BZ=F vs. GLD

Last updated Jun 26, 2026

BZ=F (Brent Crude Oil Last Day Financial Futures) is an asset, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. At a 0.07 correlation, their price movements are largely independent.

Performance

BZ=F vs. GLD - Performance Comparison

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

Returns By Period

BZ=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLD

• 1D: 0.97%
• 1M: -10.76%
• YTD: -6.77%
• 6M: -10.31%
• 1Y: 20.30%
• 3Y*: 27.44%
• 5Y*: 17.27%
• 10Y*: 11.30%

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

BZ=F vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BZ=F Brent Crude Oil Last Day Financial Futures	0.00%	0.00%	0.00%	0.00%	20.59%
GLD SPDR Gold Shares	-6.77%	63.68%	26.66%	12.69%	1.52%

Correlation

The correlation between BZ=F 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 (All Time) Calculated using the full available price history since Jan 31, 2022	0.07

Return for Risk

BZ=F vs. GLD — Risk / Return Rank

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

BZ=F

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

GLD

GLD Risk / Return Rank: 22
GLD Sharpe Ratio Rank: 23
GLD Sortino Ratio Rank: 21
GLD Omega Ratio Rank: 25
GLD Calmar Ratio Rank: 19
GLD Martin Ratio Rank: 20

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. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Brent Crude Oil Last Day Financial Futures (BZ=F) 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.

	BZ=F	GLD	Difference
Sharpe ratio: Return per unit of total volatility	—	0.74	—
Sortino ratio: Return per unit of downside risk	—	1.08	—
Omega ratio: Gain probability vs. loss probability	—	1.16	—
Calmar ratio: Return relative to maximum drawdown	—	0.78	—
Martin ratio: Return relative to average drawdown	—	2.17	—

Drawdowns

Drawdown Indicators

	BZ=F	GLD	Difference
Max Drawdown Largest peak-to-trough decline	—	-45.56%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-26.21%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-26.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-26.21%	—
Current Drawdown Current decline from peak	—	-25.50%	—
Average Drawdown Average peak-to-trough decline	—	-16.17%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.38%	—

Volatility

Volatility by Period

	BZ=F	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	24.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	27.71%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.30%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	16.07%	—

Frequently Asked Questions

Can I hold both BZ=F and GLD in my portfolio?

BZ=F 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.