SPGP.L vs. GLDW.L
SPGP.L (iShares Gold Producers UCITS ETF) and GLDW.L (WisdomTree Core Physical Gold) are both Precious Metals funds - SPGP.L tracks the EMIX Global Mining Global Gold TR USD while GLDW.L tracks the Gold. Both are passively managed. Over the past 5 years, SPGP.L returned 19.77%/yr vs 19.87%/yr for GLDW.L. A 0.67 correlation means they provide meaningful diversification when combined. SPGP.L charges 0.55%/yr vs 0.12%/yr for GLDW.L.
Performance
SPGP.L vs. GLDW.L - Performance Comparison
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Returns By Period
In the year-to-date period, SPGP.L achieves a 0.82% return, which is significantly lower than GLDW.L's 3.96% 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%
GLDW.L
- 1D
- 0.63%
- 1M
- -1.34%
- YTD
- 3.96%
- 6M
- 5.38%
- 1Y
- 33.68%
- 3Y*
- 28.15%
- 5Y*
- 19.87%
- 10Y*
- —
SPGP.L vs. GLDW.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPGP.L iShares Gold Producers UCITS ETF | 0.82% | 137.41% | 12.81% | 3.72% | -0.45% | 0.69% |
GLDW.L WisdomTree Core Physical Gold | 3.96% | 53.57% | 28.18% | 7.26% | 11.82% | 9.07% |
Correlation
The correlation between SPGP.L and GLDW.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 (All Time) Calculated using the full available price history since Mar 16, 2021 | 0.67 |
The correlation between SPGP.L and GLDW.L has been stable across timeframes, ranging from 0.67 to 0.76 - a consistent structural relationship.
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Return for Risk
SPGP.L vs. GLDW.L — Risk / Return Rank
SPGP.L
GLDW.L
SPGP.L vs. GLDW.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 Core Physical Gold (GLDW.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 | GLDW.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.29 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 1.88 | +0.43 |
| Martin ratioReturn relative to average drawdown | 5.97 | 5.05 | +0.91 |
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 | GLDW.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.58 | 1.46 | +0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 1.23 | -0.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 1.30 | -1.18 |
Drawdowns
SPGP.L vs. GLDW.L - Drawdown Comparison
The maximum SPGP.L drawdown since its inception was -79.54%, which is greater than GLDW.L's maximum drawdown of -17.86%. Use the drawdown chart below to compare losses from any high point for SPGP.L and GLDW.L.
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Drawdown Indicators
| SPGP.L | GLDW.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.54% | -17.86% | -61.68% |
Max Drawdown (1Y)Largest decline over 1 year | -27.66% | -17.86% | -9.80% |
Max Drawdown (3Y)Largest decline over 3 years | -27.66% | -17.86% | -9.80% |
Max Drawdown (5Y)Largest decline over 5 years | -34.81% | -17.86% | -16.95% |
Max Drawdown (10Y)Largest decline over 10 years | -43.71% | — | — |
Current DrawdownCurrent decline from peak | -24.50% | -15.93% | -8.57% |
Average DrawdownAverage peak-to-trough decline | -42.31% | -3.58% | -38.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.71% | 6.65% | +4.06% |
Volatility
SPGP.L vs. GLDW.L - Volatility Comparison
iShares Gold Producers UCITS ETF (SPGP.L) has a higher volatility of 13.09% compared to WisdomTree Core Physical Gold (GLDW.L) at 5.09%. This indicates that SPGP.L's price experiences larger fluctuations and is considered to be riskier than GLDW.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 | GLDW.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.09% | 5.09% | +8.00% |
Volatility (6M)Calculated over the trailing 6-month period | 32.24% | 19.81% | +12.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.30% | 22.95% | +17.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.56% | 16.09% | +15.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.32% | 15.94% | +16.38% |
SPGP.L vs. GLDW.L - Expense Ratio Comparison
SPGP.L has a 0.55% expense ratio, which is higher than GLDW.L's 0.12% expense ratio.
Dividends
SPGP.L vs. GLDW.L - Dividend Comparison
Neither SPGP.L nor GLDW.L has paid dividends to shareholders.
Frequently Asked Questions
SPGP.L and GLDW.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, GLDW.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLDW.L is cheaper with a 0.12% expense ratio, compared with 0.55% for SPGP.L.
SPGP.L tracks EMIX Global Mining Global Gold TR USD, while GLDW.L tracks Gold. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.55% for SPGP.L and 0.12% for GLDW.L.
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