SPGP.L vs. G2X.DE
SPGP.L (iShares Gold Producers UCITS ETF) and G2X.DE (VanEck Gold Miners UCITS ETF) are both Precious Metals funds - SPGP.L tracks the EMIX Global Mining Global Gold TR USD while G2X.DE tracks the NYSE Arca Gold Miners. Both are passively managed. Over the past 10 years, SPGP.L returned 15.18%/yr vs 15.07%/yr for G2X.DE. Their correlation of 0.94 suggests significant overlap in exposure. SPGP.L charges 0.55%/yr vs 0.53%/yr for G2X.DE.
Performance
SPGP.L vs. G2X.DE - Performance Comparison
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Different Trading Currencies
SPGP.L is traded in GBp, while G2X.DE is traded in EUR. To make them comparable, the G2X.DE 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 0.82% return, which is significantly higher than G2X.DE's -2.96% return. Both investments have delivered pretty close results over the past 10 years, with SPGP.L having a 15.18% annualized return and G2X.DE not far behind at 15.07%.
SPGP.L
- 1D
- -1.87%
- 1M
- -0.66%
- YTD
- 0.82%
- 6M
- 5.68%
- 1Y
- 64.09%
- 3Y*
- 38.07%
- 5Y*
- 19.77%
- 10Y*
- 15.18%
G2X.DE
- 1D
- -2.21%
- 1M
- -0.15%
- YTD
- -2.96%
- 6M
- 4.77%
- 1Y
- 65.05%
- 3Y*
- 37.28%
- 5Y*
- 19.94%
- 10Y*
- 15.07%
SPGP.L vs. G2X.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPGP.L iShares Gold Producers UCITS ETF | 0.82% | 137.41% | 12.81% | 3.72% | -0.45% | -9.15% | 19.43% | 41.00% | -4.37% | -2.80% |
G2X.DE VanEck Gold Miners UCITS ETF | -2.96% | 143.16% | 12.42% | 3.48% | 5.46% | -11.01% | 19.65% | 33.64% | -3.02% | -1.27% |
Correlation
The correlation between SPGP.L and G2X.DE is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since May 28, 2015 | 0.94 |
The correlation between SPGP.L and G2X.DE has been stable across timeframes, ranging from 0.93 to 0.97 - a consistent structural relationship.
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Return for Risk
SPGP.L vs. G2X.DE — Risk / Return Rank
SPGP.L
G2X.DE
SPGP.L vs. G2X.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF (SPGP.L) and VanEck Gold Miners UCITS ETF (G2X.DE). 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 | G2X.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.26 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 2.26 | +0.05 |
| Martin ratioReturn relative to average drawdown | 5.97 | 5.77 | +0.19 |
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
| SPGP.L | G2X.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.58 | 1.52 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 0.60 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.46 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.49 | -0.37 |
Drawdowns
SPGP.L vs. G2X.DE - Drawdown Comparison
The maximum SPGP.L drawdown since its inception was -79.54%, which is greater than G2X.DE's maximum drawdown of -44.29%. Use the drawdown chart below to compare losses from any high point for SPGP.L and G2X.DE.
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Drawdown Indicators
| SPGP.L | G2X.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.54% | -44.29% | -35.25% |
Max Drawdown (1Y)Largest decline over 1 year | -27.66% | -28.66% | +1.00% |
Max Drawdown (3Y)Largest decline over 3 years | -27.66% | -28.66% | +1.00% |
Max Drawdown (5Y)Largest decline over 5 years | -34.81% | -35.33% | +0.52% |
Max Drawdown (10Y)Largest decline over 10 years | -43.71% | -44.29% | +0.58% |
Current DrawdownCurrent decline from peak | -24.50% | -25.20% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -42.31% | -21.08% | -21.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.71% | 11.24% | -0.53% |
Volatility
SPGP.L vs. G2X.DE - Volatility Comparison
The current volatility for iShares Gold Producers UCITS ETF (SPGP.L) is 13.09%, while VanEck Gold Miners UCITS ETF (G2X.DE) has a volatility of 14.74%. This indicates that SPGP.L experiences smaller price fluctuations and is considered to be less risky than G2X.DE 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 | G2X.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.09% | 14.74% | -1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 32.24% | 34.15% | -1.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.30% | 42.54% | -2.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.56% | 32.79% | -1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.32% | 32.68% | -0.36% |
SPGP.L vs. G2X.DE - Expense Ratio Comparison
SPGP.L has a 0.55% expense ratio, which is higher than G2X.DE's 0.53% expense ratio.
Dividends
SPGP.L vs. G2X.DE - Dividend Comparison
Neither SPGP.L nor G2X.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, SPGP.L and G2X.DE 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.
On fees, G2X.DE is cheaper at 0.53% per year. The better choice depends on whether you care most about return, fees, risk, or income.
G2X.DE is cheaper with a 0.53% expense ratio, compared with 0.55% for SPGP.L.
SPGP.L tracks EMIX Global Mining Global Gold TR USD, while G2X.DE tracks NYSE Arca Gold Miners. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.55% for SPGP.L and 0.53% for G2X.DE.
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