CNH vs. GLD

Last updated Jun 4, 2026

CNH (CNH Industrial NV) is a stock, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, CNH returned 5.89%/yr vs 13.12%/yr for GLD. At a 0.05 correlation, their price movements are largely independent.

Performance

CNH vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CNH Industrial NV (CNH) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNH achieves a 20.90% return, which is significantly higher than GLD's 2.92% return. Over the past 10 years, CNH has underperformed GLD with an annualized return of 5.89%, while GLD has yielded a comparatively higher 13.12% annualized return.

CNH

• 1D: 0.82%
• 1M: 9.07%
• YTD: 20.90%
• 6M: 17.33%
• 1Y: -11.25%
• 3Y*: -4.62%
• 5Y*: -7.04%
• 10Y*: 5.89%

GLD

• 1D: -0.99%
• 1M: -1.65%
• YTD: 2.92%
• 6M: 5.43%
• 1Y: 32.04%
• 3Y*: 31.09%
• 5Y*: 18.15%
• 10Y*: 13.12%

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

CNH vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNH CNH Industrial NV	20.90%	-17.10%	-3.12%	-22.01%	-15.74%	52.59%	16.73%	21.64%	-30.31%	57.67%
GLD SPDR Gold Shares	2.92%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between CNH and GLD is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Oct 1, 2013	0.05

Return for Risk

CNH vs. GLD — Risk / Return Rank

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

CNH

CNH Risk / Return Rank: 27
CNH Sharpe Ratio Rank: 27
CNH Sortino Ratio Rank: 24
CNH Omega Ratio Rank: 25
CNH Calmar Ratio Rank: 29
CNH Martin Ratio Rank: 30

GLD

GLD Risk / Return Rank: 32
GLD Sharpe Ratio Rank: 32
GLD Sortino Ratio Rank: 29
GLD Omega Ratio Rank: 35
GLD Calmar Ratio Rank: 33
GLD Martin Ratio Rank: 28

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.

CNH vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CNH Industrial NV (CNH) 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.

	CNH	GLD	Difference
Sharpe ratio Return per unit of total volatility	-0.32	1.21	-1.53
Sortino ratio Return per unit of downside risk	-0.25	1.60	-1.85
Omega ratio Gain probability vs. loss probability	0.97	1.24	-0.27
Calmar ratio Return relative to maximum drawdown	-0.34	1.68	-2.02
Martin ratio Return relative to average drawdown	-0.54	4.15	-4.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNH vs. GLD - Sharpe Ratio Comparison

The current CNH Sharpe Ratio is -0.32, which is lower than the GLD Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of CNH and GLD, 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

	CNH	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.32	1.21	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.20	1.01	-1.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	0.83	-0.66
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	0.60	-0.58

Drawdowns

CNH vs. GLD - Drawdown Comparison

The maximum CNH drawdown since its inception was -65.82%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for CNH and GLD.

Drawdown Indicators

	CNH	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-65.82%	-45.56%	-20.26%
Max Drawdown (1Y) Largest decline over 1 year	-33.19%	-19.21%	-13.98%
Max Drawdown (3Y) Largest decline over 3 years	-37.66%	-19.21%	-18.45%
Max Drawdown (5Y) Largest decline over 5 years	-47.76%	-21.03%	-26.73%
Max Drawdown (10Y) Largest decline over 10 years	-65.82%	-22.00%	-43.82%
Current Drawdown Current decline from peak	-36.84%	-17.75%	-19.09%
Average Drawdown Average peak-to-trough decline	-28.58%	-16.16%	-12.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.72%	7.73%	+12.99%

Volatility

CNH vs. GLD - Volatility Comparison

CNH Industrial NV (CNH) has a higher volatility of 14.06% compared to SPDR Gold Shares (GLD) at 5.51%. This indicates that CNH'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.

Volatility by Period

	CNH	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.06%	5.51%	+8.55%
Volatility (6M) Calculated over the trailing 6-month period	28.65%	23.16%	+5.49%
Volatility (1Y) Calculated over the trailing 1-year period	35.42%	26.61%	+8.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.77%	18.00%	+17.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.69%	15.95%	+20.74%

Dividends

CNH vs. GLD - Dividend Comparison

CNH's dividend yield for the trailing twelve months is around 0.91%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNH CNH Industrial NV	0.91%	2.71%	4.15%	3.25%	1.88%	0.68%	0.00%	1.85%	1.87%	1.64%	1.50%	2.92%
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

Can I hold both CNH and GLD in my portfolio?

CNH and GLD have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNH or GLD?

CNH has higher volatility (14.06%) compared to GLD (5.51%). In terms of maximum drawdown, CNH dropped -65.82% vs GLD's -45.56%.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (1.21 vs -0.32), 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.