^XAU vs. RING
^XAU (PHLX Gold/Silver Sector Index) is an index, while RING (iShares MSCI Global Gold Miners ETF) is Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index. Over the past 10 years, ^XAU returned 11.14%/yr vs 11.47%/yr for RING. Their 0.96 correlation means they have historically moved very closely together.
Performance
^XAU vs. RING - Performance Comparison
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Returns By Period
In the year-to-date period, ^XAU achieves a -7.88% return, which is significantly higher than RING's -10.21% return. Both investments have delivered pretty close results over the past 10 years, with ^XAU having a 11.14% annualized return and RING not far ahead at 11.47%.
^XAU
- 1D
- 2.41%
- 1M
- -3.99%
- 6M
- -17.20%
- YTD
- -7.88%
- 1Y
- 52.69%
- 3Y*
- 38.13%
- 5Y*
- 17.32%
- 10Y*
- 11.14%
- ALL TIME*
- 2.57%
RING
- 1D
- 2.90%
- 1M
- -2.34%
- 6M
- -18.20%
- YTD
- -10.21%
- 1Y
- 49.46%
- 3Y*
- 44.21%
- 5Y*
- 20.09%
- 10Y*
- 11.47%
- ALL TIME*
- 3.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $77.82M | $51.45M | $44.34M |
^XAU vs. RING - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^XAU PHLX Gold/Silver Sector Index | -7.88% | 149.51% | 9.14% | 4.00% | -8.75% | -8.14% | 34.86% | 51.32% | -17.13% | 8.13% |
RING iShares MSCI Global Gold Miners ETF | -10.21% | 164.72% | 15.98% | 12.29% | -15.40% | -7.46% | 24.98% | 49.92% | -13.14% | 10.24% |
Correlation
The correlation between ^XAU and RING is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | 0.96 |
The correlation between ^XAU and RING has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
^XAU vs. RING — Risk / Return Rank
^XAU
RING
^XAU vs. RING - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PHLX Gold/Silver Sector Index (^XAU) and iShares MSCI Global Gold Miners ETF (RING). 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.
| ^XAU | RING | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.20 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 1.29 | +0.13 |
| Martin ratioReturn relative to average drawdown | 3.06 | 2.80 | +0.26 |
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Drawdowns
^XAU vs. RING - Drawdown Comparison
The maximum ^XAU drawdown since its inception was -83.04%, roughly equal to the maximum RING drawdown of -79.47%. Use the drawdown chart below to compare losses from any high point for ^XAU and RING.
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Drawdown Indicators
| ^XAU | RING | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.04% | -79.47% | -3.57% |
Max Drawdown (1Y)Largest decline over 1 year | -37.41% | -38.61% | +1.20% |
Max Drawdown (3Y)Largest decline over 3 years | -37.41% | -38.61% | +1.20% |
Max Drawdown (5Y)Largest decline over 5 years | -45.52% | -47.94% | +2.42% |
Max Drawdown (10Y)Largest decline over 10 years | -45.52% | -52.04% | +6.52% |
Current DrawdownCurrent decline from peak | -32.96% | -33.49% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -39.73% | -47.23% | +7.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.27% | 17.70% | -0.43% |
Volatility
^XAU vs. RING - Volatility Comparison
PHLX Gold/Silver Sector Index (^XAU) and iShares MSCI Global Gold Miners ETF (RING) have volatilities of 12.10% and 11.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ^XAU | RING | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.10% | 11.87% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 36.54% | 37.14% | -0.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.60% | 48.83% | -1.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.89% | 37.30% | -0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.47% | 36.67% | -0.20% |
Frequently Asked Questions
With a correlation of 0.99, ^XAU and RING 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.
^XAU has higher volatility (12.10%) compared to RING (11.87%). In terms of maximum drawdown, ^XAU dropped -83.04% vs RING's -79.47%.
^XAU currently has the higher Sharpe Ratio (1.11 vs 1.02), 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.
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