0700.HK vs. GLD

Last updated Jun 13, 2026

0700.HK (Tencent Holdings Ltd) is a stock, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, 0700.HK returned 12.18%/yr vs 12.26%/yr for GLD. At a 0.02 correlation, their price movements are largely independent.

Performance

0700.HK vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a HK$10,000 investment in Tencent Holdings Ltd (0700.HK) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

0700.HK is traded in HKD, while GLD is traded in USD. To make them comparable, the GLD values have been converted to HKD using the latest available exchange rates.

Returns By Period

In the year-to-date period, 0700.HK achieves a -21.70% return, which is significantly lower than GLD's -1.81% return. Both investments have delivered pretty close results over the past 10 years, with 0700.HK having a 12.18% annualized return and GLD not far ahead at 12.26%.

0700.HK

• 1D: 1.40%
• 1M: 1.91%
• YTD: -21.70%
• 6M: -23.86%
• 1Y: -8.04%
• 3Y*: 11.44%
• 5Y*: -2.55%
• 10Y*: 12.18%

GLD

• 1D: 0.05%
• 1M: -9.49%
• YTD: -1.81%
• 6M: -1.61%
• 1Y: 22.00%
• 3Y*: 28.89%
• 5Y*: 17.30%
• 10Y*: 12.26%

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

0700.HK vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
0700.HK Tencent Holdings Ltd	-21.70%	44.90%	43.26%	-6.79%	-24.29%	-18.77%	50.62%	19.98%	-22.47%	114.55%
GLD SPDR Gold Shares	-1.81%	63.99%	26.00%	12.68%	-0.60%	-3.63%	24.25%	17.23%	-1.73%	13.68%

Correlation

The correlation between 0700.HK and GLD is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jul 16, 2007	0.02

Return for Risk

0700.HK vs. GLD — Risk / Return Rank

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

0700.HK

0700.HK Risk / Return Rank: 31
0700.HK Sharpe Ratio Rank: 31
0700.HK Sortino Ratio Rank: 27
0700.HK Omega Ratio Rank: 27
0700.HK Calmar Ratio Rank: 36
0700.HK Martin Ratio Rank: 34

GLD

GLD Risk / Return Rank: 26
GLD Sharpe Ratio Rank: 27
GLD Sortino Ratio Rank: 25
GLD Omega Ratio Rank: 30
GLD Calmar Ratio Rank: 24
GLD Martin Ratio Rank: 24

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.

0700.HK vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tencent Holdings Ltd (0700.HK) and SPDR Gold Shares (GLD). 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.

	0700.HK	GLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	0.87	-1.14
Sortino ratio: Return per unit of downside risk	-0.22	1.23	-1.45
Omega ratio: Gain probability vs. loss probability	0.98	1.18	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.23	0.98	-1.21
Martin ratio: Return relative to average drawdown	-0.49	2.83	-3.33

0700.HK vs. GLD - Sharpe Ratio Comparison

The current 0700.HK Sharpe Ratio is -0.28, which is lower than the GLD Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of 0700.HK and GLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

0700.HK vs. GLD - Drawdown Comparison

The maximum 0700.HK drawdown since its inception was -72.79%, which is greater than GLD's maximum drawdown of -45.88%. Use the drawdown chart below to compare losses from any high point for 0700.HK and GLD.

Drawdown Indicators

	0700.HK	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-72.79%	-45.88%	-26.91%
Max Drawdown (1Y) Largest decline over 1 year	-36.54%	-24.16%	-12.38%
Max Drawdown (3Y) Largest decline over 3 years	-36.54%	-24.16%	-12.38%
Max Drawdown (5Y) Largest decline over 5 years	-65.52%	-24.16%	-41.36%
Max Drawdown (10Y) Largest decline over 10 years	-72.79%	-24.16%	-48.63%
Current Drawdown Current decline from peak	-31.45%	-21.75%	-9.70%
Average Drawdown Average peak-to-trough decline	-18.72%	-17.35%	-1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.56%	8.34%	+8.22%

Volatility

0700.HK vs. GLD - Volatility Comparison

Tencent Holdings Ltd (0700.HK) has a higher volatility of 13.13% compared to SPDR Gold Shares (GLD) at 7.80%. This indicates that 0700.HK's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	0700.HK	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.13%	7.80%	+5.33%
Volatility (6M) Calculated over the trailing 6-month period	23.71%	24.12%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	29.61%	27.40%	+2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.19%	18.19%	+21.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.55%	16.05%	+19.50%

Dividends

0700.HK vs. GLD - Dividend Comparison

0700.HK's dividend yield for the trailing twelve months is around 1.14%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
0700.HK Tencent Holdings Ltd	1.14%	0.75%	0.82%	0.82%	0.50%	0.38%	0.23%	0.29%	0.31%	0.16%	0.27%	0.26%
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both 0700.HK and GLD in my portfolio?

0700.HK and GLD have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.