GC=F vs. DAX

Last updated Jun 9, 2026

GC=F (Gold Futures) is an asset, while DAX (Global X DAX Germany ETF) is Europe Equities fund tracking the DAX Index. At a correlation of -0.07, they often move in opposite directions.

Performance

GC=F vs. DAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gold Futures (GC=F) and Global X DAX Germany ETF (DAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GC=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DAX

• 1D: -0.07%
• 1M: -1.60%
• YTD: -2.02%
• 6M: 0.86%
• 1Y: 1.43%
• 3Y*: 17.37%
• 5Y*: 7.56%
• 10Y*: 9.21%

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

GC=F vs. DAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GC=F Gold Futures	0.00%	0.00%	0.00%	0.00%	5.91%
DAX Global X DAX Germany ETF	-2.02%	39.00%	10.55%	23.62%	-15.86%

Correlation

The correlation between GC=F and DAX is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 1, 2022	-0.07

Return for Risk

GC=F vs. DAX — Risk / Return Rank

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

DAX

DAX Risk / Return Rank: 10
DAX Sharpe Ratio Rank: 10
DAX Sortino Ratio Rank: 10
DAX Omega Ratio Rank: 10
DAX Calmar Ratio Rank: 11
DAX Martin Ratio Rank: 11

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. DAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold Futures (GC=F) and Global X DAX Germany ETF (DAX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GC=F	DAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.08	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.37	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.34	—

Drawdowns

Drawdown Indicators

	GC=F	DAX	Difference
Max Drawdown Largest peak-to-trough decline	—	-45.58%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-14.82%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-39.72%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.58%	—
Current Drawdown Current decline from peak	—	-5.93%	—
Average Drawdown Average peak-to-trough decline	—	-10.50%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.71%	—

Volatility

Volatility by Period

	GC=F	DAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.59%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	17.86%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	20.41%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	21.28%	—

Frequently Asked Questions

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

GC=F and DAX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.