SPGP.L vs. CSPX.L
SPGP.L (iShares Gold Producers UCITS ETF) and CSPX.L (iShares Core S&P 500 UCITS ETF USD (Acc)) are both exchange-traded funds - SPGP.L is a Gold fund tracking the EMIX Global Mining Global Gold TR USD, while CSPX.L is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SPGP.L returned 12.38%/yr vs 15.70%/yr for CSPX.L. At a 0.11 correlation, their price movements are largely independent. SPGP.L charges 0.55%/yr vs 0.07%/yr for CSPX.L.
Performance
SPGP.L vs. CSPX.L - Performance Comparison
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Different Trading Currencies
SPGP.L is traded in GBp, while CSPX.L is traded in USD. To make them comparable, the CSPX.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 -9.84% return, which is significantly lower than CSPX.L's 10.58% return. Over the past 10 years, SPGP.L has underperformed CSPX.L with an annualized return of 12.38%, while CSPX.L has yielded a comparatively higher 15.70% annualized return.
SPGP.L
- 1D
- -4.05%
- 1M
- -9.78%
- YTD
- -9.84%
- 6M
- -13.66%
- 1Y
- 50.38%
- 3Y*
- 36.59%
- 5Y*
- 19.42%
- 10Y*
- 12.38%
CSPX.L
- 1D
- 0.77%
- 1M
- 1.00%
- YTD
- 10.58%
- 6M
- 10.60%
- 1Y
- 27.18%
- 3Y*
- 19.40%
- 5Y*
- 14.13%
- 10Y*
- 15.70%
SPGP.L vs. CSPX.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPGP.L iShares Gold Producers UCITS ETF | -9.84% | 137.41% | 12.81% | 3.72% | -0.45% | -9.15% | 19.43% | 41.00% | -4.37% | -2.80% |
CSPX.L iShares Core S&P 500 UCITS ETF USD (Acc) | 10.58% | 9.09% | 27.44% | 20.40% | -9.06% | 30.58% | 14.17% | 25.59% | 0.15% | 11.09% |
Correlation
The correlation between SPGP.L and CSPX.L is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011 | 0.11 |
The correlation between SPGP.L and CSPX.L shifts across timeframes, from 0.11 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPGP.L vs. CSPX.L — Risk / Return Rank
SPGP.L
CSPX.L
SPGP.L vs. CSPX.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF (SPGP.L) and iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.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 | CSPX.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.41 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 3.75 | -2.26 |
| Martin ratioReturn relative to average drawdown | 3.96 | 12.51 | -8.55 |
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Drawdowns
SPGP.L vs. CSPX.L - Drawdown Comparison
The maximum SPGP.L drawdown since its inception was -86.56%, which is greater than CSPX.L's maximum drawdown of -25.99%. Use the drawdown chart below to compare losses from any high point for SPGP.L and CSPX.L.
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Drawdown Indicators
| SPGP.L | CSPX.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.56% | -25.99% | -60.57% |
Max Drawdown (1Y)Largest decline over 1 year | -33.69% | -7.22% | -26.47% |
Max Drawdown (3Y)Largest decline over 3 years | -33.69% | -21.16% | -12.53% |
Max Drawdown (5Y)Largest decline over 5 years | -34.81% | -21.16% | -13.65% |
Max Drawdown (10Y)Largest decline over 10 years | -43.71% | -25.99% | -17.72% |
Current DrawdownCurrent decline from peak | -32.49% | -0.57% | -31.92% |
Average DrawdownAverage peak-to-trough decline | -60.18% | -3.28% | -56.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.69% | 2.17% | +10.52% |
Volatility
SPGP.L vs. CSPX.L - Volatility Comparison
iShares Gold Producers UCITS ETF (SPGP.L) has a higher volatility of 16.42% compared to iShares Core S&P 500 UCITS ETF USD (Acc) (CSPX.L) at 3.81%. This indicates that SPGP.L's price experiences larger fluctuations and is considered to be riskier than CSPX.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 | CSPX.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.42% | 3.81% | +12.61% |
Volatility (6M)Calculated over the trailing 6-month period | 35.24% | 9.15% | +26.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.02% | 12.25% | +30.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.25% | 15.50% | +19.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.82% | 16.26% | +17.56% |
SPGP.L vs. CSPX.L - Expense Ratio Comparison
SPGP.L has a 0.55% expense ratio, which is higher than CSPX.L's 0.07% expense ratio.
Dividends
SPGP.L vs. CSPX.L - Dividend Comparison
Neither SPGP.L nor CSPX.L has paid dividends to shareholders.
Frequently Asked Questions
SPGP.L and CSPX.L have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CSPX.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CSPX.L is cheaper with a 0.07% expense ratio, compared with 0.55% for SPGP.L.
SPGP.L is categorized as Gold, while CSPX.L is S&P 500. SPGP.L tracks EMIX Global Mining Global Gold TR USD, while CSPX.L tracks S&P 500 Index. They also come from different issuers: iShares and BlackRock. Their fees differ too: 0.55% for SPGP.L and 0.07% for CSPX.L.
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