SPES.L vs. SGLS.L

Last updated Jun 4, 2026

SPES.L (Invesco S&P 500 Equal Weight UCITS ETF Dist) and SGLS.L (Invesco Physical Gold GBP Hedged ETC) are both exchange-traded funds - SPES.L is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while SGLS.L is a Precious Metals fund tracking the Gold (GBP Hedged). Both are passively managed. Over the past 5 years, SPES.L returned 9.32%/yr vs 17.19%/yr for SGLS.L. At a correlation of -0.04, they often move in opposite directions. SPES.L charges 0.20%/yr vs 0.34%/yr for SGLS.L.

Performance

SPES.L vs. SGLS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.L) and Invesco Physical Gold GBP Hedged ETC (SGLS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPES.L achieves a 9.18% return, which is significantly higher than SGLS.L's 2.38% return.

SPES.L

• 1D: 0.31%
• 1M: 4.57%
• YTD: 9.18%
• 6M: 9.85%
• 1Y: 20.51%
• 3Y*: 12.30%
• 5Y*: 9.32%
• 10Y*: —

SGLS.L

• 1D: -1.37%
• 1M: -4.31%
• YTD: 2.38%
• 6M: 4.47%
• 1Y: 30.92%
• 3Y*: 29.32%
• 5Y*: 17.19%
• 10Y*: —

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

SPES.L vs. SGLS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SPES.L Invesco S&P 500 Equal Weight UCITS ETF Dist	9.18%	3.95%	13.66%	8.18%	-1.34%	28.07%
SGLS.L Invesco Physical Gold GBP Hedged ETC	2.38%	64.22%	24.42%	11.48%	-1.42%	2.82%

Correlation

The correlation between SPES.L and SGLS.L is 0.03, 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	0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Apr 9, 2021	-0.04

Return for Risk

SPES.L vs. SGLS.L — Risk / Return Rank

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

SPES.L

SPES.L Risk / Return Rank: 65
SPES.L Sharpe Ratio Rank: 64
SPES.L Sortino Ratio Rank: 64
SPES.L Omega Ratio Rank: 62
SPES.L Calmar Ratio Rank: 72
SPES.L Martin Ratio Rank: 64

SGLS.L

SGLS.L Risk / Return Rank: 33
SGLS.L Sharpe Ratio Rank: 34
SGLS.L Sortino Ratio Rank: 30
SGLS.L Omega Ratio Rank: 35
SGLS.L Calmar Ratio Rank: 34
SGLS.L Martin Ratio Rank: 31

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.

SPES.L vs. SGLS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.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.

	SPES.L	SGLS.L	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.25	+0.88
Sortino ratio: Return per unit of downside risk	2.96	1.67	+1.30
Omega ratio: Gain probability vs. loss probability	1.38	1.24	+0.14
Calmar ratio: Return relative to maximum drawdown	3.56	1.72	+1.84
Martin ratio: Return relative to average drawdown	11.59	4.56	+7.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPES.L vs. SGLS.L - Sharpe Ratio Comparison

The current SPES.L Sharpe Ratio is 2.13, which is higher than the SGLS.L Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of SPES.L and SGLS.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

	SPES.L	SGLS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	1.25	+0.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.67	1.06	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.89	-0.10

Drawdowns

SPES.L vs. SGLS.L - Drawdown Comparison

The maximum SPES.L drawdown since its inception was -19.65%, smaller than the maximum SGLS.L drawdown of -21.94%. Use the drawdown chart below to compare losses from any high point for SPES.L and SGLS.L.

Drawdown Indicators

	SPES.L	SGLS.L	Difference
Max Drawdown Largest peak-to-trough decline	-19.65%	-21.94%	+2.29%
Max Drawdown (1Y) Largest decline over 1 year	-5.74%	-17.93%	+12.19%
Max Drawdown (3Y) Largest decline over 3 years	-19.65%	-17.93%	-1.72%
Max Drawdown (5Y) Largest decline over 5 years	-19.65%	-21.94%	+2.29%
Current Drawdown Current decline from peak	0.00%	-16.51%	+16.51%
Average Drawdown Average peak-to-trough decline	-4.12%	-6.97%	+2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.76%	6.77%	-5.01%

Volatility

SPES.L vs. SGLS.L - Volatility Comparison

The current volatility for Invesco S&P 500 Equal Weight UCITS ETF Dist (SPES.L) is 2.04%, while Invesco Physical Gold GBP Hedged ETC (SGLS.L) has a volatility of 6.45%. This indicates that SPES.L experiences smaller price fluctuations and is considered to be less risky than SGLS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPES.L	SGLS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.04%	6.45%	-4.41%
Volatility (6M) Calculated over the trailing 6-month period	6.43%	21.65%	-15.22%
Volatility (1Y) Calculated over the trailing 1-year period	9.70%	24.68%	-14.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.97%	17.91%	-3.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.71%	18.29%	-3.58%

SPES.L vs. SGLS.L - Expense Ratio Comparison

SPES.L has a 0.20% expense ratio, which is lower than SGLS.L's 0.34% expense ratio.

Dividends

SPES.L vs. SGLS.L - Dividend Comparison

SPES.L's dividend yield for the trailing twelve months is around 1.28%, while SGLS.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
SGLS.L Invesco Physical Gold GBP Hedged ETC	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPES.L Invesco S&P 500 Equal Weight UCITS ETF Dist	1.28%	1.37%	1.36%	1.48%	1.49%	0.74%

Frequently Asked Questions

Can I hold both SPES.L and SGLS.L in my portfolio?

SPES.L and SGLS.L have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPES.L or SGLS.L?

On fees, SPES.L is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPES.L or SGLS.L?

SPES.L is cheaper with a 0.20% expense ratio, compared with 0.34% for SGLS.L.

What is the main difference between SPES.L and SGLS.L?

SPES.L is categorized as S&P 500, while SGLS.L is Precious Metals. SPES.L tracks S&P 500 Equal Weight Index, while SGLS.L tracks Gold (GBP Hedged). Their fees differ too: 0.20% for SPES.L and 0.34% for SGLS.L.