GLDN.AX vs. ^GSPC

Last updated Apr 1, 2026

Compare and contrast key facts about Ishares Physical Gold ETF (GLDN.AX) and S&P 500 Index (^GSPC).

GLDN.AX is a passively managed fund by iShares that tracks the performance of the LBMA Gold Price PM AUD Index. It was launched on Nov 1, 2023.

Performance

GLDN.AX vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Ishares Physical Gold ETF (GLDN.AX) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

GLDN.AX vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GLDN.AX Ishares Physical Gold ETF	2.48%	55.11%	38.15%	-2.11%
^GSPC S&P 500 Index	-7.91%	7.94%	35.72%	4.37%

Different Trading Currencies

GLDN.AX is traded in AUD, while ^GSPC is traded in USD. To make them comparable, the ^GSPC values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLDN.AX achieves a 2.48% return, which is significantly higher than ^GSPC's -7.91% return.

GLDN.AX

• 1D: 1.67%
• 1M: -8.29%
• YTD: 2.48%
• 6M: 13.48%
• 1Y: 34.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 1.99%
• 1M: -2.27%
• YTD: -7.91%
• 6M: -6.62%
• 1Y: 5.15%
• 3Y*: 15.40%
• 5Y*: 12.34%
• 10Y*: 13.35%

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

Return for Risk

GLDN.AX vs. ^GSPC — Risk / Return Rank

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

GLDN.AX

GLDN.AX Risk / Return Rank: 65
GLDN.AX Sharpe Ratio Rank: 72
GLDN.AX Sortino Ratio Rank: 70
GLDN.AX Omega Ratio Rank: 72
GLDN.AX Calmar Ratio Rank: 61
GLDN.AX Martin Ratio Rank: 52

^GSPC

^GSPC Risk / Return Rank: 74
^GSPC Sharpe Ratio Rank: 69
^GSPC Sortino Ratio Rank: 68
^GSPC Omega Ratio Rank: 76
^GSPC Calmar Ratio Rank: 73
^GSPC Martin Ratio Rank: 85

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.

GLDN.AX vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ishares Physical Gold ETF (GLDN.AX) and S&P 500 Index (^GSPC). 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.

	GLDN.AX	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	1.31	0.32	+0.99
Sortino ratio Return per unit of downside risk	1.77	0.55	+1.22
Omega ratio Gain probability vs. loss probability	1.27	1.08	+0.19
Calmar ratio Return relative to maximum drawdown	1.56	0.55	+1.01
Martin ratio Return relative to average drawdown	5.10	1.55	+3.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLDN.AX vs. ^GSPC - Sharpe Ratio Comparison

The current GLDN.AX Sharpe Ratio is 1.31, which is higher than the ^GSPC Sharpe Ratio of 0.32. The chart below compares the historical Sharpe Ratios of GLDN.AX and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GLDN.AX	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	0.32	+0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.85	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.92	0.55	+1.36

Correlation

The correlation between GLDN.AX and ^GSPC is 0.03, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

GLDN.AX vs. ^GSPC - Drawdown Comparison

The maximum GLDN.AX drawdown since its inception was -20.81%, smaller than the maximum ^GSPC drawdown of -42.66%. Use the drawdown chart below to compare losses from any high point for GLDN.AX and ^GSPC.

Drawdown Indicators

	GLDN.AX	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-20.81%	-56.78%	+35.97%
Max Drawdown (1Y) Largest decline over 1 year	-20.81%	-12.14%	-8.67%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.43%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-14.98%	-6.45%	-8.53%
Average Drawdown Average peak-to-trough decline	-3.29%	-10.75%	+7.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.38%	2.57%	+3.81%

Volatility

GLDN.AX vs. ^GSPC - Volatility Comparison

Ishares Physical Gold ETF (GLDN.AX) has a higher volatility of 9.88% compared to S&P 500 Index (^GSPC) at 4.11%. This indicates that GLDN.AX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDN.AX	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.88%	4.11%	+5.77%
Volatility (6M) Calculated over the trailing 6-month period	22.84%	7.75%	+15.09%
Volatility (1Y) Calculated over the trailing 1-year period	25.99%	16.16%	+9.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.68%	14.61%	+5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.68%	16.40%	+3.28%