GC=F vs. SPY

Last updated Jun 10, 2026

GC=F (Gold Futures) is an asset, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. At a correlation of -0.05, they often move in opposite directions.

Performance

GC=F vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gold Futures (GC=F) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GC=F

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

SPY

• 1D: -0.29%
• 1M: -0.08%
• YTD: 8.38%
• 6M: 8.52%
• 1Y: 24.32%
• 3Y*: 21.23%
• 5Y*: 13.25%
• 10Y*: 15.24%

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

GC=F vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GC=F Gold Futures	0.00%	0.00%	0.00%	0.00%	5.84%
SPY State Street SPDR S&P 500 ETF	8.38%	17.72%	24.89%	26.18%	-12.06%

Correlation

The correlation between GC=F and SPY is -0.05, 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	-0.05

Return for Risk

GC=F vs. SPY — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 69
SPY Sharpe Ratio Rank: 70
SPY Sortino Ratio Rank: 67
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold Futures (GC=F) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.02	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.78	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.58	—

Drawdowns

Drawdown Indicators

	GC=F	SPY	Difference
Max Drawdown Largest peak-to-trough decline	—	-55.19%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	—	-2.96%	—
Average Drawdown Average peak-to-trough decline	—	-9.04%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.93%	—

Volatility

Volatility by Period

	GC=F	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.65%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.31%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	12.08%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	17.09%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.96%	—

Frequently Asked Questions

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

GC=F and SPY have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.