GC=F vs. XAUUSD=X

Last updated Jun 3, 2026

GC=F (Gold) is an asset, while XAUUSD=X (Gold Spot Price US Dollar) is a currency. Over the past 10 years, GC=F returned 13.80%/yr vs 13.68%/yr for XAUUSD=X. Their correlation of 0.82 suggests significant overlap in exposure.

Performance

GC=F vs. XAUUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gold (GC=F) and Gold Spot Price US Dollar (XAUUSD=X). 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 XAUUSD=X's 3.72% return. Both investments have delivered pretty close results over the past 10 years, with GC=F having a 13.80% annualized return and XAUUSD=X not far behind at 13.68%.

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%

XAUUSD=X

• 1D: -0.03%
• 1M: -2.75%
• YTD: 3.72%
• 6M: 6.60%
• 1Y: 32.58%
• 3Y*: 32.03%
• 5Y*: 19.11%
• 10Y*: 13.68%

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

GC=F vs. XAUUSD=X - 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%
XAUUSD=X Gold Spot Price US Dollar	3.72%	64.75%	27.24%	13.14%	-0.25%	-3.50%	24.55%	18.77%	-1.71%	13.14%

Correlation

The correlation between GC=F and XAUUSD=X is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 24, 2007	0.82

The correlation between GC=F and XAUUSD=X shifts across timeframes, from 0.72 (1 year) to 0.85 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

GC=F vs. XAUUSD=X — 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

XAUUSD=X

XAUUSD=X Risk / Return Rank: 81
XAUUSD=X Sharpe Ratio Rank: 83
XAUUSD=X Sortino Ratio Rank: 79
XAUUSD=X Omega Ratio Rank: 86
XAUUSD=X Calmar Ratio Rank: 82
XAUUSD=X Martin Ratio Rank: 77

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. XAUUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold (GC=F) and Gold Spot Price US Dollar (XAUUSD=X). 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	XAUUSD=X	Difference
Sharpe ratio Return per unit of total volatility	1.25	1.13	+0.12
Sortino ratio Return per unit of downside risk	1.63	1.52	+0.11
Omega ratio Gain probability vs. loss probability	1.25	1.23	+0.02
Calmar ratio Return relative to maximum drawdown	2.03	1.73	+0.30
Martin ratio Return relative to average drawdown	5.15	4.00	+1.15
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. XAUUSD=X - Sharpe Ratio Comparison

The current GC=F Sharpe Ratio is 1.25, which is comparable to the XAUUSD=X Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of GC=F and XAUUSD=X, 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	XAUUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	1.13	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	1.03	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.85	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.59	+0.03

Drawdowns

GC=F vs. XAUUSD=X - Drawdown Comparison

The maximum GC=F drawdown since its inception was -44.36%, roughly equal to the maximum XAUUSD=X drawdown of -44.69%. Use the drawdown chart below to compare losses from any high point for GC=F and XAUUSD=X.

Drawdown Indicators

	GC=F	XAUUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-44.36%	-44.69%	+0.33%
Max Drawdown (1Y) Largest decline over 1 year	-17.73%	-19.70%	+1.97%
Max Drawdown (3Y) Largest decline over 3 years	-17.73%	-19.70%	+1.97%
Max Drawdown (5Y) Largest decline over 5 years	-20.43%	-20.81%	+0.38%
Max Drawdown (10Y) Largest decline over 10 years	-20.87%	-21.35%	+0.48%
Current Drawdown Current decline from peak	-15.03%	-17.26%	+2.23%
Average Drawdown Average peak-to-trough decline	-13.03%	-16.41%	+3.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.01%	8.53%	-1.52%

Volatility

GC=F vs. XAUUSD=X - Volatility Comparison

Gold (GC=F) has a higher volatility of 5.37% compared to Gold Spot Price US Dollar (XAUUSD=X) at 4.67%. This indicates that GC=F's price experiences larger fluctuations and is considered to be riskier than XAUUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GC=F	XAUUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	4.67%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	23.05%	21.41%	+1.64%
Volatility (1Y) Calculated over the trailing 1-year period	26.56%	22.76%	+3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.21%	16.54%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.44%	15.07%	+1.37%

Frequently Asked Questions

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

GC=F and XAUUSD=X have a correlation of 0.72, 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 XAUUSD=X?

GC=F has higher volatility (5.37%) compared to XAUUSD=X (4.67%). In terms of maximum drawdown, GC=F dropped -44.36% vs XAUUSD=X's -44.69%.

Which has better risk-adjusted returns?

GC=F currently has the higher Sharpe Ratio (1.25 vs 1.13), 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.