GLD vs. CEG
GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM, while CEG (Constellation Energy Corp) is a stock. Over the past 3 years, GLD returned 26.36%/yr vs 38.87%/yr for CEG. At a 0.13 correlation, their price movements are largely independent.
Performance
GLD vs. CEG - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -7.24% return, which is significantly higher than CEG's -28.03% return.
GLD
- 1D
- -0.22%
- 1M
- -5.04%
- 6M
- -12.74%
- YTD
- -7.24%
- 1Y
- 19.20%
- 3Y*
- 26.36%
- 5Y*
- 16.85%
- 10Y*
- 11.27%
- ALL TIME*
- 10.24%
CEG
- 1D
- 0.44%
- 1M
- -7.50%
- 6M
- -17.38%
- YTD
- -28.03%
- 1Y
- -20.72%
- 3Y*
- 38.87%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 45.07%
GLD vs. CEG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GLD SPDR Gold Shares | -7.24% | 63.68% | 26.66% | 12.69% | 0.84% |
CEG Constellation Energy Corp | -28.03% | 58.80% | 92.71% | 37.24% | 73.87% |
Correlation
The correlation between GLD and CEG is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2022 | 0.13 |
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Return for Risk
GLD vs. CEG — Risk / Return Rank
GLD
CEG
GLD vs. CEG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Constellation Energy Corp (CEG). 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.
| GLD | CEG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.96 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | -0.50 | +1.23 |
| Martin ratioReturn relative to average drawdown | 1.71 | -0.93 | +2.63 |
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Drawdowns
GLD vs. CEG - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum CEG drawdown of -50.70%. Use the drawdown chart below to compare losses from any high point for GLD and CEG.
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Drawdown Indicators
| GLD | CEG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -50.70% | +5.14% |
Max Drawdown (1Y)Largest decline over 1 year | -26.40% | -41.22% | +14.82% |
Max Drawdown (3Y)Largest decline over 3 years | -26.40% | -50.70% | +24.30% |
Max Drawdown (5Y)Largest decline over 5 years | -26.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -26.40% | — | — |
Current DrawdownCurrent decline from peak | -25.87% | -36.99% | +11.12% |
Average DrawdownAverage peak-to-trough decline | -16.19% | -12.19% | -4.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.28% | 22.36% | -11.08% |
Volatility
GLD vs. CEG - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 6.38%, while Constellation Energy Corp (CEG) has a volatility of 10.11%. This indicates that GLD experiences smaller price fluctuations and is considered to be less risky than CEG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLD | CEG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.38% | 10.11% | -3.73% |
Volatility (6M)Calculated over the trailing 6-month period | 24.20% | 35.36% | -11.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.06% | 46.62% | -18.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.42% | 49.11% | -30.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.11% | 49.11% | -33.00% |
Dividends
GLD vs. CEG - Dividend Comparison
GLD has not paid dividends to shareholders, while CEG's dividend yield for the trailing twelve months is around 0.64%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
CEG Constellation Energy Corp | 0.64% | 0.44% | 0.63% | 0.97% | 0.65% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLD and CEG have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEG has higher volatility (10.11%) compared to GLD (6.38%). In terms of maximum drawdown, GLD dropped -45.56% vs CEG's -50.70%.
GLD currently has the higher Sharpe Ratio (0.69 vs -0.45), 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.
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