AUD=X vs. GC=F

Last updated Jun 6, 2026

AUD=X (USD/AUD) is a currency, while GC=F (Gold Futures) is an asset. Over the past 10 years, AUD=X returned 0.56%/yr vs 14.08%/yr for GC=F. At a 0.31 correlation, their price movements are largely independent.

Performance

AUD=X vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in USD/AUD (AUD=X) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

AUD=X is traded in AUD, while GC=F is traded in USD. To make them comparable, the GC=F values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, AUD=X achieves a -5.31% return, which is significantly lower than GC=F's -2.63% return. Over the past 10 years, AUD=X has underperformed GC=F with an annualized return of 0.56%, while GC=F has yielded a comparatively higher 14.08% annualized return.

AUD=X

• 1D: 1.23%
• 1M: 2.72%
• YTD: -5.31%
• 6M: -5.78%
• 1Y: -7.71%
• 3Y*: -1.82%
• 5Y*: 1.90%
• 10Y*: 0.56%

GC=F

• 1D: 1.42%
• 1M: -2.41%
• YTD: -2.63%
• 6M: -0.53%
• 1Y: 22.51%
• 3Y*: 28.73%
• 5Y*: 20.93%
• 10Y*: 14.08%

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

AUD=X vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AUD=X USD/AUD	-5.31%	-7.26%	10.06%	0.08%	6.61%	5.86%	-8.78%	0.47%	10.72%	-7.62%
GC=F Gold Futures	-2.63%	52.58%	40.31%	13.42%	6.15%	2.19%	13.65%	19.42%	8.35%	4.94%

Correlation

The correlation between AUD=X and GC=F is -0.04, 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	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jul 4, 2007	0.31

The correlation between AUD=X and GC=F shifts across timeframes, from -0.04 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AUD=X vs. GC=F — Risk / Return Rank

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

AUD=X

AUD=X Risk / Return Rank: 19
AUD=X Sharpe Ratio Rank: 18
AUD=X Sortino Ratio Rank: 18
AUD=X Omega Ratio Rank: 19
AUD=X Calmar Ratio Rank: 21
AUD=X Martin Ratio Rank: 19

GC=F

GC=F Risk / Return Rank: 54
GC=F Sharpe Ratio Rank: 53
GC=F Sortino Ratio Rank: 52
GC=F Omega Ratio Rank: 54
GC=F Calmar Ratio Rank: 45
GC=F Martin Ratio Rank: 64

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.

AUD=X vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD/AUD (AUD=X) and Gold Futures (GC=F). 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.

	AUD=X	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	0.85	-1.68
Sortino ratio: Return per unit of downside risk	-1.14	1.18	-2.33
Omega ratio: Gain probability vs. loss probability	0.87	1.19	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.54	1.19	-1.73
Martin ratio: Return relative to average drawdown	-1.04	2.81	-3.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AUD=X vs. GC=F - Sharpe Ratio Comparison

The current AUD=X Sharpe Ratio is -0.84, which is lower than the GC=F Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of AUD=X and GC=F, 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

	AUD=X	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	0.85	-1.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	1.21	-1.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.06	0.88	-0.83
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.59	-0.52

Drawdowns

AUD=X vs. GC=F - Drawdown Comparison

The maximum AUD=X drawdown since its inception was -45.40%, which is greater than GC=F's maximum drawdown of -28.16%. Use the drawdown chart below to compare losses from any high point for AUD=X and GC=F.

Drawdown Indicators

	AUD=X	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-45.40%	-28.16%	-17.24%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-17.51%	+5.94%
Max Drawdown (3Y) Largest decline over 3 years	-18.03%	-17.51%	-0.52%
Max Drawdown (5Y) Largest decline over 5 years	-18.03%	-17.51%	-0.52%
Max Drawdown (10Y) Largest decline over 10 years	-28.03%	-22.66%	-5.37%
Current Drawdown Current decline from peak	-18.63%	-16.34%	-2.29%
Average Drawdown Average peak-to-trough decline	-22.17%	-10.06%	-12.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.65%	7.46%	-0.81%

Volatility

AUD=X vs. GC=F - Volatility Comparison

The current volatility for USD/AUD (AUD=X) is 2.37%, while Gold Futures (GC=F) has a volatility of 3.54%. This indicates that AUD=X experiences smaller price fluctuations and is considered to be less risky than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AUD=X	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	3.54%	-1.17%
Volatility (6M) Calculated over the trailing 6-month period	6.56%	20.94%	-14.38%
Volatility (1Y) Calculated over the trailing 1-year period	7.47%	24.53%	-17.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.03%	17.16%	-7.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.63%	15.91%	-6.28%

Frequently Asked Questions

Can I hold both AUD=X and GC=F in my portfolio?

AUD=X and GC=F have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AUD=X or GC=F?

GC=F has higher volatility (3.54%) compared to AUD=X (2.37%). In terms of maximum drawdown, AUD=X dropped -45.40% vs GC=F's -28.16%.

Which has better risk-adjusted returns?

GC=F currently has the higher Sharpe Ratio (0.85 vs -0.84), 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.