GOLD.AS vs. ^BCOM

Last updated Jun 26, 2026

GOLD.AS (Amundi Physical Gold ETC C) is Precious Metals fund tracking the LMBA Gold Price PM USD, while ^BCOM (Bloomberg Commodity Index) is an index. Over the past 5 years, GOLD.AS returned 17.46%/yr vs 6.90%/yr for ^BCOM. At a 0.33 correlation, their price movements are largely independent.

Performance

GOLD.AS vs. ^BCOM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amundi Physical Gold ETC C (GOLD.AS) and Bloomberg Commodity Index (^BCOM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GOLD.AS achieves a -7.16% return, which is significantly lower than ^BCOM's 15.71% return.

GOLD.AS

• 1D: 0.00%
• 1M: -11.07%
• YTD: -7.16%
• 6M: -10.84%
• 1Y: 20.41%
• 3Y*: 27.48%
• 5Y*: 17.46%
• 10Y*: —

^BCOM

• 1D: -1.00%
• 1M: -7.30%
• YTD: 15.71%
• 6M: 13.96%
• 1Y: 24.18%
• 3Y*: 6.48%
• 5Y*: 6.90%
• 10Y*: 3.56%

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

GOLD.AS vs. ^BCOM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GOLD.AS Amundi Physical Gold ETC C	-7.16%	64.94%	26.36%	13.35%	-0.13%	-4.09%	24.31%	18.40%
^BCOM Bloomberg Commodity Index	15.71%	11.07%	0.11%	-12.55%	13.75%	27.06%	-3.51%	2.46%

Correlation

The correlation between GOLD.AS and ^BCOM is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since May 23, 2019	0.33

The correlation between GOLD.AS and ^BCOM shifts across timeframes, from 0.28 (1 year) to 0.39 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

GOLD.AS vs. ^BCOM — Risk / Return Rank

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

GOLD.AS

GOLD.AS Risk / Return Rank: 22
GOLD.AS Sharpe Ratio Rank: 23
GOLD.AS Sortino Ratio Rank: 22
GOLD.AS Omega Ratio Rank: 24
GOLD.AS Calmar Ratio Rank: 20
GOLD.AS Martin Ratio Rank: 21

^BCOM

^BCOM Risk / Return Rank: 38
^BCOM Sharpe Ratio Rank: 37
^BCOM Sortino Ratio Rank: 33
^BCOM Omega Ratio Rank: 39
^BCOM Calmar Ratio Rank: 40
^BCOM Martin Ratio Rank: 41

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.

GOLD.AS vs. ^BCOM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Physical Gold ETC C (GOLD.AS) and Bloomberg Commodity Index (^BCOM). 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.

	GOLD.AS	^BCOM	Difference
Sharpe ratio: Return per unit of total volatility	0.77	1.04	-0.27
Sortino ratio: Return per unit of downside risk	1.14	1.43	-0.29
Omega ratio: Gain probability vs. loss probability	1.16	1.19	-0.04
Calmar ratio: Return relative to maximum drawdown	0.83	1.61	-0.78
Martin ratio: Return relative to average drawdown	2.41	5.16	-2.75

GOLD.AS vs. ^BCOM - Sharpe Ratio Comparison

The current GOLD.AS Sharpe Ratio is 0.77, which is comparable to the ^BCOM Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of GOLD.AS and ^BCOM, 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

GOLD.AS vs. ^BCOM - Drawdown Comparison

The maximum GOLD.AS drawdown since its inception was -24.41%, smaller than the maximum ^BCOM drawdown of -75.00%. Use the drawdown chart below to compare losses from any high point for GOLD.AS and ^BCOM.

Drawdown Indicators

	GOLD.AS	^BCOM	Difference
Max Drawdown Largest peak-to-trough decline	-24.41%	-75.00%	+50.59%
Max Drawdown (1Y) Largest decline over 1 year	-24.41%	-11.33%	-13.08%
Max Drawdown (3Y) Largest decline over 3 years	-24.41%	-13.77%	-10.64%
Max Drawdown (5Y) Largest decline over 5 years	-24.41%	-31.68%	+7.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.04%	—
Current Drawdown Current decline from peak	-24.41%	-46.66%	+22.25%
Average Drawdown Average peak-to-trough decline	-6.41%	-33.35%	+26.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.44%	3.72%	+4.72%

Volatility

GOLD.AS vs. ^BCOM - Volatility Comparison

Amundi Physical Gold ETC C (GOLD.AS) has a higher volatility of 9.08% compared to Bloomberg Commodity Index (^BCOM) at 4.12%. This indicates that GOLD.AS's price experiences larger fluctuations and is considered to be riskier than ^BCOM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOLD.AS	^BCOM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.08%	4.12%	+4.96%
Volatility (6M) Calculated over the trailing 6-month period	23.34%	15.51%	+7.83%
Volatility (1Y) Calculated over the trailing 1-year period	26.21%	17.60%	+8.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	16.55%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.23%	14.77%	+2.46%

Frequently Asked Questions

Can I hold both GOLD.AS and ^BCOM in my portfolio?

GOLD.AS and ^BCOM have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.