GLD vs. CF
GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM, while CF (CF Industries Holdings, Inc.) is a stock. Over the past 10 years, GLD returned 11.05%/yr vs 20.99%/yr for CF. Their 0.11 correlation means their historical movements had little consistent relationship.
Performance
GLD vs. CF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GLD achieves a -6.25% return, which is significantly lower than CF's 63.40% return. Over the past 10 years, GLD has underperformed CF with an annualized return of 11.05%, while CF has yielded a comparatively higher 20.99% annualized return.
GLD
- 1D
- -1.49%
- 1M
- 0.25%
- 6M
- -16.50%
- YTD
- -6.25%
- 1Y
- 22.64%
- 3Y*
- 27.22%
- 5Y*
- 16.95%
- 10Y*
- 11.05%
- ALL TIME*
- 10.28%
CF
- 1D
- -0.46%
- 1M
- 15.75%
- 6M
- 35.55%
- YTD
- 63.40%
- 1Y
- 37.75%
- 3Y*
- 18.16%
- 5Y*
- 24.12%
- 10Y*
- 20.99%
- ALL TIME*
- 21.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $259.19M | $278.77M | $321.72M | |
| $2.38B | $2.40B | $2.72B |
GLD vs. CF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -6.25% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
CF CF Industries Holdings, Inc. | 63.40% | -7.17% | 10.08% | -4.75% | 22.29% | 87.18% | -15.76% | 12.73% | 5.13% | 40.24% |
Correlation
The correlation between GLD and CF is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Aug 11, 2005 | 0.11 |
The correlation between GLD and CF shifts across timeframes, from -0.04 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GLD vs. CF — Risk / Return Rank
GLD
CF
GLD vs. CF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and CF Industries Holdings, Inc. (CF). 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 | CF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.18 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 1.49 | -0.63 |
| Martin ratioReturn relative to average drawdown | 1.86 | 3.31 | -1.45 |
Loading charts...
Drawdowns
GLD vs. CF - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum CF drawdown of -76.73%. Use the drawdown chart below to compare losses from any high point for GLD and CF.
Loading charts...
Drawdown Indicators
| GLD | CF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -76.73% | +31.17% |
Max Drawdown (1Y)Largest decline over 1 year | -26.40% | -25.45% | -0.95% |
Max Drawdown (3Y)Largest decline over 3 years | -26.40% | -29.16% | +2.76% |
Max Drawdown (5Y)Largest decline over 5 years | -26.40% | -48.36% | +21.96% |
Max Drawdown (10Y)Largest decline over 10 years | -26.40% | -60.74% | +34.34% |
Current DrawdownCurrent decline from peak | -25.08% | -8.65% | -16.43% |
Average DrawdownAverage peak-to-trough decline | -16.21% | -24.87% | +8.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.18% | 11.44% | +0.74% |
Volatility
GLD vs. CF - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 6.40%, while CF Industries Holdings, Inc. (CF) has a volatility of 10.07%. This indicates that GLD experiences smaller price fluctuations and is considered to be less risky than CF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GLD | CF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.40% | 10.07% | -3.67% |
Volatility (6M)Calculated over the trailing 6-month period | 23.52% | 35.61% | -12.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.13% | 42.03% | -13.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.49% | 38.14% | -19.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.14% | 40.08% | -23.94% |
Dividends
GLD vs. CF - Dividend Comparison
GLD has not paid dividends to shareholders, while CF's dividend yield for the trailing twelve months is around 1.60%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CF CF Industries Holdings, Inc. | 1.60% | 2.59% | 2.34% | 2.01% | 1.76% | 1.70% | 3.10% | 2.51% | 2.76% | 2.82% | 3.81% | 2.94% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLD and CF have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CF has higher volatility (10.07%) compared to GLD (6.40%). In terms of maximum drawdown, GLD dropped -45.56% vs CF's -76.73%.
CF currently has the higher Sharpe Ratio (0.90 vs 0.81), 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.
Find the right allocation for GLD and CF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer