GLDN.AX vs. JPYEUR=X

Last updated Jul 11, 2026

GLDN.AX (Ishares Physical Gold ETF) is Gold fund tracking the LBMA Gold Price PM AUD Index, while JPYEUR=X (JPY/EUR Exchange Rate) is a currency. Over the past year, GLDN.AX returned 16.65% vs -13.75% for JPYEUR=X. At a 0.04 correlation, their price movements are largely independent.

Performance

GLDN.AX vs. JPYEUR=X - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Ishares Physical Gold ETF (GLDN.AX) and JPY/EUR Exchange Rate (JPYEUR=X). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GLDN.AX is traded in AUD, while JPYEUR=X is traded in EUR. To make them comparable, the JPYEUR=X 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 -9.04% return, which is significantly lower than JPYEUR=X's -6.97% return.

GLDN.AX

• 1D: 0.71%
• 1M: -0.17%
• 6M: -11.18%
• YTD: -9.04%
• 1Y: 16.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JPYEUR=X

• 1D: 0.01%
• 1M: 0.44%
• 6M: -5.83%
• YTD: -6.97%
• 1Y: -13.75%
• 3Y*: -5.42%
• 5Y*: -6.02%
• 10Y*: -3.30%

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

GLDN.AX vs. JPYEUR=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GLDN.AX Ishares Physical Gold ETF	-9.04%	55.11%	38.15%	-3.32%
JPYEUR=X JPY/EUR Exchange Rate	-6.97%	-6.95%	-1.28%	0.06%

Correlation

The correlation between GLDN.AX and JPYEUR=X 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 (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	0.04

Return for Risk

GLDN.AX vs. JPYEUR=X — 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: 21
GLDN.AX Sharpe Ratio Rank: 22
GLDN.AX Sortino Ratio Rank: 21
GLDN.AX Omega Ratio Rank: 25
GLDN.AX Calmar Ratio Rank: 18
GLDN.AX Martin Ratio Rank: 17

JPYEUR=X

JPYEUR=X Risk / Return Rank: 9
JPYEUR=X Sharpe Ratio Rank: 7
JPYEUR=X Sortino Ratio Rank: 7
JPYEUR=X Omega Ratio Rank: 10
JPYEUR=X Calmar Ratio Rank: 7
JPYEUR=X Martin Ratio Rank: 13

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. JPYEUR=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ishares Physical Gold ETF (GLDN.AX) and JPY/EUR Exchange Rate (JPYEUR=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.

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.

	GLDN.AX	JPYEUR=X	Difference
Sharpe ratio: Return per unit of total volatility	0.64	-1.68	+2.32
Sortino ratio: Return per unit of downside risk	1.00	-2.45	+3.45
Omega ratio: Gain probability vs. loss probability	1.15	0.77	+0.37
Calmar ratio: Return relative to maximum drawdown	0.61	-0.90	+1.51
Martin ratio: Return relative to average drawdown	1.36	-1.40	+2.76

GLDN.AX vs. JPYEUR=X - Sharpe Ratio Comparison

The current GLDN.AX Sharpe Ratio is 0.64, which is higher than the JPYEUR=X Sharpe Ratio of -1.68. The chart below compares the historical Sharpe Ratios of GLDN.AX and JPYEUR=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.

Drawdowns

GLDN.AX vs. JPYEUR=X - Drawdown Comparison

The maximum GLDN.AX drawdown since its inception was -26.62%, smaller than the maximum JPYEUR=X drawdown of -51.43%. Use the drawdown chart below to compare losses from any high point for GLDN.AX and JPYEUR=X.

Drawdown Indicators

	GLDN.AX	JPYEUR=X	Difference
Max Drawdown Largest peak-to-trough decline	-26.62%	-51.43%	+24.81%
Max Drawdown (1Y) Largest decline over 1 year	-26.62%	-17.47%	-9.15%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.58%	—
Current Drawdown Current decline from peak	-24.53%	-50.37%	+25.84%
Average Drawdown Average peak-to-trough decline	-5.03%	-33.36%	+28.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.01%	10.67%	+1.34%

Volatility

GLDN.AX vs. JPYEUR=X - Volatility Comparison

Ishares Physical Gold ETF (GLDN.AX) has a higher volatility of 6.96% compared to JPY/EUR Exchange Rate (JPYEUR=X) at 2.25%. This indicates that GLDN.AX's price experiences larger fluctuations and is considered to be riskier than JPYEUR=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDN.AX	JPYEUR=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	2.25%	+4.71%
Volatility (6M) Calculated over the trailing 6-month period	21.78%	6.61%	+15.17%
Volatility (1Y) Calculated over the trailing 1-year period	25.08%	7.82%	+17.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.58%	10.49%	+9.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.58%	10.34%	+9.24%

Frequently Asked Questions

Can I hold both GLDN.AX and JPYEUR=X in my portfolio?

GLDN.AX and JPYEUR=X 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.