^DXY vs. ^XAU

Last updated Jun 5, 2026

^DXY (US Dollar Currency Index) and ^XAU (PHLX Gold/Silver Sector Index) are both indexes. At a correlation of -0.31, they often move in opposite directions.

Performance

^DXY vs. ^XAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Dollar Currency Index (^DXY) and PHLX Gold/Silver Sector Index (^XAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

^DXY

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

^XAU

• 1D: 3.71%
• 1M: -1.03%
• 6M: -4.14%
• YTD: -4.05%
• 1Y: 55.89%
• 3Y*: 39.12%
• 5Y*: 18.10%
• 10Y*: 12.35%

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

^DXY vs. ^XAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^DXY US Dollar Currency Index	1.13%	-9.37%	7.06%	-2.11%	7.87%	6.71%	-6.69%	0.22%	4.40%	-9.87%
^XAU PHLX Gold/Silver Sector Index	-4.05%	149.51%	9.14%	4.00%	-8.75%	-8.14%	34.86%	51.32%	-17.13%	8.13%

Correlation

The correlation between ^DXY and ^XAU is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.37
Correlation (3Y) Calculated over the trailing 3-year period	-0.39
Correlation (5Y) Calculated over the trailing 5-year period	-0.43
Correlation (10Y) Calculated over the trailing 10-year period	-0.43
Correlation (All Time) Calculated using the full available price history since Nov 8, 1985	-0.31

The correlation between ^DXY and ^XAU shifts across timeframes, from -0.43 (5 years) to -0.31 (all time), reflecting how their relationship changes across market environments.

Return for Risk

^DXY vs. ^XAU — Risk / Return Rank

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

^DXY

^DXY Risk / Return Rank: 17
^DXY Sharpe Ratio Rank: 18
^DXY Sortino Ratio Rank: 15
^DXY Omega Ratio Rank: 15
^DXY Calmar Ratio Rank: 19
^DXY Martin Ratio Rank: 19

^XAU

^XAU Risk / Return Rank: 36
^XAU Sharpe Ratio Rank: 37
^XAU Sortino Ratio Rank: 34
^XAU Omega Ratio Rank: 38
^XAU Calmar Ratio Rank: 37
^XAU 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.

^DXY vs. ^XAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Dollar Currency Index (^DXY) and PHLX Gold/Silver Sector Index (^XAU). 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.

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.

	^DXY	^XAU	Difference
Sharpe ratio: Return per unit of total volatility	—	1.22	—
Sortino ratio: Return per unit of downside risk	—	1.65	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	1.69	—
Martin ratio: Return relative to average drawdown	—	4.02	—

Drawdowns

Drawdown Indicators

	^DXY	^XAU	Difference
Max Drawdown Largest peak-to-trough decline	—	-83.04%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-33.81%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-33.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-45.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.52%	—
Current Drawdown Current decline from peak	—	-30.18%	—
Average Drawdown Average peak-to-trough decline	—	-39.74%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	14.22%	—

Volatility

Volatility by Period

	^DXY	^XAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.58%	—
Volatility (6M) Calculated over the trailing 6-month period	—	38.63%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	46.75%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	36.67%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	36.46%	—

Frequently Asked Questions

Can I hold both ^DXY and ^XAU in my portfolio?

^DXY and ^XAU have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.