SPGP.L vs. GBSS.L
SPGP.L (iShares Gold Producers UCITS ETF) and GBSS.L (Gold Bullion Securities) are both Precious Metals funds - SPGP.L tracks the EMIX Global Mining Global Gold TR USD while GBSS.L tracks the Gold. Both are passively managed. Over the past 10 years, SPGP.L returned 15.18%/yr vs 14.02%/yr for GBSS.L. A 0.70 correlation means they provide meaningful diversification when combined. SPGP.L charges 0.55%/yr vs 0.40%/yr for GBSS.L.
Performance
SPGP.L vs. GBSS.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPGP.L achieves a 0.82% return, which is significantly lower than GBSS.L's 3.09% return. Over the past 10 years, SPGP.L has outperformed GBSS.L with an annualized return of 15.18%, while GBSS.L has yielded a comparatively lower 14.02% annualized return.
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%
GBSS.L
- 1D
- -1.16%
- 1M
- -2.90%
- YTD
- 3.09%
- 6M
- 4.31%
- 1Y
- 32.90%
- 3Y*
- 27.55%
- 5Y*
- 19.36%
- 10Y*
- 14.02%
SPGP.L vs. GBSS.L - 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% |
GBSS.L Gold Bullion Securities | 3.09% | 53.13% | 27.82% | 6.96% | 11.51% | -3.12% | 19.73% | 14.42% | 4.17% | 1.53% |
Correlation
The correlation between SPGP.L and GBSS.L is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2011 | 0.70 |
The correlation between SPGP.L and GBSS.L has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPGP.L vs. GBSS.L — Risk / Return Rank
SPGP.L
GBSS.L
SPGP.L vs. GBSS.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF (SPGP.L) and Gold Bullion Securities (GBSS.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 | GBSS.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.28 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 1.83 | +0.48 |
| Martin ratioReturn relative to average drawdown | 5.97 | 4.96 | +1.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SPGP.L | GBSS.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.58 | 1.43 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 1.20 | -0.57 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.89 | -0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.65 | -0.54 |
Drawdowns
SPGP.L vs. GBSS.L - Drawdown Comparison
The maximum SPGP.L drawdown since its inception was -79.54%, which is greater than GBSS.L's maximum drawdown of -42.08%. Use the drawdown chart below to compare losses from any high point for SPGP.L and GBSS.L.
Loading charts...
Drawdown Indicators
| SPGP.L | GBSS.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.54% | -42.08% | -37.46% |
Max Drawdown (1Y)Largest decline over 1 year | -27.66% | -17.92% | -9.74% |
Max Drawdown (3Y)Largest decline over 3 years | -27.66% | -17.92% | -9.74% |
Max Drawdown (5Y)Largest decline over 5 years | -34.81% | -17.92% | -16.89% |
Max Drawdown (10Y)Largest decline over 10 years | -43.71% | -22.41% | -21.30% |
Current DrawdownCurrent decline from peak | -24.50% | -16.67% | -7.83% |
Average DrawdownAverage peak-to-trough decline | -42.31% | -13.55% | -28.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.71% | 6.62% | +4.09% |
Volatility
SPGP.L vs. GBSS.L - Volatility Comparison
iShares Gold Producers UCITS ETF (SPGP.L) has a higher volatility of 13.09% compared to Gold Bullion Securities (GBSS.L) at 5.06%. This indicates that SPGP.L's price experiences larger fluctuations and is considered to be riskier than GBSS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPGP.L | GBSS.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.09% | 5.06% | +8.03% |
Volatility (6M)Calculated over the trailing 6-month period | 32.24% | 19.83% | +12.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.30% | 22.97% | +17.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.56% | 16.13% | +15.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.32% | 15.77% | +16.55% |
SPGP.L vs. GBSS.L - Expense Ratio Comparison
SPGP.L has a 0.55% expense ratio, which is higher than GBSS.L's 0.40% expense ratio.
Dividends
SPGP.L vs. GBSS.L - Dividend Comparison
Neither SPGP.L nor GBSS.L has paid dividends to shareholders.
Frequently Asked Questions
SPGP.L and GBSS.L have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GBSS.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBSS.L is cheaper with a 0.40% expense ratio, compared with 0.55% for SPGP.L.
SPGP.L tracks EMIX Global Mining Global Gold TR USD, while GBSS.L tracks Gold. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.55% for SPGP.L and 0.40% for GBSS.L.
Find the right allocation for SPGP.L and GBSS.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer