^BCOM vs. GOLD.AS

Last updated Jun 4, 2026

^BCOM (Bloomberg Commodity Index) is an index, while GOLD.AS (Amundi Physical Gold ETC C) is Precious Metals fund tracking the LMBA Gold Price PM USD. Over the past 5 years, ^BCOM returned 7.69%/yr vs 18.45%/yr for GOLD.AS. At a 0.33 correlation, their price movements are largely independent.

Performance

^BCOM vs. GOLD.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bloomberg Commodity Index (^BCOM) and Amundi Physical Gold ETC C (GOLD.AS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^BCOM achieves a 25.04% return, which is significantly higher than GOLD.AS's 2.90% return.

^BCOM

• 1D: -0.05%
• 1M: -3.59%
• YTD: 25.04%
• 6M: 23.88%
• 1Y: 34.11%
• 3Y*: 11.17%
• 5Y*: 7.69%
• 10Y*: 4.64%

GOLD.AS

• 1D: -1.46%
• 1M: -2.12%
• YTD: 2.90%
• 6M: 5.08%
• 1Y: 32.45%
• 3Y*: 31.11%
• 5Y*: 18.45%
• 10Y*: —

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

^BCOM vs. GOLD.AS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
^BCOM Bloomberg Commodity Index	25.04%	11.07%	0.12%	-12.55%	13.75%	27.05%	-3.50%	3.75%
GOLD.AS Amundi Physical Gold ETC C	2.90%	64.94%	26.36%	13.35%	-0.13%	-4.09%	24.31%	18.40%

Correlation

The correlation between ^BCOM and GOLD.AS is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since May 24, 2019	0.33

The correlation between ^BCOM and GOLD.AS shifts across timeframes, from 0.26 (1 year) to 0.38 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

^BCOM vs. GOLD.AS — Risk / Return Rank

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

^BCOM

^BCOM Risk / Return Rank: 71
^BCOM Sharpe Ratio Rank: 66
^BCOM Sortino Ratio Rank: 60
^BCOM Omega Ratio Rank: 70
^BCOM Calmar Ratio Rank: 92
^BCOM Martin Ratio Rank: 69

GOLD.AS

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

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.

^BCOM vs. GOLD.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bloomberg Commodity Index (^BCOM) and Amundi Physical Gold ETC C (GOLD.AS). 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.

	^BCOM	GOLD.AS	Difference
Sharpe ratio Return per unit of total volatility	1.95	1.28	+0.67
Sortino ratio Return per unit of downside risk	2.46	1.70	+0.76
Omega ratio Gain probability vs. loss probability	1.35	1.25	+0.11
Calmar ratio Return relative to maximum drawdown	4.38	1.80	+2.58
Martin ratio Return relative to average drawdown	10.36	4.78	+5.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^BCOM vs. GOLD.AS - Sharpe Ratio Comparison

The current ^BCOM Sharpe Ratio is 1.95, which is higher than the GOLD.AS Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of ^BCOM and GOLD.AS, 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

	^BCOM	GOLD.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	1.28	+0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.46	1.05	-0.59
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	1.11	-1.05

Drawdowns

^BCOM vs. GOLD.AS - Drawdown Comparison

The maximum ^BCOM drawdown since its inception was -75.00%, which is greater than GOLD.AS's maximum drawdown of -21.14%. Use the drawdown chart below to compare losses from any high point for ^BCOM and GOLD.AS.

Drawdown Indicators

	^BCOM	GOLD.AS	Difference
Max Drawdown Largest peak-to-trough decline	-75.00%	-21.14%	-53.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.62%	-17.83%	+10.21%
Max Drawdown (3Y) Largest decline over 3 years	-13.78%	-17.83%	+4.05%
Max Drawdown (5Y) Largest decline over 5 years	-31.68%	-21.14%	-10.54%
Max Drawdown (10Y) Largest decline over 10 years	-35.05%	—	—
Current Drawdown Current decline from peak	-42.36%	-16.22%	-26.14%
Average Drawdown Average peak-to-trough decline	-33.21%	-6.29%	-26.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	6.74%	-3.49%

Volatility

^BCOM vs. GOLD.AS - Volatility Comparison

The current volatility for Bloomberg Commodity Index (^BCOM) is 5.42%, while Amundi Physical Gold ETC C (GOLD.AS) has a volatility of 6.67%. This indicates that ^BCOM experiences smaller price fluctuations and is considered to be less risky than GOLD.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^BCOM	GOLD.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	6.67%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	15.23%	22.08%	-6.85%
Volatility (1Y) Calculated over the trailing 1-year period	17.10%	25.04%	-7.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.44%	17.27%	-0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.70%	17.02%	-2.32%

Frequently Asked Questions

Can I hold both ^BCOM and GOLD.AS in my portfolio?

^BCOM and GOLD.AS have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.