SPAP.L vs. GLDI.L
SPAP.L (Invesco Physical Palladium) and GLDI.L (IncomeShares Gold+ Yield ETP) are both exchange-traded funds - SPAP.L is a Precious Metals fund tracking the Palladium, while GLDI.L is a Derivative Income fund actively managed by Leverage Shares. SPAP.L is passively managed, while GLDI.L is actively managed. Over the past year, SPAP.L returned 14.90% vs 14.77% for GLDI.L. At a 0.38 correlation, their price movements are largely independent. SPAP.L charges 0.19%/yr vs 0.35%/yr for GLDI.L.
Performance
SPAP.L vs. GLDI.L - Performance Comparison
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Different Trading Currencies
SPAP.L is traded in GBp, while GLDI.L is traded in USD. To make them comparable, the GLDI.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 -24.21% return, which is significantly lower than GLDI.L's -9.79% return.
SPAP.L
- 1D
- 0.00%
- 1M
- -12.80%
- YTD
- -24.21%
- 6M
- -34.51%
- 1Y
- 14.90%
- 3Y*
- -5.01%
- 5Y*
- -14.12%
- 10Y*
- 7.61%
GLDI.L
- 1D
- 0.00%
- 1M
- -6.97%
- YTD
- -9.79%
- 6M
- -12.75%
- 1Y
- 14.77%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPAP.L vs. GLDI.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SPAP.L Invesco Physical Palladium | -24.21% | 62.74% | 1.38% |
GLDI.L IncomeShares Gold+ Yield ETP | -9.79% | 44.90% | 5.01% |
Correlation
The correlation between SPAP.L and GLDI.L is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Aug 12, 2024 | 0.38 |
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Return for Risk
SPAP.L vs. GLDI.L — Risk / Return Rank
SPAP.L
GLDI.L
SPAP.L vs. GLDI.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Palladium (SPAP.L) and IncomeShares Gold+ Yield ETP (GLDI.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPAP.L | GLDI.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.14 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.35 | 0.66 | -0.31 |
| Martin ratioReturn relative to average drawdown | 0.70 | 1.78 | -1.08 |
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Drawdowns
SPAP.L vs. GLDI.L - Drawdown Comparison
The maximum SPAP.L drawdown since its inception was -70.89%, which is greater than GLDI.L's maximum drawdown of -22.42%. Use the drawdown chart below to compare losses from any high point for SPAP.L and GLDI.L.
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Drawdown Indicators
| SPAP.L | GLDI.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.89% | -22.42% | -48.47% |
Max Drawdown (1Y)Largest decline over 1 year | -42.99% | -22.42% | -20.57% |
Max Drawdown (3Y)Largest decline over 3 years | -42.99% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -70.89% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -70.89% | — | — |
Current DrawdownCurrent decline from peak | -61.72% | -21.58% | -40.14% |
Average DrawdownAverage peak-to-trough decline | -34.13% | -3.94% | -30.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.41% | 8.28% | +13.13% |
Volatility
SPAP.L vs. GLDI.L - Volatility Comparison
Invesco Physical Palladium (SPAP.L) has a higher volatility of 11.79% compared to IncomeShares Gold+ Yield ETP (GLDI.L) at 7.44%. This indicates that SPAP.L's price experiences larger fluctuations and is considered to be riskier than GLDI.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 | GLDI.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.79% | 7.44% | +4.35% |
Volatility (6M)Calculated over the trailing 6-month period | 37.50% | 19.38% | +18.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.52% | 22.35% | +38.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.74% | 18.89% | +26.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.37% | 18.89% | +22.48% |
SPAP.L vs. GLDI.L - Expense Ratio Comparison
SPAP.L has a 0.19% expense ratio, which is lower than GLDI.L's 0.35% expense ratio.
Dividends
SPAP.L vs. GLDI.L - Dividend Comparison
SPAP.L has not paid dividends to shareholders, while GLDI.L's dividend yield for the trailing twelve months is around 6.81%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GLDI.L IncomeShares Gold+ Yield ETP | 6.81% | 6.28% | 0.50% |
SPAP.L Invesco Physical Palladium | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPAP.L and GLDI.L have a correlation of 0.44, 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 0.35% for GLDI.L.
SPAP.L is categorized as Precious Metals, while GLDI.L is Derivative Income. They also come from different issuers: Invesco and Leverage Shares. Their fees differ too: 0.19% for SPAP.L and 0.35% for GLDI.L.
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