GOLD.AS vs. GC=F

Last updated Apr 4, 2026

Compare and contrast key facts about Amundi Physical Gold ETC C (GOLD.AS) and Gold (GC=F).

GOLD.AS is a passively managed fund by Amundi that tracks the performance of the LMBA Gold Price PM USD. It was launched on May 21, 2019.

Performance

GOLD.AS vs. GC=F - Performance Comparison

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

GOLD.AS vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GOLD.AS Amundi Physical Gold ETC C	8.28%	64.94%	26.36%	13.35%	-0.13%	-4.09%	24.31%	18.40%
GC=F Gold	7.53%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.27%

Returns By Period

In the year-to-date period, GOLD.AS achieves a 8.28% return, which is significantly higher than GC=F's 7.53% return.

GOLD.AS

• 1D: -2.26%
• 1M: -9.33%
• YTD: 8.28%
• 6M: 20.12%
• 1Y: 50.26%
• 3Y*: 32.85%
• 5Y*: 21.85%
• 10Y*: —

GC=F

• 1D: -2.75%
• 1M: -9.15%
• YTD: 7.53%
• 6M: 19.86%
• 1Y: 50.19%
• 3Y*: 32.85%
• 5Y*: 21.92%
• 10Y*: 14.34%

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

Return for Risk

GOLD.AS vs. GC=F — 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: 85
GOLD.AS Sharpe Ratio Rank: 87
GOLD.AS Sortino Ratio Rank: 84
GOLD.AS Omega Ratio Rank: 82
GOLD.AS Calmar Ratio Rank: 85
GOLD.AS Martin Ratio Rank: 86

GC=F

GC=F Risk / Return Rank: 77
GC=F Sharpe Ratio Rank: 82
GC=F Sortino Ratio Rank: 86
GC=F Omega Ratio Rank: 75
GC=F Calmar Ratio Rank: 50
GC=F Martin Ratio Rank: 90

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. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Physical Gold ETC C (GOLD.AS) and Gold (GC=F). 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	GC=F	Difference
Sharpe ratio Return per unit of total volatility	1.86	1.66	+0.20
Sortino ratio Return per unit of downside risk	2.31	2.07	+0.24
Omega ratio Gain probability vs. loss probability	1.34	1.31	+0.03
Calmar ratio Return relative to maximum drawdown	3.16	2.55	+0.62
Martin ratio Return relative to average drawdown	12.21	9.32	+2.89
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. GC=F - Sharpe Ratio Comparison

The current GOLD.AS Sharpe Ratio is 1.86, which is comparable to the GC=F Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of GOLD.AS and GC=F, 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	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	1.66	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.27	1.21	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.19	0.64	+0.56

Correlation

The correlation between GOLD.AS and GC=F is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

GOLD.AS vs. GC=F - Drawdown Comparison

The maximum GOLD.AS drawdown since its inception was -21.14%, smaller than the maximum GC=F drawdown of -44.36%. Use the drawdown chart below to compare losses from any high point for GOLD.AS and GC=F.

Drawdown Indicators

	GOLD.AS	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-21.14%	-44.36%	+23.22%
Max Drawdown (1Y) Largest decline over 1 year	-17.83%	-17.73%	-0.10%
Max Drawdown (5Y) Largest decline over 5 years	-21.14%	-20.43%	-0.71%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.87%	—
Current Drawdown Current decline from peak	-11.84%	-12.54%	+0.70%
Average Drawdown Average peak-to-trough decline	-6.14%	-13.03%	+6.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.62%	4.84%	-0.22%

Volatility

GOLD.AS vs. GC=F - Volatility Comparison

Amundi Physical Gold ETC C (GOLD.AS) has a higher volatility of 12.13% compared to Gold (GC=F) at 11.52%. This indicates that GOLD.AS's price experiences larger fluctuations and is considered to be riskier than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOLD.AS	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.13%	11.52%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	22.55%	24.75%	-2.20%
Volatility (1Y) Calculated over the trailing 1-year period	26.05%	27.91%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	18.00%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	16.38%	+0.51%