SPGP.L vs. IMAE.AS
SPGP.L (iShares Gold Producers UCITS ETF) and IMAE.AS (iShares Core MSCI Europe UCITS ETF EUR (Acc)) are both exchange-traded funds - SPGP.L is a Precious Metals fund tracking the EMIX Global Mining Global Gold TR USD, while IMAE.AS is a Europe Equities fund tracking the MSCI Europe NR EUR. Both are passively managed. Over the past 10 years, SPGP.L returned 15.18%/yr vs 10.23%/yr for IMAE.AS. At a 0.16 correlation, their price movements are largely independent. SPGP.L charges 0.55%/yr vs 0.20%/yr for IMAE.AS.
Performance
SPGP.L vs. IMAE.AS - Performance Comparison
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Different Trading Currencies
SPGP.L is traded in GBp, while IMAE.AS is traded in EUR. To make them comparable, the IMAE.AS 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 lower than IMAE.AS's 6.06% return. Over the past 10 years, SPGP.L has outperformed IMAE.AS with an annualized return of 15.18%, while IMAE.AS has yielded a comparatively lower 10.23% 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%
IMAE.AS
- 1D
- -0.70%
- 1M
- 4.02%
- YTD
- 6.06%
- 6M
- 8.55%
- 1Y
- 19.29%
- 3Y*
- 13.48%
- 5Y*
- 9.98%
- 10Y*
- 10.23%
SPGP.L vs. IMAE.AS - 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% |
IMAE.AS iShares Core MSCI Europe UCITS ETF EUR (Acc) | 6.06% | 26.15% | 3.94% | 13.67% | -4.62% | 18.20% | 2.42% | 18.33% | -8.75% | 14.85% |
Correlation
The correlation between SPGP.L and IMAE.AS is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2011 | 0.16 |
The correlation between SPGP.L and IMAE.AS shifts across timeframes, from 0.16 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPGP.L vs. IMAE.AS — Risk / Return Rank
SPGP.L
IMAE.AS
SPGP.L vs. IMAE.AS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF (SPGP.L) and iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS). 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 | IMAE.AS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.29 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 1.82 | +0.48 |
| Martin ratioReturn relative to average drawdown | 5.97 | 6.58 | -0.61 |
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 | IMAE.AS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.58 | 1.54 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | 0.70 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.47 | 0.66 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.12 | 0.51 | -0.39 |
Drawdowns
SPGP.L vs. IMAE.AS - Drawdown Comparison
The maximum SPGP.L drawdown since its inception was -79.54%, which is greater than IMAE.AS's maximum drawdown of -28.44%. Use the drawdown chart below to compare losses from any high point for SPGP.L and IMAE.AS.
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Drawdown Indicators
| SPGP.L | IMAE.AS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.54% | -28.44% | -51.10% |
Max Drawdown (1Y)Largest decline over 1 year | -27.66% | -10.44% | -17.22% |
Max Drawdown (3Y)Largest decline over 3 years | -27.66% | -13.77% | -13.89% |
Max Drawdown (5Y)Largest decline over 5 years | -34.81% | -16.05% | -18.76% |
Max Drawdown (10Y)Largest decline over 10 years | -43.71% | -28.44% | -15.27% |
Current DrawdownCurrent decline from peak | -24.50% | -1.95% | -22.55% |
Average DrawdownAverage peak-to-trough decline | -42.31% | -4.94% | -37.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.71% | 2.91% | +7.80% |
Volatility
SPGP.L vs. IMAE.AS - Volatility Comparison
iShares Gold Producers UCITS ETF (SPGP.L) has a higher volatility of 13.09% compared to iShares Core MSCI Europe UCITS ETF EUR (Acc) (IMAE.AS) at 4.63%. This indicates that SPGP.L's price experiences larger fluctuations and is considered to be riskier than IMAE.AS 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 | IMAE.AS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.09% | 4.63% | +8.46% |
Volatility (6M)Calculated over the trailing 6-month period | 32.24% | 10.52% | +21.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.30% | 12.37% | +27.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.56% | 14.05% | +17.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.32% | 15.17% | +17.15% |
SPGP.L vs. IMAE.AS - Expense Ratio Comparison
SPGP.L has a 0.55% expense ratio, which is higher than IMAE.AS's 0.20% expense ratio.
Dividends
SPGP.L vs. IMAE.AS - Dividend Comparison
Neither SPGP.L nor IMAE.AS has paid dividends to shareholders.
Frequently Asked Questions
SPGP.L and IMAE.AS have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IMAE.AS is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IMAE.AS is cheaper with a 0.20% expense ratio, compared with 0.55% for SPGP.L.
SPGP.L is categorized as Precious Metals, while IMAE.AS is Europe Equities. SPGP.L tracks EMIX Global Mining Global Gold TR USD, while IMAE.AS tracks MSCI Europe NR EUR. Their fees differ too: 0.55% for SPGP.L and 0.20% for IMAE.AS.
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