.L.
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Drawdown Indicators
| SMT.L | SGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.25% | -53.23% | -7.02% |
Max Drawdown (1Y)Largest decline over 1 year | -12.26% | -18.04% | +5.78% |
Max Drawdown (3Y)Largest decline over 3 years | -28.05% | -20.33% | -7.72% |
Max Drawdown (5Y)Largest decline over 5 years | -60.11% | -20.33% | -39.78% |
Max Drawdown (10Y)Largest decline over 10 years | -60.11% | -22.30% | -37.81% |
Current DrawdownCurrent decline from peak | -6.93% | -18.04% | +11.11% |
Average DrawdownAverage peak-to-trough decline | -14.79% | -24.71% | +9.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.66% | 6.86% | -3.20% |
Volatility
SMT.L vs. SGLN.L - Volatility Comparison
Scottish Mortgage Investment Trust plc (SMT.L) has a higher volatility of 5.67% compared to iShares Physical Gold ETC (SGLN.L) at 4.84%. This indicates that SMT.L's price experiences larger fluctuations and is considered to be riskier than SGLN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMT.L | SGLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.67% | 4.84% | +0.83% |
Volatility (6M)Calculated over the trailing 6-month period | 16.47% | 20.20% | -3.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.42% | 23.35% | -2.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.71% | 21.74% | +7.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.78% | 18.80% | +9.98% |
SMT.L vs. SGLN.L - Expense Ratio Comparison
SMT.L has a 0.31% expense ratio, which is higher than SGLN.L's 0.12% expense ratio.
Dividends
SMT.L vs. SGLN.L - Dividend Comparison
SMT.L's dividend yield for the trailing twelve months is around 0.30%, while SGLN.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SGLN.L iShares Physical Gold ETC | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMT.L Scottish Mortgage Investment Trust plc | 0.30% | 0.37% | 0.44% | 0.51% | 0.51% | 0.26% | 0.27% | 0.54% | 0.66% | 0.67% | 0.93% | 1.17% |
Frequently Asked Questions
SMT.L and SGLN.L have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLN.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLN.L is cheaper with a 0.12% expense ratio, compared with 0.31% for SMT.L.
SMT.L is categorized as Global Equities, while SGLN.L is Gold. They also come from different issuers: Baillie Gifford Funds and iShares. Their fees differ too: 0.31% for SMT.L and 0.12% for SGLN.L.
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