DIA.AS vs. GC=F

Last updated Jun 4, 2026

DIA.AS (SPDR Dow Jones Industrial Average ETF Trust) is Large Cap Value Equities fund tracking the Russell 1000 Value TR USD, while GC=F (Gold Futures) is an asset. Over the past 10 years, DIA.AS returned 13.06%/yr vs 13.42%/yr for GC=F. At a correlation of -0.00, they often move in opposite directions.

Performance

DIA.AS vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR Dow Jones Industrial Average ETF Trust (DIA.AS) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, DIA.AS achieves a 7.19% return, which is significantly higher than GC=F's 4.41% return. Both investments have delivered pretty close results over the past 10 years, with DIA.AS having a 13.06% annualized return and GC=F not far ahead at 13.42%.

DIA.AS

• 1D: 1.09%
• 1M: 4.34%
• YTD: 7.19%
• 6M: 7.57%
• 1Y: 20.20%
• 3Y*: 13.70%
• 5Y*: 10.94%
• 10Y*: 13.06%

GC=F

• 1D: -0.37%
• 1M: -0.55%
• YTD: 4.41%
• 6M: 6.86%
• 1Y: 30.55%
• 3Y*: 28.24%
• 5Y*: 19.87%
• 10Y*: 13.42%

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

DIA.AS vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DIA.AS SPDR Dow Jones Industrial Average ETF Trust	7.19%	2.13%	22.48%	11.53%	-1.09%	31.76%	-0.04%	26.82%	0.96%	12.57%
GC=F Gold Futures	4.41%	45.00%	35.90%	9.94%	5.74%	3.76%	14.32%	21.55%	2.45%	-0.37%

Correlation

The correlation between DIA.AS and GC=F is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Jan 3, 2008	-0.00

The correlation between DIA.AS and GC=F shifts across timeframes, from -0.02 (10 years) to 0.09 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DIA.AS vs. GC=F — Risk / Return Rank

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

DIA.AS

DIA.AS Risk / Return Rank: 77
DIA.AS Sharpe Ratio Rank: 66
DIA.AS Sortino Ratio Rank: 82
DIA.AS Omega Ratio Rank: 98
DIA.AS Calmar Ratio Rank: 70
DIA.AS Martin Ratio Rank: 67

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.

DIA.AS vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Dow Jones Industrial Average ETF Trust (DIA.AS) 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.

	DIA.AS	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.16	+1.05
Sortino ratio: Return per unit of downside risk	3.74	1.55	+2.19
Omega ratio: Gain probability vs. loss probability	2.12	1.24	+0.88
Calmar ratio: Return relative to maximum drawdown	3.49	1.81	+1.68
Martin ratio: Return relative to average drawdown	12.35	4.46	+7.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIA.AS vs. GC=F - Sharpe Ratio Comparison

The current DIA.AS Sharpe Ratio is 2.20, which is higher than the GC=F Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of DIA.AS 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

	DIA.AS	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	1.16	+1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	1.14	-0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.85	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.64	-0.54

Drawdowns

DIA.AS vs. GC=F - Drawdown Comparison

The maximum DIA.AS drawdown since its inception was -59.02%, which is greater than GC=F's maximum drawdown of -36.91%. Use the drawdown chart below to compare losses from any high point for DIA.AS and GC=F.

Drawdown Indicators

	DIA.AS	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-59.02%	-36.91%	-22.11%
Max Drawdown (1Y) Largest decline over 1 year	-5.71%	-16.35%	+10.64%
Max Drawdown (3Y) Largest decline over 3 years	-21.07%	-16.35%	-4.72%
Max Drawdown (5Y) Largest decline over 5 years	-21.07%	-16.35%	-4.72%
Max Drawdown (10Y) Largest decline over 10 years	-36.08%	-18.00%	-18.08%
Current Drawdown Current decline from peak	0.00%	-15.11%	+15.11%
Average Drawdown Average peak-to-trough decline	-11.92%	-11.40%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	6.72%	-5.10%

Volatility

DIA.AS vs. GC=F - Volatility Comparison

The current volatility for SPDR Dow Jones Industrial Average ETF Trust (DIA.AS) is 2.35%, while Gold Futures (GC=F) has a volatility of 4.60%. This indicates that DIA.AS 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

	DIA.AS	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	4.60%	-2.25%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	22.30%	-14.42%
Volatility (1Y) Calculated over the trailing 1-year period	9.05%	25.61%	-16.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.49%	17.40%	-3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	15.86%	+1.18%

Frequently Asked Questions

Can I hold both DIA.AS and GC=F in my portfolio?

DIA.AS and GC=F have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.