T1AP.L vs. SGLP.L
T1AP.L (Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc)) and SGLP.L (Invesco Physical Gold A) are both exchange-traded funds - T1AP.L is a Ultrashort Bond fund tracking the Bloomberg US Treasury Coupons Index, while SGLP.L is a Gold fund tracking the Gold. Both are passively managed. Over the past 5 years, T1AP.L returned 4.05%/yr vs 17.67%/yr for SGLP.L. At a 0.15 correlation, their price movements are largely independent. T1AP.L charges 0.06%/yr vs 0.12%/yr for SGLP.L.
Performance
T1AP.L vs. SGLP.L - Performance Comparison
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Returns By Period
In the year-to-date period, T1AP.L achieves a 2.33% return, which is significantly higher than SGLP.L's -6.88% return.
T1AP.L
- 1D
- 0.32%
- 1M
- 0.33%
- 6M
- 1.66%
- YTD
- 2.33%
- 1Y
- 4.09%
- 3Y*
- 3.94%
- 5Y*
- 4.05%
- 10Y*
- —
SGLP.L
- 1D
- 0.18%
- 1M
- -8.29%
- 6M
- -13.10%
- YTD
- -6.88%
- 1Y
- 19.71%
- 3Y*
- 25.15%
- 5Y*
- 17.67%
- 10Y*
- 11.20%
T1AP.L vs. SGLP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
T1AP.L Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) | 2.33% | -2.78% | 6.89% | -0.80% | 12.56% | 1.28% | 7,301.82% |
SGLP.L Invesco Physical Gold A | -6.88% | 53.60% | 28.14% | 7.26% | 11.83% | -2.88% | 15.33% |
Correlation
The correlation between T1AP.L and SGLP.L is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2020 | 0.15 |
The correlation between T1AP.L and SGLP.L shifts across timeframes, from -0.20 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
T1AP.L vs. SGLP.L — Risk / Return Rank
T1AP.L
SGLP.L
T1AP.L vs. SGLP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) (T1AP.L) 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.
| T1AP.L | SGLP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.17 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.08 | 0.79 | +0.30 |
| Martin ratioReturn relative to average drawdown | 2.77 | 1.95 | +0.82 |
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Drawdowns
T1AP.L vs. SGLP.L - Drawdown Comparison
The maximum T1AP.L drawdown since its inception was -21.77%, smaller than the maximum SGLP.L drawdown of -63.75%. Use the drawdown chart below to compare losses from any high point for T1AP.L and SGLP.L.
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Drawdown Indicators
| T1AP.L | SGLP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.77% | -63.75% | +41.98% |
Max Drawdown (1Y)Largest decline over 1 year | -4.46% | -24.87% | +20.41% |
Max Drawdown (3Y)Largest decline over 3 years | -21.77% | -24.87% | +3.10% |
Max Drawdown (5Y)Largest decline over 5 years | -21.77% | -24.87% | +3.10% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.87% | — |
Current DrawdownCurrent decline from peak | -15.88% | -24.73% | +8.85% |
Average DrawdownAverage peak-to-trough decline | -14.05% | -31.66% | +17.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 10.09% | -8.34% |
Volatility
T1AP.L vs. SGLP.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond 0-1 Year UCITS ETF USD (Acc) (T1AP.L) is 1.64%, while Invesco Physical Gold A (SGLP.L) has a volatility of 6.47%. This indicates that T1AP.L 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.
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Volatility by Period
| T1AP.L | SGLP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 6.47% | -4.83% |
Volatility (6M)Calculated over the trailing 6-month period | 4.79% | 21.08% | -16.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.41% | 24.32% | -17.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.32% | 21.88% | -5.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2,962.48% | 18.28% | +2,944.20% |
T1AP.L vs. SGLP.L - Expense Ratio Comparison
T1AP.L 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
T1AP.L vs. SGLP.L - Dividend Comparison
Neither T1AP.L nor SGLP.L has paid dividends to shareholders.
Frequently Asked Questions
T1AP.L and SGLP.L have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, T1AP.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
T1AP.L is cheaper with a 0.06% expense ratio, compared with 0.12% for SGLP.L.
T1AP.L is categorized as Ultrashort Bond, while SGLP.L is Gold. T1AP.L tracks Bloomberg US Treasury Coupons Index, while SGLP.L tracks Gold. Their fees differ too: 0.06% for T1AP.L and 0.12% for SGLP.L.
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