SGLD vs PHAU: returns, risk and drawdowns compared
Invesco Physical Gold ETC against WisdomTree Physical Gold, over the same 11 years (December 2014 to October 2026) with dividends reinvested.
Data updated October 2026
From December 2014 to October 2026, SGLD returned 11.7% a year and PHAU 11.4% a year on average, so SGLD came out ahead by 0.2% a year. SGLD was the more volatile of the two (14.4% against 14.1% a year), and the deepest falls from a month-end high were 20.7% for SGLD and 20.8% for PHAU.
The correlation of monthly returns was 0.99: they moved almost in lockstep. Over 108 rolling 3-year periods, SGLD did better in 98% and PHAU in 2%.
Side by side
| SGLD | PHAU | |
|---|---|---|
| Annual return (CAGR) | +11.7% | +11.4% |
| Total return | +273% | +264% |
| Annual volatility | 14.4% | 14.1% |
| Maximum drawdown (month-end) | −20.7% | −20.8% |
| Worst month | −14.0% | −11.1% |
| Best month | +14.2% | +14.0% |
| Positive months | 57% | 57% |
| Best year | 2025: +48.2% | 2025: +47.9% |
| Worst year | 2015: −2.8% | 2015: −2.1% |
| 1-year return | +4.1% | +3.8% |
| 5 years, a year | +18.4% | +18.1% |
| 10 years, a year | +11.8% | +11.6% |
| Trading currency | EUR | EUR |
First nine rows: the same 143 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: SGLD vs PHAU
Returns by calendar year
| Year | SGLD | PHAU |
|---|---|---|
| 2025 | +48.2% | +47.9% |
| 2024 | +33.7% | +33.5% |
| 2023 | +9.9% | +9.5% |
| 2022 | +6.0% | +5.8% |
| 2021 | +4.1% | +3.8% |
| 2020 | +13.4% | +13.2% |
| 2019 | +20.7% | +20.5% |
| 2018 | +2.5% | +2.5% |
| 2017 | −1.2% | −1.3% |
| 2016 | +12.3% | +12.3% |
| 2015 | −2.8% | −2.1% |
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.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, SGLD or PHAU?
From December 2014 to October 2026, SGLD returned +11.7% a year and PHAU +11.4% a year, with dividends reinvested. Over rolling 3-year periods SGLD did better in 98% of cases. Past returns do not predict future returns.
Which is riskier, SGLD or PHAU?
Over the same months annual volatility was 14.4% for SGLD and 14.1% for PHAU; the deepest fall from a month-end high was 20.7% and 20.8%, and the worst single month −14.0% and −11.1%.
How correlated are SGLD and PHAU?
The correlation of their monthly returns was 0.99: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
More comparisons
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.