SGLD: Invesco Physical Gold ETC returns, drawdowns and risk
Funds and ETCs backed by physical gold, silver or platinum.
Data updated October 2026
SGLD · Borsa Italiana · EURCategory: Gold and precious metals ETFsData from November 2014
From November 2014 to October 2026 SGLD returned 11.7% a year on average with dividends reinvested, in euros: €10,000 invested at the start grew to €37,254.
Its deepest fall was 22.7%, from March 2026 to July 2026, and it has not yet returned to the previous high. Annual volatility was 14.9%; at the last close it was 20.2% below its high.
Against VWCE (Vanguard FTSE All-World UCITS ETF (Acc)), over the 87 months both have data, the correlation of monthly returns was -0.06: they moved largely independently. Beta was -0.07. In months when VWCE rose, SGLD moved 42% as much on average; in months when VWCE fell, -43% as much.
Key figures
- Annual return (CAGR)
- +11.7%
- 1-year return
- +4.1%
- 5 years, a year
- +18.4%
- 10 years, a year
- +11.8%
- Annual volatility
- 14.9%
- Maximum drawdown
- −22.7%
- Sharpe ratio
- 0.80
- Worst year
- 2015: −2.8%
Trailing returns
| Period | SGLD | VWCE |
|---|---|---|
| 1 year | +4.1% | +22.0% |
| 3 years, a year | +24.2% | +19.5% |
| 5 years, a year | +18.4% | +11.5% |
| 10 years, a year | +11.8% | — |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of €10,000: SGLD vs VWCE
Month-end values from August 2019, the first month both funds have data.
SGLD drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | SGLD | VWCE |
|---|---|---|
| 2026(partial) | −2.6% | +17.5% |
| 2025 | +48.2% | +9.2% |
| 2024 | +33.7% | +24.4% |
| 2023 | +9.9% | +18.2% |
| 2022 | +6.0% | −13.5% |
| 2021 | +4.1% | +28.6% |
| 2020 | +13.4% | +5.4% |
| 2019 | +20.7% | +7.6% |
| 2018 | +2.5% | — |
| 2017 | −1.2% | — |
| 2016 | +12.3% | — |
| 2015 | −2.8% | — |
| 2014(partial) | +5.1% | — |
SGLD compared
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of SGLD?
From November 2014 to October 2026 SGLD returned 11.7% a year on average (CAGR) with dividends reinvested, in EUR. Over the last 5 years: +18.4% a year. Over the last 12 months: +4.1%.
What was the worst drawdown of SGLD?
22.7%, from March 2026 to July 2026; it has not yet returned to the previous high.
How volatile is SGLD?
Annual volatility was 14.9% over the period. Its worst month was −14.0% and 57% of months were positive. Worst calendar year: 2015 (−2.8%).
How closely does SGLD follow VWCE?
Over 87 months the correlation of monthly returns was -0.06, so they moved largely independently, with a beta of -0.07.
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Other Gold and precious metals ETFs
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.