WCOG.L vs. GBSP.L
WCOG.L (WisdomTree Enhanced Commodity UCITS ETF USD) and GBSP.L (WisdomTree Physical Gold - GBP Daily Hedged) are both exchange-traded funds - WCOG.L is a Commodities fund tracking the Optimised Roll Commodity, while GBSP.L is a Precious Metals fund tracking the Gold (GBP Hedged). Both are passively managed. Over the past 10 years, WCOG.L returned 8.85%/yr vs 11.30%/yr for GBSP.L. At a 0.14 correlation, their price movements are largely independent. WCOG.L charges 0.35%/yr vs 0.25%/yr for GBSP.L.
Performance
WCOG.L vs. GBSP.L - Performance Comparison
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Returns By Period
In the year-to-date period, WCOG.L achieves a 31.19% return, which is significantly higher than GBSP.L's 3.18% return. Over the past 10 years, WCOG.L has underperformed GBSP.L with an annualized return of 8.85%, while GBSP.L has yielded a comparatively higher 11.30% annualized return.
WCOG.L
- 1D
- -1.18%
- 1M
- -1.93%
- YTD
- 31.19%
- 6M
- 31.55%
- 1Y
- 45.33%
- 3Y*
- 13.10%
- 5Y*
- 12.72%
- 10Y*
- 8.85%
GBSP.L
- 1D
- 0.76%
- 1M
- -2.40%
- YTD
- 3.18%
- 6M
- 5.51%
- 1Y
- 31.06%
- 3Y*
- 30.23%
- 5Y*
- 17.19%
- 10Y*
- 11.30%
WCOG.L vs. GBSP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WCOG.L WisdomTree Enhanced Commodity UCITS ETF USD | 31.19% | 7.94% | 4.45% | -12.14% | 26.35% | 28.38% | -2.08% | 3.07% | -3.67% | -4.31% |
GBSP.L WisdomTree Physical Gold - GBP Daily Hedged | 3.18% | 63.29% | 25.01% | 11.75% | -1.73% | -4.92% | 21.84% | 14.56% | -4.55% | 8.43% |
Correlation
The correlation between WCOG.L and GBSP.L is 0.06, 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 | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since May 5, 2016 | 0.14 |
The correlation between WCOG.L and GBSP.L shifts across timeframes, from 0.06 (1 year) to 0.16 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
WCOG.L vs. GBSP.L — Risk / Return Rank
WCOG.L
GBSP.L
WCOG.L vs. GBSP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Enhanced Commodity UCITS ETF USD (WCOG.L) and WisdomTree Physical Gold - GBP Daily Hedged (GBSP.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.
| WCOG.L | GBSP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.45 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.24 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 6.62 | 1.76 | +4.85 |
| Martin ratioReturn relative to average drawdown | 16.47 | 4.51 | +11.96 |
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
| WCOG.L | GBSP.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.52 | 1.25 | +1.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.83 | 0.99 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.63 | 0.72 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.65 | 0.38 | +0.27 |
Drawdowns
WCOG.L vs. GBSP.L - Drawdown Comparison
The maximum WCOG.L drawdown since its inception was -27.05%, smaller than the maximum GBSP.L drawdown of -37.30%. Use the drawdown chart below to compare losses from any high point for WCOG.L and GBSP.L.
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Drawdown Indicators
| WCOG.L | GBSP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.05% | -37.30% | +10.25% |
Max Drawdown (1Y)Largest decline over 1 year | -6.82% | -17.53% | +10.71% |
Max Drawdown (3Y)Largest decline over 3 years | -13.63% | -17.53% | +3.90% |
Max Drawdown (5Y)Largest decline over 5 years | -27.05% | -22.05% | -5.00% |
Max Drawdown (10Y)Largest decline over 10 years | -27.05% | -22.99% | -4.06% |
Current DrawdownCurrent decline from peak | -3.73% | -15.96% | +12.23% |
Average DrawdownAverage peak-to-trough decline | -10.98% | -17.52% | +6.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.75% | 6.88% | -4.13% |
Volatility
WCOG.L vs. GBSP.L - Volatility Comparison
WisdomTree Enhanced Commodity UCITS ETF USD (WCOG.L) and WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) have volatilities of 6.08% and 6.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WCOG.L | GBSP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.08% | 6.25% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 15.70% | 21.79% | -6.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.93% | 24.78% | -6.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.33% | 17.29% | -1.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.02% | 15.56% | -1.54% |
WCOG.L vs. GBSP.L - Expense Ratio Comparison
WCOG.L has a 0.35% expense ratio, which is higher than GBSP.L's 0.25% expense ratio.
Dividends
WCOG.L vs. GBSP.L - Dividend Comparison
WCOG.L's dividend yield for the trailing twelve months is around 2.68%, while GBSP.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
GBSP.L WisdomTree Physical Gold - GBP Daily Hedged | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
WCOG.L WisdomTree Enhanced Commodity UCITS ETF USD | 2.68% | 4.56% | 4.54% | 0.65% | 0.00% | 0.30% | 1.64% | 1.64% | 0.46% |
Frequently Asked Questions
WCOG.L and GBSP.L have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GBSP.L is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GBSP.L is cheaper with a 0.25% expense ratio, compared with 0.35% for WCOG.L.
WCOG.L is categorized as Commodities, while GBSP.L is Precious Metals. WCOG.L tracks Optimised Roll Commodity, while GBSP.L tracks Gold (GBP Hedged). Their fees differ too: 0.35% for WCOG.L and 0.25% for GBSP.L.
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