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Performance
^XAU Performance Chart
PHLX Gold/Silver Sector Index (^XAU) is down 5.8% since the beginning of the year. ^XAU is currently trading at $323 per share. Investors who bought $1,000 worth of ^XAU shares 5 years ago would now be looking at an investment worth $2,272.
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Returns By Period
PHLX Gold/Silver Sector Index (^XAU) has returned -5.75% so far this year and 60.65% over the past 12 months. Over the last ten years, ^XAU has had an annualized return of 13.21%, just under the S&P 500 Index benchmark’s 13.70%.
PHLX Gold/Silver Sector Index
- 1D
- 1.27%
- 1M
- -11.60%
- YTD
- -5.75%
- 6M
- -11.18%
- 1Y
- 60.65%
- 3Y*
- 39.68%
- 5Y*
- 17.84%
- 10Y*
- 13.21%
Benchmark (S&P 500 Index)
- 1D
- -0.05%
- 1M
- -2.77%
- YTD
- 7.43%
- 6M
- 6.12%
- 1Y
- 19.13%
- 3Y*
- 18.87%
- 5Y*
- 11.43%
- 10Y*
- 13.70%
^XAU Monthly Returns History
Based on dividend-adjusted daily data since Dec 19, 1983, ^XAU's average daily return is +0.04%, while the average monthly return is +0.74%. At this rate, an investment would double in approximately 7.8 years.
Historically, 54% of months were positive and 46% were negative. The best month was Sep 1998 with a return of +53.4%, while the worst month was Oct 2008 at -38.2%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 5 months.
On a daily basis, ^XAU closed higher 49% of trading days. The best single day was Nov 21, 2008 with a return of +26.7%, while the worst single day was Oct 20, 1987 at -18.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 11.70% | 23.03% | -20.44% | -4.28% | 3.98% | -13.39% | -5.75% | ||||||
| 2025 | 12.25% | 0.86% | 14.05% | 5.84% | 2.52% | 6.98% | -0.70% | 21.97% | 19.28% | -5.87% | 16.06% | 5.45% | 149.51% |
| 2024 | -9.67% | -7.20% | 20.53% | 5.08% | 8.77% | -5.37% | 10.89% | 1.04% | 3.13% | 1.56% | -6.66% | -8.83% | 9.14% |
| 2023 | 10.47% | -14.82% | 15.58% | 1.93% | -8.65% | -1.93% | 5.86% | -7.24% | -8.81% | 3.51% | 10.88% | 1.90% | 4.00% |
| 2022 | -5.62% | 14.24% | 10.93% | -9.98% | -9.71% | -13.70% | -2.15% | -9.82% | 2.92% | 2.38% | 16.86% | 0.11% | -8.75% |
| 2021 | -3.88% | -5.63% | 2.75% | 5.76% | 15.36% | -13.90% | 1.84% | -6.75% | -11.26% | 8.95% | 0.47% | 1.71% | -8.14% |
Benchmark Metrics
PHLX Gold/Silver Sector Index has an annualized alpha of 5.18%, beta of 0.45, and R2 of 0.05 versus S&P 500 Index. Calculated based on daily prices since December 19, 1983.
- This index participated in 65.48% of S&P 500 Index downside but only 44.18% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.45 may look defensive, but with R2 of 0.05 this index is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this index's risk.
- R2 of 0.05 means this index moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 5.18%
- Beta
- 0.45
- R²
- 0.05
- Upside Capture
- 44.18%
- Downside Capture
- 65.48%
Return for Risk
Risk / Return Rank
^XAU ranks 38 for risk / return — below 38% of indices on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for PHLX Gold/Silver Sector Index (^XAU) and compare them to S&P 500 Index.
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.
| ^XAU | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.29 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 2.18 | -0.55 |
| Martin ratioReturn relative to average drawdown | 4.03 | 9.54 | -5.52 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the PHLX Gold/Silver Sector Index. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the PHLX Gold/Silver Sector Index was 83.04%, occurring on Jan 19, 2016. Recovery took 2402 trading sessions.
The current PHLX Gold/Silver Sector Index drawdown is 31.41%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2016 bear market2016 | -83.04%Jan 2016 | 4y 9mo | 9y 6mo | 14y 4moApr 2011 - Aug 2025 |
Dot-com crash2000–2002 | -73.13%Nov 2000 | 13y 2mo | 5y 5mo | 18y 7moSep 1987 - Apr 2006 |
Financial crisis2007–2009 | -68.15%Oct 2008 | 7mo 14d | 1y 11mo | 2y 6moMar 2008 - Oct 2010 |
1986 bear market1986 | -56.14%Jul 1986 | 2y 4mo | 8mo 22d | 3y 1moMar 1984 - Apr 1987 |
2026 bear market2026 | -33.81%Jun 2026 | 3mo 10d | — | 3mo 28dMar 2026 - now |
Drawdown Indicators
| ^XAU | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.04% | -56.78% | -26.26% |
Max Drawdown (1Y)Largest decline over 1 year | -33.81% | -9.10% | -24.71% |
Max Drawdown (3Y)Largest decline over 3 years | -33.81% | -18.90% | -14.91% |
Max Drawdown (5Y)Largest decline over 5 years | -45.52% | -25.43% | -20.09% |
Max Drawdown (10Y)Largest decline over 10 years | -45.52% | -33.92% | -11.60% |
Current DrawdownCurrent decline from peak | -31.41% | -3.36% | -28.05% |
Average DrawdownAverage peak-to-trough decline | -39.74% | -10.71% | -29.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.64% | 2.07% | +11.57% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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Build a portfolio with ^XAU
Add PHLX Gold/Silver Sector Index to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
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