SPAP.L vs. SPLT.L
SPAP.L (Invesco Physical Palladium) and SPLT.L (iShares Physical Platinum ETC) are both Precious Metals funds - SPAP.L tracks the Palladium while SPLT.L tracks the Platinum. Both are passively managed. Over the past 10 years, SPAP.L returned 9.55%/yr vs 7.15%/yr for SPLT.L. A 0.53 correlation means they provide meaningful diversification when combined. SPAP.L charges 0.19%/yr vs 0.20%/yr for SPLT.L.
Performance
SPAP.L vs. SPLT.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 SPLT.L's -5.28% return. Over the past 10 years, SPAP.L has outperformed SPLT.L with an annualized return of 9.55%, while SPLT.L has yielded a comparatively lower 7.15% 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%
SPLT.L
- 1D
- 0.20%
- 1M
- -2.87%
- YTD
- -5.28%
- 6M
- 14.16%
- 1Y
- 74.34%
- 3Y*
- 18.81%
- 5Y*
- 11.07%
- 10Y*
- 7.15%
SPAP.L vs. SPLT.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% |
SPLT.L iShares Physical Platinum ETC | -5.28% | 104.63% | -8.37% | -10.78% | 23.96% | -10.18% | 7.04% | 17.70% | -9.90% | -6.89% |
Correlation
The correlation between SPAP.L and SPLT.L is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 2014 | 0.53 |
Over the past year, SPAP.L and SPLT.L have become more correlated (0.75) than their long-term average of 0.53, meaning their price movements have been converging.
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Return for Risk
SPAP.L vs. SPLT.L — Risk / Return Rank
SPAP.L
SPLT.L
SPAP.L vs. SPLT.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Palladium (SPAP.L) and iShares Physical Platinum ETC (SPLT.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 | SPLT.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.28 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 2.18 | -1.28 |
| Martin ratioReturn relative to average drawdown | 2.00 | 4.51 | -2.51 |
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 | SPLT.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.76 | 1.57 | -0.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | 0.36 | -0.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.26 | 0.26 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.05 | +0.10 |
Drawdowns
SPAP.L vs. SPLT.L - Drawdown Comparison
The maximum SPAP.L drawdown since its inception was -70.89%, which is greater than SPLT.L's maximum drawdown of -58.05%. Use the drawdown chart below to compare losses from any high point for SPAP.L and SPLT.L.
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Drawdown Indicators
| SPAP.L | SPLT.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.89% | -58.05% | -12.84% |
Max Drawdown (1Y)Largest decline over 1 year | -37.19% | -33.87% | -3.32% |
Max Drawdown (3Y)Largest decline over 3 years | -40.66% | -33.87% | -6.79% |
Max Drawdown (5Y)Largest decline over 5 years | -70.89% | -33.87% | -37.02% |
Max Drawdown (10Y)Largest decline over 10 years | -70.89% | -45.00% | -25.89% |
Current DrawdownCurrent decline from peak | -57.83% | -32.43% | -25.40% |
Average DrawdownAverage peak-to-trough decline | -27.17% | -34.19% | +7.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.88% | 16.41% | +0.47% |
Volatility
SPAP.L vs. SPLT.L - Volatility Comparison
The current volatility for Invesco Physical Palladium (SPAP.L) is 9.69%, while iShares Physical Platinum ETC (SPLT.L) has a volatility of 10.95%. This indicates that SPAP.L experiences smaller price fluctuations and is considered to be less risky than SPLT.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 | SPLT.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.69% | 10.95% | -1.26% |
Volatility (6M)Calculated over the trailing 6-month period | 36.67% | 41.59% | -4.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.32% | 47.08% | -2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.71% | 30.48% | +11.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.38% | 27.92% | +9.46% |
SPAP.L vs. SPLT.L - Expense Ratio Comparison
SPAP.L has a 0.19% expense ratio, which is lower than SPLT.L's 0.20% expense ratio. Despite the difference, 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. SPLT.L - Dividend Comparison
Neither SPAP.L nor SPLT.L has paid dividends to shareholders.
Frequently Asked Questions
SPAP.L and SPLT.L have a correlation of 0.75, 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 0.20% for SPLT.L.
SPAP.L tracks Palladium, while SPLT.L tracks Platinum. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.19% for SPAP.L and 0.20% for SPLT.L.
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