EUR=X vs. GLD

Last updated Jun 4, 2026

EUR=X (USD/EUR) is a currency, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, EUR=X returned -0.21%/yr vs 12.98%/yr for GLD. At a 0.14 correlation, their price movements are largely independent.

Performance

EUR=X vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in USD/EUR (EUR=X) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, EUR=X achieves a 1.20% return, which is significantly lower than GLD's 5.01% return. Over the past 10 years, EUR=X has underperformed GLD with an annualized return of -0.21%, while GLD has yielded a comparatively higher 12.98% annualized return.

EUR=X

• 1D: 0.22%
• 1M: 0.71%
• YTD: 1.20%
• 6M: 0.55%
• 1Y: -1.99%
• 3Y*: -2.65%
• 5Y*: 0.94%
• 10Y*: -0.21%

GLD

• 1D: 0.00%
• 1M: -0.13%
• YTD: 5.01%
• 6M: 6.88%
• 1Y: 30.47%
• 3Y*: 27.97%
• 5Y*: 19.46%
• 10Y*: 12.98%

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

EUR=X vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUR=X USD/EUR	1.20%	-11.87%	6.60%	-3.00%	6.20%	7.48%	-8.24%	2.26%	4.69%	-12.29%
GLD SPDR Gold Shares	4.15%	44.25%	35.02%	9.31%	5.38%	3.02%	14.53%	20.52%	2.66%	-1.05%

Correlation

The correlation between EUR=X and GLD 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	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Aug 27, 2007	0.14

The correlation between EUR=X and GLD shifts across timeframes, from -0.09 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EUR=X vs. GLD — Risk / Return Rank

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

EUR=X

EUR=X Risk / Return Rank: 30
EUR=X Sharpe Ratio Rank: 32
EUR=X Sortino Ratio Rank: 32
EUR=X Omega Ratio Rank: 32
EUR=X Calmar Ratio Rank: 27
EUR=X Martin Ratio Rank: 28

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.

EUR=X vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD/EUR (EUR=X) 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.

	EUR=X	GLD	Difference
Sharpe ratio Return per unit of total volatility	-0.27	1.22	-1.49
Sortino ratio Return per unit of downside risk	-0.34	1.62	-1.96
Omega ratio Gain probability vs. loss probability	0.96	1.25	-0.29
Calmar ratio Return relative to maximum drawdown	-0.30	1.79	-2.08
Martin ratio Return relative to average drawdown	-0.64	4.31	-4.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUR=X vs. GLD - Sharpe Ratio Comparison

The current EUR=X Sharpe Ratio is -0.27, which is lower than the GLD Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of EUR=X 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

	EUR=X	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.27	1.22	-1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	1.17	-1.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.03	0.87	-0.90
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.66	-0.56

Drawdowns

EUR=X vs. GLD - Drawdown Comparison

The maximum EUR=X drawdown since its inception was -20.32%, smaller than the maximum GLD drawdown of -37.47%. Use the drawdown chart below to compare losses from any high point for EUR=X and GLD.

Drawdown Indicators

	EUR=X	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-20.32%	-37.47%	+17.15%
Max Drawdown (1Y) Largest decline over 1 year	-5.39%	-17.14%	+11.75%
Max Drawdown (3Y) Largest decline over 3 years	-15.23%	-17.14%	+1.91%
Max Drawdown (5Y) Largest decline over 5 years	-20.32%	-17.14%	-3.18%
Max Drawdown (10Y) Largest decline over 10 years	-20.32%	-18.63%	-1.69%
Current Drawdown Current decline from peak	-17.33%	-15.48%	-1.85%
Average Drawdown Average peak-to-trough decline	-9.57%	-12.16%	+2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	7.09%	-5.29%

Volatility

EUR=X vs. GLD - Volatility Comparison

The current volatility for USD/EUR (EUR=X) is 1.10%, while SPDR Gold Shares (GLD) has a volatility of 4.58%. This indicates that EUR=X experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUR=X	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	4.58%	-3.48%
Volatility (6M) Calculated over the trailing 6-month period	4.38%	21.79%	-17.41%
Volatility (1Y) Calculated over the trailing 1-year period	5.89%	25.15%	-19.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.33%	16.70%	-9.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.20%	14.91%	-7.71%

Frequently Asked Questions

Can I hold both EUR=X and GLD in my portfolio?

EUR=X and GLD 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.

Which is riskier, EUR=X or GLD?

GLD has higher volatility (4.58%) compared to EUR=X (1.10%). In terms of maximum drawdown, EUR=X dropped -20.32% vs GLD's -37.47%.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (1.22 vs -0.27), 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.