CU31.L vs. GC=F

Last updated Jun 5, 2026

CU31.L (iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)) is Government Bonds fund tracking the ICE US Treasury 1-3 Year Index, while GC=F (Gold Futures) is an asset. Over the past 10 years, CU31.L returned 2.48%/yr vs 14.57%/yr for GC=F. At a 0.20 correlation, their price movements are largely independent.

Performance

CU31.L vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CU31.L is traded in GBp, while GC=F is traded in USD. To make them comparable, the GC=F values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, CU31.L achieves a 0.66% return, which is significantly lower than GC=F's 4.51% return. Over the past 10 years, CU31.L has underperformed GC=F with an annualized return of 2.48%, while GC=F has yielded a comparatively higher 14.57% annualized return.

CU31.L

• 1D: 0.11%
• 1M: 1.13%
• YTD: 0.66%
• 6M: 0.30%
• 1Y: 4.42%
• 3Y*: 1.49%
• 5Y*: 2.92%
• 10Y*: 2.48%

GC=F

• 1D: 1.48%
• 1M: -0.27%
• YTD: 4.51%
• 6M: 6.16%
• 1Y: 34.76%
• 3Y*: 28.68%
• 5Y*: 20.25%
• 10Y*: 14.57%

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

CU31.L vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CU31.L iShares USD Treasury Bond 1-3yr UCITS ETF (Acc)	0.66%	-1.98%	5.81%	-1.58%	7.82%	0.48%	-0.40%	0.29%	7.25%	-8.69%
GC=F Gold Futures	4.51%	52.80%	29.71%	7.67%	11.41%	-2.55%	20.93%	14.35%	3.66%	3.77%

Correlation

The correlation between CU31.L and GC=F is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since May 14, 2013	0.20

The correlation between CU31.L and GC=F shifts across timeframes, from -0.12 (1 year) to 0.22 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

CU31.L vs. GC=F — Risk / Return Rank

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

CU31.L

CU31.L Risk / Return Rank: 21
CU31.L Sharpe Ratio Rank: 22
CU31.L Sortino Ratio Rank: 21
CU31.L Omega Ratio Rank: 20
CU31.L Calmar Ratio Rank: 22
CU31.L Martin Ratio Rank: 21

GC=F

GC=F Risk / Return Rank: 54
GC=F Sharpe Ratio Rank: 53
GC=F Sortino Ratio Rank: 52
GC=F Omega Ratio Rank: 54
GC=F Calmar Ratio Rank: 45
GC=F Martin Ratio Rank: 64

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.

CU31.L vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) 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.

	CU31.L	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.31	-0.59
Sortino ratio: Return per unit of downside risk	1.08	1.70	-0.62
Omega ratio: Gain probability vs. loss probability	1.12	1.27	-0.15
Calmar ratio: Return relative to maximum drawdown	0.97	1.98	-1.01
Martin ratio: Return relative to average drawdown	2.47	5.00	-2.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CU31.L vs. GC=F - Sharpe Ratio Comparison

The current CU31.L Sharpe Ratio is 0.72, which is lower than the GC=F Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of CU31.L 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

	CU31.L	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	1.31	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	1.16	-0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.85	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.69	-0.42

Drawdowns

CU31.L vs. GC=F - Drawdown Comparison

The maximum CU31.L drawdown since its inception was -18.80%, smaller than the maximum GC=F drawdown of -40.62%. Use the drawdown chart below to compare losses from any high point for CU31.L and GC=F.

Drawdown Indicators

	CU31.L	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-18.80%	-40.62%	+21.82%
Max Drawdown (1Y) Largest decline over 1 year	-4.51%	-16.99%	+12.48%
Max Drawdown (3Y) Largest decline over 3 years	-8.91%	-16.99%	+8.08%
Max Drawdown (5Y) Largest decline over 5 years	-16.29%	-16.99%	+0.70%
Max Drawdown (10Y) Largest decline over 10 years	-18.80%	-22.25%	+3.45%
Current Drawdown Current decline from peak	-7.61%	-15.05%	+7.44%
Average Drawdown Average peak-to-trough decline	-8.23%	-12.19%	+3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	6.82%	-5.04%

Volatility

CU31.L vs. GC=F - Volatility Comparison

The current volatility for iShares USD Treasury Bond 1-3yr UCITS ETF (Acc) (CU31.L) is 1.63%, while Gold Futures (GC=F) has a volatility of 4.26%. This indicates that CU31.L 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

	CU31.L	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.63%	4.26%	-2.63%
Volatility (6M) Calculated over the trailing 6-month period	4.46%	22.29%	-17.83%
Volatility (1Y) Calculated over the trailing 1-year period	6.11%	25.67%	-19.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.05%	17.38%	-9.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.19%	17.07%	-7.88%

Frequently Asked Questions

Can I hold both CU31.L and GC=F in my portfolio?

CU31.L and GC=F have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.