GOLD.AS vs. ASML

Last updated Jun 4, 2026

GOLD.AS (Amundi Physical Gold ETC C) is Precious Metals fund tracking the LMBA Gold Price PM USD, while ASML (ASML Holding N.V.) is a stock. Over the past 5 years, GOLD.AS returned 18.45%/yr vs 21.59%/yr for ASML. At a 0.10 correlation, their price movements are largely independent.

Performance

GOLD.AS vs. ASML - Performance Comparison

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

Returns By Period

In the year-to-date period, GOLD.AS achieves a 2.90% return, which is significantly lower than ASML's 61.93% return.

GOLD.AS

• 1D: -1.46%
• 1M: -2.12%
• YTD: 2.90%
• 6M: 5.08%
• 1Y: 32.45%
• 3Y*: 31.11%
• 5Y*: 18.45%
• 10Y*: —

ASML

• 1D: 1.23%
• 1M: 24.54%
• YTD: 61.93%
• 6M: 51.85%
• 1Y: 132.84%
• 3Y*: 34.91%
• 5Y*: 21.59%
• 10Y*: 34.11%

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

GOLD.AS vs. ASML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GOLD.AS Amundi Physical Gold ETC C	2.90%	64.94%	26.36%	13.35%	-0.13%	-4.09%	24.31%	18.40%
ASML ASML Holding N.V.	61.93%	56.51%	-7.70%	39.91%	-30.49%	64.13%	66.06%	56.50%

Correlation

The correlation between GOLD.AS and ASML is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since May 24, 2019	0.10

The correlation between GOLD.AS and ASML shifts across timeframes, from 0.10 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GOLD.AS vs. ASML — 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: 34
GOLD.AS Sharpe Ratio Rank: 35
GOLD.AS Sortino Ratio Rank: 31
GOLD.AS Omega Ratio Rank: 37
GOLD.AS Calmar Ratio Rank: 36
GOLD.AS Martin Ratio Rank: 32

ASML

ASML Risk / Return Rank: 94
ASML Sharpe Ratio Rank: 95
ASML Sortino Ratio Rank: 93
ASML Omega Ratio Rank: 91
ASML Calmar Ratio Rank: 95
ASML Martin Ratio Rank: 95

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. ASML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Physical Gold ETC C (GOLD.AS) and ASML Holding N.V. (ASML). 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.

	GOLD.AS	ASML	Difference
Sharpe ratio: Return per unit of total volatility	1.28	3.29	-2.01
Sortino ratio: Return per unit of downside risk	1.70	3.71	-2.01
Omega ratio: Gain probability vs. loss probability	1.25	1.45	-0.21
Calmar ratio: Return relative to maximum drawdown	1.80	7.48	-5.69
Martin ratio: Return relative to average drawdown	4.78	20.18	-15.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOLD.AS vs. ASML - Sharpe Ratio Comparison

The current GOLD.AS Sharpe Ratio is 1.28, which is lower than the ASML Sharpe Ratio of 3.29. The chart below compares the historical Sharpe Ratios of GOLD.AS and ASML, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GOLD.AS	ASML	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	3.29	-2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.52	+0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.56	+0.55

Drawdowns

GOLD.AS vs. ASML - Drawdown Comparison

The maximum GOLD.AS drawdown since its inception was -21.14%, smaller than the maximum ASML drawdown of -90.00%. Use the drawdown chart below to compare losses from any high point for GOLD.AS and ASML.

Drawdown Indicators

	GOLD.AS	ASML	Difference
Max Drawdown Largest peak-to-trough decline	-21.14%	-90.00%	+68.86%
Max Drawdown (1Y) Largest decline over 1 year	-17.83%	-17.85%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-17.83%	-45.38%	+27.55%
Max Drawdown (5Y) Largest decline over 5 years	-21.14%	-56.84%	+35.70%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.84%	—
Current Drawdown Current decline from peak	-16.22%	0.00%	-16.22%
Average Drawdown Average peak-to-trough decline	-6.29%	-28.15%	+21.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.74%	6.61%	+0.13%

Volatility

GOLD.AS vs. ASML - Volatility Comparison

The current volatility for Amundi Physical Gold ETC C (GOLD.AS) is 6.67%, while ASML Holding N.V. (ASML) has a volatility of 14.67%. This indicates that GOLD.AS experiences smaller price fluctuations and is considered to be less risky than ASML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOLD.AS	ASML	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.67%	14.67%	-8.00%
Volatility (6M) Calculated over the trailing 6-month period	22.08%	32.21%	-10.13%
Volatility (1Y) Calculated over the trailing 1-year period	25.04%	40.58%	-15.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	42.03%	-24.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	38.50%	-21.48%

Dividends

GOLD.AS vs. ASML - Dividend Comparison

GOLD.AS has not paid dividends to shareholders, while ASML's dividend yield for the trailing twelve months is around 0.51%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASML ASML Holding N.V.	0.51%	0.97%	0.97%	0.86%	1.27%	0.50%	0.50%	1.40%	0.94%	0.64%	0.92%	0.73%
GOLD.AS Amundi Physical Gold ETC C	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

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

GOLD.AS and ASML have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.