GBP=X vs. GBPUSD=X

Last updated Apr 2, 2026

Compare and contrast key facts about USD/GBP (GBP=X) and GBP/USD (GBPUSD=X).

Performance

GBP=X vs. GBPUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in USD/GBP (GBP=X) and GBP/USD (GBPUSD=X). The values are adjusted to include any dividend payments, if applicable.

GBP=X vs. GBPUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBP=X USD/GBP	1.65%	-7.12%	1.75%	-5.00%	11.89%	0.95%	-2.94%	-3.80%	5.93%	-8.65%
GBPUSD=X GBP/USD	0.51%	-0.12%	0.05%	0.01%	-0.07%	0.03%	0.04%	0.06%	-0.07%	0.05%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, GBP=X achieves a 1.65% return, which is significantly higher than GBPUSD=X's 0.51% return. Over the past 10 years, GBP=X has outperformed GBPUSD=X with an annualized return of 0.71%, while GBPUSD=X has yielded a comparatively lower 0.04% annualized return.

GBP=X

• 1D: -0.23%
• 1M: 1.13%
• YTD: 1.65%
• 6M: 1.69%
• 1Y: -2.51%
• 3Y*: -2.37%
• 5Y*: 0.86%
• 10Y*: 0.71%

GBPUSD=X

• 1D: 0.43%
• 1M: 0.38%
• YTD: 0.51%
• 6M: 0.39%
• 1Y: 0.37%
• 3Y*: 0.14%
• 5Y*: 0.10%
• 10Y*: 0.04%

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

Return for Risk

GBP=X vs. GBPUSD=X — Risk / Return Rank

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

GBP=X

GBP=X Risk / Return Rank: 51
GBP=X Sharpe Ratio Rank: 40
GBP=X Sortino Ratio Rank: 39
GBP=X Omega Ratio Rank: 42
GBP=X Calmar Ratio Rank: 67
GBP=X Martin Ratio Rank: 66

GBPUSD=X

GBPUSD=X Risk / Return Rank: 46
GBPUSD=X Sharpe Ratio Rank: 57
GBPUSD=X Sortino Ratio Rank: 57
GBPUSD=X Omega Ratio Rank: 57
GBPUSD=X Calmar Ratio Rank: 29
GBPUSD=X Martin Ratio Rank: 29

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.

GBP=X vs. GBPUSD=X - Risk-Adjusted Trends Comparison

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

	GBP=X	GBPUSD=X	Difference
Sharpe ratio Return per unit of total volatility	-0.30	0.22	-0.52
Sortino ratio Return per unit of downside risk	-0.38	0.34	-0.72
Omega ratio Gain probability vs. loss probability	0.96	1.05	-0.10
Calmar ratio Return relative to maximum drawdown	0.37	0.86	-0.49
Martin ratio Return relative to average drawdown	0.90	1.93	-1.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBP=X vs. GBPUSD=X - Sharpe Ratio Comparison

The current GBP=X Sharpe Ratio is -0.30, which is lower than the GBPUSD=X Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of GBP=X and GBPUSD=X, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GBP=X	GBPUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.30	0.22	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.11	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.07	0.03	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.01	+0.21

Correlation

The correlation between GBP=X and GBPUSD=X is 0.03, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

GBP=X vs. GBPUSD=X - Drawdown Comparison

The maximum GBP=X drawdown since its inception was -22.85%, which is greater than GBPUSD=X's maximum drawdown of -3.56%. Use the drawdown chart below to compare losses from any high point for GBP=X and GBPUSD=X.

Drawdown Indicators

	GBP=X	GBPUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-22.85%	-49.29%	+26.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.11%	-5.26%	-2.85%
Max Drawdown (5Y) Largest decline over 5 years	-22.85%	-24.78%	+1.93%
Max Drawdown (10Y) Largest decline over 10 years	-22.85%	-27.99%	+5.14%
Current Drawdown Current decline from peak	-19.40%	-36.87%	+17.47%
Average Drawdown Average peak-to-trough decline	-10.98%	-30.75%	+19.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	2.67%	-0.19%

Volatility

GBP=X vs. GBPUSD=X - Volatility Comparison

USD/GBP (GBP=X) has a higher volatility of 2.74% compared to GBP/USD (GBPUSD=X) at 0.51%. This indicates that GBP=X's price experiences larger fluctuations and is considered to be riskier than GBPUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBP=X	GBPUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	0.51%	+2.23%
Volatility (6M) Calculated over the trailing 6-month period	4.68%	0.77%	+3.91%
Volatility (1Y) Calculated over the trailing 1-year period	6.73%	1.35%	+5.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.25%	0.86%	+7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.29%	1.38%	+7.91%