CF vs. GLD
CF (CF Industries Holdings, Inc.) is a stock, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, CF returned 20.99%/yr vs 11.05%/yr for GLD. Their 0.11 correlation means their historical movements had little consistent relationship.
Performance
CF vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, CF achieves a 63.40% return, which is significantly higher than GLD's -6.25% return. Over the past 10 years, CF has outperformed GLD with an annualized return of 20.99%, while GLD has yielded a comparatively lower 11.05% annualized return.
CF
- 1D
- -0.46%
- 1M
- 15.75%
- 6M
- 35.55%
- YTD
- 63.40%
- 1Y
- 37.75%
- 3Y*
- 18.16%
- 5Y*
- 24.12%
- 10Y*
- 20.99%
- ALL TIME*
- 21.21%
GLD
- 1D
- -1.49%
- 1M
- 0.25%
- 6M
- -16.50%
- YTD
- -6.25%
- 1Y
- 22.64%
- 3Y*
- 27.22%
- 5Y*
- 16.95%
- 10Y*
- 11.05%
- ALL TIME*
- 10.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $259.19M | $278.77M | $321.72M | |
| $2.38B | $2.40B | $2.72B |
CF vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CF CF Industries Holdings, Inc. | 63.40% | -7.17% | 10.08% | -4.75% | 22.29% | 87.18% | -15.76% | 12.73% | 5.13% | 40.24% |
GLD SPDR Gold Shares | -6.25% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between CF and GLD is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Aug 11, 2005 | 0.11 |
The correlation between CF and GLD shifts across timeframes, from -0.04 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CF vs. GLD — Risk / Return Rank
CF
GLD
CF vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CF Industries Holdings, Inc. (CF) 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.
| CF | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 0.86 | +0.63 |
| Martin ratioReturn relative to average drawdown | 3.31 | 1.86 | +1.45 |
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Drawdowns
CF vs. GLD - Drawdown Comparison
The maximum CF drawdown since its inception was -76.73%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for CF and GLD.
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Drawdown Indicators
| CF | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.73% | -45.56% | -31.17% |
Max Drawdown (1Y)Largest decline over 1 year | -25.45% | -26.40% | +0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -29.16% | -26.40% | -2.76% |
Max Drawdown (5Y)Largest decline over 5 years | -48.36% | -26.40% | -21.96% |
Max Drawdown (10Y)Largest decline over 10 years | -60.74% | -26.40% | -34.34% |
Current DrawdownCurrent decline from peak | -8.65% | -25.08% | +16.43% |
Average DrawdownAverage peak-to-trough decline | -24.87% | -16.21% | -8.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.44% | 12.18% | -0.74% |
Volatility
CF vs. GLD - Volatility Comparison
CF Industries Holdings, Inc. (CF) has a higher volatility of 10.07% compared to SPDR Gold Shares (GLD) at 6.40%. This indicates that CF'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.
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Volatility by Period
| CF | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.07% | 6.40% | +3.67% |
Volatility (6M)Calculated over the trailing 6-month period | 35.61% | 23.52% | +12.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.03% | 28.13% | +13.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.14% | 18.49% | +19.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.08% | 16.14% | +23.94% |
Dividends
CF vs. GLD - Dividend Comparison
CF's dividend yield for the trailing twelve months is around 1.60%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CF CF Industries Holdings, Inc. | 1.60% | 2.59% | 2.34% | 2.01% | 1.76% | 1.70% | 3.10% | 2.51% | 2.76% | 2.82% | 3.81% | 2.94% |
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
CF and GLD 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.
CF has higher volatility (10.07%) compared to GLD (6.40%). In terms of maximum drawdown, CF dropped -76.73% vs GLD's -45.56%.
CF currently has the higher Sharpe Ratio (0.90 vs 0.81), 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.
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