GOLD.AS vs. GC=F

Last updated Apr 2, 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	10.79%	64.94%	26.36%	13.35%	-0.13%	-4.09%	24.31%	18.40%
GC=F Gold	10.61%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.27%

Returns By Period

The year-to-date returns for both stocks are quite close, with GOLD.AS having a 10.79% return and GC=F slightly lower at 10.61%.

GOLD.AS

• 1D: 3.68%
• 1M: -9.80%
• YTD: 10.79%
• 6M: 23.68%
• 1Y: 52.77%
• 3Y*: 34.02%
• 5Y*: 22.41%
• 10Y*: —

GC=F

• 1D: 2.95%
• 1M: -9.63%
• YTD: 10.61%
• 6M: 23.71%
• 1Y: 53.41%
• 3Y*: 34.44%
• 5Y*: 22.61%
• 10Y*: 14.62%

*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: 89
GOLD.AS Sharpe Ratio Rank: 89
GOLD.AS Sortino Ratio Rank: 87
GOLD.AS Omega Ratio Rank: 86
GOLD.AS Calmar Ratio Rank: 90
GOLD.AS Martin Ratio Rank: 90

GC=F

GC=F Risk / Return Rank: 91
GC=F Sharpe Ratio Rank: 100
GC=F Sortino Ratio Rank: 100
GC=F Omega Ratio Rank: 94
GC=F Calmar Ratio Rank: 71
GC=F Martin Ratio Rank: 92

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	2.00	1.85	+0.15
Sortino ratio Return per unit of downside risk	2.46	2.26	+0.20
Omega ratio Gain probability vs. loss probability	1.36	1.34	+0.02
Calmar ratio Return relative to maximum drawdown	3.25	2.74	+0.51
Martin ratio Return relative to average drawdown	12.71	10.15	+2.56
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 2.00, which is comparable to the GC=F Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of GOLD.AS and GC=F, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GOLD.AS	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	1.85	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.30	1.25	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	0.64	+0.58

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	-9.80%	-10.04%	+0.24%
Average Drawdown Average peak-to-trough decline	-6.14%	-13.03%	+6.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.56%	4.78%	-0.22%

Volatility

GOLD.AS vs. GC=F - Volatility Comparison

Amundi Physical Gold ETC C (GOLD.AS) has a higher volatility of 12.03% compared to Gold (GC=F) at 11.29%. 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	12.03%	11.29%	+0.74%
Volatility (6M) Calculated over the trailing 6-month period	22.45%	24.59%	-2.14%
Volatility (1Y) Calculated over the trailing 1-year period	25.94%	27.77%	-1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.93%	17.96%	-1.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	16.36%	+0.52%