SPGP.L vs. RMAU.L
SPGP.L (iShares Gold Producers UCITS ETF) and RMAU.L (The Royal Mint Physical Gold ETC Securities) are both exchange-traded funds - SPGP.L is a Gold fund tracking the EMIX Global Mining Global Gold TR USD, while RMAU.L is a Commodities fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, SPGP.L returned 18.33%/yr vs 18.00%/yr for RMAU.L. A 0.66 correlation means they provide meaningful diversification when combined. SPGP.L charges 0.55%/yr vs 0.22%/yr for RMAU.L.
Performance
SPGP.L vs. RMAU.L - Performance Comparison
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Different Trading Currencies
SPGP.L is traded in GBp, while RMAU.L is traded in USD. To make them comparable, the RMAU.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 -13.51% return, which is significantly lower than RMAU.L's -4.81% return.
SPGP.L
- 1D
- -2.85%
- 1M
- -14.68%
- 6M
- -23.11%
- YTD
- -13.51%
- 1Y
- 43.64%
- 3Y*
- 32.60%
- 5Y*
- 18.33%
- 10Y*
- 10.37%
RMAU.L
- 1D
- 0.00%
- 1M
- -6.16%
- 6M
- -11.40%
- YTD
- -4.81%
- 1Y
- 22.04%
- 3Y*
- 26.43%
- 5Y*
- 18.00%
- 10Y*
- —
SPGP.L vs. RMAU.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SPGP.L iShares Gold Producers UCITS ETF | -13.51% | 137.41% | 12.81% | 3.72% | -0.45% | -9.15% | 22.06% |
RMAU.L The Royal Mint Physical Gold ETC Securities | -6.50% | 52.86% | 28.16% | 7.63% | 11.68% | -3.26% | 14.17% |
Correlation
The correlation between SPGP.L and RMAU.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 | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2020 | 0.66 |
The correlation between SPGP.L and RMAU.L shifts across timeframes, from 0.66 (5 years) to 0.79 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPGP.L vs. RMAU.L — Risk / Return Rank
SPGP.L
RMAU.L
SPGP.L vs. RMAU.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF (SPGP.L) and The Royal Mint Physical Gold ETC Securities (RMAU.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPGP.L | RMAU.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 0.90 | +0.31 |
| Martin ratioReturn relative to average drawdown | 2.91 | 2.22 | +0.69 |
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Drawdowns
SPGP.L vs. RMAU.L - Drawdown Comparison
The maximum SPGP.L drawdown since its inception was -86.56%, which is greater than RMAU.L's maximum drawdown of -24.29%. Use the drawdown chart below to compare losses from any high point for SPGP.L and RMAU.L.
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Drawdown Indicators
| SPGP.L | RMAU.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.56% | -24.29% | -62.27% |
Max Drawdown (1Y)Largest decline over 1 year | -35.89% | -24.29% | -11.60% |
Max Drawdown (3Y)Largest decline over 3 years | -35.89% | -24.29% | -11.60% |
Max Drawdown (5Y)Largest decline over 5 years | -35.89% | -24.29% | -11.60% |
Max Drawdown (10Y)Largest decline over 10 years | -43.71% | — | — |
Current DrawdownCurrent decline from peak | -35.23% | -23.23% | -12.00% |
Average DrawdownAverage peak-to-trough decline | -60.07% | -6.58% | -53.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.97% | 9.90% | +5.07% |
Volatility
SPGP.L vs. RMAU.L - Volatility Comparison
iShares Gold Producers UCITS ETF (SPGP.L) has a higher volatility of 14.36% compared to The Royal Mint Physical Gold ETC Securities (RMAU.L) at 7.26%. This indicates that SPGP.L's price experiences larger fluctuations and is considered to be riskier than RMAU.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 | RMAU.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.36% | 7.26% | +7.10% |
Volatility (6M)Calculated over the trailing 6-month period | 35.20% | 22.50% | +12.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.72% | 25.55% | +18.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.53% | 17.31% | +18.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.85% | 17.48% | +16.37% |
SPGP.L vs. RMAU.L - Expense Ratio Comparison
SPGP.L has a 0.55% expense ratio, which is higher than RMAU.L's 0.22% expense ratio.
Dividends
SPGP.L vs. RMAU.L - Dividend Comparison
Neither SPGP.L nor RMAU.L has paid dividends to shareholders.
Frequently Asked Questions
SPGP.L and RMAU.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, RMAU.L is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
RMAU.L is cheaper with a 0.22% expense ratio, compared with 0.55% for SPGP.L.
SPGP.L is categorized as Gold, while RMAU.L is Commodities. SPGP.L tracks EMIX Global Mining Global Gold TR USD, while RMAU.L tracks LBMA Gold PM Price. They also come from different issuers: iShares and HANetf. Their fees differ too: 0.55% for SPGP.L and 0.22% for RMAU.L.
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