SPGP.L vs. GBSP.L
SPGP.L (iShares Gold Producers UCITS ETF) and GBSP.L (WisdomTree Physical Gold - GBP Daily Hedged) are both Precious Metals funds - SPGP.L tracks the EMIX Global Mining Global Gold TR USD while GBSP.L tracks the Gold (GBP Hedged). Both are passively managed. Over the past 10 years, SPGP.L returned 14.96%/yr vs 11.30%/yr for GBSP.L. A 0.73 correlation means they provide meaningful diversification when combined. SPGP.L charges 0.55%/yr vs 0.25%/yr for GBSP.L.
Performance
SPGP.L vs. GBSP.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPGP.L achieves a 1.44% return, which is significantly lower than GBSP.L's 3.18% return. Over the past 10 years, SPGP.L has outperformed GBSP.L with an annualized return of 14.96%, while GBSP.L has yielded a comparatively lower 11.30% annualized return.
SPGP.L
- 1D
- 0.61%
- 1M
- 0.17%
- YTD
- 1.44%
- 6M
- 6.67%
- 1Y
- 64.79%
- 3Y*
- 38.31%
- 5Y*
- 19.91%
- 10Y*
- 14.96%
GBSP.L
- 1D
- 0.76%
- 1M
- -2.40%
- YTD
- 3.18%
- 6M
- 5.51%
- 1Y
- 31.06%
- 3Y*
- 30.23%
- 5Y*
- 17.19%
- 10Y*
- 11.30%
SPGP.L vs. GBSP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPGP.L iShares Gold Producers UCITS ETF | 1.44% | 137.41% | 12.81% | 3.72% | -0.45% | -9.15% | 19.43% | 41.00% | -4.37% | -2.80% |
GBSP.L WisdomTree Physical Gold - GBP Daily Hedged | 3.18% | 63.29% | 25.01% | 11.75% | -1.73% | -4.92% | 21.84% | 14.56% | -4.55% | 8.43% |
Correlation
The correlation between SPGP.L and GBSP.L is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2013 | 0.73 |
The correlation between SPGP.L and GBSP.L has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.
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Return for Risk
SPGP.L vs. GBSP.L — Risk / Return Rank
SPGP.L
GBSP.L
SPGP.L vs. GBSP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF (SPGP.L) and WisdomTree Physical Gold - GBP Daily Hedged (GBSP.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.
| SPGP.L | GBSP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.24 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 1.76 | +0.57 |
| Martin ratioReturn relative to average drawdown | 5.97 | 4.51 | +1.47 |
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 | GBSP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.60 | 1.25 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 0.99 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.46 | 0.72 | -0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.38 | -0.26 |
Drawdowns
SPGP.L vs. GBSP.L - Drawdown Comparison
The maximum SPGP.L drawdown since its inception was -79.54%, which is greater than GBSP.L's maximum drawdown of -37.30%. Use the drawdown chart below to compare losses from any high point for SPGP.L and GBSP.L.
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Drawdown Indicators
| SPGP.L | GBSP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.54% | -37.30% | -42.24% |
Max Drawdown (1Y)Largest decline over 1 year | -27.66% | -17.53% | -10.13% |
Max Drawdown (3Y)Largest decline over 3 years | -27.66% | -17.53% | -10.13% |
Max Drawdown (5Y)Largest decline over 5 years | -34.81% | -22.05% | -12.76% |
Max Drawdown (10Y)Largest decline over 10 years | -43.71% | -22.99% | -20.72% |
Current DrawdownCurrent decline from peak | -24.04% | -15.96% | -8.08% |
Average DrawdownAverage peak-to-trough decline | -42.31% | -17.52% | -24.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.81% | 6.88% | +3.93% |
Volatility
SPGP.L vs. GBSP.L - Volatility Comparison
iShares Gold Producers UCITS ETF (SPGP.L) has a higher volatility of 13.10% compared to WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) at 6.25%. This indicates that SPGP.L's price experiences larger fluctuations and is considered to be riskier than GBSP.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 | GBSP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.10% | 6.25% | +6.85% |
Volatility (6M)Calculated over the trailing 6-month period | 32.23% | 21.79% | +10.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.28% | 24.78% | +15.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.56% | 17.29% | +14.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.31% | 15.56% | +16.75% |
SPGP.L vs. GBSP.L - Expense Ratio Comparison
SPGP.L has a 0.55% expense ratio, which is higher than GBSP.L's 0.25% expense ratio.
Dividends
SPGP.L vs. GBSP.L - Dividend Comparison
Neither SPGP.L nor GBSP.L has paid dividends to shareholders.
Frequently Asked Questions
SPGP.L and GBSP.L have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GBSP.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBSP.L is cheaper with a 0.25% expense ratio, compared with 0.55% for SPGP.L.
SPGP.L tracks EMIX Global Mining Global Gold TR USD, while GBSP.L tracks Gold (GBP Hedged). They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.55% for SPGP.L and 0.25% for GBSP.L.
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