GC=F vs. PHYS

Last updated Jun 3, 2026

GC=F (Gold) is an asset, while PHYS (Sprott Physical Gold Trust) is a stock. Over the past 10 years, GC=F returned 13.80%/yr vs 12.52%/yr for PHYS. Their correlation of 0.81 suggests significant overlap in exposure.

Performance

GC=F vs. PHYS - Performance Comparison

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

Returns By Period

In the year-to-date period, GC=F achieves a 4.48% return, which is significantly higher than PHYS's 2.76% return. Over the past 10 years, GC=F has outperformed PHYS with an annualized return of 13.80%, while PHYS has yielded a comparatively lower 12.52% annualized return.

GC=F

• 1D: 0.98%
• 1M: -2.39%
• YTD: 4.48%
• 6M: 7.94%
• 1Y: 34.08%
• 3Y*: 32.28%
• 5Y*: 19.29%
• 10Y*: 13.80%

PHYS

• 1D: 0.24%
• 1M: -2.78%
• YTD: 2.76%
• 6M: 5.34%
• 1Y: 31.72%
• 3Y*: 30.46%
• 5Y*: 17.81%
• 10Y*: 12.52%

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

GC=F vs. PHYS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GC=F Gold	4.48%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%
PHYS Sprott Physical Gold Trust	2.76%	63.95%	26.43%	12.98%	-1.81%	-4.84%	23.89%	18.14%	-2.64%	12.78%

Correlation

The correlation between GC=F and PHYS is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Mar 1, 2010	0.81

The correlation between GC=F and PHYS has been stable across timeframes, ranging from 0.81 to 0.88 - a consistent structural relationship.

Return for Risk

GC=F vs. PHYS — 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: 54
GC=F Sharpe Ratio Rank: 48
GC=F Sortino Ratio Rank: 48
GC=F Omega Ratio Rank: 45
GC=F Calmar Ratio Rank: 61
GC=F Martin Ratio Rank: 67

PHYS

PHYS Risk / Return Rank: 71
PHYS Sharpe Ratio Rank: 75
PHYS Sortino Ratio Rank: 66
PHYS Omega Ratio Rank: 71
PHYS Calmar Ratio Rank: 72
PHYS Martin Ratio Rank: 73

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. PHYS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold (GC=F) and Sprott Physical Gold Trust (PHYS). 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	PHYS	Difference
Sharpe ratio Return per unit of total volatility	1.25	1.16	+0.09
Sortino ratio Return per unit of downside risk	1.63	1.53	+0.10
Omega ratio Gain probability vs. loss probability	1.25	1.24	+0.02
Calmar ratio Return relative to maximum drawdown	2.03	1.80	+0.23
Martin ratio Return relative to average drawdown	5.15	4.51	+0.64
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. PHYS - Sharpe Ratio Comparison

The current GC=F Sharpe Ratio is 1.25, which is comparable to the PHYS Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of GC=F and PHYS, 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	PHYS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	1.16	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.98	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.77	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.45	+0.17

Drawdowns

GC=F vs. PHYS - Drawdown Comparison

The maximum GC=F drawdown since its inception was -44.36%, smaller than the maximum PHYS drawdown of -48.16%. Use the drawdown chart below to compare losses from any high point for GC=F and PHYS.

Drawdown Indicators

	GC=F	PHYS	Difference
Max Drawdown Largest peak-to-trough decline	-44.36%	-48.16%	+3.80%
Max Drawdown (1Y) Largest decline over 1 year	-17.73%	-19.35%	+1.62%
Max Drawdown (3Y) Largest decline over 3 years	-17.73%	-19.35%	+1.62%
Max Drawdown (5Y) Largest decline over 5 years	-20.43%	-21.80%	+1.37%
Max Drawdown (10Y) Largest decline over 10 years	-20.87%	-23.75%	+2.88%
Current Drawdown Current decline from peak	-15.03%	-17.10%	+2.07%
Average Drawdown Average peak-to-trough decline	-13.03%	-21.00%	+7.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.01%	7.74%	-0.73%

Volatility

GC=F vs. PHYS - Volatility Comparison

The current volatility for Gold (GC=F) is 5.37%, while Sprott Physical Gold Trust (PHYS) has a volatility of 5.96%. This indicates that GC=F experiences smaller price fluctuations and is considered to be less risky than PHYS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GC=F	PHYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	5.96%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	23.05%	23.84%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	26.56%	27.50%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	18.32%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.44%	16.30%	+0.14%

Frequently Asked Questions

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

GC=F and PHYS have a correlation of 0.85, 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 PHYS?

PHYS has higher volatility (5.96%) compared to GC=F (5.37%). In terms of maximum drawdown, GC=F dropped -44.36% vs PHYS's -48.16%.

Which has better risk-adjusted returns?

GC=F currently has the higher Sharpe Ratio (1.25 vs 1.16), 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.