SPGP.L vs. SILG.L
SPGP.L (iShares Gold Producers UCITS ETF) and SILG.L (Global X Silver Miners UCITS ETF USD Accumulating) are both exchange-traded funds - SPGP.L is a Precious Metals fund tracking the EMIX Global Mining Global Gold TR USD, while SILG.L is a Silver fund tracking the Solactive Global Silver Miners Total Return v2 Index. Both are passively managed. Over the past 3 years, SPGP.L returned 38.07%/yr vs 45.46%/yr for SILG.L. Their correlation of 0.85 suggests significant overlap in exposure. SPGP.L charges 0.55%/yr vs 0.65%/yr for SILG.L.
Performance
SPGP.L vs. SILG.L - Performance Comparison
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Different Trading Currencies
SPGP.L is traded in GBp, while SILG.L is traded in GBP. To make them comparable, the SILG.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 0.82% return, which is significantly lower than SILG.L's 5.25% 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%
SILG.L
- 1D
- -4.05%
- 1M
- 0.92%
- YTD
- 5.25%
- 6M
- 14.13%
- 1Y
- 102.76%
- 3Y*
- 45.46%
- 5Y*
- —
- 10Y*
- —
SPGP.L vs. SILG.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPGP.L iShares Gold Producers UCITS ETF | 0.82% | 137.41% | 12.81% | 3.72% | -11.23% |
SILG.L Global X Silver Miners UCITS ETF USD Accumulating | 5.25% | 153.98% | 13.53% | -6.34% | -8.01% |
Correlation
The correlation between SPGP.L and SILG.L is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since May 9, 2022 | 0.85 |
The correlation between SPGP.L and SILG.L has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.
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Return for Risk
SPGP.L vs. SILG.L — Risk / Return Rank
SPGP.L
SILG.L
SPGP.L vs. SILG.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF (SPGP.L) and Global X Silver Miners UCITS ETF USD Accumulating (SILG.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 | SILG.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.31 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 3.29 | -0.98 |
| Martin ratioReturn relative to average drawdown | 5.97 | 8.07 | -2.10 |
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 | SILG.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.58 | 2.06 | -0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | — | — |
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 | 0.67 | -0.56 |
Drawdowns
SPGP.L vs. SILG.L - Drawdown Comparison
The maximum SPGP.L drawdown since its inception was -79.54%, which is greater than SILG.L's maximum drawdown of -32.00%. Use the drawdown chart below to compare losses from any high point for SPGP.L and SILG.L.
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Drawdown Indicators
| SPGP.L | SILG.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.54% | -32.00% | -47.54% |
Max Drawdown (1Y)Largest decline over 1 year | -27.66% | -30.90% | +3.24% |
Max Drawdown (3Y)Largest decline over 3 years | -27.66% | -30.90% | +3.24% |
Max Drawdown (5Y)Largest decline over 5 years | -34.81% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -43.71% | — | — |
Current DrawdownCurrent decline from peak | -24.50% | -24.83% | +0.33% |
Average DrawdownAverage peak-to-trough decline | -42.31% | -12.50% | -29.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.71% | 12.64% | -1.93% |
Volatility
SPGP.L vs. SILG.L - Volatility Comparison
The current volatility for iShares Gold Producers UCITS ETF (SPGP.L) is 13.09%, while Global X Silver Miners UCITS ETF USD Accumulating (SILG.L) has a volatility of 18.54%. This indicates that SPGP.L experiences smaller price fluctuations and is considered to be less risky than SILG.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 | SILG.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.09% | 18.54% | -5.45% |
Volatility (6M)Calculated over the trailing 6-month period | 32.24% | 40.08% | -7.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.30% | 49.23% | -8.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.56% | 39.42% | -7.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.32% | 39.42% | -7.10% |
SPGP.L vs. SILG.L - Expense Ratio Comparison
SPGP.L has a 0.55% expense ratio, which is lower than SILG.L's 0.65% expense ratio.
Dividends
SPGP.L vs. SILG.L - Dividend Comparison
Neither SPGP.L nor SILG.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.91, SPGP.L and SILG.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.
On fees, SPGP.L is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPGP.L is cheaper with a 0.55% expense ratio, compared with 0.65% for SILG.L.
SPGP.L is categorized as Precious Metals, while SILG.L is Silver. SPGP.L tracks EMIX Global Mining Global Gold TR USD, while SILG.L tracks Solactive Global Silver Miners Total Return v2 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.55% for SPGP.L and 0.65% for SILG.L.
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