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GBPUSD=X vs. ^GSPC
Performance
Return for Risk
Drawdowns
Volatility

GBPUSD=X vs. ^GSPC

Last updated Jun 3, 2026

GBPUSD=X (GBP/USD) is a currency, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, GBPUSD=X returned -0.75%/yr vs 13.75%/yr for ^GSPC. At a 0.24 correlation, their price movements are largely independent.

Performance

GBPUSD=X vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GBP/USD (GBPUSD=X) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GBPUSD=X achieves a 0.07% return, which is significantly lower than ^GSPC's 11.16% return. Over the past 10 years, GBPUSD=X has underperformed ^GSPC with an annualized return of -0.75%, while ^GSPC has yielded a comparatively higher 13.75% annualized return.

GBPUSD=X

1D
0.08%
1M
-0.92%
YTD
0.07%
6M
1.94%
1Y
-0.57%
3Y*
2.66%
5Y*
-0.92%
10Y*
-0.75%

^GSPC

1D
0.13%
1M
5.25%
YTD
11.16%
6M
11.43%
1Y
28.20%
3Y*
21.12%
5Y*
12.66%
10Y*
13.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GBPUSD=X vs. ^GSPC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GBPUSD=X
GBP/USD		0.07%7.55%-1.67%5.28%-10.69%-0.91%3.06%4.01%-5.66%9.52%
^GSPC
S&P 500 Index		11.16%16.39%23.31%24.23%-19.44%26.89%16.26%28.88%-6.24%19.42%

Correlation

The correlation between GBPUSD=X and ^GSPC is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.37

Correlation (3Y)
Calculated over the trailing 3-year period

0.29

Correlation (5Y)
Calculated over the trailing 5-year period

0.34

Correlation (10Y)
Calculated over the trailing 10-year period

0.24

Correlation (All Time)
Calculated using the full available price history since Jun 29, 2007

0.24

The correlation between GBPUSD=X and ^GSPC shifts across timeframes, from 0.24 (10 years) to 0.37 (1 year), reflecting how their relationship changes across market environments.

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GBP/USD

S&P 500 Index

Often compared with GBPUSD=X:
GBPUSD=X vs. EURUSD=XGBPUSD=X vs. AUDUSD=XGBPUSD=X vs. BTC-USDGBPUSD=X vs. SPYGBPUSD=X vs. NZDUSD=XGBPUSD=X vs. FCPTGBPUSD=X vs. BCH-USD
Often compared with ^GSPC:
^GSPC vs. ^IBEX^GSPC vs. AVGO^GSPC vs. SCHD^GSPC vs. TSMU^GSPC vs. GC=F^GSPC vs. QQQ^GSPC vs. ACWI

Return for Risk

GBPUSD=X vs. ^GSPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GBPUSD=X
GBPUSD=X Risk / Return Rank: 4545
Overall Rank
GBPUSD=X Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
GBPUSD=X Sortino Ratio Rank: 4646
Sortino Ratio Rank
GBPUSD=X Omega Ratio Rank: 4646
Omega Ratio Rank
GBPUSD=X Calmar Ratio Rank: 4242
Calmar Ratio Rank
GBPUSD=X Martin Ratio Rank: 4343
Martin Ratio Rank
^GSPC
^GSPC Risk / Return Rank: 7979
Overall Rank
^GSPC Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
^GSPC Sortino Ratio Rank: 7676
Sortino Ratio Rank
^GSPC Omega Ratio Rank: 7777
Omega Ratio Rank
^GSPC Calmar Ratio Rank: 7979
Calmar Ratio Rank
^GSPC Martin Ratio Rank: 8888
Martin Ratio Rank
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.

GBPUSD=X vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GBP/USD (GBPUSD=X) and S&P 500 Index (^GSPC). 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.

GBPUSD=X^GSPCDifference

Sharpe ratio

Return per unit of total volatility

-0.07

2.39

-2.46

Sortino ratio

Return per unit of downside risk

-0.06

3.25

-3.32

Omega ratio

Gain probability vs. loss probability

0.99

1.43

-0.44

Calmar ratio

Return relative to maximum drawdown

-0.05

3.16

-3.21

Martin ratio

Return relative to average drawdown

-0.10

14.61

-14.71

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBPUSD=X vs. ^GSPC - Sharpe Ratio Comparison

The current GBPUSD=X Sharpe Ratio is -0.07, which is lower than the ^GSPC Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of GBPUSD=X and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

GBPUSD=X^GSPCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.07

2.39

-2.46

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.10

0.75

-0.86

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.08

0.76

-0.84

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.21

0.47

-0.69

Drawdowns

GBPUSD=X vs. ^GSPC - Drawdown Comparison

The maximum GBPUSD=X drawdown since its inception was -49.29%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for GBPUSD=X and ^GSPC.

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Drawdown Indicators

GBPUSD=X^GSPCDifference

Max Drawdown

Largest peak-to-trough decline

-49.29%

-56.78%

+7.49%

Max Drawdown (1Y)

Largest decline over 1 year

-5.26%

-9.10%

+3.84%

Max Drawdown (3Y)

Largest decline over 3 years

-9.34%

-18.90%

+9.56%

Max Drawdown (5Y)

Largest decline over 5 years

-24.62%

-25.43%

+0.81%

Max Drawdown (10Y)

Largest decline over 10 years

-27.99%

-33.92%

+5.93%

Current Drawdown

Current decline from peak

-36.10%

0.00%

-36.10%

Average Drawdown

Average peak-to-trough decline

-31.12%

-10.72%

-20.40%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.49%

1.97%

+0.52%

Volatility

GBPUSD=X vs. ^GSPC - Volatility Comparison

The current volatility for GBP/USD (GBPUSD=X) is 1.73%, while S&P 500 Index (^GSPC) has a volatility of 2.84%. This indicates that GBPUSD=X experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GBPUSD=X^GSPCDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.73%

2.84%

-1.11%

Volatility (6M)

Calculated over the trailing 6-month period

4.93%

8.98%

-4.05%

Volatility (1Y)

Calculated over the trailing 1-year period

6.24%

11.87%

-5.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.25%

16.90%

-8.65%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.10%

18.07%

-8.97%

Frequently Asked Questions

GBPUSD=X and ^GSPC have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

^GSPC has higher volatility (2.84%) compared to GBPUSD=X (1.73%). In terms of maximum drawdown, GBPUSD=X dropped -49.29% vs ^GSPC's -56.78%.

^GSPC currently has the higher Sharpe Ratio (2.39 vs -0.07), 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.

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