SPAP.L vs. SOYB.L

Last updated Jun 5, 2026

SPAP.L (Invesco Physical Palladium) and SOYB.L (WisdomTree Soybeans) are both exchange-traded funds - SPAP.L is a Precious Metals fund tracking the Palladium, while SOYB.L is a Agricultural Commodities fund tracking the Bloomberg Soybeans. Both are passively managed. Over the past 10 years, SPAP.L returned 9.55%/yr vs 1.35%/yr for SOYB.L. At a 0.14 correlation, their price movements are largely independent. SPAP.L charges 0.19%/yr vs 0.49%/yr for SOYB.L.

Performance

SPAP.L vs. SOYB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Physical Palladium (SPAP.L) and WisdomTree Soybeans (SOYB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPAP.L is traded in GBp, while SOYB.L is traded in USD. To make them comparable, the SOYB.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 SOYB.L's 4.98% return. Over the past 10 years, SPAP.L has outperformed SOYB.L with an annualized return of 9.55%, while SOYB.L has yielded a comparatively lower 1.35% 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%

SOYB.L

• 1D: -3.37%
• 1M: -6.30%
• YTD: 4.98%
• 6M: -2.62%
• 1Y: 8.16%
• 3Y*: -3.98%
• 5Y*: 0.87%
• 10Y*: 1.35%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPAP.L vs. SOYB.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%
SOYB.L WisdomTree Soybeans	4.98%	-1.26%	-20.78%	-4.12%	42.11%	8.11%	27.63%	-6.34%	-6.56%	-17.90%

Correlation

The correlation between SPAP.L and SOYB.L is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jul 1, 2014	0.14

The correlation between SPAP.L and SOYB.L shifts across timeframes, from -0.01 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPAP.L vs. SOYB.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPAP.L

SPAP.L Risk / Return Rank: 22
SPAP.L Sharpe Ratio Rank: 23
SPAP.L Sortino Ratio Rank: 24
SPAP.L Omega Ratio Rank: 24
SPAP.L Calmar Ratio Rank: 21
SPAP.L Martin Ratio Rank: 19

SOYB.L

SOYB.L Risk / Return Rank: 16
SOYB.L Sharpe Ratio Rank: 16
SOYB.L Sortino Ratio Rank: 16
SOYB.L Omega Ratio Rank: 16
SOYB.L Calmar Ratio Rank: 18
SOYB.L Martin Ratio Rank: 16

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPAP.L vs. SOYB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Palladium (SPAP.L) and WisdomTree Soybeans (SOYB.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	SOYB.L	Difference
Sharpe ratio: Return per unit of total volatility	0.76	0.47	+0.29
Sortino ratio: Return per unit of downside risk	1.24	0.74	+0.50
Omega ratio: Gain probability vs. loss probability	1.16	1.09	+0.07
Calmar ratio: Return relative to maximum drawdown	0.91	0.64	+0.27
Martin ratio: Return relative to average drawdown	2.00	1.37	+0.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPAP.L vs. SOYB.L - Sharpe Ratio Comparison

The current SPAP.L Sharpe Ratio is 0.76, which is higher than the SOYB.L Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of SPAP.L and SOYB.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPAP.L	SOYB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	0.47	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	0.04	-0.36
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.07	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.27	-0.11

Drawdowns

SPAP.L vs. SOYB.L - Drawdown Comparison

The maximum SPAP.L drawdown since its inception was -70.89%, which is greater than SOYB.L's maximum drawdown of -40.91%. Use the drawdown chart below to compare losses from any high point for SPAP.L and SOYB.L.

Drawdown Indicators

	SPAP.L	SOYB.L	Difference
Max Drawdown Largest peak-to-trough decline	-70.89%	-40.91%	-29.98%
Max Drawdown (1Y) Largest decline over 1 year	-37.19%	-12.76%	-24.43%
Max Drawdown (3Y) Largest decline over 3 years	-40.66%	-32.70%	-7.96%
Max Drawdown (5Y) Largest decline over 5 years	-70.89%	-32.84%	-38.05%
Max Drawdown (10Y) Largest decline over 10 years	-70.89%	-40.50%	-30.39%
Current Drawdown Current decline from peak	-57.83%	-25.51%	-32.32%
Average Drawdown Average peak-to-trough decline	-27.17%	-17.11%	-10.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.88%	5.93%	+10.95%

Volatility

SPAP.L vs. SOYB.L - Volatility Comparison

Invesco Physical Palladium (SPAP.L) has a higher volatility of 9.69% compared to WisdomTree Soybeans (SOYB.L) at 6.34%. This indicates that SPAP.L's price experiences larger fluctuations and is considered to be riskier than SOYB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAP.L	SOYB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.69%	6.34%	+3.35%
Volatility (6M) Calculated over the trailing 6-month period	36.67%	12.83%	+23.84%
Volatility (1Y) Calculated over the trailing 1-year period	44.32%	17.30%	+27.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.71%	20.95%	+20.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.38%	20.26%	+17.12%

SPAP.L vs. SOYB.L - Expense Ratio Comparison

SPAP.L has a 0.19% expense ratio, which is lower than SOYB.L's 0.49% expense ratio.

Dividends

SPAP.L vs. SOYB.L - Dividend Comparison

Neither SPAP.L nor SOYB.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPAP.L and SOYB.L in my portfolio?

SPAP.L and SOYB.L have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPAP.L or SOYB.L?

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.

Which ETF is cheaper, SPAP.L or SOYB.L?

SPAP.L is cheaper with a 0.19% expense ratio, compared with 0.49% for SOYB.L.

What is the main difference between SPAP.L and SOYB.L?

SPAP.L is categorized as Precious Metals, while SOYB.L is Agricultural Commodities. SPAP.L tracks Palladium, while SOYB.L tracks Bloomberg Soybeans. They also come from different issuers: Invesco and WisdomTree. Their fees differ too: 0.19% for SPAP.L and 0.49% for SOYB.L.