BHP vs. GLD

Last updated Jun 13, 2026

BHP (BHP Group Limited) is a stock, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, BHP returned 23.18%/yr vs 12.15%/yr for GLD. At a 0.29 correlation, their price movements are largely independent.

Performance

BHP vs. GLD - Performance Comparison

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

Returns By Period

In the year-to-date period, BHP achieves a 53.40% return, which is significantly higher than GLD's -2.47% return. Over the past 10 years, BHP has outperformed GLD with an annualized return of 23.18%, while GLD has yielded a comparatively lower 12.15% annualized return.

BHP

• 1D: 3.20%
• 1M: 7.61%
• YTD: 53.40%
• 6M: 55.28%
• 1Y: 94.96%
• 3Y*: 19.44%
• 5Y*: 16.25%
• 10Y*: 23.18%

GLD

• 1D: 0.06%
• 1M: -7.37%
• YTD: -2.47%
• 6M: -2.25%
• 1Y: 22.21%
• 3Y*: 28.89%
• 5Y*: 17.08%
• 10Y*: 12.15%

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

BHP vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BHP BHP Group Limited	53.40%	28.91%	-24.64%	16.50%	44.34%	0.91%	25.37%	24.50%	10.55%	33.87%
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 BHP and GLD is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004	0.29

The correlation between BHP and GLD shifts across timeframes, from 0.25 (10 years) to 0.44 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BHP vs. GLD — Risk / Return Rank

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

BHP

BHP Risk / Return Rank: 93
BHP Sharpe Ratio Rank: 95
BHP Sortino Ratio Rank: 92
BHP Omega Ratio Rank: 91
BHP Calmar Ratio Rank: 91
BHP Martin Ratio Rank: 95

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.

BHP vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BHP Group Limited (BHP) 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.

	BHP	GLD	Difference
Sharpe ratio: Return per unit of total volatility	2.80	0.87	+1.92
Sortino ratio: Return per unit of downside risk	3.34	1.24	+2.11
Omega ratio: Gain probability vs. loss probability	1.42	1.18	+0.24
Calmar ratio: Return relative to maximum drawdown	4.57	0.98	+3.59
Martin ratio: Return relative to average drawdown	16.96	2.81	+14.15

BHP vs. GLD - Sharpe Ratio Comparison

The current BHP Sharpe Ratio is 2.80, which is higher than the GLD Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of BHP 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

BHP vs. GLD - Drawdown Comparison

The maximum BHP drawdown since its inception was -76.22%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for BHP and GLD.

Drawdown Indicators

	BHP	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-76.22%	-45.56%	-30.66%
Max Drawdown (1Y) Largest decline over 1 year	-19.80%	-24.46%	+4.66%
Max Drawdown (3Y) Largest decline over 3 years	-37.21%	-24.46%	-12.75%
Max Drawdown (5Y) Largest decline over 5 years	-37.21%	-24.46%	-12.75%
Max Drawdown (10Y) Largest decline over 10 years	-44.29%	-24.46%	-19.83%
Current Drawdown Current decline from peak	-2.50%	-22.05%	+19.55%
Average Drawdown Average peak-to-trough decline	-21.28%	-16.16%	-5.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.38%	8.49%	-3.11%

Volatility

BHP vs. GLD - Volatility Comparison

BHP Group Limited (BHP) has a higher volatility of 13.72% compared to SPDR Gold Shares (GLD) at 7.79%. This indicates that BHP'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

	BHP	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.72%	7.79%	+5.93%
Volatility (6M) Calculated over the trailing 6-month period	26.69%	24.10%	+2.59%
Volatility (1Y) Calculated over the trailing 1-year period	32.39%	27.37%	+5.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.44%	18.22%	+14.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.34%	16.08%	+16.26%

Dividends

BHP vs. GLD - Dividend Comparison

BHP's dividend yield for the trailing twelve months is around 2.93%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BHP BHP Group Limited	2.93%	3.64%	5.98%	4.98%	22.44%	9.98%	3.67%	8.59%	4.89%	3.61%	1.68%	9.38%
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 BHP and GLD in my portfolio?

BHP and GLD have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BHP or GLD?

BHP has higher volatility (13.72%) compared to GLD (7.79%). In terms of maximum drawdown, BHP dropped -76.22% vs GLD's -45.56%.

Which has better risk-adjusted returns?

BHP currently has the higher Sharpe Ratio (2.80 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.