TRSG.L vs. SGLP.L
TRSG.L (Invesco US Treasury Bond UCITS ETF Dist) and SGLP.L (Invesco Physical Gold A) are both exchange-traded funds - TRSG.L is a Government Bonds fund tracking the Bloomberg US Treasury Index, while SGLP.L is a Precious Metals fund tracking the Gold. Both are passively managed. Over the past 5 years, TRSG.L returned 0.70%/yr vs 19.87%/yr for SGLP.L. At a 0.31 correlation, their price movements are largely independent. TRSG.L charges 0.06%/yr vs 0.12%/yr for SGLP.L.
Performance
TRSG.L vs. SGLP.L - Performance Comparison
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Returns By Period
In the year-to-date period, TRSG.L achieves a -0.08% return, which is significantly lower than SGLP.L's 3.97% return.
TRSG.L
- 1D
- 0.21%
- 1M
- 0.99%
- YTD
- -0.08%
- 6M
- -0.58%
- 1Y
- 4.80%
- 3Y*
- 0.25%
- 5Y*
- 0.70%
- 10Y*
- —
SGLP.L
- 1D
- 0.70%
- 1M
- -3.54%
- YTD
- 3.97%
- 6M
- 5.23%
- 1Y
- 34.67%
- 3Y*
- 28.15%
- 5Y*
- 19.87%
- 10Y*
- 14.26%
TRSG.L vs. SGLP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TRSG.L Invesco US Treasury Bond UCITS ETF Dist | -0.08% | -0.91% | 2.57% | -1.87% | -1.86% | -1.12% | 4.13% | 4.56% |
SGLP.L Invesco Physical Gold A | 3.97% | 53.60% | 28.14% | 7.26% | 11.83% | -2.88% | 19.99% | 14.99% |
Correlation
The correlation between TRSG.L and SGLP.L is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2019 | 0.31 |
The correlation between TRSG.L and SGLP.L shifts across timeframes, from -0.07 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TRSG.L vs. SGLP.L — Risk / Return Rank
TRSG.L
SGLP.L
TRSG.L vs. SGLP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Treasury Bond UCITS ETF Dist (TRSG.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.
| TRSG.L | SGLP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.29 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 1.88 | -1.01 |
| Martin ratioReturn relative to average drawdown | 2.08 | 5.06 | -2.98 |
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
| TRSG.L | SGLP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.75 | 1.46 | -0.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | 1.23 | -1.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.91 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.07 | 0.53 | -0.46 |
Drawdowns
TRSG.L vs. SGLP.L - Drawdown Comparison
The maximum TRSG.L drawdown since its inception was -23.68%, smaller than the maximum SGLP.L drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for TRSG.L and SGLP.L.
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Drawdown Indicators
| TRSG.L | SGLP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.68% | -38.83% | +15.15% |
Max Drawdown (1Y)Largest decline over 1 year | -5.24% | -17.89% | +12.65% |
Max Drawdown (3Y)Largest decline over 3 years | -8.17% | -17.89% | +9.72% |
Max Drawdown (5Y)Largest decline over 5 years | -16.12% | -17.89% | +1.77% |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.34% | — |
Current DrawdownCurrent decline from peak | -18.65% | -15.97% | -2.68% |
Average DrawdownAverage peak-to-trough decline | -15.47% | -13.37% | -2.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.18% | 6.65% | -4.47% |
Volatility
TRSG.L vs. SGLP.L - Volatility Comparison
The current volatility for Invesco US Treasury Bond UCITS ETF Dist (TRSG.L) is 1.47%, while Invesco Physical Gold A (SGLP.L) has a volatility of 5.10%. This indicates that TRSG.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
| TRSG.L | SGLP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.47% | 5.10% | -3.63% |
Volatility (6M)Calculated over the trailing 6-month period | 4.45% | 19.90% | -15.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.05% | 23.02% | -16.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.71% | 16.11% | -7.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.42% | 15.72% | -6.30% |
TRSG.L vs. SGLP.L - Expense Ratio Comparison
TRSG.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
TRSG.L vs. SGLP.L - Dividend Comparison
TRSG.L's dividend yield for the trailing twelve months is around 4.24%, while SGLP.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
SGLP.L Invesco Physical Gold A | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TRSG.L Invesco US Treasury Bond UCITS ETF Dist | 4.24% | 4.22% | 4.16% | 3.85% | 1.94% | 1.12% | 1.69% | 2.01% |
Frequently Asked Questions
TRSG.L and SGLP.L have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TRSG.L is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TRSG.L is cheaper with a 0.06% expense ratio, compared with 0.12% for SGLP.L.
TRSG.L is categorized as Government Bonds, while SGLP.L is Precious Metals. TRSG.L tracks Bloomberg US Treasury Index, while SGLP.L tracks Gold. Their fees differ too: 0.06% for TRSG.L and 0.12% for SGLP.L.
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