XLIP.L vs. SGLS.L

Last updated Jun 5, 2026

XLIP.L (Invesco US Industrials Sector UCITS ETF) and SGLS.L (Invesco Physical Gold GBP Hedged ETC) are both exchange-traded funds - XLIP.L is a Industrials Equities fund tracking the MSCI World/Materials NR USD, while SGLS.L is a Precious Metals fund tracking the Gold (GBP Hedged). Both are passively managed. Over the past 5 years, XLIP.L returned 13.40%/yr vs 17.34%/yr for SGLS.L. At a correlation of -0.04, they often move in opposite directions. XLIP.L charges 0.14%/yr vs 0.34%/yr for SGLS.L.

Performance

XLIP.L vs. SGLS.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Invesco US Industrials Sector UCITS ETF (XLIP.L) and Invesco Physical Gold GBP Hedged ETC (SGLS.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XLIP.L achieves a 12.73% return, which is significantly higher than SGLS.L's 3.01% return.

XLIP.L

• 1D: -0.12%
• 1M: 2.60%
• YTD: 12.73%
• 6M: 13.06%
• 1Y: 24.34%
• 3Y*: 18.78%
• 5Y*: 13.40%
• 10Y*: 14.13%

SGLS.L

• 1D: 0.62%
• 1M: -2.49%
• YTD: 3.01%
• 6M: 5.20%
• 1Y: 30.77%
• 3Y*: 29.59%
• 5Y*: 17.34%
• 10Y*: —

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

XLIP.L vs. SGLS.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XLIP.L Invesco US Industrials Sector UCITS ETF	12.73%	11.11%	19.28%	11.56%	6.12%	22.08%	16.67%
SGLS.L Invesco Physical Gold GBP Hedged ETC	3.01%	64.22%	24.42%	11.48%	-1.42%	-4.63%	-3.17%

Correlation

The correlation between XLIP.L and SGLS.L is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Jul 29, 2020	-0.04

The correlation between XLIP.L and SGLS.L shifts across timeframes, from -0.04 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

XLIP.L vs. SGLS.L — Risk / Return Rank

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

XLIP.L

XLIP.L Risk / Return Rank: 52
XLIP.L Sharpe Ratio Rank: 55
XLIP.L Sortino Ratio Rank: 54
XLIP.L Omega Ratio Rank: 52
XLIP.L Calmar Ratio Rank: 53
XLIP.L Martin Ratio Rank: 49

SGLS.L

SGLS.L Risk / Return Rank: 34
SGLS.L Sharpe Ratio Rank: 36
SGLS.L Sortino Ratio Rank: 32
SGLS.L Omega Ratio Rank: 37
SGLS.L Calmar Ratio Rank: 35
SGLS.L Martin Ratio Rank: 31

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.

XLIP.L vs. SGLS.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco US Industrials Sector UCITS ETF (XLIP.L) and Invesco Physical Gold GBP Hedged ETC (SGLS.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.

	XLIP.L	SGLS.L	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.24	+0.59
Sortino ratio: Return per unit of downside risk	2.57	1.66	+0.91
Omega ratio: Gain probability vs. loss probability	1.31	1.24	+0.08
Calmar ratio: Return relative to maximum drawdown	2.58	1.71	+0.88
Martin ratio: Return relative to average drawdown	8.25	4.48	+3.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLIP.L vs. SGLS.L - Sharpe Ratio Comparison

The current XLIP.L Sharpe Ratio is 1.83, which is higher than the SGLS.L Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of XLIP.L and SGLS.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.

Sharpe Ratios by Period

	XLIP.L	SGLS.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	1.24	+0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	1.07	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.90	-0.13

Drawdowns

XLIP.L vs. SGLS.L - Drawdown Comparison

The maximum XLIP.L drawdown since its inception was -34.56%, which is greater than SGLS.L's maximum drawdown of -21.94%. Use the drawdown chart below to compare losses from any high point for XLIP.L and SGLS.L.

Drawdown Indicators

	XLIP.L	SGLS.L	Difference
Max Drawdown Largest peak-to-trough decline	-34.56%	-21.94%	-12.62%
Max Drawdown (1Y) Largest decline over 1 year	-9.38%	-17.93%	+8.55%
Max Drawdown (3Y) Largest decline over 3 years	-21.02%	-17.93%	-3.09%
Max Drawdown (5Y) Largest decline over 5 years	-21.02%	-21.94%	+0.92%
Max Drawdown (10Y) Largest decline over 10 years	-34.56%	—	—
Current Drawdown Current decline from peak	-1.36%	-15.99%	+14.63%
Average Drawdown Average peak-to-trough decline	-4.43%	-6.98%	+2.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	6.84%	-3.90%

Volatility

XLIP.L vs. SGLS.L - Volatility Comparison

The current volatility for Invesco US Industrials Sector UCITS ETF (XLIP.L) is 4.52%, while Invesco Physical Gold GBP Hedged ETC (SGLS.L) has a volatility of 6.40%. This indicates that XLIP.L experiences smaller price fluctuations and is considered to be less risky than SGLS.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLIP.L	SGLS.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.52%	6.40%	-1.88%
Volatility (6M) Calculated over the trailing 6-month period	10.31%	21.65%	-11.34%
Volatility (1Y) Calculated over the trailing 1-year period	13.27%	24.68%	-11.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.91%	17.91%	-2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	18.29%	+0.03%

XLIP.L vs. SGLS.L - Expense Ratio Comparison

XLIP.L has a 0.14% expense ratio, which is lower than SGLS.L's 0.34% expense ratio.

Dividends

XLIP.L vs. SGLS.L - Dividend Comparison

Neither XLIP.L nor SGLS.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both XLIP.L and SGLS.L in my portfolio?

XLIP.L and SGLS.L have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLIP.L or SGLS.L?

On fees, XLIP.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XLIP.L or SGLS.L?

XLIP.L is cheaper with a 0.14% expense ratio, compared with 0.34% for SGLS.L.

What is the main difference between XLIP.L and SGLS.L?

XLIP.L is categorized as Industrials Equities, while SGLS.L is Precious Metals. XLIP.L tracks MSCI World/Materials NR USD, while SGLS.L tracks Gold (GBP Hedged). Their fees differ too: 0.14% for XLIP.L and 0.34% for SGLS.L.