SWSBX vs. SGLP.L

Last updated Jun 20, 2026

SWSBX (Schwab Short-Term Bond Index Fund) and SGLP.L (Invesco Physical Gold A) are both funds - SWSBX is a Short-Term Bond fund tracking the Bloomberg US Government/Credit 1-5 Year Index, while SGLP.L is a Gold fund tracking the Gold. Both are passively managed. Over the past 5 years, SWSBX returned 1.30%/yr vs 18.37%/yr for SGLP.L. At a 0.28 correlation, their price movements are largely independent. SWSBX charges 0.06%/yr vs 0.12%/yr for SGLP.L.

Performance

SWSBX vs. SGLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Short-Term Bond Index Fund (SWSBX) and Invesco Physical Gold A (SGLP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SWSBX 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, SWSBX achieves a 0.13% return, which is significantly higher than SGLP.L's -3.62% return.

SWSBX

• 1D: 0.10%
• 1M: 0.24%
• YTD: 0.13%
• 6M: 0.49%
• 1Y: 3.32%
• 3Y*: 4.19%
• 5Y*: 1.30%
• 10Y*: —

SGLP.L

• 1D: -1.62%
• 1M: -8.07%
• YTD: -3.62%
• 6M: -4.48%
• 1Y: 23.33%
• 3Y*: 28.76%
• 5Y*: 18.37%
• 10Y*: 12.38%

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

SWSBX vs. SGLP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SWSBX Schwab Short-Term Bond Index Fund	0.13%	6.06%	3.42%	3.95%	-5.89%	-1.28%	4.47%	4.96%	1.34%	0.85%
SGLP.L Invesco Physical Gold A	-3.62%	65.19%	26.00%	12.92%	-0.12%	-3.76%	23.67%	19.25%	-1.60%	4.88%

Correlation

The correlation between SWSBX and SGLP.L is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Feb 23, 2017	0.28

Return for Risk

SWSBX vs. SGLP.L — Risk / Return Rank

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

SWSBX

SWSBX Risk / Return Rank: 40
SWSBX Sharpe Ratio Rank: 35
SWSBX Sortino Ratio Rank: 47
SWSBX Omega Ratio Rank: 43
SWSBX Calmar Ratio Rank: 40
SWSBX Martin Ratio Rank: 33

SGLP.L

SGLP.L Risk / Return Rank: 28
SGLP.L Sharpe Ratio Rank: 30
SGLP.L Sortino Ratio Rank: 27
SGLP.L Omega Ratio Rank: 32
SGLP.L Calmar Ratio Rank: 24
SGLP.L Martin Ratio Rank: 25

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.

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

This table presents a comparison of risk-adjusted performance metrics for Schwab Short-Term Bond Index Fund (SWSBX) 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.

	SWSBX	SGLP.L	Difference
Sharpe ratio: Return per unit of total volatility	1.54	0.91	+0.63
Sortino ratio: Return per unit of downside risk	2.57	1.30	+1.27
Omega ratio: Gain probability vs. loss probability	1.32	1.18	+0.14
Calmar ratio: Return relative to maximum drawdown	2.23	1.00	+1.23
Martin ratio: Return relative to average drawdown	6.87	2.86	+4.01

SWSBX vs. SGLP.L - Sharpe Ratio Comparison

The current SWSBX Sharpe Ratio is 1.54, which is higher than the SGLP.L Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of SWSBX 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

SWSBX vs. SGLP.L - Drawdown Comparison

The maximum SWSBX drawdown since its inception was -9.06%, smaller than the maximum SGLP.L drawdown of -66.38%. Use the drawdown chart below to compare losses from any high point for SWSBX and SGLP.L.

Drawdown Indicators

	SWSBX	SGLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-9.06%	-66.38%	+57.32%
Max Drawdown (1Y) Largest decline over 1 year	-1.54%	-22.75%	+21.21%
Max Drawdown (3Y) Largest decline over 3 years	-1.79%	-22.75%	+20.96%
Max Drawdown (5Y) Largest decline over 5 years	-9.06%	-22.75%	+13.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.75%	—
Current Drawdown Current decline from peak	-0.84%	-21.81%	+20.97%
Average Drawdown Average peak-to-trough decline	-1.79%	-39.74%	+37.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	7.97%	-7.47%

Volatility

SWSBX vs. SGLP.L - Volatility Comparison

The current volatility for Schwab Short-Term Bond Index Fund (SWSBX) is 0.72%, while Invesco Physical Gold A (SGLP.L) has a volatility of 7.99%. This indicates that SWSBX 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

	SWSBX	SGLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	7.99%	-7.27%
Volatility (6M) Calculated over the trailing 6-month period	1.68%	21.99%	-20.31%
Volatility (1Y) Calculated over the trailing 1-year period	2.23%	25.03%	-22.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.99%	22.64%	-19.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.47%	18.79%	-16.32%

SWSBX vs. SGLP.L - Expense Ratio Comparison

SWSBX has a 0.06% 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

SWSBX vs. SGLP.L - Dividend Comparison

SWSBX's dividend yield for the trailing twelve months is around 4.14%, while SGLP.L has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
SWSBX Schwab Short-Term Bond Index Fund	4.14%	4.09%	3.66%	2.36%	1.11%	0.97%	1.82%	2.41%	2.12%	1.56%

Frequently Asked Questions

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

SWSBX and SGLP.L have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.