SPAP.L vs. EGLN.L
SPAP.L (Invesco Physical Palladium) and EGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - SPAP.L is a Precious Metals fund tracking the Palladium, while EGLN.L is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 5 years, SPAP.L returned -13.39%/yr vs 19.87%/yr for EGLN.L. At a 0.28 correlation, their price movements are largely independent. SPAP.L charges 0.19%/yr vs 0.25%/yr for EGLN.L.
Performance
SPAP.L vs. EGLN.L - Performance Comparison
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Different Trading Currencies
SPAP.L is traded in GBp, while EGLN.L is traded in EUR. To make them comparable, the EGLN.L values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPAP.L achieves a -16.50% return, which is significantly lower than EGLN.L's 4.06% return.
SPAP.L
- 1D
- -1.09%
- 1M
- -11.47%
- YTD
- -16.50%
- 6M
- -9.54%
- 1Y
- 33.92%
- 3Y*
- -4.77%
- 5Y*
- -13.39%
- 10Y*
- 9.55%
EGLN.L
- 1D
- 0.68%
- 1M
- -1.40%
- YTD
- 4.06%
- 6M
- 5.30%
- 1Y
- 33.71%
- 3Y*
- 28.21%
- 5Y*
- 19.87%
- 10Y*
- —
SPAP.L vs. EGLN.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPAP.L Invesco Physical Palladium | -16.50% | 62.74% | -17.91% | -41.14% | 5.62% | -19.64% | 19.57% | 47.38% | 24.58% | 42.70% |
EGLN.L iShares Physical Gold ETC | 4.06% | 53.83% | 28.21% | 7.18% | 11.48% | -2.31% | 20.11% | 13.77% | 4.38% | 2.47% |
Correlation
The correlation between SPAP.L and EGLN.L is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Nov 29, 2016 | 0.28 |
Over the past year, SPAP.L and EGLN.L have become more correlated (0.54) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
SPAP.L vs. EGLN.L — Risk / Return Rank
SPAP.L
EGLN.L
SPAP.L vs. EGLN.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Palladium (SPAP.L) and iShares Physical Gold ETC (EGLN.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.
| SPAP.L | EGLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.29 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 1.93 | -1.02 |
| Martin ratioReturn relative to average drawdown | 2.00 | 5.09 | -3.09 |
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
| SPAP.L | EGLN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 1.45 | -0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 1.21 | -1.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.91 | -0.75 |
Drawdowns
SPAP.L vs. EGLN.L - Drawdown Comparison
The maximum SPAP.L drawdown since its inception was -70.89%, which is greater than EGLN.L's maximum drawdown of -22.58%. Use the drawdown chart below to compare losses from any high point for SPAP.L and EGLN.L.
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Drawdown Indicators
| SPAP.L | EGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.89% | -22.58% | -48.31% |
Max Drawdown (1Y)Largest decline over 1 year | -37.19% | -17.43% | -19.76% |
Max Drawdown (3Y)Largest decline over 3 years | -40.66% | -17.43% | -23.23% |
Max Drawdown (5Y)Largest decline over 5 years | -70.89% | -17.43% | -53.46% |
Max Drawdown (10Y)Largest decline over 10 years | -70.89% | — | — |
Current DrawdownCurrent decline from peak | -57.83% | -15.86% | -41.97% |
Average DrawdownAverage peak-to-trough decline | -27.17% | -6.05% | -21.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.88% | 6.61% | +10.27% |
Volatility
SPAP.L vs. EGLN.L - Volatility Comparison
Invesco Physical Palladium (SPAP.L) has a higher volatility of 9.69% compared to iShares Physical Gold ETC (EGLN.L) at 5.54%. This indicates that SPAP.L's price experiences larger fluctuations and is considered to be riskier than EGLN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPAP.L | EGLN.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.69% | 5.54% | +4.15% |
Volatility (6M)Calculated over the trailing 6-month period | 36.67% | 20.07% | +16.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.32% | 23.22% | +21.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 16.35% | +25.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.38% | 15.11% | +22.27% |
SPAP.L vs. EGLN.L - Expense Ratio Comparison
SPAP.L has a 0.19% expense ratio, which is lower than EGLN.L's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPAP.L vs. EGLN.L - Dividend Comparison
Neither SPAP.L nor EGLN.L has paid dividends to shareholders.
Frequently Asked Questions
SPAP.L and EGLN.L have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPAP.L is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPAP.L is cheaper with a 0.19% expense ratio, compared with 0.25% for EGLN.L.
SPAP.L is categorized as Precious Metals, while EGLN.L is Gold. SPAP.L tracks Palladium, while EGLN.L tracks LBMA Gold Price. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for SPAP.L and 0.25% for EGLN.L.
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