VEVE.L vs. SGLP.L

Last updated Jun 14, 2026

VEVE.L (Vanguard FTSE Developed World UCITS ETF Distributing) and SGLP.L (Invesco Physical Gold A) are both exchange-traded funds - VEVE.L is a Global Equities fund tracking the MSCI ACWI NR USD, while SGLP.L is a Precious Metals fund tracking the Gold. Both are passively managed. Over the past 10 years, VEVE.L returned 14.06%/yr vs 13.00%/yr for SGLP.L. At a 0.07 correlation, their price movements are largely independent. Both charge a 0.12% expense ratio.

Performance

VEVE.L vs. SGLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Vanguard FTSE Developed World UCITS ETF Distributing (VEVE.L) and Invesco Physical Gold A (SGLP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, VEVE.L achieves a 10.77% return, which is significantly higher than SGLP.L's -1.79% return. Over the past 10 years, VEVE.L has outperformed SGLP.L with an annualized return of 14.06%, while SGLP.L has yielded a comparatively lower 13.00% annualized return.

VEVE.L

• 1D: 1.79%
• 1M: 0.63%
• YTD: 10.77%
• 6M: 11.37%
• 1Y: 28.30%
• 3Y*: 17.81%
• 5Y*: 12.89%
• 10Y*: 14.06%

SGLP.L

• 1D: 2.85%
• 1M: -9.58%
• YTD: -1.79%
• 6M: -1.95%
• 1Y: 24.73%
• 3Y*: 26.66%
• 5Y*: 18.64%
• 10Y*: 13.00%

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

VEVE.L vs. SGLP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VEVE.L Vanguard FTSE Developed World UCITS ETF Distributing	10.77%	13.81%	20.22%	17.46%	-8.34%	22.68%	12.44%	22.89%	-4.39%	12.62%
SGLP.L Invesco Physical Gold A	-1.79%	53.60%	28.14%	7.26%	11.83%	-2.88%	19.99%	14.65%	4.31%	1.64%

Correlation

The correlation between VEVE.L and SGLP.L is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Sep 30, 2014	0.07

The correlation between VEVE.L and SGLP.L shifts across timeframes, from 0.04 (5 years) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

VEVE.L vs. SGLP.L — Risk / Return Rank

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

VEVE.L

VEVE.L Risk / Return Rank: 87
VEVE.L Sharpe Ratio Rank: 89
VEVE.L Sortino Ratio Rank: 89
VEVE.L Omega Ratio Rank: 89
VEVE.L Calmar Ratio Rank: 84
VEVE.L Martin Ratio Rank: 87

SGLP.L

SGLP.L Risk / Return Rank: 32
SGLP.L Sharpe Ratio Rank: 35
SGLP.L Sortino Ratio Rank: 31
SGLP.L Omega Ratio Rank: 38
SGLP.L Calmar Ratio Rank: 27
SGLP.L Martin Ratio Rank: 28

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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed World UCITS ETF Distributing (VEVE.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.

	VEVE.L	SGLP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.59	1.09	+1.50
Sortino ratio: Return per unit of downside risk	3.57	1.49	+2.08
Omega ratio: Gain probability vs. loss probability	1.49	1.22	+0.27
Calmar ratio: Return relative to maximum drawdown	3.96	1.13	+2.83
Martin ratio: Return relative to average drawdown	15.94	3.52	+12.42

VEVE.L vs. SGLP.L - Sharpe Ratio Comparison

The current VEVE.L Sharpe Ratio is 2.59, which is higher than the SGLP.L Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of VEVE.L 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

VEVE.L vs. SGLP.L - Drawdown Comparison

The maximum VEVE.L drawdown since its inception was -25.53%, smaller than the maximum SGLP.L drawdown of -63.75%. Use the drawdown chart below to compare losses from any high point for VEVE.L and SGLP.L.

Drawdown Indicators

	VEVE.L	SGLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.53%	-63.75%	+38.22%
Max Drawdown (1Y) Largest decline over 1 year	-6.94%	-22.82%	+15.88%
Max Drawdown (3Y) Largest decline over 3 years	-18.34%	-22.82%	+4.48%
Max Drawdown (5Y) Largest decline over 5 years	-18.34%	-22.82%	+4.48%
Max Drawdown (10Y) Largest decline over 10 years	-25.53%	-22.82%	-2.71%
Current Drawdown Current decline from peak	-1.32%	-20.62%	+19.30%
Average Drawdown Average peak-to-trough decline	-3.41%	-31.72%	+28.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.73%	7.35%	-5.62%

Volatility

VEVE.L vs. SGLP.L - Volatility Comparison

The current volatility for Vanguard FTSE Developed World UCITS ETF Distributing (VEVE.L) is 3.53%, while Invesco Physical Gold A (SGLP.L) has a volatility of 6.68%. This indicates that VEVE.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.

Volatility by Period

	VEVE.L	SGLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	6.68%	-3.15%
Volatility (6M) Calculated over the trailing 6-month period	7.96%	20.61%	-12.65%
Volatility (1Y) Calculated over the trailing 1-year period	10.64%	23.66%	-13.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.14%	21.71%	-8.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.35%	18.76%	-4.41%

VEVE.L vs. SGLP.L - Expense Ratio Comparison

Both VEVE.L and SGLP.L have an expense ratio of 0.12%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

VEVE.L vs. SGLP.L - Dividend Comparison

VEVE.L's dividend yield for the trailing twelve months is around 1.24%, 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%
VEVE.L Vanguard FTSE Developed World UCITS ETF Distributing	1.24%	1.38%	1.48%	1.71%	1.98%	1.46%	1.62%	1.95%	2.24%	1.93%	1.88%	2.03%

Frequently Asked Questions

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

VEVE.L and SGLP.L have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VEVE.L or SGLP.L?

Both ETFs have the same 0.12% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VEVE.L or SGLP.L?

VEVE.L and SGLP.L have the same expense ratio: 0.12% per year.

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

VEVE.L is categorized as Global Equities, while SGLP.L is Precious Metals. VEVE.L tracks MSCI ACWI NR USD, while SGLP.L tracks Gold. They also come from different issuers: Vanguard and Invesco.