SPY vs. SGLP.L

Last updated Jun 16, 2026

SPY (State Street SPDR S&P 500 ETF) and SGLP.L (Invesco Physical Gold A) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while SGLP.L is a Gold fund tracking the Gold. Both are passively managed. Over the past 10 years, SPY returned 15.65%/yr vs 12.68%/yr for SGLP.L. At a 0.10 correlation, their price movements are largely independent. SPY charges 0.09%/yr vs 0.12%/yr for SGLP.L.

Performance

SPY vs. SGLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and Invesco Physical Gold A (SGLP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPY is traded in USD, while SGLP.L is traded in GBp. To make them comparable, the SGLP.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SPY achieves a 10.99% return, which is significantly higher than SGLP.L's 0.92% return. Over the past 10 years, SPY has outperformed SGLP.L with an annualized return of 15.65%, while SGLP.L has yielded a comparatively lower 12.68% annualized return.

SPY

• 1D: 1.76%
• 1M: 2.12%
• YTD: 10.99%
• 6M: 11.52%
• 1Y: 27.89%
• 3Y*: 21.15%
• 5Y*: 13.87%
• 10Y*: 15.65%

SGLP.L

• 1D: 3.22%
• 1M: -4.30%
• YTD: 0.92%
• 6M: 1.31%
• 1Y: 27.18%
• 3Y*: 30.28%
• 5Y*: 18.61%
• 10Y*: 12.68%

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

SPY vs. SGLP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPY State Street SPDR S&P 500 ETF	10.99%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%
SGLP.L Invesco Physical Gold A	0.92%	65.19%	26.00%	12.92%	-0.12%	-3.76%	23.67%	19.25%	-1.60%	11.32%

Correlation

The correlation between SPY and SGLP.L is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jun 26, 2009	0.10

The correlation between SPY and SGLP.L shifts across timeframes, from 0.08 (10 years) to 0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPY vs. SGLP.L — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 77
SPY Sharpe Ratio Rank: 80
SPY Sortino Ratio Rank: 77
SPY Omega Ratio Rank: 79
SPY Calmar Ratio Rank: 69
SPY Martin Ratio Rank: 81

SGLP.L

SGLP.L Risk / Return Rank: 33
SGLP.L Sharpe Ratio Rank: 36
SGLP.L Sortino Ratio Rank: 32
SGLP.L Omega Ratio Rank: 40
SGLP.L Calmar Ratio Rank: 28
SGLP.L Martin Ratio Rank: 30

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.

SPY vs. SGLP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Invesco Physical Gold A (SGLP.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.

	SPY	SGLP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.09	+1.18
Sortino ratio: Return per unit of downside risk	3.05	1.50	+1.55
Omega ratio: Gain probability vs. loss probability	1.41	1.21	+0.20
Calmar ratio: Return relative to maximum drawdown	3.15	1.19	+1.96
Martin ratio: Return relative to average drawdown	14.24	3.58	+10.66

SPY vs. SGLP.L - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 2.27, which is higher than the SGLP.L Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of SPY and SGLP.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

SPY vs. SGLP.L - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum SGLP.L drawdown of -66.38%. Use the drawdown chart below to compare losses from any high point for SPY and SGLP.L.

Drawdown Indicators

	SPY	SGLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-66.38%	+11.19%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-22.75%	+13.87%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-22.75%	+3.99%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	-22.75%	-1.75%
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	-22.75%	-10.97%
Current Drawdown Current decline from peak	-0.62%	-18.12%	+17.50%
Average Drawdown Average peak-to-trough decline	-9.04%	-39.75%	+30.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	7.57%	-5.61%

Volatility

SPY vs. SGLP.L - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.62%, while Invesco Physical Gold A (SGLP.L) has a volatility of 8.06%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than SGLP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	SGLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.62%	8.06%	-3.44%
Volatility (6M) Calculated over the trailing 6-month period	9.73%	21.83%	-12.10%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	24.93%	-12.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.14%	22.69%	-5.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.98%	18.79%	-0.81%

SPY vs. SGLP.L - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than SGLP.L's 0.12% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPY vs. SGLP.L - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 0.98%, while SGLP.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SGLP.L Invesco Physical Gold A	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPY and SGLP.L in my portfolio?

SPY and SGLP.L have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPY or SGLP.L?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPY or SGLP.L?

SPY is cheaper with a 0.09% expense ratio, compared with 0.12% for SGLP.L.

What is the main difference between SPY and SGLP.L?

SPY is categorized as S&P 500, while SGLP.L is Gold. SPY tracks S&P 500 Index, while SGLP.L tracks Gold. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.09% for SPY and 0.12% for SGLP.L.