GOLD.AS vs. MSTR

Last updated Apr 1, 2026

Compare and contrast key facts about Amundi Physical Gold ETC C (GOLD.AS) and MicroStrategy Incorporated (MSTR).

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. MSTR - Performance Comparison

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

GOLD.AS vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GOLD.AS Amundi Physical Gold ETC C	6.85%	64.94%	26.36%	13.35%	-0.13%	-4.09%	24.31%	18.40%
MSTR MicroStrategy Incorporated	-17.87%	-47.53%	358.54%	346.15%	-74.00%	40.13%	172.42%	6.50%

Returns By Period

In the year-to-date period, GOLD.AS achieves a 6.85% return, which is significantly higher than MSTR's -17.87% return.

GOLD.AS

• 1D: 1.74%
• 1M: -11.92%
• YTD: 6.85%
• 6M: 20.04%
• 1Y: 47.58%
• 3Y*: 32.41%
• 5Y*: 21.53%
• 10Y*: —

MSTR

• 1D: 2.77%
• 1M: -3.63%
• YTD: -17.87%
• 6M: -61.27%
• 1Y: -56.71%
• 3Y*: 62.23%
• 5Y*: 12.15%
• 10Y*: 21.18%

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

Return for Risk

GOLD.AS vs. MSTR — 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: 86
GOLD.AS Sharpe Ratio Rank: 88
GOLD.AS Sortino Ratio Rank: 85
GOLD.AS Omega Ratio Rank: 85
GOLD.AS Calmar Ratio Rank: 87
GOLD.AS Martin Ratio Rank: 88

MSTR

MSTR Risk / Return Rank: 13
MSTR Sharpe Ratio Rank: 10
MSTR Sortino Ratio Rank: 10
MSTR Omega Ratio Rank: 12
MSTR Calmar Ratio Rank: 16
MSTR Martin Ratio Rank: 17

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. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi Physical Gold ETC C (GOLD.AS) and MicroStrategy Incorporated (MSTR). 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	MSTR	Difference
Sharpe ratio Return per unit of total volatility	1.82	-0.77	+2.59
Sortino ratio Return per unit of downside risk	2.27	-1.12	+3.39
Omega ratio Gain probability vs. loss probability	1.34	0.87	+0.46
Calmar ratio Return relative to maximum drawdown	2.71	-0.74	+3.45
Martin ratio Return relative to average drawdown	10.69	-1.29	+11.99
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. MSTR - Sharpe Ratio Comparison

The current GOLD.AS Sharpe Ratio is 1.82, which is higher than the MSTR Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of GOLD.AS and MSTR, 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	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	-0.77	+2.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.26	0.13	+1.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.19	0.12	+1.06

Correlation

The correlation between GOLD.AS and MSTR is 0.07, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GOLD.AS vs. MSTR - Dividend Comparison

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

Tickers have no history of dividend payments

Drawdowns

GOLD.AS vs. MSTR - Drawdown Comparison

The maximum GOLD.AS drawdown since its inception was -21.14%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for GOLD.AS and MSTR.

Drawdown Indicators

	GOLD.AS	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-21.14%	-99.86%	+78.72%
Max Drawdown (1Y) Largest decline over 1 year	-17.83%	-76.53%	+58.70%
Max Drawdown (5Y) Largest decline over 5 years	-21.14%	-84.11%	+62.97%
Max Drawdown (10Y) Largest decline over 10 years	—	-89.27%	—
Current Drawdown Current decline from peak	-13.00%	-73.66%	+60.66%
Average Drawdown Average peak-to-trough decline	-6.14%	-86.60%	+80.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.51%	43.98%	-39.47%

Volatility

GOLD.AS vs. MSTR - Volatility Comparison

The current volatility for Amundi Physical Gold ETC C (GOLD.AS) is 11.68%, while MicroStrategy Incorporated (MSTR) has a volatility of 18.69%. This indicates that GOLD.AS experiences smaller price fluctuations and is considered to be less risky than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOLD.AS	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.68%	18.69%	-7.01%
Volatility (6M) Calculated over the trailing 6-month period	22.21%	55.56%	-33.35%
Volatility (1Y) Calculated over the trailing 1-year period	25.73%	74.10%	-48.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.86%	91.30%	-74.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.83%	73.16%	-56.33%