CD91.DE vs. GBSE.DE

Last updated Jun 5, 2026

CD91.DE (Amundi NYSE Arca Gold Bugs UCITS ETF Dist) and GBSE.DE (WisdomTree Physical Gold EUR Daily Hedged) are both Gold funds - CD91.DE tracks the NYSE Arca Gold BUGS while GBSE.DE tracks the MS Long Gold Euro Hedged. Both are passively managed. Over the past 10 years, CD91.DE returned 12.49%/yr vs 10.16%/yr for GBSE.DE. A 0.71 correlation means they provide meaningful diversification when combined. CD91.DE charges 0.65%/yr vs 0.12%/yr for GBSE.DE.

Performance

CD91.DE vs. GBSE.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Amundi NYSE Arca Gold Bugs UCITS ETF Dist (CD91.DE) and WisdomTree Physical Gold EUR Daily Hedged (GBSE.DE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CD91.DE achieves a 2.09% return, which is significantly higher than GBSE.DE's 0.31% return. Over the past 10 years, CD91.DE has outperformed GBSE.DE with an annualized return of 12.49%, while GBSE.DE has yielded a comparatively lower 10.16% annualized return.

CD91.DE

• 1D: 0.92%
• 1M: -0.47%
• YTD: 2.09%
• 6M: 9.79%
• 1Y: 67.95%
• 3Y*: 40.18%
• 5Y*: 20.17%
• 10Y*: 12.49%

GBSE.DE

• 1D: 0.75%
• 1M: -2.43%
• YTD: 0.31%
• 6M: 4.63%
• 1Y: 28.73%
• 3Y*: 28.22%
• 5Y*: 15.61%
• 10Y*: 10.16%

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

CD91.DE vs. GBSE.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CD91.DE Amundi NYSE Arca Gold Bugs UCITS ETF Dist	2.09%	132.40%	20.73%	2.42%	-1.60%	-8.06%	15.38%	49.81%	-12.27%	-11.24%
GBSE.DE WisdomTree Physical Gold EUR Daily Hedged	0.31%	62.87%	24.14%	10.15%	-2.06%	-5.63%	21.48%	13.15%	-5.56%	8.16%

Correlation

The correlation between CD91.DE and GBSE.DE is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Mar 22, 2013	0.71

The correlation between CD91.DE and GBSE.DE has been stable across timeframes, ranging from 0.71 to 0.78 - a consistent structural relationship.

Return for Risk

CD91.DE vs. GBSE.DE — Risk / Return Rank

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

CD91.DE

CD91.DE Risk / Return Rank: 44
CD91.DE Sharpe Ratio Rank: 46
CD91.DE Sortino Ratio Rank: 41
CD91.DE Omega Ratio Rank: 42
CD91.DE Calmar Ratio Rank: 51
CD91.DE Martin Ratio Rank: 40

GBSE.DE

GBSE.DE Risk / Return Rank: 32
GBSE.DE Sharpe Ratio Rank: 33
GBSE.DE Sortino Ratio Rank: 30
GBSE.DE Omega Ratio Rank: 34
GBSE.DE Calmar Ratio Rank: 34
GBSE.DE Martin Ratio Rank: 29

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.

CD91.DE vs. GBSE.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi NYSE Arca Gold Bugs UCITS ETF Dist (CD91.DE) and WisdomTree Physical Gold EUR Daily Hedged (GBSE.DE). 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.

	CD91.DE	GBSE.DE	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.16	+0.44
Sortino ratio: Return per unit of downside risk	2.06	1.59	+0.47
Omega ratio: Gain probability vs. loss probability	1.27	1.22	+0.04
Calmar ratio: Return relative to maximum drawdown	2.49	1.63	+0.86
Martin ratio: Return relative to average drawdown	6.17	4.08	+2.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CD91.DE vs. GBSE.DE - Sharpe Ratio Comparison

The current CD91.DE Sharpe Ratio is 1.60, which is higher than the GBSE.DE Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of CD91.DE and GBSE.DE, 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

	CD91.DE	GBSE.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.60	1.16	+0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.90	-0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.65	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.31	-0.23

Drawdowns

CD91.DE vs. GBSE.DE - Drawdown Comparison

The maximum CD91.DE drawdown since its inception was -80.32%, which is greater than GBSE.DE's maximum drawdown of -38.38%. Use the drawdown chart below to compare losses from any high point for CD91.DE and GBSE.DE.

Drawdown Indicators

	CD91.DE	GBSE.DE	Difference
Max Drawdown Largest peak-to-trough decline	-80.32%	-38.38%	-41.94%
Max Drawdown (1Y) Largest decline over 1 year	-27.16%	-17.55%	-9.61%
Max Drawdown (3Y) Largest decline over 3 years	-27.16%	-17.55%	-9.61%
Max Drawdown (5Y) Largest decline over 5 years	-39.56%	-22.71%	-16.85%
Max Drawdown (10Y) Largest decline over 10 years	-55.46%	-24.45%	-31.01%
Current Drawdown Current decline from peak	-23.41%	-16.18%	-7.23%
Average Drawdown Average peak-to-trough decline	-46.60%	-18.88%	-27.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.95%	7.02%	+3.93%

Volatility

CD91.DE vs. GBSE.DE - Volatility Comparison

Amundi NYSE Arca Gold Bugs UCITS ETF Dist (CD91.DE) has a higher volatility of 13.40% compared to WisdomTree Physical Gold EUR Daily Hedged (GBSE.DE) at 5.93%. This indicates that CD91.DE's price experiences larger fluctuations and is considered to be riskier than GBSE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CD91.DE	GBSE.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.40%	5.93%	+7.47%
Volatility (6M) Calculated over the trailing 6-month period	33.89%	21.62%	+12.27%
Volatility (1Y) Calculated over the trailing 1-year period	42.29%	24.64%	+17.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.31%	17.12%	+17.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.40%	15.50%	+18.90%

CD91.DE vs. GBSE.DE - Expense Ratio Comparison

CD91.DE has a 0.65% expense ratio, which is higher than GBSE.DE's 0.12% expense ratio.

Dividends

CD91.DE vs. GBSE.DE - Dividend Comparison

CD91.DE's dividend yield for the trailing twelve months is around 0.13%, while GBSE.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CD91.DE Amundi NYSE Arca Gold Bugs UCITS ETF Dist	0.13%	0.14%	0.31%	2.37%	1.05%	0.46%	0.14%	0.30%	0.00%	0.57%
GBSE.DE WisdomTree Physical Gold EUR Daily Hedged	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 CD91.DE and GBSE.DE in my portfolio?

CD91.DE and GBSE.DE have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CD91.DE or GBSE.DE?

On fees, GBSE.DE is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CD91.DE or GBSE.DE?

GBSE.DE is cheaper with a 0.12% expense ratio, compared with 0.65% for CD91.DE.

What is the main difference between CD91.DE and GBSE.DE?

CD91.DE tracks NYSE Arca Gold BUGS, while GBSE.DE tracks MS Long Gold Euro Hedged. They also come from different issuers: Amundi and WisdomTree. Their fees differ too: 0.65% for CD91.DE and 0.12% for GBSE.DE.