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SPGP.L vs. TDGB.L
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPGP.L vs. TDGB.L

Last updated Jun 5, 2026

SPGP.L (iShares Gold Producers UCITS ETF) and TDGB.L (VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF) are both exchange-traded funds - SPGP.L is a Precious Metals fund tracking the EMIX Global Mining Global Gold TR USD, while TDGB.L is a Global Equities fund tracking the Morningstar Developed Markets Large Cap Dividend Leaders Screened Select Index. Both are passively managed. Over the past 5 years, SPGP.L returned 19.91%/yr vs 17.70%/yr for TDGB.L. At a 0.15 correlation, their price movements are largely independent. SPGP.L charges 0.55%/yr vs 0.38%/yr for TDGB.L.

Performance

SPGP.L vs. TDGB.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares Gold Producers UCITS ETF (SPGP.L) and VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.L). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

SPGP.L is traded in GBp, while TDGB.L is traded in GBP. To make them comparable, the TDGB.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 1.44% return, which is significantly lower than TDGB.L's 8.92% return.

SPGP.L

1D
0.61%
1M
0.17%
YTD
1.44%
6M
6.67%
1Y
64.79%
3Y*
38.31%
5Y*
19.91%
10Y*
14.96%

TDGB.L

1D
0.48%
1M
0.92%
YTD
8.92%
6M
11.81%
1Y
29.32%
3Y*
20.13%
5Y*
17.70%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPGP.L vs. TDGB.L - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
SPGP.L
iShares Gold Producers UCITS ETF		1.44%137.41%12.81%3.72%-0.45%-9.15%19.43%43.29%
TDGB.L
VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF		8.92%30.88%10.65%9.06%22.49%19.59%-5.61%10.74%

Correlation

The correlation between SPGP.L and TDGB.L is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.10

Correlation (3Y)
Calculated over the trailing 3-year period

0.19

Correlation (5Y)
Calculated over the trailing 5-year period

0.19

Correlation (All Time)
Calculated using the full available price history since Jan 21, 2019

0.15

SPGP.L vs. TDGB.L - Sectors Allocation Comparison

Sectors
SPGP.L
TDGB.L

Basic Materials

99.8%
1.2%

Industrials

0.2%
3.9%

Communication Services

-

8.7%

Consumer Cyclical

-

3.8%

Consumer Defensive

-

10.1%

Energy

-

19.7%

Financial Services

-

31.7%

Healthcare

-

14.4%

Real Estate

-

0.0%

Technology

-

0.3%

Utilities

-

6.2%

Basic Materials

SPGP.L
99.8%
TDGB.L
1.2%

Industrials

SPGP.L
0.2%
TDGB.L
3.9%

Communication Services

SPGP.L

-

TDGB.L
8.7%

Consumer Cyclical

SPGP.L

-

TDGB.L
3.8%

Consumer Defensive

SPGP.L

-

TDGB.L
10.1%

Energy

SPGP.L

-

TDGB.L
19.7%

Financial Services

SPGP.L

-

TDGB.L
31.7%

Healthcare

SPGP.L

-

TDGB.L
14.4%

Real Estate

SPGP.L

-

TDGB.L
0.0%

Technology

SPGP.L

-

TDGB.L
0.3%

Utilities

SPGP.L

-

TDGB.L
6.2%

Compare stocks, funds, or ETFs

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iShares Gold Producers UCITS ETF

VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF

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Often compared with TDGB.L:
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Return for Risk

SPGP.L vs. TDGB.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPGP.L
SPGP.L Risk / Return Rank: 4343
Overall Rank
SPGP.L Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
SPGP.L Sortino Ratio Rank: 4141
Sortino Ratio Rank
SPGP.L Omega Ratio Rank: 4242
Omega Ratio Rank
SPGP.L Calmar Ratio Rank: 4848
Calmar Ratio Rank
SPGP.L Martin Ratio Rank: 3939
Martin Ratio Rank
TDGB.L
TDGB.L Risk / Return Rank: 9191
Overall Rank
TDGB.L Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
TDGB.L Sortino Ratio Rank: 9292
Sortino Ratio Rank
TDGB.L Omega Ratio Rank: 9191
Omega Ratio Rank
TDGB.L Calmar Ratio Rank: 9292
Calmar Ratio Rank
TDGB.L Martin Ratio Rank: 9090
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPGP.L vs. TDGB.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Producers UCITS ETF (SPGP.L) and VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.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.LTDGB.LDifference
Sharpe ratioReturn per unit of total volatility
1.60
3.15

-1.54

Sortino ratioReturn per unit of downside risk
2.06
4.38

-2.33

Omega ratioGain probability vs. loss probability

1.27

1.59

-0.32

Calmar ratioReturn relative to maximum drawdown

2.33

6.26

-3.93

Martin ratioReturn relative to average drawdown

5.97

20.72

-14.74

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPGP.L vs. TDGB.L - Sharpe Ratio Comparison

The current SPGP.L Sharpe Ratio is 1.60, which is lower than the TDGB.L Sharpe Ratio of 3.15. The chart below compares the historical Sharpe Ratios of SPGP.L and TDGB.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SPGP.LTDGB.LDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.60

3.15

-1.54

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.63

1.55

-0.92

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.46

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.12

0.98

-0.86

Drawdowns

SPGP.L vs. TDGB.L - Drawdown Comparison

The maximum SPGP.L drawdown since its inception was -79.54%, which is greater than TDGB.L's maximum drawdown of -29.60%. Use the drawdown chart below to compare losses from any high point for SPGP.L and TDGB.L.

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Drawdown Indicators

SPGP.LTDGB.LDifference

Max Drawdown

Largest peak-to-trough decline

-79.54%

-29.60%

-49.94%

Max Drawdown (1Y)

Largest decline over 1 year

-27.66%

-4.66%

-23.00%

Max Drawdown (3Y)

Largest decline over 3 years

-27.66%

-12.41%

-15.25%

Max Drawdown (5Y)

Largest decline over 5 years

-34.81%

-12.41%

-22.40%

Max Drawdown (10Y)

Largest decline over 10 years

-43.71%

—

—

Current Drawdown

Current decline from peak

-24.04%

-1.47%

-22.57%

Average Drawdown

Average peak-to-trough decline

-42.31%

-3.70%

-38.61%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.81%

1.41%

+9.40%

Volatility

SPGP.L vs. TDGB.L - Volatility Comparison

iShares Gold Producers UCITS ETF (SPGP.L) has a higher volatility of 13.10% compared to VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF (TDGB.L) at 2.49%. This indicates that SPGP.L's price experiences larger fluctuations and is considered to be riskier than TDGB.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.LTDGB.LDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.10%

2.49%

+10.61%

Volatility (6M)

Calculated over the trailing 6-month period

32.23%

7.01%

+25.22%

Volatility (1Y)

Calculated over the trailing 1-year period

40.28%

9.28%

+31.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.56%

11.42%

+20.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.31%

14.44%

+17.87%

SPGP.L vs. TDGB.L - Expense Ratio Comparison

SPGP.L has a 0.55% expense ratio, which is higher than TDGB.L's 0.38% expense ratio.

Dividends

SPGP.L vs. TDGB.L - Dividend Comparison

SPGP.L has not paid dividends to shareholders, while TDGB.L's dividend yield for the trailing twelve months is around 3.20%.

PositionTTM2025202420232022202120202019
SPGP.L
iShares Gold Producers UCITS ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
TDGB.L
VanEck Morningstar Developed Markets Dividend Leaders UCITS ETF		3.20%3.50%4.27%4.93%4.40%4.06%4.16%4.52%

Frequently Asked Questions

SPGP.L and TDGB.L have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, TDGB.L is cheaper at 0.38% per year. The better choice depends on whether you care most about return, fees, risk, or income.

TDGB.L is cheaper with a 0.38% expense ratio, compared with 0.55% for SPGP.L.

SPGP.L is categorized as Precious Metals, while TDGB.L is Global Equities. SPGP.L tracks EMIX Global Mining Global Gold TR USD, while TDGB.L tracks Morningstar Developed Markets Large Cap Dividend Leaders Screened Select Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.55% for SPGP.L and 0.38% for TDGB.L.

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