SPPP.L vs. FRES.L

Last updated Jul 1, 2026

SPPP.L (Invesco Physical Platinum) is Precious Metals fund tracking the Platinum, while FRES.L (Fresnillo plc) is a stock. Over the past 10 years, SPPP.L returned 3.71%/yr vs 7.10%/yr for FRES.L. At a 0.44 correlation, their price movements are largely independent.

Performance

SPPP.L vs. FRES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco Physical Platinum (SPPP.L) and Fresnillo plc (FRES.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPPP.L achieves a -20.95% return, which is significantly lower than FRES.L's -15.96% return. Over the past 10 years, SPPP.L has underperformed FRES.L with an annualized return of 3.71%, while FRES.L has yielded a comparatively higher 7.10% annualized return.

SPPP.L

• 1D: -1.64%
• 1M: -17.86%
• YTD: -20.95%
• 6M: -28.29%
• 1Y: 20.98%
• 3Y*: 17.64%
• 5Y*: 8.18%
• 10Y*: 3.71%

FRES.L

• 1D: -1.44%
• 1M: -16.59%
• YTD: -15.96%
• 6M: -17.88%
• 1Y: 96.36%
• 3Y*: 70.39%
• 5Y*: 31.92%
• 10Y*: 7.10%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPPP.L vs. FRES.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPPP.L Invesco Physical Platinum	-20.95%	104.81%	-8.43%	-10.70%	24.01%	-10.35%	7.05%	17.67%	-9.95%	-6.88%
FRES.L Fresnillo plc	-15.96%	468.21%	6.13%	-32.98%	3.90%	-18.79%	78.92%	-24.01%	-38.26%	18.98%

Correlation

The correlation between SPPP.L and FRES.L is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Jun 30, 2014	0.44

The correlation between SPPP.L and FRES.L shifts across timeframes, from 0.44 (10 years) to 0.60 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPPP.L vs. FRES.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPPP.L

SPPP.L Risk / Return Rank: 16
SPPP.L Sharpe Ratio Rank: 16
SPPP.L Sortino Ratio Rank: 17
SPPP.L Omega Ratio Rank: 19
SPPP.L Calmar Ratio Rank: 15
SPPP.L Martin Ratio Rank: 14

FRES.L

FRES.L Risk / Return Rank: 82
FRES.L Sharpe Ratio Rank: 87
FRES.L Sortino Ratio Rank: 82
FRES.L Omega Ratio Rank: 80
FRES.L Calmar Ratio Rank: 82
FRES.L Martin Ratio Rank: 81

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.

SPPP.L vs. FRES.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Platinum (SPPP.L) and Fresnillo plc (FRES.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.

	SPPP.L	FRES.L	Difference
Sharpe ratio: Return per unit of total volatility	0.45	1.71	-1.26
Sortino ratio: Return per unit of downside risk	0.87	2.28	-1.41
Omega ratio: Gain probability vs. loss probability	1.12	1.28	-0.16
Calmar ratio: Return relative to maximum drawdown	0.48	2.59	-2.11
Martin ratio: Return relative to average drawdown	1.09	6.08	-5.00

SPPP.L vs. FRES.L - Sharpe Ratio Comparison

The current SPPP.L Sharpe Ratio is 0.45, which is lower than the FRES.L Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of SPPP.L and FRES.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.

Drawdowns

SPPP.L vs. FRES.L - Drawdown Comparison

The maximum SPPP.L drawdown since its inception was -44.86%, smaller than the maximum FRES.L drawdown of -82.49%. Use the drawdown chart below to compare losses from any high point for SPPP.L and FRES.L.

Drawdown Indicators

	SPPP.L	FRES.L	Difference
Max Drawdown Largest peak-to-trough decline	-44.86%	-82.49%	+37.63%
Max Drawdown (1Y) Largest decline over 1 year	-43.34%	-37.00%	-6.34%
Max Drawdown (3Y) Largest decline over 3 years	-43.34%	-37.00%	-6.34%
Max Drawdown (5Y) Largest decline over 5 years	-43.34%	-53.75%	+10.41%
Max Drawdown (10Y) Largest decline over 10 years	-44.86%	-74.56%	+29.70%
Current Drawdown Current decline from peak	-43.34%	-37.00%	-6.34%
Average Drawdown Average peak-to-trough decline	-19.62%	-42.85%	+23.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.23%	15.78%	+3.45%

Volatility

SPPP.L vs. FRES.L - Volatility Comparison

The current volatility for Invesco Physical Platinum (SPPP.L) is 10.41%, while Fresnillo plc (FRES.L) has a volatility of 16.50%. This indicates that SPPP.L experiences smaller price fluctuations and is considered to be less risky than FRES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPPP.L	FRES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.41%	16.50%	-6.09%
Volatility (6M) Calculated over the trailing 6-month period	39.73%	43.75%	-4.02%
Volatility (1Y) Calculated over the trailing 1-year period	46.36%	56.04%	-9.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.57%	42.80%	-12.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.77%	43.23%	-15.46%

Dividends

SPPP.L vs. FRES.L - Dividend Comparison

SPPP.L has not paid dividends to shareholders, while FRES.L's dividend yield for the trailing twelve months is around 3.47%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRES.L Fresnillo plc	3.47%	2.00%	1.36%	1.98%	2.44%	2.66%	1.00%	2.35%	3.49%	1.73%
SPPP.L Invesco Physical Platinum	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPPP.L and FRES.L in my portfolio?

SPPP.L and FRES.L have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.