SPAP.L vs. SGLN.L
SPAP.L (Invesco Physical Palladium) and SGLN.L (iShares Physical Gold ETC) are both exchange-traded funds - SPAP.L is a Precious Metals fund tracking the Palladium, while SGLN.L is a Gold fund tracking the LBMA Gold Price. Both are passively managed. Over the past 10 years, SPAP.L returned 9.55%/yr vs 14.27%/yr for SGLN.L. At a 0.30 correlation, their price movements are largely independent. SPAP.L charges 0.19%/yr vs 0.12%/yr for SGLN.L.
Performance
SPAP.L vs. SGLN.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPAP.L achieves a -16.50% return, which is significantly lower than SGLN.L's 3.89% return. Over the past 10 years, SPAP.L has underperformed SGLN.L with an annualized return of 9.55%, while SGLN.L has yielded a comparatively higher 14.27% 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%
SGLN.L
- 1D
- 0.70%
- 1M
- -1.36%
- YTD
- 3.89%
- 6M
- 5.42%
- 1Y
- 33.75%
- 3Y*
- 28.17%
- 5Y*
- 20.12%
- 10Y*
- 14.27%
SPAP.L vs. SGLN.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% |
SGLN.L iShares Physical Gold ETC | 3.89% | 53.66% | 28.20% | 7.24% | 11.84% | -2.57% | 19.62% | 14.63% | 4.36% | 1.68% |
Correlation
The correlation between SPAP.L and SGLN.L is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2014 | 0.30 |
Over the past year, SPAP.L and SGLN.L have become more correlated (0.53) than their long-term average of 0.30, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPAP.L vs. SGLN.L — Risk / Return Rank
SPAP.L
SGLN.L
SPAP.L vs. SGLN.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 (SGLN.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 | SGLN.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| 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 | 1.91 | -1.00 |
| Martin ratioReturn relative to average drawdown | 2.00 | 5.05 | -3.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SPAP.L | SGLN.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 1.45 | -0.69 |
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 | 0.90 | -0.65 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.55 | -0.39 |
Drawdowns
SPAP.L vs. SGLN.L - Drawdown Comparison
The maximum SPAP.L drawdown since its inception was -70.89%, which is greater than SGLN.L's maximum drawdown of -41.71%. Use the drawdown chart below to compare losses from any high point for SPAP.L and SGLN.L.
Loading charts...
Drawdown Indicators
| SPAP.L | SGLN.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.89% | -41.71% | -29.18% |
Max Drawdown (1Y)Largest decline over 1 year | -37.19% | -17.57% | -19.62% |
Max Drawdown (3Y)Largest decline over 3 years | -40.66% | -17.57% | -23.09% |
Max Drawdown (5Y)Largest decline over 5 years | -70.89% | -17.57% | -53.32% |
Max Drawdown (10Y)Largest decline over 10 years | -70.89% | -21.91% | -48.98% |
Current DrawdownCurrent decline from peak | -57.83% | -16.01% | -41.82% |
Average DrawdownAverage peak-to-trough decline | -27.17% | -14.76% | -12.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.88% | 6.67% | +10.21% |
Volatility
SPAP.L vs. SGLN.L - Volatility Comparison
Invesco Physical Palladium (SPAP.L) has a higher volatility of 9.69% compared to iShares Physical Gold ETC (SGLN.L) at 5.08%. This indicates that SPAP.L's price experiences larger fluctuations and is considered to be riskier than SGLN.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPAP.L | SGLN.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% | 20.08% | +16.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.32% | 23.19% | +21.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 16.30% | +25.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.38% | 15.78% | +21.60% |
SPAP.L vs. SGLN.L - Expense Ratio Comparison
SPAP.L has a 0.19% expense ratio, which is higher than SGLN.L's 0.12% 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. SGLN.L - Dividend Comparison
Neither SPAP.L nor SGLN.L has paid dividends to shareholders.
Frequently Asked Questions
SPAP.L and SGLN.L have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLN.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLN.L is cheaper with a 0.12% expense ratio, compared with 0.19% for SPAP.L.
SPAP.L is categorized as Precious Metals, while SGLN.L is Gold. SPAP.L tracks Palladium, while SGLN.L tracks LBMA Gold Price. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for SPAP.L and 0.12% for SGLN.L.
Find the right allocation for SPAP.L and SGLN.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer