^XAU vs. EPGFX

Last updated Jun 4, 2026

^XAU (Philadelphia Gold and Silver Index) is an index, while EPGFX (EuroPac Gold Fund) is Precious Metals fund managed by Euro Pacific Asset Management. Over the past 10 years, ^XAU returned 14.93%/yr vs 12.88%/yr for EPGFX. With a 0.95 correlation, they move nearly in lockstep.

Performance

^XAU vs. EPGFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Philadelphia Gold and Silver Index (^XAU) and EuroPac Gold Fund (EPGFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ^XAU achieves a 4.63% return, which is significantly lower than EPGFX's 7.04% return. Over the past 10 years, ^XAU has outperformed EPGFX with an annualized return of 14.93%, while EPGFX has yielded a comparatively lower 12.88% annualized return.

^XAU

• 1D: -3.40%
• 1M: 2.92%
• YTD: 4.63%
• 6M: 12.61%
• 1Y: 76.24%
• 3Y*: 41.90%
• 5Y*: 17.18%
• 10Y*: 14.93%

EPGFX

• 1D: 1.15%
• 1M: 4.19%
• YTD: 7.04%
• 6M: 12.47%
• 1Y: 67.58%
• 3Y*: 35.71%
• 5Y*: 13.89%
• 10Y*: 12.88%

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

^XAU vs. EPGFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^XAU Philadelphia Gold and Silver Index	4.63%	149.51%	9.14%	4.00%	-8.75%	-8.14%	34.86%	51.32%	-17.13%	8.13%
EPGFX EuroPac Gold Fund	7.04%	129.06%	8.51%	2.31%	-14.00%	-18.06%	36.99%	37.25%	-13.85%	12.73%

Correlation

The correlation between ^XAU and EPGFX is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.95

The correlation between ^XAU and EPGFX has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

^XAU vs. EPGFX — Risk / Return Rank

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

^XAU

^XAU Risk / Return Rank: 55
^XAU Sharpe Ratio Rank: 58
^XAU Sortino Ratio Rank: 50
^XAU Omega Ratio Rank: 56
^XAU Calmar Ratio Rank: 59
^XAU Martin Ratio Rank: 50

EPGFX

EPGFX Risk / Return Rank: 33
EPGFX Sharpe Ratio Rank: 38
EPGFX Sortino Ratio Rank: 26
EPGFX Omega Ratio Rank: 34
EPGFX Calmar Ratio Rank: 39
EPGFX Martin Ratio Rank: 28

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.

^XAU vs. EPGFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Philadelphia Gold and Silver Index (^XAU) and EuroPac Gold Fund (EPGFX). 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.

	^XAU	EPGFX	Difference
Sharpe ratio Return per unit of total volatility	1.72	1.78	-0.06
Sortino ratio Return per unit of downside risk	2.07	2.12	-0.05
Omega ratio Gain probability vs. loss probability	1.29	1.31	-0.02
Calmar ratio Return relative to maximum drawdown	2.54	2.37	+0.17
Martin ratio Return relative to average drawdown	6.61	6.71	-0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^XAU vs. EPGFX - Sharpe Ratio Comparison

The current ^XAU Sharpe Ratio is 1.72, which is comparable to the EPGFX Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of ^XAU and EPGFX, 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

	^XAU	EPGFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	1.78	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.43	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.40	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.35	-0.27

Drawdowns

^XAU vs. EPGFX - Drawdown Comparison

The maximum ^XAU drawdown since its inception was -83.04%, which is greater than EPGFX's maximum drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for ^XAU and EPGFX.

Drawdown Indicators

	^XAU	EPGFX	Difference
Max Drawdown Largest peak-to-trough decline	-83.04%	-56.70%	-26.34%
Max Drawdown (1Y) Largest decline over 1 year	-30.21%	-28.88%	-1.33%
Max Drawdown (3Y) Largest decline over 3 years	-30.21%	-28.88%	-1.33%
Max Drawdown (5Y) Largest decline over 5 years	-45.52%	-47.20%	+1.68%
Max Drawdown (10Y) Largest decline over 10 years	-45.52%	-51.03%	+5.51%
Current Drawdown Current decline from peak	-23.86%	-18.38%	-5.48%
Average Drawdown Average peak-to-trough decline	-39.76%	-22.03%	-17.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.58%	10.17%	+1.41%

Volatility

^XAU vs. EPGFX - Volatility Comparison

Philadelphia Gold and Silver Index (^XAU) has a higher volatility of 15.10% compared to EuroPac Gold Fund (EPGFX) at 12.36%. This indicates that ^XAU's price experiences larger fluctuations and is considered to be riskier than EPGFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^XAU	EPGFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.10%	12.36%	+2.74%
Volatility (6M) Calculated over the trailing 6-month period	36.43%	31.70%	+4.73%
Volatility (1Y) Calculated over the trailing 1-year period	44.50%	38.70%	+5.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.17%	32.50%	+3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.28%	32.41%	+3.87%

Frequently Asked Questions

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

With a correlation of 0.96, ^XAU and EPGFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ^XAU or EPGFX?

^XAU has higher volatility (15.10%) compared to EPGFX (12.36%). In terms of maximum drawdown, ^XAU dropped -83.04% vs EPGFX's -56.70%.

Which has better risk-adjusted returns?

EPGFX currently has the higher Sharpe Ratio (1.78 vs 1.72), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.