GC=F vs. HSTE.L

Last updated Jun 13, 2026

GC=F (Gold Futures) is an asset, while HSTE.L (HSBC Hang Seng Tech UCITS ETF) is Technology Equities fund tracking the MSCI World/Information Tech NR USD. At a correlation of -0.04, they often move in opposite directions.

Performance

GC=F vs. HSTE.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gold Futures (GC=F) and HSBC Hang Seng Tech UCITS ETF (HSTE.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GC=F

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

HSTE.L

• 1D: 1.56%
• 1M: -7.38%
• YTD: -15.63%
• 6M: -15.96%
• 1Y: -10.18%
• 3Y*: 5.51%
• 5Y*: -9.96%
• 10Y*: —

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

GC=F vs. HSTE.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GC=F Gold Futures	0.00%	0.00%	0.00%	0.00%	5.84%
HSTE.L HSBC Hang Seng Tech UCITS ETF	-15.63%	24.64%	19.65%	-8.46%	-22.20%

Correlation

The correlation between GC=F and HSTE.L is -0.04, 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 Jan 31, 2022	-0.04

Return for Risk

GC=F vs. HSTE.L — Risk / Return Rank

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

GC=F

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

HSTE.L

HSTE.L Risk / Return Rank: 6
HSTE.L Sharpe Ratio Rank: 6
HSTE.L Sortino Ratio Rank: 6
HSTE.L Omega Ratio Rank: 6
HSTE.L Calmar Ratio Rank: 6
HSTE.L Martin Ratio Rank: 6

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. HSTE.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold Futures (GC=F) and HSBC Hang Seng Tech UCITS ETF (HSTE.L). 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.

	GC=F	HSTE.L	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.44	—
Sortino ratio: Return per unit of downside risk	—	-0.47	—
Omega ratio: Gain probability vs. loss probability	—	0.95	—
Calmar ratio: Return relative to maximum drawdown	—	-0.39	—
Martin ratio: Return relative to average drawdown	—	-0.71	—

Drawdowns

Drawdown Indicators

	GC=F	HSTE.L	Difference
Max Drawdown Largest peak-to-trough decline	—	-95.65%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-31.01%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-34.96%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-67.13%	—
Current Drawdown Current decline from peak	—	-92.51%	—
Average Drawdown Average peak-to-trough decline	—	-91.79%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.20%	—

Volatility

Volatility by Period

	GC=F	HSTE.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.98%	—
Volatility (6M) Calculated over the trailing 6-month period	—	20.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	27.54%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	39.39%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	53.79%	—

Frequently Asked Questions

Can I hold both GC=F and HSTE.L in my portfolio?

GC=F and HSTE.L have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.