SPAP.L vs. SGBX.L
SPAP.L (Invesco Physical Palladium) and SGBX.L (WisdomTree Physical Swiss Gold) are both Precious Metals funds - SPAP.L tracks the Palladium while SGBX.L tracks the Gold. Both are passively managed. Over the past 5 years, SPAP.L returned -13.39%/yr vs 19.84%/yr for SGBX.L. At a 0.29 correlation, their price movements are largely independent. SPAP.L charges 0.19%/yr vs 0.15%/yr for SGBX.L.
Performance
SPAP.L vs. SGBX.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPAP.L achieves a -16.50% return, which is significantly lower than SGBX.L's 3.86% 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%
SGBX.L
- 1D
- 0.68%
- 1M
- -1.38%
- YTD
- 3.86%
- 6M
- 5.27%
- 1Y
- 33.50%
- 3Y*
- 28.08%
- 5Y*
- 19.84%
- 10Y*
- —
SPAP.L vs. SGBX.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% | 26.93% |
SGBX.L WisdomTree Physical Swiss Gold | 3.86% | 53.55% | 28.13% | 7.24% | 12.36% | -3.37% | 20.00% | 14.67% | 4.35% | -3.78% |
Correlation
The correlation between SPAP.L and SGBX.L is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2017 | 0.29 |
Over the past year, SPAP.L and SGBX.L have become more correlated (0.51) than their long-term average of 0.29, meaning their price movements have been converging.
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Return for Risk
SPAP.L vs. SGBX.L — Risk / Return Rank
SPAP.L
SGBX.L
SPAP.L vs. SGBX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Palladium (SPAP.L) and WisdomTree Physical Swiss Gold (SGBX.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 | SGBX.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 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 1.85 | -0.94 |
| Martin ratioReturn relative to average drawdown | 2.00 | 4.94 | -2.94 |
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 | SGBX.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 1.44 | -0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 1.23 | -1.55 |
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 | 0.90 | -0.75 |
Drawdowns
SPAP.L vs. SGBX.L - Drawdown Comparison
The maximum SPAP.L drawdown since its inception was -70.89%, which is greater than SGBX.L's maximum drawdown of -22.29%. Use the drawdown chart below to compare losses from any high point for SPAP.L and SGBX.L.
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Drawdown Indicators
| SPAP.L | SGBX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.89% | -22.29% | -48.60% |
Max Drawdown (1Y)Largest decline over 1 year | -37.19% | -18.07% | -19.12% |
Max Drawdown (3Y)Largest decline over 3 years | -40.66% | -18.07% | -22.59% |
Max Drawdown (5Y)Largest decline over 5 years | -70.89% | -18.07% | -52.82% |
Max Drawdown (10Y)Largest decline over 10 years | -70.89% | — | — |
Current DrawdownCurrent decline from peak | -57.83% | -16.26% | -41.57% |
Average DrawdownAverage peak-to-trough decline | -27.17% | -6.07% | -21.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.88% | 6.76% | +10.12% |
Volatility
SPAP.L vs. SGBX.L - Volatility Comparison
Invesco Physical Palladium (SPAP.L) has a higher volatility of 9.69% compared to WisdomTree Physical Swiss Gold (SGBX.L) at 5.08%. This indicates that SPAP.L's price experiences larger fluctuations and is considered to be riskier than SGBX.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 | SGBX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.69% | 5.08% | +4.61% |
Volatility (6M)Calculated over the trailing 6-month period | 36.67% | 19.94% | +16.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.32% | 23.13% | +21.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 16.17% | +25.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.38% | 15.17% | +22.21% |
SPAP.L vs. SGBX.L - Expense Ratio Comparison
SPAP.L has a 0.19% expense ratio, which is higher than SGBX.L's 0.15% expense ratio. However, 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. SGBX.L - Dividend Comparison
Neither SPAP.L nor SGBX.L has paid dividends to shareholders.
Frequently Asked Questions
SPAP.L and SGBX.L have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGBX.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGBX.L is cheaper with a 0.15% expense ratio, compared with 0.19% for SPAP.L.
SPAP.L tracks Palladium, while SGBX.L tracks Gold. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.19% for SPAP.L and 0.15% for SGBX.L.
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