SPAP.L vs. SGLS.L
SPAP.L (Invesco Physical Palladium) and SGLS.L (Invesco Physical Gold GBP Hedged ETC) are both Precious Metals funds from Invesco - SPAP.L tracks the Palladium while SGLS.L tracks the Gold (GBP Hedged). Both are passively managed. Over the past 5 years, SPAP.L returned -13.39%/yr vs 17.34%/yr for SGLS.L. At a 0.30 correlation, their price movements are largely independent. SPAP.L charges 0.19%/yr vs 0.34%/yr for SGLS.L.
Performance
SPAP.L vs. SGLS.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 SGLS.L's 3.01% 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%
SGLS.L
- 1D
- 0.62%
- 1M
- -2.49%
- YTD
- 3.01%
- 6M
- 5.20%
- 1Y
- 30.77%
- 3Y*
- 29.59%
- 5Y*
- 17.34%
- 10Y*
- —
SPAP.L vs. SGLS.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPAP.L Invesco Physical Palladium | -16.50% | 62.74% | -17.91% | -41.14% | 5.62% | -19.64% | -2.40% |
SGLS.L Invesco Physical Gold GBP Hedged ETC | 3.01% | 64.22% | 24.42% | 11.48% | -1.42% | -4.63% | -3.17% |
Correlation
The correlation between SPAP.L and SGLS.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 | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2020 | 0.30 |
Over the past year, SPAP.L and SGLS.L have become more correlated (0.51) than their long-term average of 0.30, meaning their price movements have been converging.
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Return for Risk
SPAP.L vs. SGLS.L — Risk / Return Rank
SPAP.L
SGLS.L
SPAP.L vs. SGLS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Palladium (SPAP.L) and Invesco Physical Gold GBP Hedged ETC (SGLS.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 | SGLS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.24 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 1.71 | -0.80 |
| Martin ratioReturn relative to average drawdown | 2.00 | 4.48 | -2.48 |
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 | SGLS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 1.24 | -0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 1.07 | -1.39 |
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 | -0.74 |
Drawdowns
SPAP.L vs. SGLS.L - Drawdown Comparison
The maximum SPAP.L drawdown since its inception was -70.89%, which is greater than SGLS.L's maximum drawdown of -21.94%. Use the drawdown chart below to compare losses from any high point for SPAP.L and SGLS.L.
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Drawdown Indicators
| SPAP.L | SGLS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.89% | -21.94% | -48.95% |
Max Drawdown (1Y)Largest decline over 1 year | -37.19% | -17.93% | -19.26% |
Max Drawdown (3Y)Largest decline over 3 years | -40.66% | -17.93% | -22.73% |
Max Drawdown (5Y)Largest decline over 5 years | -70.89% | -21.94% | -48.95% |
Max Drawdown (10Y)Largest decline over 10 years | -70.89% | — | — |
Current DrawdownCurrent decline from peak | -57.83% | -15.99% | -41.84% |
Average DrawdownAverage peak-to-trough decline | -27.17% | -6.98% | -20.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.88% | 6.84% | +10.04% |
Volatility
SPAP.L vs. SGLS.L - Volatility Comparison
Invesco Physical Palladium (SPAP.L) has a higher volatility of 9.69% compared to Invesco Physical Gold GBP Hedged ETC (SGLS.L) at 6.40%. This indicates that SPAP.L's price experiences larger fluctuations and is considered to be riskier than SGLS.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 | SGLS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.69% | 6.40% | +3.29% |
Volatility (6M)Calculated over the trailing 6-month period | 36.67% | 21.65% | +15.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.32% | 24.68% | +19.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 17.91% | +23.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.38% | 18.29% | +19.09% |
SPAP.L vs. SGLS.L - Expense Ratio Comparison
SPAP.L has a 0.19% expense ratio, which is lower than SGLS.L's 0.34% expense ratio.
Dividends
SPAP.L vs. SGLS.L - Dividend Comparison
Neither SPAP.L nor SGLS.L has paid dividends to shareholders.
Frequently Asked Questions
SPAP.L and SGLS.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, 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 0.34% for SGLS.L.
SPAP.L tracks Palladium, while SGLS.L tracks Gold (GBP Hedged). Their fees differ too: 0.19% for SPAP.L and 0.34% for SGLS.L.
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