BZ=F vs. GC=F

Last updated Apr 3, 2026

Compare and contrast key facts about Crude Oil Brent (BZ=F) and Gold (GC=F).

Performance

BZ=F vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Crude Oil Brent (BZ=F) and Gold (GC=F). The values are adjusted to include any dividend payments, if applicable.

BZ=F vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BZ=F Crude Oil Brent	79.21%	-18.48%	-3.12%	-10.32%	10.45%	50.15%	-21.52%	22.68%	-19.55%	17.69%
GC=F Gold	8.72%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%

Returns By Period

In the year-to-date period, BZ=F achieves a 79.21% return, which is significantly higher than GC=F's 8.72% return. Over the past 10 years, BZ=F has underperformed GC=F with an annualized return of 11.21%, while GC=F has yielded a comparatively higher 14.46% annualized return.

BZ=F

• 1D: 7.80%
• 1M: 33.97%
• YTD: 79.21%
• 6M: 70.10%
• 1Y: 45.50%
• 3Y*: 8.69%
• 5Y*: 10.95%
• 10Y*: 11.21%

GC=F

• 1D: -1.68%
• 1M: -7.92%
• YTD: 8.72%
• 6M: 22.48%
• 1Y: 49.77%
• 3Y*: 33.33%
• 5Y*: 22.19%
• 10Y*: 14.46%

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

Return for Risk

BZ=F vs. GC=F — Risk / Return Rank

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

BZ=F

BZ=F Risk / Return Rank: 52
BZ=F Sharpe Ratio Rank: 46
BZ=F Sortino Ratio Rank: 45
BZ=F Omega Ratio Rank: 43
BZ=F Calmar Ratio Rank: 85
BZ=F Martin Ratio Rank: 41

GC=F

GC=F Risk / Return Rank: 82
GC=F Sharpe Ratio Rank: 83
GC=F Sortino Ratio Rank: 89
GC=F Omega Ratio Rank: 77
GC=F Calmar Ratio Rank: 69
GC=F Martin Ratio Rank: 90

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.

BZ=F vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Crude Oil Brent (BZ=F) and Gold (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.

	BZ=F	GC=F	Difference
Sharpe ratio Return per unit of total volatility	0.93	1.72	-0.79
Sortino ratio Return per unit of downside risk	1.42	2.13	-0.71
Omega ratio Gain probability vs. loss probability	1.21	1.32	-0.11
Calmar ratio Return relative to maximum drawdown	2.93	2.64	+0.29
Martin ratio Return relative to average drawdown	5.15	9.67	-4.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BZ=F vs. GC=F - Sharpe Ratio Comparison

The current BZ=F Sharpe Ratio is 0.93, which is lower than the GC=F Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of BZ=F and GC=F, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BZ=F	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	1.72	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	1.23	-0.94
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.88	-0.60
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.64	-0.49

Correlation

The correlation between BZ=F and GC=F is 0.16, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

BZ=F vs. GC=F - Drawdown Comparison

The maximum BZ=F drawdown since its inception was -86.77%, which is greater than GC=F's maximum drawdown of -44.36%. Use the drawdown chart below to compare losses from any high point for BZ=F and GC=F.

Drawdown Indicators

	BZ=F	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-86.77%	-44.36%	-42.41%
Max Drawdown (1Y) Largest decline over 1 year	-23.58%	-17.73%	-5.85%
Max Drawdown (5Y) Largest decline over 5 years	-53.96%	-20.43%	-33.53%
Max Drawdown (10Y) Largest decline over 10 years	-77.60%	-20.87%	-56.73%
Current Drawdown Current decline from peak	-25.35%	-11.58%	-13.77%
Average Drawdown Average peak-to-trough decline	-41.03%	-13.03%	-28.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.39%	4.83%	+8.56%

Volatility

BZ=F vs. GC=F - Volatility Comparison

Crude Oil Brent (BZ=F) has a higher volatility of 32.56% compared to Gold (GC=F) at 11.34%. This indicates that BZ=F's price experiences larger fluctuations and is considered to be riskier than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BZ=F	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.56%	11.34%	+21.22%
Volatility (6M) Calculated over the trailing 6-month period	37.42%	24.65%	+12.77%
Volatility (1Y) Calculated over the trailing 1-year period	42.56%	27.83%	+14.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.84%	17.97%	+17.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.61%	16.37%	+22.24%