SPAP.L vs. GLD
Compare and contrast key facts about Invesco Physical Palladium (SPAP.L) and SPDR Gold Shares (GLD).
SPAP.L and GLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPAP.L is a passively managed fund by Invesco that tracks the performance of the Palladium. It was launched on Apr 13, 2011. GLD is a passively managed fund by State Street that tracks the performance of the LBMA Gold Price PM. It was launched on Nov 18, 2004. Both SPAP.L and GLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SPAP.L vs. GLD - Performance Comparison
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SPAP.L vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPAP.L Invesco Physical Palladium | -6.34% | 62.74% | -17.91% | -41.14% | 5.62% | -19.64% | 19.57% | 47.38% | 24.58% | 42.70% |
GLD SPDR Gold Shares | 10.64% | 52.02% | 28.87% | 7.06% | 11.03% | -3.24% | 21.15% | 13.37% | 3.87% | 3.05% |
Different Trading Currencies
SPAP.L is traded in GBp, while GLD is traded in USD. To make them comparable, the GLD 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 -6.34% return, which is significantly lower than GLD's 6.69% return. Over the past 10 years, SPAP.L has underperformed GLD with an annualized return of 10.50%, while GLD has yielded a comparatively higher 14.34% annualized return.
SPAP.L
- 1D
- 2.55%
- 1M
- -16.80%
- YTD
- -6.34%
- 6M
- 18.23%
- 1Y
- 43.88%
- 3Y*
- -2.73%
- 5Y*
- -10.68%
- 10Y*
- 10.50%
GLD
- 1D
- 0.00%
- 1M
- -12.53%
- YTD
- 6.69%
- 6M
- 18.73%
- 1Y
- 40.70%
- 3Y*
- 28.32%
- 5Y*
- 21.79%
- 10Y*
- 14.34%
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SPAP.L vs. GLD - Expense Ratio Comparison
SPAP.L has a 0.19% expense ratio, which is lower than GLD's 0.40% expense ratio.
Return for Risk
SPAP.L vs. GLD — Risk / Return Rank
SPAP.L
GLD
SPAP.L vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Palladium (SPAP.L) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.01 | 1.59 | -0.58 |
Sortino ratioReturn per unit of downside risk | 1.49 | 2.03 | -0.54 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.31 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | 1.24 | 2.41 | -1.17 |
Martin ratioReturn relative to average drawdown | 3.85 | 9.16 | -5.31 |
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 | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.01 | 1.59 | -0.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | 1.33 | -1.59 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.89 | -0.61 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.70 | -0.51 |
Correlation
The correlation between SPAP.L and GLD is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
SPAP.L vs. GLD - Dividend Comparison
Neither SPAP.L nor GLD has paid dividends to shareholders.
Drawdowns
SPAP.L vs. GLD - Drawdown Comparison
The maximum SPAP.L drawdown since its inception was -70.89%, which is greater than GLD's maximum drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for SPAP.L and GLD.
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Drawdown Indicators
| SPAP.L | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.89% | -45.56% | -25.33% |
Max Drawdown (1Y)Largest decline over 1 year | -35.27% | -19.21% | -16.06% |
Max Drawdown (5Y)Largest decline over 5 years | -70.89% | -21.03% | -49.86% |
Max Drawdown (10Y)Largest decline over 10 years | -70.89% | -22.00% | -48.89% |
Current DrawdownCurrent decline from peak | -52.70% | -13.23% | -39.47% |
Average DrawdownAverage peak-to-trough decline | -26.79% | -16.17% | -10.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.34% | 5.20% | +6.14% |
Volatility
SPAP.L vs. GLD - Volatility Comparison
Invesco Physical Palladium (SPAP.L) has a higher volatility of 12.60% compared to SPDR Gold Shares (GLD) at 10.52%. This indicates that SPAP.L's price experiences larger fluctuations and is considered to be riskier than GLD 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 | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.60% | 10.52% | +2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 37.43% | 23.00% | +14.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.15% | 25.70% | +17.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.35% | 16.46% | +24.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.28% | 16.20% | +21.08% |