SPAP.L vs. NICK.L
SPAP.L (Invesco Physical Palladium) and NICK.L (WisdomTree Nickel) are both exchange-traded funds - SPAP.L is a Precious Metals fund tracking the Palladium, while NICK.L is a Metals fund tracking the Bloomberg Nickel. Both are passively managed. Over the past 10 years, SPAP.L returned 9.55%/yr vs 7.08%/yr for NICK.L. At a 0.25 correlation, their price movements are largely independent. SPAP.L charges 0.19%/yr vs 0.49%/yr for NICK.L.
Performance
SPAP.L vs. NICK.L - Performance Comparison
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Different Trading Currencies
SPAP.L is traded in GBp, while NICK.L is traded in USD. To make them comparable, the NICK.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 NICK.L's 11.10% return. Over the past 10 years, SPAP.L has outperformed NICK.L with an annualized return of 9.55%, while NICK.L has yielded a comparatively lower 7.08% annualized 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%
NICK.L
- 1D
- -1.03%
- 1M
- -4.25%
- YTD
- 11.10%
- 6M
- 23.04%
- 1Y
- 19.91%
- 3Y*
- -8.07%
- 5Y*
- 0.42%
- 10Y*
- 7.08%
SPAP.L vs. NICK.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% |
NICK.L WisdomTree Nickel | 11.10% | -1.30% | -6.79% | -49.33% | 63.84% | 24.99% | 10.96% | 27.76% | -9.43% | 8.47% |
Correlation
The correlation between SPAP.L and NICK.L is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2014 | 0.25 |
The correlation between SPAP.L and NICK.L shifts across timeframes, from 0.16 (3 years) to 0.31 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPAP.L vs. NICK.L — Risk / Return Rank
SPAP.L
NICK.L
SPAP.L vs. NICK.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Palladium (SPAP.L) and WisdomTree Nickel (NICK.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 | NICK.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.18 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 1.71 | -0.80 |
| Martin ratioReturn relative to average drawdown | 2.00 | 4.41 | -2.41 |
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 | NICK.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 0.82 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 0.01 | -0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.19 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | -0.09 | +0.24 |
Drawdowns
SPAP.L vs. NICK.L - Drawdown Comparison
The maximum SPAP.L drawdown since its inception was -70.89%, smaller than the maximum NICK.L drawdown of -79.37%. Use the drawdown chart below to compare losses from any high point for SPAP.L and NICK.L.
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Drawdown Indicators
| SPAP.L | NICK.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.89% | -79.37% | +8.48% |
Max Drawdown (1Y)Largest decline over 1 year | -37.19% | -11.57% | -25.62% |
Max Drawdown (3Y)Largest decline over 3 years | -40.66% | -43.68% | +3.02% |
Max Drawdown (5Y)Largest decline over 5 years | -70.89% | -72.49% | +1.60% |
Max Drawdown (10Y)Largest decline over 10 years | -70.89% | -72.49% | +1.60% |
Current DrawdownCurrent decline from peak | -57.83% | -64.37% | +6.54% |
Average DrawdownAverage peak-to-trough decline | -27.17% | -56.31% | +29.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.88% | 4.50% | +12.38% |
Volatility
SPAP.L vs. NICK.L - Volatility Comparison
Invesco Physical Palladium (SPAP.L) has a higher volatility of 9.69% compared to WisdomTree Nickel (NICK.L) at 5.83%. This indicates that SPAP.L's price experiences larger fluctuations and is considered to be riskier than NICK.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 | NICK.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.69% | 5.83% | +3.86% |
Volatility (6M)Calculated over the trailing 6-month period | 36.67% | 22.42% | +14.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.32% | 24.18% | +20.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 44.20% | -2.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.38% | 36.68% | +0.70% |
SPAP.L vs. NICK.L - Expense Ratio Comparison
SPAP.L has a 0.19% expense ratio, which is lower than NICK.L's 0.49% expense ratio.
Dividends
SPAP.L vs. NICK.L - Dividend Comparison
Neither SPAP.L nor NICK.L has paid dividends to shareholders.
Frequently Asked Questions
SPAP.L and NICK.L have a correlation of 0.31, 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 0.49% for NICK.L.
SPAP.L is categorized as Precious Metals, while NICK.L is Metals. SPAP.L tracks Palladium, while NICK.L tracks Bloomberg Nickel. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.19% for SPAP.L and 0.49% for NICK.L.
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