AA vs. GLD
AA (Alcoa Corporation) is a stock, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 5 years, AA returned 14.08%/yr vs 17.08%/yr for GLD. At a 0.16 correlation, their price movements are largely independent.
Performance
AA vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, AA achieves a 29.83% return, which is significantly higher than GLD's -2.47% return.
AA
- 1D
- -0.30%
- 1M
- 0.64%
- YTD
- 29.83%
- 6M
- 49.53%
- 1Y
- 140.52%
- 3Y*
- 24.73%
- 5Y*
- 14.08%
- 10Y*
- —
GLD
- 1D
- 0.06%
- 1M
- -10.21%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 23.81%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
AA vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AA Alcoa Corporation | 29.83% | 42.46% | 12.43% | -24.33% | -23.12% | 159.05% | 7.16% | -19.07% | -50.66% | 91.84% |
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between AA and GLD is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2016 | 0.16 |
Over the past year, AA and GLD have become more correlated (0.38) than their long-term average of 0.16, meaning their price movements have been converging.
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Return for Risk
AA vs. GLD — Risk / Return Rank
AA
GLD
AA vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alcoa Corporation (AA) 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.
| AA | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.72 | ||
| Sortino ratioReturn per unit of downside risk | +1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.18 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 6.49 | 0.98 | +5.52 |
| Martin ratioReturn relative to average drawdown | 20.55 | 2.81 | +17.74 |
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Drawdowns
AA vs. GLD - Drawdown Comparison
The maximum AA drawdown since its inception was -90.90%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for AA and GLD.
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Drawdown Indicators
| AA | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.90% | -45.56% | -45.34% |
Max Drawdown (1Y)Largest decline over 1 year | -21.77% | -24.46% | +2.69% |
Max Drawdown (3Y)Largest decline over 3 years | -52.25% | -24.46% | -27.79% |
Max Drawdown (5Y)Largest decline over 5 years | -75.46% | -24.46% | -51.00% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.46% | — |
Current DrawdownCurrent decline from peak | -24.27% | -22.05% | -2.22% |
Average DrawdownAverage peak-to-trough decline | -46.12% | -16.16% | -29.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.87% | 8.49% | -1.62% |
Volatility
AA vs. GLD - Volatility Comparison
Alcoa Corporation (AA) has a higher volatility of 21.35% compared to SPDR Gold Shares (GLD) at 7.79%. This indicates that AA'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.
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Volatility by Period
| AA | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.35% | 7.79% | +13.56% |
Volatility (6M)Calculated over the trailing 6-month period | 41.11% | 24.10% | +17.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.44% | 27.37% | +27.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.26% | 18.22% | +38.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.66% | 16.08% | +39.58% |
Dividends
AA vs. GLD - Dividend Comparison
AA's dividend yield for the trailing twelve months is around 0.58%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
AA Alcoa Corporation | 0.58% | 0.75% | 1.06% | 1.18% | 0.88% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.32% |
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% |
Frequently Asked Questions
AA and GLD have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AA has higher volatility (21.35%) compared to GLD (7.79%). In terms of maximum drawdown, AA dropped -90.90% vs GLD's -45.56%.
AA currently has the higher Sharpe Ratio (2.60 vs 0.87), 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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