SPGP.L vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Gold Producers UCITS ETF (SPGP.L) and S&P 500 Index (^GSPC).

SPGP.L is a passively managed fund by iShares that tracks the performance of the EMIX Global Mining Global Gold TR USD. It was launched on Sep 16, 2011.

Performance

SPGP.L vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Gold Producers UCITS ETF (SPGP.L) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

SPGP.L vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPGP.L iShares Gold Producers UCITS ETF	15.16%	137.41%	12.81%	3.72%	-0.45%	-9.15%	19.43%	41.00%	-4.37%	-2.80%
^GSPC S&P 500 Index	-2.36%	8.10%	25.46%	18.02%	-9.86%	28.09%	12.84%	23.98%	-0.68%	9.09%

Different Trading Currencies

SPGP.L is traded in GBp, while ^GSPC is traded in USD. To make them comparable, the ^GSPC values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPGP.L achieves a 15.16% return, which is significantly higher than ^GSPC's -2.36% return. Over the past 10 years, SPGP.L has outperformed ^GSPC with an annualized return of 19.12%, while ^GSPC has yielded a comparatively lower 13.04% annualized return.

SPGP.L

• 1D: 7.11%
• 1M: -13.23%
• YTD: 15.16%
• 6M: 27.83%
• 1Y: 105.57%
• 3Y*: 43.00%
• 5Y*: 26.22%
• 10Y*: 19.12%

^GSPC

• 1D: 0.49%
• 1M: -3.37%
• YTD: -2.36%
• 6M: -0.37%
• 1Y: 13.80%
• 3Y*: 14.19%
• 5Y*: 11.28%
• 10Y*: 13.04%

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

Return for Risk

SPGP.L vs. ^GSPC — Risk / Return Rank

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

SPGP.L

SPGP.L Risk / Return Rank: 93
SPGP.L Sharpe Ratio Rank: 96
SPGP.L Sortino Ratio Rank: 92
SPGP.L Omega Ratio Rank: 90
SPGP.L Calmar Ratio Rank: 94
SPGP.L Martin Ratio Rank: 93

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

SPGP.L vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF (SPGP.L) and S&P 500 Index (^GSPC). 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.

	SPGP.L	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	2.57	0.74	+1.83
Sortino ratio Return per unit of downside risk	2.84	1.15	+1.69
Omega ratio Gain probability vs. loss probability	1.39	1.18	+0.22
Calmar ratio Return relative to maximum drawdown	3.84	1.22	+2.62
Martin ratio Return relative to average drawdown	13.93	4.79	+9.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPGP.L vs. ^GSPC - Sharpe Ratio Comparison

The current SPGP.L Sharpe Ratio is 2.57, which is higher than the ^GSPC Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of SPGP.L and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPGP.L	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	0.74	+1.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.71	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.72	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.55	-0.40

Correlation

The correlation between SPGP.L and ^GSPC is 0.03, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

SPGP.L vs. ^GSPC - Drawdown Comparison

The maximum SPGP.L drawdown since its inception was -79.54%, which is greater than ^GSPC's maximum drawdown of -37.67%. Use the drawdown chart below to compare losses from any high point for SPGP.L and ^GSPC.

Drawdown Indicators

	SPGP.L	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-79.54%	-56.78%	-22.76%
Max Drawdown (1Y) Largest decline over 1 year	-27.66%	-12.14%	-15.52%
Max Drawdown (5Y) Largest decline over 5 years	-34.81%	-25.43%	-9.38%
Max Drawdown (10Y) Largest decline over 10 years	-43.71%	-33.92%	-9.79%
Current Drawdown Current decline from peak	-13.76%	-5.78%	-7.98%
Average Drawdown Average peak-to-trough decline	-42.57%	-10.75%	-31.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.63%	2.60%	+5.03%

Volatility

SPGP.L vs. ^GSPC - Volatility Comparison

iShares Gold Producers UCITS ETF (SPGP.L) has a higher volatility of 17.68% compared to S&P 500 Index (^GSPC) at 4.58%. This indicates that SPGP.L's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPGP.L	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.68%	4.58%	+13.10%
Volatility (6M) Calculated over the trailing 6-month period	34.04%	9.50%	+24.54%
Volatility (1Y) Calculated over the trailing 1-year period	40.82%	18.75%	+22.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.12%	15.90%	+15.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.45%	18.17%	+14.28%