CHSPI.SW vs. GC=F

Last updated Jun 4, 2026

CHSPI.SW (iShares Core SPI® ETF (CH)) is Europe Equities fund tracking the Swiss Performance Index, while GC=F (Gold Futures) is an asset. Over the past 10 years, CHSPI.SW returned 7.78%/yr vs 11.31%/yr for GC=F. At a 0.03 correlation, their price movements are largely independent.

Performance

CHSPI.SW vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a CHF 10,000 investment in iShares Core SPI® ETF (CH) (CHSPI.SW) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CHSPI.SW is traded in CHF, while GC=F is traded in USD. To make them comparable, the GC=F values have been converted to CHF using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with CHSPI.SW having a 2.84% return and GC=F slightly higher at 2.88%. Over the past 10 years, CHSPI.SW has underperformed GC=F with an annualized return of 7.78%, while GC=F has yielded a comparatively higher 11.31% annualized return.

CHSPI.SW

• 1D: -0.59%
• 1M: 1.86%
• YTD: 2.84%
• 6M: 5.90%
• 1Y: 11.09%
• 3Y*: 7.41%
• 5Y*: 4.57%
• 10Y*: 7.78%

GC=F

• 1D: 0.02%
• 1M: -0.37%
• YTD: 2.88%
• 6M: 5.17%
• 1Y: 27.89%
• 3Y*: 25.77%
• 5Y*: 15.75%
• 10Y*: 11.31%

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

CHSPI.SW vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CHSPI.SW iShares Core SPI® ETF (CH)	2.84%	17.87%	5.72%	5.96%	-16.46%	23.33%	4.07%	30.42%	-8.30%	19.00%
GC=F Gold Futures	2.88%	43.75%	37.53%	3.19%	0.94%	-0.62%	14.08%	16.85%	-1.19%	8.77%

Correlation

The correlation between CHSPI.SW and GC=F is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Apr 30, 2014	0.03

The correlation between CHSPI.SW and GC=F shifts across timeframes, from 0.03 (10 years) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CHSPI.SW vs. GC=F — Risk / Return Rank

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

CHSPI.SW

CHSPI.SW Risk / Return Rank: 26
CHSPI.SW Sharpe Ratio Rank: 26
CHSPI.SW Sortino Ratio Rank: 25
CHSPI.SW Omega Ratio Rank: 27
CHSPI.SW Calmar Ratio Rank: 23
CHSPI.SW Martin Ratio Rank: 27

GC=F

GC=F Risk / Return Rank: 52
GC=F Sharpe Ratio Rank: 50
GC=F Sortino Ratio Rank: 49
GC=F Omega Ratio Rank: 47
GC=F Calmar Ratio Rank: 52
GC=F Martin Ratio Rank: 60

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.

CHSPI.SW vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core SPI® ETF (CH) (CHSPI.SW) and Gold Futures (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.

	CHSPI.SW	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.06	-0.12
Sortino ratio: Return per unit of downside risk	1.40	1.45	-0.05
Omega ratio: Gain probability vs. loss probability	1.18	1.23	-0.04
Calmar ratio: Return relative to maximum drawdown	1.07	1.69	-0.62
Martin ratio: Return relative to average drawdown	3.88	4.25	-0.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CHSPI.SW vs. GC=F - Sharpe Ratio Comparison

The current CHSPI.SW Sharpe Ratio is 0.95, which is comparable to the GC=F Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of CHSPI.SW and GC=F, 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

	CHSPI.SW	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	1.06	-0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.92	-0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.73	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.45	+0.02

Drawdowns

CHSPI.SW vs. GC=F - Drawdown Comparison

The maximum CHSPI.SW drawdown since its inception was -26.58%, smaller than the maximum GC=F drawdown of -37.49%. Use the drawdown chart below to compare losses from any high point for CHSPI.SW and GC=F.

Drawdown Indicators

	CHSPI.SW	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-26.58%	-37.49%	+10.91%
Max Drawdown (1Y) Largest decline over 1 year	-10.56%	-16.01%	+5.45%
Max Drawdown (3Y) Largest decline over 3 years	-16.00%	-16.01%	+0.01%
Max Drawdown (5Y) Largest decline over 5 years	-21.75%	-16.01%	-5.74%
Max Drawdown (10Y) Largest decline over 10 years	-26.58%	-16.01%	-10.57%
Current Drawdown Current decline from peak	-2.49%	-14.39%	+11.90%
Average Drawdown Average peak-to-trough decline	-5.61%	-13.72%	+8.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.88%	6.45%	-3.57%

Volatility

CHSPI.SW vs. GC=F - Volatility Comparison

The current volatility for iShares Core SPI® ETF (CH) (CHSPI.SW) is 3.42%, while Gold Futures (GC=F) has a volatility of 4.77%. This indicates that CHSPI.SW experiences smaller price fluctuations and is considered to be less risky than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHSPI.SW	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	4.77%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	21.98%	-12.40%
Volatility (1Y) Calculated over the trailing 1-year period	11.91%	25.40%	-13.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.55%	17.10%	-3.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.30%	15.44%	-1.14%

Frequently Asked Questions

Can I hold both CHSPI.SW and GC=F in my portfolio?

CHSPI.SW and GC=F have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.