SUGA.L vs. GLD

Last updated Jun 5, 2026

SUGA.L (WisdomTree Sugar) and GLD (SPDR Gold Shares) are both exchange-traded funds - SUGA.L is a Agricultural Commodities fund tracking the Bloomberg Sugar, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SUGA.L returned -2.92%/yr vs 13.21%/yr for GLD. At a 0.10 correlation, their price movements are largely independent. SUGA.L charges 0.49%/yr vs 0.40%/yr for GLD.

Performance

SUGA.L vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Sugar (SUGA.L) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SUGA.L achieves a -3.17% return, which is significantly lower than GLD's 3.77% return. Over the past 10 years, SUGA.L has underperformed GLD with an annualized return of -2.92%, while GLD has yielded a comparatively higher 13.21% annualized return.

SUGA.L

• 1D: -0.86%
• 1M: -7.18%
• YTD: -3.17%
• 6M: -2.16%
• 1Y: -17.30%
• 3Y*: -11.77%
• 5Y*: 1.18%
• 10Y*: -2.92%

GLD

• 1D: 0.83%
• 1M: -1.67%
• YTD: 3.77%
• 6M: 6.24%
• 1Y: 32.28%
• 3Y*: 31.19%
• 5Y*: 18.35%
• 10Y*: 13.21%

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

SUGA.L vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SUGA.L WisdomTree Sugar	-3.17%	-17.47%	-5.25%	23.23%	11.54%	23.41%	6.59%	-0.53%	-24.60%	-27.09%
GLD SPDR Gold Shares	3.77%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between SUGA.L and GLD is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Sep 28, 2006	0.10

The correlation between SUGA.L and GLD shifts across timeframes, from -0.03 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

SUGA.L vs. GLD - Sectors Allocation Comparison

Sectors	SUGA.L	GLD
Basic Materials	100.0%	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SUGA.L vs. GLD — Risk / Return Rank

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

SUGA.L

SUGA.L Risk / Return Rank: 3
SUGA.L Sharpe Ratio Rank: 3
SUGA.L Sortino Ratio Rank: 3
SUGA.L Omega Ratio Rank: 4
SUGA.L Calmar Ratio Rank: 2
SUGA.L Martin Ratio Rank: 2

GLD

GLD Risk / Return Rank: 34
GLD Sharpe Ratio Rank: 35
GLD Sortino Ratio Rank: 31
GLD Omega Ratio Rank: 38
GLD Calmar Ratio Rank: 35
GLD Martin Ratio Rank: 29

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.

SUGA.L vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Sugar (SUGA.L) and SPDR Gold Shares (GLD). 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.

	SUGA.L	GLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	1.22	-1.92
Sortino ratio: Return per unit of downside risk	-0.89	1.61	-2.50
Omega ratio: Gain probability vs. loss probability	0.90	1.24	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.79	1.69	-2.48
Martin ratio: Return relative to average drawdown	-1.31	4.15	-5.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SUGA.L vs. GLD - Sharpe Ratio Comparison

The current SUGA.L Sharpe Ratio is -0.70, which is lower than the GLD Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of SUGA.L and GLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SUGA.L	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.70	1.22	-1.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	1.02	-0.98
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.11	0.83	-0.94
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.60	-0.70

Drawdowns

SUGA.L vs. GLD - Drawdown Comparison

The maximum SUGA.L drawdown since its inception was -83.65%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SUGA.L and GLD.

Drawdown Indicators

	SUGA.L	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-83.65%	-45.56%	-38.09%
Max Drawdown (1Y) Largest decline over 1 year	-21.69%	-19.21%	-2.48%
Max Drawdown (3Y) Largest decline over 3 years	-43.76%	-19.21%	-24.55%
Max Drawdown (5Y) Largest decline over 5 years	-43.76%	-21.03%	-22.73%
Max Drawdown (10Y) Largest decline over 10 years	-67.83%	-22.00%	-45.83%
Current Drawdown Current decline from peak	-68.67%	-17.07%	-51.60%
Average Drawdown Average peak-to-trough decline	-51.34%	-16.16%	-35.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.20%	7.81%	+5.39%

Volatility

SUGA.L vs. GLD - Volatility Comparison

WisdomTree Sugar (SUGA.L) has a higher volatility of 8.76% compared to SPDR Gold Shares (GLD) at 5.50%. This indicates that SUGA.L's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SUGA.L	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.76%	5.50%	+3.26%
Volatility (6M) Calculated over the trailing 6-month period	18.33%	23.16%	-4.83%
Volatility (1Y) Calculated over the trailing 1-year period	24.70%	26.60%	-1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.12%	18.00%	+7.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.90%	15.95%	+9.95%

SUGA.L vs. GLD - Expense Ratio Comparison

SUGA.L has a 0.49% expense ratio, which is higher than GLD's 0.40% expense ratio.

Dividends

SUGA.L vs. GLD - Dividend Comparison

Neither SUGA.L nor GLD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SUGA.L and GLD in my portfolio?

SUGA.L and GLD have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SUGA.L or GLD?

On fees, GLD is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SUGA.L or GLD?

GLD is cheaper with a 0.40% expense ratio, compared with 0.49% for SUGA.L.

What is the main difference between SUGA.L and GLD?

SUGA.L is categorized as Agricultural Commodities, while GLD is Gold. SUGA.L tracks Bloomberg Sugar, while GLD tracks LBMA Gold Price PM. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.49% for SUGA.L and 0.40% for GLD.