SPGP.L vs. AUCO.L
SPGP.L (iShares Gold Producers UCITS ETF) and AUCO.L (L&G Gold Mining UCITS ETF) are both Gold funds - SPGP.L tracks the EMIX Global Mining Global Gold TR USD while AUCO.L tracks the STOXX Global Gold Miners Index. Both are passively managed. Over the past 10 years, SPGP.L returned 10.37%/yr vs 11.70%/yr for AUCO.L. Their correlation of 0.95 suggests significant overlap in exposure. Both charge a 0.55% expense ratio.
Performance
SPGP.L vs. AUCO.L - Performance Comparison
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Different Trading Currencies
SPGP.L is traded in GBp, while AUCO.L is traded in USD. To make them comparable, the AUCO.L 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 -13.51% return, which is significantly higher than AUCO.L's -15.05% return. Over the past 10 years, SPGP.L has underperformed AUCO.L with an annualized return of 10.37%, while AUCO.L has yielded a comparatively higher 11.70% annualized return.
SPGP.L
- 1D
- -2.85%
- 1M
- -14.68%
- 6M
- -23.11%
- YTD
- -13.51%
- 1Y
- 43.64%
- 3Y*
- 32.60%
- 5Y*
- 18.33%
- 10Y*
- 10.37%
AUCO.L
- 1D
- -3.99%
- 1M
- -15.23%
- 6M
- -23.89%
- YTD
- -15.05%
- 1Y
- 46.48%
- 3Y*
- 39.74%
- 5Y*
- 22.49%
- 10Y*
- 11.70%
SPGP.L vs. AUCO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPGP.L iShares Gold Producers UCITS ETF | -13.51% | 137.41% | 12.81% | 3.72% | -0.45% | -9.15% | 19.43% | 41.00% | -4.37% | -2.80% |
AUCO.L L&G Gold Mining UCITS ETF | -15.05% | 161.75% | 20.02% | 9.27% | -4.11% | -9.27% | 18.14% | 38.65% | -5.11% | 0.49% |
Correlation
The correlation between SPGP.L and AUCO.L is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011 | 0.95 |
The correlation between SPGP.L and AUCO.L has been stable across timeframes, ranging from 0.93 to 0.98 - a consistent structural relationship.
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Return for Risk
SPGP.L vs. AUCO.L — Risk / Return Rank
SPGP.L
AUCO.L
SPGP.L vs. AUCO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF (SPGP.L) and L&G Gold Mining UCITS ETF (AUCO.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPGP.L | AUCO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.18 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 1.24 | -0.03 |
| Martin ratioReturn relative to average drawdown | 2.91 | 2.96 | -0.05 |
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Drawdowns
SPGP.L vs. AUCO.L - Drawdown Comparison
The maximum SPGP.L drawdown since its inception was -86.56%, which is greater than AUCO.L's maximum drawdown of -77.54%. Use the drawdown chart below to compare losses from any high point for SPGP.L and AUCO.L.
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Drawdown Indicators
| SPGP.L | AUCO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.56% | -77.54% | -9.02% |
Max Drawdown (1Y)Largest decline over 1 year | -35.89% | -37.18% | +1.29% |
Max Drawdown (3Y)Largest decline over 3 years | -35.89% | -37.18% | +1.29% |
Max Drawdown (5Y)Largest decline over 5 years | -35.89% | -39.29% | +3.40% |
Max Drawdown (10Y)Largest decline over 10 years | -43.71% | -45.83% | +2.12% |
Current DrawdownCurrent decline from peak | -35.23% | -36.60% | +1.37% |
Average DrawdownAverage peak-to-trough decline | -60.07% | -34.38% | -25.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.97% | 15.68% | -0.71% |
Volatility
SPGP.L vs. AUCO.L - Volatility Comparison
The current volatility for iShares Gold Producers UCITS ETF (SPGP.L) is 14.36%, while L&G Gold Mining UCITS ETF (AUCO.L) has a volatility of 16.14%. This indicates that SPGP.L experiences smaller price fluctuations and is considered to be less risky than AUCO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPGP.L | AUCO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.36% | 16.14% | -1.78% |
Volatility (6M)Calculated over the trailing 6-month period | 35.20% | 38.38% | -3.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.72% | 47.49% | -3.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.53% | 36.64% | -1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.85% | 34.19% | -0.34% |
SPGP.L vs. AUCO.L - Expense Ratio Comparison
Both SPGP.L and AUCO.L have an expense ratio of 0.55%.
Dividends
SPGP.L vs. AUCO.L - Dividend Comparison
Neither SPGP.L nor AUCO.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.98, SPGP.L and AUCO.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SPGP.L and AUCO.L have the same expense ratio: 0.55% per year.
SPGP.L tracks EMIX Global Mining Global Gold TR USD, while AUCO.L tracks STOXX Global Gold Miners Index. They also come from different issuers: iShares and L&G.
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