SPPP.L vs. GLDM
SPPP.L (Invesco Physical Platinum) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - SPPP.L is a Precious Metals fund tracking the Platinum, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, SPPP.L returned 11.26%/yr vs 19.98%/yr for GLDM. At a 0.26 correlation, their price movements are largely independent. SPPP.L charges 0.19%/yr vs 0.10%/yr for GLDM.
Performance
SPPP.L vs. GLDM - Performance Comparison
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Different Trading Currencies
SPPP.L is traded in GBp, while GLDM is traded in USD. To make them comparable, the GLDM values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, SPPP.L achieves a -5.12% return, which is significantly lower than GLDM's 4.29% return.
SPPP.L
- 1D
- 0.34%
- 1M
- -3.04%
- YTD
- -5.12%
- 6M
- 13.96%
- 1Y
- 74.71%
- 3Y*
- 17.70%
- 5Y*
- 11.26%
- 10Y*
- 7.15%
GLDM
- 1D
- 0.84%
- 1M
- -0.72%
- YTD
- 4.29%
- 6M
- 5.67%
- 1Y
- 33.99%
- 3Y*
- 28.29%
- 5Y*
- 19.98%
- 10Y*
- —
SPPP.L vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPPP.L Invesco Physical Platinum | -5.12% | 104.81% | -8.43% | -10.70% | 22.05% | -6.96% | 4.80% | 17.40% | -6.69% |
GLDM SPDR Gold MiniShares Trust | 4.29% | 52.51% | 29.30% | 7.39% | 11.37% | -3.10% | 21.42% | 13.60% | 5.58% |
Correlation
The correlation between SPPP.L and GLDM is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018 | 0.26 |
Over the past year, SPPP.L and GLDM have become more correlated (0.47) than their long-term average of 0.26, meaning their price movements have been converging.
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Return for Risk
SPPP.L vs. GLDM — Risk / Return Rank
SPPP.L
GLDM
SPPP.L vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Physical Platinum (SPPP.L) and SPDR Gold MiniShares Trust (GLDM). 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.
| SPPP.L | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.27 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.21 | 1.92 | +0.28 |
| Martin ratioReturn relative to average drawdown | 4.60 | 4.77 | -0.18 |
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
| SPPP.L | GLDM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.57 | 1.36 | +0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.51 | 1.20 | -0.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 1.06 | -0.82 |
Drawdowns
SPPP.L vs. GLDM - Drawdown Comparison
The maximum SPPP.L drawdown since its inception was -44.86%, which is greater than GLDM's maximum drawdown of -22.68%. Use the drawdown chart below to compare losses from any high point for SPPP.L and GLDM.
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Drawdown Indicators
| SPPP.L | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.86% | -22.68% | -22.18% |
Max Drawdown (1Y)Largest decline over 1 year | -33.68% | -17.75% | -15.93% |
Max Drawdown (3Y)Largest decline over 3 years | -33.68% | -17.75% | -15.93% |
Max Drawdown (5Y)Largest decline over 5 years | -33.68% | -17.75% | -15.93% |
Max Drawdown (10Y)Largest decline over 10 years | -44.86% | — | — |
Current DrawdownCurrent decline from peak | -32.01% | -16.07% | -15.94% |
Average DrawdownAverage peak-to-trough decline | -18.87% | -5.89% | -12.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.21% | 7.14% | +9.07% |
Volatility
SPPP.L vs. GLDM - Volatility Comparison
Invesco Physical Platinum (SPPP.L) has a higher volatility of 10.55% compared to SPDR Gold MiniShares Trust (GLDM) at 4.70%. This indicates that SPPP.L's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPPP.L | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.55% | 4.70% | +5.85% |
Volatility (6M)Calculated over the trailing 6-month period | 41.83% | 21.61% | +20.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.25% | 25.07% | +22.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.09% | 16.66% | +23.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.97% | 16.09% | +20.88% |
SPPP.L vs. GLDM - Expense Ratio Comparison
SPPP.L has a 0.19% expense ratio, which is higher than GLDM's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPPP.L vs. GLDM - Dividend Comparison
Neither SPPP.L nor GLDM has paid dividends to shareholders.
Frequently Asked Questions
SPPP.L and GLDM have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLDM is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.19% for SPPP.L.
SPPP.L is categorized as Precious Metals, while GLDM is Gold. SPPP.L tracks Platinum, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.19% for SPPP.L and 0.10% for GLDM.
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