X7PS.L vs. SGLP.L

Last updated Jul 16, 2026

X7PS.L (Invesco STOXX Europe 600 Optimised Banks UCITS ETF) and SGLP.L (Invesco Physical Gold A) are both exchange-traded funds - X7PS.L is a Europe Equities fund tracking the Invesco STOXX Europe 600 Optimised Banks UCITS ETF, while SGLP.L is a Gold fund tracking the Gold. Both are passively managed. Over the past 10 years, X7PS.L returned 16.30%/yr vs 11.23%/yr for SGLP.L. At a correlation of -0.11, they often move in opposite directions. X7PS.L charges 0.30%/yr vs 0.12%/yr for SGLP.L.

Performance

X7PS.L vs. SGLP.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco STOXX Europe 600 Optimised Banks UCITS ETF (X7PS.L) and Invesco Physical Gold A (SGLP.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

X7PS.L is traded in EUR, while SGLP.L is traded in GBp. To make them comparable, the SGLP.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, X7PS.L achieves a 17.93% return, which is significantly higher than SGLP.L's -3.53% return. Over the past 10 years, X7PS.L has outperformed SGLP.L with an annualized return of 16.30%, while SGLP.L has yielded a comparatively lower 11.23% annualized return.

X7PS.L

• 1D: 0.13%
• 1M: 6.39%
• 6M: 14.44%
• YTD: 17.93%
• 1Y: 53.36%
• 3Y*: 44.72%
• 5Y*: 32.08%
• 10Y*: 16.30%

SGLP.L

• 1D: -0.95%
• 1M: -5.67%
• 6M: -10.77%
• YTD: -3.53%
• 1Y: 23.31%
• 3Y*: 26.51%
• 5Y*: 18.10%
• 10Y*: 11.23%

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

X7PS.L vs. SGLP.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
X7PS.L Invesco STOXX Europe 600 Optimised Banks UCITS ETF	17.93%	78.30%	33.17%	25.70%	0.44%	38.22%	-22.81%	13.99%	-26.23%	11.67%
SGLP.L Invesco Physical Gold A	-3.53%	45.59%	34.32%	9.54%	6.07%	3.44%	13.47%	21.94%	3.02%	-2.36%

Correlation

The correlation between X7PS.L and SGLP.L is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	-0.07
Correlation (10Y) Calculated over the trailing 10-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Aug 17, 2011	-0.11

The correlation between X7PS.L and SGLP.L shifts across timeframes, from -0.14 (10 years) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

X7PS.L vs. SGLP.L — Risk / Return Rank

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

X7PS.L

X7PS.L Risk / Return Rank: 82
X7PS.L Sharpe Ratio Rank: 90
X7PS.L Sortino Ratio Rank: 86
X7PS.L Omega Ratio Rank: 83
X7PS.L Calmar Ratio Rank: 78
X7PS.L Martin Ratio Rank: 73

SGLP.L

SGLP.L Risk / Return Rank: 26
SGLP.L Sharpe Ratio Rank: 28
SGLP.L Sortino Ratio Rank: 26
SGLP.L Omega Ratio Rank: 30
SGLP.L Calmar Ratio Rank: 22
SGLP.L Martin Ratio Rank: 22

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.

X7PS.L vs. SGLP.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco STOXX Europe 600 Optimised Banks UCITS ETF (X7PS.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.

	X7PS.L	SGLP.L	Difference
Sharpe ratio: Return per unit of total volatility	2.39	0.95	+1.43
Sortino ratio: Return per unit of downside risk	3.13	1.36	+1.77
Omega ratio: Gain probability vs. loss probability	1.39	1.19	+0.21
Calmar ratio: Return relative to maximum drawdown	3.24	1.03	+2.21
Martin ratio: Return relative to average drawdown	10.66	2.45	+8.21

X7PS.L vs. SGLP.L - Sharpe Ratio Comparison

The current X7PS.L Sharpe Ratio is 2.39, which is higher than the SGLP.L Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of X7PS.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

X7PS.L vs. SGLP.L - Drawdown Comparison

The maximum X7PS.L drawdown since its inception was -60.64%, roughly equal to the maximum SGLP.L drawdown of -61.13%. Use the drawdown chart below to compare losses from any high point for X7PS.L and SGLP.L.

Drawdown Indicators

	X7PS.L	SGLP.L	Difference
Max Drawdown Largest peak-to-trough decline	-60.64%	-61.13%	+0.49%
Max Drawdown (1Y) Largest decline over 1 year	-16.49%	-22.53%	+6.04%
Max Drawdown (3Y) Largest decline over 3 years	-20.14%	-22.53%	+2.39%
Max Drawdown (5Y) Largest decline over 5 years	-29.70%	-22.53%	-7.17%
Max Drawdown (10Y) Largest decline over 10 years	-56.51%	-22.53%	-33.98%
Current Drawdown Current decline from peak	-0.94%	-22.10%	+21.16%
Average Drawdown Average peak-to-trough decline	-17.85%	-31.41%	+13.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.02%	9.49%	-4.47%

Volatility

X7PS.L vs. SGLP.L - Volatility Comparison

The current volatility for Invesco STOXX Europe 600 Optimised Banks UCITS ETF (X7PS.L) is 5.45%, while Invesco Physical Gold A (SGLP.L) has a volatility of 6.78%. This indicates that X7PS.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

	X7PS.L	SGLP.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.45%	6.78%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	18.89%	21.07%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	22.39%	24.40%	-2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.71%	22.01%	+1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.86%	17.98%	+6.88%

X7PS.L vs. SGLP.L - Expense Ratio Comparison

X7PS.L has a 0.30% expense ratio, which is higher than SGLP.L's 0.12% expense ratio.

Dividends

X7PS.L vs. SGLP.L - Dividend Comparison

Neither X7PS.L nor SGLP.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both X7PS.L and SGLP.L in my portfolio?

X7PS.L and SGLP.L have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, X7PS.L or SGLP.L?

On fees, SGLP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, X7PS.L or SGLP.L?

SGLP.L is cheaper with a 0.12% expense ratio, compared with 0.30% for X7PS.L.

What is the main difference between X7PS.L and SGLP.L?

X7PS.L is categorized as Europe Equities, while SGLP.L is Gold. X7PS.L tracks Invesco STOXX Europe 600 Optimised Banks UCITS ETF, while SGLP.L tracks Gold. Their fees differ too: 0.30% for X7PS.L and 0.12% for SGLP.L.