GC=F vs. ^GSPC

Last updated Jun 4, 2026

GC=F (Gold) is an asset, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, GC=F returned 13.66%/yr vs 13.66%/yr for ^GSPC. At a 0.01 correlation, their price movements are largely independent.

Performance

GC=F vs. ^GSPC - Performance Comparison

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

Returns By Period

In the year-to-date period, GC=F achieves a 3.17% return, which is significantly lower than ^GSPC's 10.35% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: GC=F at 13.66% and ^GSPC at 13.66%.

GC=F

• 1D: -0.59%
• 1M: -1.26%
• YTD: 3.17%
• 6M: 6.27%
• 1Y: 33.21%
• 3Y*: 31.73%
• 5Y*: 18.75%
• 10Y*: 13.66%

^GSPC

• 1D: -0.74%
• 1M: 4.90%
• YTD: 10.35%
• 6M: 10.28%
• 1Y: 26.52%
• 3Y*: 20.83%
• 5Y*: 12.30%
• 10Y*: 13.66%

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

GC=F vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GC=F Gold	3.17%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%
^GSPC S&P 500 Index	10.35%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-6.24%	19.42%

Correlation

The correlation between GC=F and ^GSPC is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Aug 30, 2000	0.01

Over the past year, GC=F and ^GSPC have become more correlated (0.23) than their long-term average of 0.01, meaning their price movements have been converging.

Return for Risk

GC=F vs. ^GSPC — Risk / Return Rank

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

GC=F

GC=F Risk / Return Rank: 52
GC=F Sharpe Ratio Rank: 50
GC=F Sortino Ratio Rank: 49
GC=F Omega Ratio Rank: 47
GC=F Calmar Ratio Rank: 52
GC=F Martin Ratio Rank: 60

^GSPC

^GSPC Risk / Return Rank: 73
^GSPC Sharpe Ratio Rank: 71
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 72
^GSPC Calmar Ratio Rank: 67
^GSPC Martin Ratio Rank: 81

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.

GC=F vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold (GC=F) 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.

	GC=F	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	1.22	2.24	-1.03
Sortino ratio Return per unit of downside risk	1.60	3.07	-1.47
Omega ratio Gain probability vs. loss probability	1.25	1.41	-0.16
Calmar ratio Return relative to maximum drawdown	1.82	2.93	-1.11
Martin ratio Return relative to average drawdown	4.60	13.52	-8.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GC=F vs. ^GSPC - Sharpe Ratio Comparison

The current GC=F Sharpe Ratio is 1.22, which is lower than the ^GSPC Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of GC=F 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.

Sharpe Ratios by Period

	GC=F	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	2.24	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.03	0.73	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.76	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.47	+0.15

Drawdowns

GC=F vs. ^GSPC - Drawdown Comparison

The maximum GC=F drawdown since its inception was -44.36%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for GC=F and ^GSPC.

Drawdown Indicators

	GC=F	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-44.36%	-56.78%	+12.42%
Max Drawdown (1Y) Largest decline over 1 year	-17.73%	-9.10%	-8.63%
Max Drawdown (3Y) Largest decline over 3 years	-17.73%	-18.90%	+1.17%
Max Drawdown (5Y) Largest decline over 5 years	-20.43%	-25.43%	+5.00%
Max Drawdown (10Y) Largest decline over 10 years	-20.87%	-33.92%	+13.05%
Current Drawdown Current decline from peak	-16.09%	-0.74%	-15.35%
Average Drawdown Average peak-to-trough decline	-13.03%	-10.72%	-2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.09%	1.97%	+5.12%

Volatility

GC=F vs. ^GSPC - Volatility Comparison

Gold (GC=F) has a higher volatility of 5.24% compared to S&P 500 Index (^GSPC) at 2.93%. This indicates that GC=F's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GC=F	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	2.93%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	23.04%	8.99%	+14.05%
Volatility (1Y) Calculated over the trailing 1-year period	26.46%	11.89%	+14.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.19%	16.90%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.44%	18.06%	-1.62%

Frequently Asked Questions

Can I hold both GC=F and ^GSPC in my portfolio?

GC=F and ^GSPC have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GC=F or ^GSPC?

GC=F has higher volatility (5.24%) compared to ^GSPC (2.93%). In terms of maximum drawdown, GC=F dropped -44.36% vs ^GSPC's -56.78%.

Which has better risk-adjusted returns?

^GSPC currently has the higher Sharpe Ratio (2.24 vs 1.22), 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.