XGLD.L vs. SGLD.L

Last updated Jul 16, 2026

XGLD.L (Xtrackers Physical Gold ETC) and SGLD.L (Invesco Physical Gold ETC) are both Gold funds - XGLD.L tracks the Gold while SGLD.L tracks the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, XGLD.L returned 11.49%/yr vs 11.58%/yr for SGLD.L. With a 0.97 correlation, they move nearly in lockstep. XGLD.L charges 0.25%/yr vs 0.12%/yr for SGLD.L.

Performance

XGLD.L vs. SGLD.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers Physical Gold ETC (XGLD.L) and Invesco Physical Gold ETC (SGLD.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with XGLD.L having a -6.12% return and SGLD.L slightly higher at -6.11%. Both investments have delivered pretty close results over the past 10 years, with XGLD.L having a 11.49% annualized return and SGLD.L not far ahead at 11.58%.

XGLD.L

• 1D: -0.88%
• 1M: -7.03%
• 6M: -12.51%
• YTD: -6.12%
• 1Y: 21.12%
• 3Y*: 27.05%
• 5Y*: 17.15%
• 10Y*: 11.49%

SGLD.L

• 1D: -0.82%
• 1M: -7.00%
• 6M: -12.42%
• YTD: -6.11%
• 1Y: 21.57%
• 3Y*: 27.22%
• 5Y*: 17.31%
• 10Y*: 11.58%

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

XGLD.L vs. SGLD.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XGLD.L Xtrackers Physical Gold ETC	-6.12%	64.60%	25.87%	13.37%	-0.24%	-4.19%	24.11%	18.35%	-1.36%	11.68%
SGLD.L Invesco Physical Gold ETC	-6.11%	64.87%	26.23%	13.36%	-0.08%	-4.08%	24.18%	18.33%	-1.30%	11.54%

Correlation

The correlation between XGLD.L and SGLD.L is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.99
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jun 15, 2010	0.97

The correlation between XGLD.L and SGLD.L has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

XGLD.L vs. SGLD.L — Risk / Return Rank

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

XGLD.L

XGLD.L Risk / Return Rank: 24
XGLD.L Sharpe Ratio Rank: 26
XGLD.L Sortino Ratio Rank: 25
XGLD.L Omega Ratio Rank: 27
XGLD.L Calmar Ratio Rank: 22
XGLD.L Martin Ratio Rank: 21

SGLD.L

SGLD.L Risk / Return Rank: 24
SGLD.L Sharpe Ratio Rank: 26
SGLD.L Sortino Ratio Rank: 25
SGLD.L Omega Ratio Rank: 27
SGLD.L Calmar Ratio Rank: 22
SGLD.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.

XGLD.L vs. SGLD.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers Physical Gold ETC (XGLD.L) and Invesco Physical Gold ETC (SGLD.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.

	XGLD.L	SGLD.L	Difference
Sharpe ratio: Return per unit of total volatility	0.80	0.81	-0.02
Sortino ratio: Return per unit of downside risk	1.17	1.19	-0.02
Omega ratio: Gain probability vs. loss probability	1.16	1.16	0.00
Calmar ratio: Return relative to maximum drawdown	0.86	0.88	-0.02
Martin ratio: Return relative to average drawdown	2.08	2.16	-0.08

XGLD.L vs. SGLD.L - Sharpe Ratio Comparison

The current XGLD.L Sharpe Ratio is 0.80, which is comparable to the SGLD.L Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of XGLD.L and SGLD.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

XGLD.L vs. SGLD.L - Drawdown Comparison

The maximum XGLD.L drawdown since its inception was -45.34%, roughly equal to the maximum SGLD.L drawdown of -45.21%. Use the drawdown chart below to compare losses from any high point for XGLD.L and SGLD.L.

Drawdown Indicators

	XGLD.L	SGLD.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.34%	-45.21%	-0.13%
Max Drawdown (1Y) Largest decline over 1 year	-24.53%	-24.36%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-24.53%	-24.36%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-24.53%	-24.36%	-0.17%
Max Drawdown (10Y) Largest decline over 10 years	-24.53%	-24.36%	-0.17%
Current Drawdown Current decline from peak	-23.91%	-23.61%	-0.30%
Average Drawdown Average peak-to-trough decline	-18.96%	-17.96%	-1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.12%	9.95%	+0.17%

Volatility

XGLD.L vs. SGLD.L - Volatility Comparison

Xtrackers Physical Gold ETC (XGLD.L) and Invesco Physical Gold ETC (SGLD.L) have volatilities of 7.34% and 7.54%, 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.

Volatility by Period

	XGLD.L	SGLD.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.34%	7.54%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	23.02%	22.98%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	26.36%	26.39%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.63%	17.73%	-0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	15.71%	-0.06%

XGLD.L vs. SGLD.L - Expense Ratio Comparison

XGLD.L has a 0.25% expense ratio, which is higher than SGLD.L's 0.12% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XGLD.L vs. SGLD.L - Dividend Comparison

Neither XGLD.L nor SGLD.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XGLD.L and SGLD.L in my portfolio?

With a correlation of 0.99, XGLD.L and SGLD.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, XGLD.L or SGLD.L?

On fees, SGLD.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, XGLD.L or SGLD.L?

SGLD.L is cheaper with a 0.12% expense ratio, compared with 0.25% for XGLD.L.

What is the main difference between XGLD.L and SGLD.L?

XGLD.L tracks Gold, while SGLD.L tracks LBMA Gold Price PM. They also come from different issuers: Xtrackers and Invesco. Their fees differ too: 0.25% for XGLD.L and 0.12% for SGLD.L.