SPGP.L vs. GJGB.L

Last updated Jun 5, 2026

SPGP.L (iShares Gold Producers UCITS ETF) and GJGB.L (VanEck Junior Gold Miners UCITS ETF) are both exchange-traded funds - SPGP.L is a Precious Metals fund tracking the EMIX Global Mining Global Gold TR USD, while GJGB.L is a Gold fund tracking the MVIS Global Junior Gold Miners Index. Both are passively managed. Over the past 5 years, SPGP.L returned 19.91%/yr vs 18.91%/yr for GJGB.L. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.55% expense ratio.

Performance

SPGP.L vs. GJGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Gold Producers UCITS ETF (SPGP.L) and VanEck Junior Gold Miners UCITS ETF (GJGB.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPGP.L is traded in GBp, while GJGB.L is traded in GBP. To make them comparable, the GJGB.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 1.44% return, which is significantly higher than GJGB.L's -1.48% 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%

GJGB.L

• 1D: 0.69%
• 1M: -1.51%
• YTD: -1.48%
• 6M: 6.58%
• 1Y: 66.00%
• 3Y*: 42.48%
• 5Y*: 18.91%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPGP.L vs. GJGB.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%	-5.07%
GJGB.L VanEck Junior Gold Miners UCITS ETF	-1.48%	156.51%	14.83%	1.67%	-2.76%	-22.00%	25.74%	39.66%	-7.88%	-5.15%

Correlation

The correlation between SPGP.L and GJGB.L is 0.96 - 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	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jun 15, 2017	0.92

The correlation between SPGP.L and GJGB.L has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.

SPGP.L vs. GJGB.L - Sectors Allocation Comparison

Sectors	SPGP.L	GJGB.L
Basic Materials	99.8%	100.0%
Industrials	0.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SPGP.L vs. GJGB.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPGP.L

SPGP.L Risk / Return Rank: 43
SPGP.L Sharpe Ratio Rank: 47
SPGP.L Sortino Ratio Rank: 41
SPGP.L Omega Ratio Rank: 42
SPGP.L Calmar Ratio Rank: 48
SPGP.L Martin Ratio Rank: 39

GJGB.L

GJGB.L Risk / Return Rank: 40
GJGB.L Sharpe Ratio Rank: 41
GJGB.L Sortino Ratio Rank: 38
GJGB.L Omega Ratio Rank: 38
GJGB.L Calmar Ratio Rank: 45
GJGB.L Martin Ratio Rank: 35

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPGP.L vs. GJGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF (SPGP.L) and VanEck Junior Gold Miners UCITS ETF (GJGB.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	GJGB.L	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.43	+0.17
Sortino ratio: Return per unit of downside risk	2.06	1.92	+0.13
Omega ratio: Gain probability vs. loss probability	1.27	1.24	+0.03
Calmar ratio: Return relative to maximum drawdown	2.33	2.18	+0.15
Martin ratio: Return relative to average drawdown	5.97	5.30	+0.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPGP.L vs. GJGB.L - Sharpe Ratio Comparison

The current SPGP.L Sharpe Ratio is 1.60, which is comparable to the GJGB.L Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of SPGP.L and GJGB.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPGP.L	GJGB.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.60	1.43	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.51	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.40	-0.28

Drawdowns

SPGP.L vs. GJGB.L - Drawdown Comparison

The maximum SPGP.L drawdown since its inception was -79.54%, which is greater than GJGB.L's maximum drawdown of -49.12%. Use the drawdown chart below to compare losses from any high point for SPGP.L and GJGB.L.

Drawdown Indicators

	SPGP.L	GJGB.L	Difference
Max Drawdown Largest peak-to-trough decline	-79.54%	-49.12%	-30.42%
Max Drawdown (1Y) Largest decline over 1 year	-27.66%	-29.95%	+2.29%
Max Drawdown (3Y) Largest decline over 3 years	-27.66%	-29.95%	+2.29%
Max Drawdown (5Y) Largest decline over 5 years	-34.81%	-36.65%	+1.84%
Max Drawdown (10Y) Largest decline over 10 years	-43.71%	—	—
Current Drawdown Current decline from peak	-24.04%	-27.14%	+3.10%
Average Drawdown Average peak-to-trough decline	-42.31%	-22.35%	-19.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.81%	12.37%	-1.56%

Volatility

SPGP.L vs. GJGB.L - Volatility Comparison

The current volatility for iShares Gold Producers UCITS ETF (SPGP.L) is 13.10%, while VanEck Junior Gold Miners UCITS ETF (GJGB.L) has a volatility of 16.00%. This indicates that SPGP.L experiences smaller price fluctuations and is considered to be less risky than GJGB.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPGP.L	GJGB.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.10%	16.00%	-2.90%
Volatility (6M) Calculated over the trailing 6-month period	32.23%	36.81%	-4.58%
Volatility (1Y) Calculated over the trailing 1-year period	40.28%	45.62%	-5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.56%	36.94%	-5.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.31%	36.80%	-4.49%

SPGP.L vs. GJGB.L - Expense Ratio Comparison

Both SPGP.L and GJGB.L have an expense ratio of 0.55%.

Dividends

SPGP.L vs. GJGB.L - Dividend Comparison

Neither SPGP.L nor GJGB.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SPGP.L and GJGB.L in my portfolio?

With a correlation of 0.96, SPGP.L and GJGB.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.

Which ETF is better, SPGP.L or GJGB.L?

Both ETFs have the same 0.55% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPGP.L or GJGB.L?

SPGP.L and GJGB.L have the same expense ratio: 0.55% per year.

What is the main difference between SPGP.L and GJGB.L?

SPGP.L is categorized as Precious Metals, while GJGB.L is Gold. SPGP.L tracks EMIX Global Mining Global Gold TR USD, while GJGB.L tracks MVIS Global Junior Gold Miners Index. They also come from different issuers: iShares and VanEck.