GBPUSD=X vs. ^GSPC
GBPUSD=X (GBP/USD) is a currency, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, GBPUSD=X returned -0.34%/yr vs 13.71%/yr for ^GSPC. At a 0.25 correlation, their price movements are largely independent.
Performance
GBPUSD=X vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, GBPUSD=X achieves a -1.91% return, which is significantly lower than ^GSPC's 7.60% return. Over the past 10 years, GBPUSD=X has underperformed ^GSPC with an annualized return of -0.34%, while ^GSPC has yielded a comparatively higher 13.71% annualized return.
GBPUSD=X
- 1D
- -0.38%
- 1M
- -2.06%
- YTD
- -1.91%
- 6M
- -2.36%
- 1Y
- -2.39%
- 3Y*
- 1.25%
- 5Y*
- -1.05%
- 10Y*
- -0.34%
^GSPC
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
GBPUSD=X vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBPUSD=X GBP/USD | -1.91% | 7.55% | -1.67% | 5.28% | -10.69% | -0.91% | 3.06% | 4.01% | -5.66% | 9.52% |
^GSPC S&P 500 Index | 7.60% | 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 | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2007 | 0.25 |
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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Return for Risk
GBPUSD=X vs. ^GSPC — Risk / Return Rank
GBPUSD=X
^GSPC
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GBPUSD=X | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.09 | ||
| Sortino ratioReturn per unit of downside risk | -2.84 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.32 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 2.46 | -2.82 |
| Martin ratioReturn relative to average drawdown | -0.69 | 10.92 | -11.61 |
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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 | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -23.41% | -25.43% | +2.02% |
Max Drawdown (10Y)Largest decline over 10 years | -25.46% | -33.92% | +8.46% |
Current DrawdownCurrent decline from peak | -37.37% | -3.21% | -34.16% |
Average DrawdownAverage peak-to-trough decline | -31.25% | -10.71% | -20.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.67% | 2.04% | +0.63% |
Volatility
GBPUSD=X vs. ^GSPC - Volatility Comparison
The current volatility for GBP/USD (GBPUSD=X) is 1.66%, while S&P 500 Index (^GSPC) has a volatility of 4.89%. 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 | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 4.89% | -3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 4.83% | 9.93% | -5.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.25% | 12.57% | -6.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.23% | 17.00% | -8.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.72% | 18.08% | -9.36% |
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 (4.89%) compared to GBPUSD=X (1.66%). In terms of maximum drawdown, GBPUSD=X dropped -49.29% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (1.78 vs -0.31), 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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