SPGP.L vs. SGLD.L
SPGP.L (iShares Gold Producers UCITS ETF) and SGLD.L (Invesco Physical Gold ETC) are both Gold funds - SPGP.L tracks the EMIX Global Mining Global Gold TR USD while SGLD.L tracks the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SPGP.L returned 12.02%/yr vs 11.60%/yr for SGLD.L. A 0.70 correlation means they provide meaningful diversification when combined. SPGP.L charges 0.55%/yr vs 0.12%/yr for SGLD.L.
Performance
SPGP.L vs. SGLD.L - Performance Comparison
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Different Trading Currencies
SPGP.L is traded in GBp, while SGLD.L is traded in USD. To make them comparable, the SGLD.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 -8.95% return, which is significantly lower than SGLD.L's -4.73% return. Both investments have delivered pretty close results over the past 10 years, with SPGP.L having a 12.02% annualized return and SGLD.L not far behind at 11.60%.
SPGP.L
- 1D
- 0.99%
- 1M
- -11.17%
- YTD
- -8.95%
- 6M
- -12.81%
- 1Y
- 52.28%
- 3Y*
- 36.74%
- 5Y*
- 19.66%
- 10Y*
- 12.02%
SGLD.L
- 1D
- 0.15%
- 1M
- -9.03%
- YTD
- -4.73%
- 6M
- -8.41%
- 1Y
- 25.15%
- 3Y*
- 26.09%
- 5Y*
- 18.75%
- 10Y*
- 11.60%
SPGP.L vs. SGLD.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPGP.L iShares Gold Producers UCITS ETF | -8.95% | 137.41% | 12.81% | 3.72% | -0.45% | -9.15% | 19.43% | 41.00% | -4.37% | -2.80% |
SGLD.L Invesco Physical Gold ETC | -4.73% | 53.13% | 28.43% | 7.70% | 11.80% | -3.17% | 20.53% | 13.83% | 4.55% | 1.90% |
Correlation
The correlation between SPGP.L and SGLD.L is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2011 | 0.70 |
The correlation between SPGP.L and SGLD.L shifts across timeframes, from 0.67 (10 years) to 0.78 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPGP.L vs. SGLD.L — Risk / Return Rank
SPGP.L
SGLD.L
SPGP.L vs. SGLD.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF (SPGP.L) and Invesco Physical Gold ETC (SGLD.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 | SGLD.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.20 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 1.08 | +0.46 |
| Martin ratioReturn relative to average drawdown | 4.06 | 3.08 | +0.98 |
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Drawdowns
SPGP.L vs. SGLD.L - Drawdown Comparison
The maximum SPGP.L drawdown since its inception was -86.56%, which is greater than SGLD.L's maximum drawdown of -41.62%. Use the drawdown chart below to compare losses from any high point for SPGP.L and SGLD.L.
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Drawdown Indicators
| SPGP.L | SGLD.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.56% | -41.62% | -44.94% |
Max Drawdown (1Y)Largest decline over 1 year | -33.69% | -23.08% | -10.61% |
Max Drawdown (3Y)Largest decline over 3 years | -33.69% | -23.08% | -10.61% |
Max Drawdown (5Y)Largest decline over 5 years | -34.81% | -23.08% | -11.73% |
Max Drawdown (10Y)Largest decline over 10 years | -43.71% | -23.08% | -20.63% |
Current DrawdownCurrent decline from peak | -31.82% | -22.88% | -8.94% |
Average DrawdownAverage peak-to-trough decline | -60.17% | -13.52% | -46.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.85% | 8.14% | +4.71% |
Volatility
SPGP.L vs. SGLD.L - Volatility Comparison
iShares Gold Producers UCITS ETF (SPGP.L) has a higher volatility of 16.49% compared to Invesco Physical Gold ETC (SGLD.L) at 8.89%. This indicates that SPGP.L's price experiences larger fluctuations and is considered to be riskier than SGLD.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 | SGLD.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.49% | 8.89% | +7.60% |
Volatility (6M)Calculated over the trailing 6-month period | 35.13% | 22.44% | +12.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.80% | 25.18% | +17.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.26% | 17.03% | +18.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.81% | 15.84% | +17.97% |
SPGP.L vs. SGLD.L - Expense Ratio Comparison
SPGP.L has a 0.55% expense ratio, which is higher than SGLD.L's 0.12% expense ratio.
Dividends
SPGP.L vs. SGLD.L - Dividend Comparison
Neither SPGP.L nor SGLD.L has paid dividends to shareholders.
Frequently Asked Questions
SPGP.L and SGLD.L have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLD.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLD.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 SGLD.L tracks LBMA Gold Price PM. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.55% for SPGP.L and 0.12% for SGLD.L.
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