GBPUSD=X vs. NZDUSD=X

Last updated Jun 3, 2026

GBPUSD=X (GBP/USD) and NZDUSD=X (New Zealand Dollar/US Dollar FX) are both currencies. Over the past 10 years, GBPUSD=X returned -0.75%/yr vs -1.58%/yr for NZDUSD=X. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

GBPUSD=X vs. NZDUSD=X - Performance Comparison

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

Returns By Period

In the year-to-date period, GBPUSD=X achieves a 0.07% return, which is significantly lower than NZDUSD=X's 3.04% return. Over the past 10 years, GBPUSD=X has outperformed NZDUSD=X with an annualized return of -0.75%, while NZDUSD=X has yielded a comparatively lower -1.58% 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%

NZDUSD=X

• 1D: 0.03%
• 1M: 0.42%
• YTD: 3.04%
• 6M: 3.51%
• 1Y: -1.73%
• 3Y*: -0.70%
• 5Y*: -3.66%
• 10Y*: -1.58%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBPUSD=X GBP/USD	0.07%	7.55%	-1.67%	5.28%	-10.69%	-0.91%	3.06%	4.01%	-5.66%	9.52%
NZDUSD=X New Zealand Dollar/US Dollar FX	3.04%	2.87%	-11.45%	-0.44%	-7.32%	-4.75%	6.74%	0.43%	-5.48%	2.51%

Correlation

The correlation between GBPUSD=X and NZDUSD=X is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jun 29, 2007	0.52

Over the past year, GBPUSD=X and NZDUSD=X have become more correlated (0.73) than their long-term average of 0.52, meaning their price movements have been converging.

Return for Risk

GBPUSD=X vs. NZDUSD=X — 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: 45
GBPUSD=X Sharpe Ratio Rank: 46
GBPUSD=X Sortino Ratio Rank: 46
GBPUSD=X Omega Ratio Rank: 46
GBPUSD=X Calmar Ratio Rank: 42
GBPUSD=X Martin Ratio Rank: 43

NZDUSD=X

NZDUSD=X Risk / Return Rank: 42
NZDUSD=X Sharpe Ratio Rank: 42
NZDUSD=X Sortino Ratio Rank: 42
NZDUSD=X Omega Ratio Rank: 42
NZDUSD=X Calmar Ratio Rank: 42
NZDUSD=X Martin Ratio Rank: 42

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. NZDUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GBP/USD (GBPUSD=X) and New Zealand Dollar/US Dollar FX (NZDUSD=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.

	GBPUSD=X	NZDUSD=X	Difference
Sharpe ratio Return per unit of total volatility	-0.07	-0.17	+0.10
Sortino ratio Return per unit of downside risk	-0.06	-0.19	+0.13
Omega ratio Gain probability vs. loss probability	0.99	0.98	+0.01
Calmar ratio Return relative to maximum drawdown	-0.05	-0.05	0.00
Martin ratio Return relative to average drawdown	-0.10	-0.10	+0.01
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. NZDUSD=X - Sharpe Ratio Comparison

The current GBPUSD=X Sharpe Ratio is -0.07, which is higher than the NZDUSD=X Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of GBPUSD=X and NZDUSD=X, 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

	GBPUSD=X	NZDUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.07	-0.17	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	-0.34	+0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.08	-0.15	+0.08
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	-0.11	-0.11

Drawdowns

GBPUSD=X vs. NZDUSD=X - Drawdown Comparison

The maximum GBPUSD=X drawdown since its inception was -49.29%, which is greater than NZDUSD=X's maximum drawdown of -39.83%. Use the drawdown chart below to compare losses from any high point for GBPUSD=X and NZDUSD=X.

Drawdown Indicators

	GBPUSD=X	NZDUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-49.29%	-39.83%	-9.46%
Max Drawdown (1Y) Largest decline over 1 year	-5.26%	-8.48%	+3.22%
Max Drawdown (3Y) Largest decline over 3 years	-9.34%	-13.50%	+4.16%
Max Drawdown (5Y) Largest decline over 5 years	-24.62%	-23.45%	-1.17%
Max Drawdown (10Y) Largest decline over 10 years	-27.99%	-26.48%	-1.51%
Current Drawdown Current decline from peak	-36.10%	-32.79%	-3.31%
Average Drawdown Average peak-to-trough decline	-31.12%	-19.63%	-11.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	3.47%	-0.98%

Volatility

GBPUSD=X vs. NZDUSD=X - Volatility Comparison

The current volatility for GBP/USD (GBPUSD=X) is 1.73%, while New Zealand Dollar/US Dollar FX (NZDUSD=X) has a volatility of 2.73%. This indicates that GBPUSD=X experiences smaller price fluctuations and is considered to be less risky than NZDUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBPUSD=X	NZDUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	2.73%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	4.93%	6.85%	-1.92%
Volatility (1Y) Calculated over the trailing 1-year period	6.24%	8.10%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.25%	10.01%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.10%	9.71%	-0.61%

Frequently Asked Questions

Can I hold both GBPUSD=X and NZDUSD=X in my portfolio?

GBPUSD=X and NZDUSD=X have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBPUSD=X or NZDUSD=X?

NZDUSD=X has higher volatility (2.73%) compared to GBPUSD=X (1.73%). In terms of maximum drawdown, GBPUSD=X dropped -49.29% vs NZDUSD=X's -39.83%.

Which has better risk-adjusted returns?

GBPUSD=X currently has the higher Sharpe Ratio (-0.07 vs -0.17), 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.