GC=F vs. HG=F

Last updated Apr 3, 2026

Compare and contrast key facts about Gold (GC=F) and Copper (HG=F).

Performance

GC=F vs. HG=F - Performance Comparison

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

GC=F vs. HG=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GC=F Gold	8.72%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%
HG=F Copper	0.91%	39.82%	3.50%	2.10%	-14.63%	26.84%	25.81%	6.31%	-20.28%	31.73%

Returns By Period

In the year-to-date period, GC=F achieves a 8.72% return, which is significantly higher than HG=F's 0.91% return. Over the past 10 years, GC=F has outperformed HG=F with an annualized return of 14.46%, while HG=F has yielded a comparatively lower 10.23% annualized return.

GC=F

• 1D: -1.68%
• 1M: -7.92%
• YTD: 8.72%
• 6M: 22.48%
• 1Y: 49.77%
• 3Y*: 33.33%
• 5Y*: 22.19%
• 10Y*: 14.46%

HG=F

• 1D: 1.02%
• 1M: -1.59%
• YTD: 0.91%
• 6M: 16.00%
• 1Y: 12.72%
• 3Y*: 11.95%
• 5Y*: 7.30%
• 10Y*: 10.23%

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

Return for Risk

GC=F vs. HG=F — 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: 82
GC=F Sharpe Ratio Rank: 83
GC=F Sortino Ratio Rank: 89
GC=F Omega Ratio Rank: 77
GC=F Calmar Ratio Rank: 69
GC=F Martin Ratio Rank: 90

HG=F

HG=F Risk / Return Rank: 4
HG=F Sharpe Ratio Rank: 6
HG=F Sortino Ratio Rank: 6
HG=F Omega Ratio Rank: 6
HG=F Calmar Ratio Rank: 0
HG=F Martin Ratio Rank: 0

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. HG=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold (GC=F) and Copper (HG=F). 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	HG=F	Difference
Sharpe ratio Return per unit of total volatility	1.72	0.30	+1.42
Sortino ratio Return per unit of downside risk	2.13	0.61	+1.52
Omega ratio Gain probability vs. loss probability	1.32	1.11	+0.22
Calmar ratio Return relative to maximum drawdown	2.64	0.86	+1.78
Martin ratio Return relative to average drawdown	9.67	1.79	+7.87
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. HG=F - Sharpe Ratio Comparison

The current GC=F Sharpe Ratio is 1.72, which is higher than the HG=F Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of GC=F and HG=F, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GC=F	HG=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	0.30	+1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	0.26	+0.97
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	0.42	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.00	+0.64

Correlation

The correlation between GC=F and HG=F is 0.28, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

GC=F vs. HG=F - Drawdown Comparison

The maximum GC=F drawdown since its inception was -44.36%, smaller than the maximum HG=F drawdown of -99.27%. Use the drawdown chart below to compare losses from any high point for GC=F and HG=F.

Drawdown Indicators

	GC=F	HG=F	Difference
Max Drawdown Largest peak-to-trough decline	-44.36%	-99.27%	+54.91%
Max Drawdown (1Y) Largest decline over 1 year	-17.73%	-25.17%	+7.44%
Max Drawdown (5Y) Largest decline over 5 years	-20.43%	-34.96%	+14.53%
Max Drawdown (10Y) Largest decline over 10 years	-20.87%	-36.54%	+15.67%
Current Drawdown Current decline from peak	-11.58%	-8.00%	-3.58%
Average Drawdown Average peak-to-trough decline	-13.03%	-29.73%	+16.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.83%	12.06%	-7.23%

Volatility

GC=F vs. HG=F - Volatility Comparison

Gold (GC=F) has a higher volatility of 11.34% compared to Copper (HG=F) at 6.96%. This indicates that GC=F's price experiences larger fluctuations and is considered to be riskier than HG=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GC=F	HG=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.34%	6.96%	+4.38%
Volatility (6M) Calculated over the trailing 6-month period	24.65%	20.78%	+3.87%
Volatility (1Y) Calculated over the trailing 1-year period	27.83%	36.93%	-9.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.97%	26.75%	-8.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.37%	23.53%	-7.16%