GC=F vs. SHY

Last updated Jun 13, 2026

GC=F (Gold Futures) is an asset, while SHY (iShares 1-3 Year Treasury Bond ETF) is Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. At a 0.06 correlation, their price movements are largely independent.

Performance

GC=F vs. SHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gold Futures (GC=F) and iShares 1-3 Year Treasury Bond ETF (SHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GC=F

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

SHY

• 1D: -0.02%
• 1M: 0.19%
• YTD: 0.55%
• 6M: 0.80%
• 1Y: 3.29%
• 3Y*: 4.15%
• 5Y*: 1.74%
• 10Y*: 1.65%

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

GC=F vs. SHY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GC=F Gold Futures	0.00%	0.00%	0.00%	0.00%	5.84%
SHY iShares 1-3 Year Treasury Bond ETF	0.55%	4.95%	3.92%	4.16%	-3.21%

Correlation

The correlation between GC=F and SHY is 0.06, 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	0.06

Return for Risk

GC=F vs. SHY — 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.

SHY

SHY Risk / Return Rank: 86
SHY Sharpe Ratio Rank: 86
SHY Sortino Ratio Rank: 92
SHY Omega Ratio Rank: 89
SHY Calmar Ratio Rank: 80
SHY Martin Ratio Rank: 83

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. SHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold Futures (GC=F) and iShares 1-3 Year Treasury Bond ETF (SHY). 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	SHY	Difference
Sharpe ratio: Return per unit of total volatility	—	2.43	—
Sortino ratio: Return per unit of downside risk	—	3.97	—
Omega ratio: Gain probability vs. loss probability	—	1.50	—
Calmar ratio: Return relative to maximum drawdown	—	3.64	—
Martin ratio: Return relative to average drawdown	—	14.45	—

Drawdowns

Drawdown Indicators

	GC=F	SHY	Difference
Max Drawdown Largest peak-to-trough decline	—	-5.71%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.89%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.97%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-5.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-5.71%	—
Current Drawdown Current decline from peak	—	-0.18%	—
Average Drawdown Average peak-to-trough decline	—	-0.52%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.22%	—

Volatility

Volatility by Period

	GC=F	SHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.40%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.95%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.33%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.99%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	1.57%	—

Frequently Asked Questions

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

GC=F and SHY have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.