GOLD.AS vs. CSPX.AS

Last updated Jun 4, 2026

GOLD.AS (Amundi Physical Gold ETC C) and CSPX.AS (iShares Core S&P 500 UCITS ETF) are both exchange-traded funds - GOLD.AS is a Precious Metals fund tracking the LMBA Gold Price PM USD, while CSPX.AS is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, GOLD.AS returned 18.45%/yr vs 13.72%/yr for CSPX.AS. At a 0.10 correlation, their price movements are largely independent. GOLD.AS charges 0.12%/yr vs 0.07%/yr for CSPX.AS.

Performance

GOLD.AS vs. CSPX.AS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amundi Physical Gold ETC C (GOLD.AS) and iShares Core S&P 500 UCITS ETF (CSPX.AS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GOLD.AS is traded in USD, while CSPX.AS is traded in EUR. To make them comparable, the CSPX.AS values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GOLD.AS achieves a 2.90% return, which is significantly lower than CSPX.AS's 10.29% 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*: —

CSPX.AS

• 1D: -0.56%
• 1M: 5.30%
• YTD: 10.29%
• 6M: 10.98%
• 1Y: 28.30%
• 3Y*: 22.37%
• 5Y*: 13.72%
• 10Y*: 15.27%

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

GOLD.AS vs. CSPX.AS - 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%
CSPX.AS iShares Core S&P 500 UCITS ETF	10.29%	17.97%	25.59%	26.14%	-19.39%	30.70%	17.25%	15.03%

Correlation

The correlation between GOLD.AS and CSPX.AS 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	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since May 24, 2019	0.10

The correlation between GOLD.AS and CSPX.AS 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. CSPX.AS — 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

CSPX.AS

CSPX.AS Risk / Return Rank: 68
CSPX.AS Sharpe Ratio Rank: 67
CSPX.AS Sortino Ratio Rank: 65
CSPX.AS Omega Ratio Rank: 69
CSPX.AS Calmar Ratio Rank: 70
CSPX.AS Martin Ratio Rank: 68

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. CSPX.AS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Physical Gold ETC C (GOLD.AS) and iShares Core S&P 500 UCITS ETF (CSPX.AS). 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	CSPX.AS	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.47	-1.19
Sortino ratio: Return per unit of downside risk	1.70	3.53	-1.83
Omega ratio: Gain probability vs. loss probability	1.25	1.44	-0.19
Calmar ratio: Return relative to maximum drawdown	1.80	3.26	-1.47
Martin ratio: Return relative to average drawdown	4.78	13.87	-9.09
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. CSPX.AS - Sharpe Ratio Comparison

The current GOLD.AS Sharpe Ratio is 1.28, which is lower than the CSPX.AS Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of GOLD.AS and CSPX.AS, 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	CSPX.AS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	2.47	-1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.85	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.92	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.85	+0.26

Drawdowns

GOLD.AS vs. CSPX.AS - Drawdown Comparison

The maximum GOLD.AS drawdown since its inception was -21.14%, smaller than the maximum CSPX.AS drawdown of -34.12%. Use the drawdown chart below to compare losses from any high point for GOLD.AS and CSPX.AS.

Drawdown Indicators

	GOLD.AS	CSPX.AS	Difference
Max Drawdown Largest peak-to-trough decline	-21.14%	-34.12%	+12.98%
Max Drawdown (1Y) Largest decline over 1 year	-17.83%	-8.56%	-9.27%
Max Drawdown (3Y) Largest decline over 3 years	-17.83%	-19.52%	+1.69%
Max Drawdown (5Y) Largest decline over 5 years	-21.14%	-24.42%	+3.28%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.12%	—
Current Drawdown Current decline from peak	-16.22%	-0.56%	-15.66%
Average Drawdown Average peak-to-trough decline	-6.29%	-4.11%	-2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.74%	2.02%	+4.72%

Volatility

GOLD.AS vs. CSPX.AS - Volatility Comparison

Amundi Physical Gold ETC C (GOLD.AS) has a higher volatility of 6.67% compared to iShares Core S&P 500 UCITS ETF (CSPX.AS) at 2.99%. This indicates that GOLD.AS's price experiences larger fluctuations and is considered to be riskier than CSPX.AS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOLD.AS	CSPX.AS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.67%	2.99%	+3.68%
Volatility (6M) Calculated over the trailing 6-month period	22.08%	7.95%	+14.13%
Volatility (1Y) Calculated over the trailing 1-year period	25.04%	11.33%	+13.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.27%	15.84%	+1.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.02%	16.30%	+0.72%

GOLD.AS vs. CSPX.AS - Expense Ratio Comparison

GOLD.AS has a 0.12% expense ratio, which is higher than CSPX.AS's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GOLD.AS vs. CSPX.AS - Dividend Comparison

Neither GOLD.AS nor CSPX.AS has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

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

GOLD.AS and CSPX.AS 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.

Which ETF is better, GOLD.AS or CSPX.AS?

On fees, CSPX.AS is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GOLD.AS or CSPX.AS?

CSPX.AS is cheaper with a 0.07% expense ratio, compared with 0.12% for GOLD.AS.

What is the main difference between GOLD.AS and CSPX.AS?

GOLD.AS is categorized as Precious Metals, while CSPX.AS is S&P 500. GOLD.AS tracks LMBA Gold Price PM USD, while CSPX.AS tracks S&P 500 Index. They also come from different issuers: Amundi and iShares. Their fees differ too: 0.12% for GOLD.AS and 0.07% for CSPX.AS.