GOLD.TO vs. ^XAU

Last updated Jun 3, 2026

GOLD.TO (GoldMining Inc.) is a stock, while ^XAU (Philadelphia Gold and Silver Index) is an index. Over the past 10 years, GOLD.TO returned 20.60%/yr vs 16.12%/yr for ^XAU. At a 0.39 correlation, their price movements are largely independent.

Performance

GOLD.TO vs. ^XAU - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in GoldMining Inc. (GOLD.TO) and Philadelphia Gold and Silver Index (^XAU). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GOLD.TO is traded in CAD, while ^XAU is traded in USD. To make them comparable, the ^XAU values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GOLD.TO achieves a -9.30% return, which is significantly lower than ^XAU's 9.25% return. Over the past 10 years, GOLD.TO has outperformed ^XAU with an annualized return of 20.60%, while ^XAU has yielded a comparatively lower 16.12% annualized return.

GOLD.TO

• 1D: 0.65%
• 1M: -1.27%
• YTD: -9.30%
• 6M: -20.81%
• 1Y: 45.79%
• 3Y*: 24.64%
• 5Y*: 27.00%
• 10Y*: 20.60%

^XAU

• 1D: 1.60%
• 1M: 8.23%
• YTD: 9.25%
• 6M: 15.66%
• 1Y: 84.05%
• 3Y*: 45.02%
• 5Y*: 21.52%
• 10Y*: 16.12%

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

GOLD.TO vs. ^XAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOLD.TO GoldMining Inc.	-9.30%	49.57%	26.55%	17.53%	59.76%	-12.88%	140.75%	93.82%	-41.35%	-34.16%
^XAU Philadelphia Gold and Silver Index	9.25%	138.07%	18.52%	1.71%	-2.25%	-8.97%	32.58%	43.88%	-10.11%	1.24%

Correlation

The correlation between GOLD.TO and ^XAU is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since May 17, 2011	0.39

Over the past year, GOLD.TO and ^XAU have become more correlated (0.65) than their long-term average of 0.39, meaning their price movements have been converging.

Return for Risk

GOLD.TO vs. ^XAU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GOLD.TO

GOLD.TO Risk / Return Rank: 61
GOLD.TO Sharpe Ratio Rank: 64
GOLD.TO Sortino Ratio Rank: 61
GOLD.TO Omega Ratio Rank: 61
GOLD.TO Calmar Ratio Rank: 61
GOLD.TO Martin Ratio Rank: 60

^XAU

^XAU Risk / Return Rank: 60
^XAU Sharpe Ratio Rank: 62
^XAU Sortino Ratio Rank: 51
^XAU Omega Ratio Rank: 58
^XAU Calmar Ratio Rank: 73
^XAU Martin Ratio Rank: 56

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.TO vs. ^XAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GoldMining Inc. (GOLD.TO) and Philadelphia Gold and Silver Index (^XAU). 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.TO	^XAU	Difference
Sharpe ratio Return per unit of total volatility	0.73	1.95	-1.22
Sortino ratio Return per unit of downside risk	1.35	2.26	-0.91
Omega ratio Gain probability vs. loss probability	1.17	1.32	-0.15
Calmar ratio Return relative to maximum drawdown	1.03	2.81	-1.78
Martin ratio Return relative to average drawdown	2.03	7.46	-5.43
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.TO vs. ^XAU - Sharpe Ratio Comparison

The current GOLD.TO Sharpe Ratio is 0.73, which is lower than the ^XAU Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of GOLD.TO and ^XAU, 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.TO	^XAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.73	1.95	-1.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.65	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.47	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.22	+0.05

Drawdowns

GOLD.TO vs. ^XAU - Drawdown Comparison

The maximum GOLD.TO drawdown since its inception was -76.83%, roughly equal to the maximum ^XAU drawdown of -75.39%. Use the drawdown chart below to compare losses from any high point for GOLD.TO and ^XAU.

Drawdown Indicators

	GOLD.TO	^XAU	Difference
Max Drawdown Largest peak-to-trough decline	-76.83%	-75.39%	-1.44%
Max Drawdown (1Y) Largest decline over 1 year	-50.00%	-29.81%	-20.19%
Max Drawdown (3Y) Largest decline over 3 years	-50.00%	-29.81%	-20.19%
Max Drawdown (5Y) Largest decline over 5 years	-50.00%	-41.09%	-8.91%
Max Drawdown (10Y) Largest decline over 10 years	-76.83%	-45.32%	-31.51%
Current Drawdown Current decline from peak	-46.58%	-20.03%	-26.55%
Average Drawdown Average peak-to-trough decline	-36.75%	-34.08%	-2.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.36%	11.21%	+14.15%

Volatility

GOLD.TO vs. ^XAU - Volatility Comparison

The current volatility for GoldMining Inc. (GOLD.TO) is 13.44%, while Philadelphia Gold and Silver Index (^XAU) has a volatility of 14.45%. This indicates that GOLD.TO experiences smaller price fluctuations and is considered to be less risky than ^XAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOLD.TO	^XAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.44%	14.45%	-1.01%
Volatility (6M) Calculated over the trailing 6-month period	48.20%	35.09%	+13.11%
Volatility (1Y) Calculated over the trailing 1-year period	63.55%	43.46%	+20.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.20%	33.52%	+21.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.67%	34.16%	+23.51%

Frequently Asked Questions

Can I hold both GOLD.TO and ^XAU in my portfolio?

GOLD.TO and ^XAU have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.