GOLDX vs. ^GSPC
GOLDX (Gabelli Gold Fund) is Gold fund actively managed by Gabelli, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, GOLDX returned 12.83%/yr vs 13.61%/yr for ^GSPC. At a 0.19 correlation, their price movements are largely independent.
Performance
GOLDX vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, GOLDX achieves a -9.77% return, which is significantly lower than ^GSPC's 8.56% return. Over the past 10 years, GOLDX has underperformed ^GSPC with an annualized return of 12.83%, while ^GSPC has yielded a comparatively higher 13.61% annualized return.
GOLDX
- 1D
- 5.86%
- 1M
- -20.60%
- YTD
- -9.77%
- 6M
- -8.79%
- 1Y
- 48.95%
- 3Y*
- 40.48%
- 5Y*
- 17.92%
- 10Y*
- 12.83%
^GSPC
- 1D
- 0.50%
- 1M
- -0.17%
- YTD
- 8.56%
- 6M
- 8.85%
- 1Y
- 22.93%
- 3Y*
- 19.37%
- 5Y*
- 11.84%
- 10Y*
- 13.61%
GOLDX vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOLDX Gabelli Gold Fund | -9.77% | 165.59% | 14.92% | 7.85% | -11.02% | -8.97% | 26.30% | 43.94% | -14.80% | 6.22% |
^GSPC S&P 500 Index | 8.56% | 16.39% | 23.31% | 24.23% | -19.44% | 26.89% | 16.26% | 28.88% | -6.24% | 19.42% |
Correlation
The correlation between GOLDX and ^GSPC is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 1995 | 0.19 |
The correlation between GOLDX and ^GSPC shifts across timeframes, from 0.19 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GOLDX vs. ^GSPC — Risk / Return Rank
GOLDX
^GSPC
GOLDX vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gabelli Gold Fund (GOLDX) and S&P 500 Index (^GSPC). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GOLDX | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.34 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 2.53 | -1.10 |
| Martin ratioReturn relative to average drawdown | 4.10 | 11.37 | -7.27 |
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Drawdowns
GOLDX vs. ^GSPC - Drawdown Comparison
The maximum GOLDX drawdown since its inception was -73.40%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for GOLDX and ^GSPC.
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Drawdown Indicators
| GOLDX | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.40% | -56.78% | -16.62% |
Max Drawdown (1Y)Largest decline over 1 year | -37.54% | -9.10% | -28.44% |
Max Drawdown (3Y)Largest decline over 3 years | -37.54% | -18.90% | -18.64% |
Max Drawdown (5Y)Largest decline over 5 years | -44.73% | -25.43% | -19.30% |
Max Drawdown (10Y)Largest decline over 10 years | -49.42% | -33.92% | -15.50% |
Current DrawdownCurrent decline from peak | -33.88% | -2.34% | -31.54% |
Average DrawdownAverage peak-to-trough decline | -34.49% | -10.72% | -23.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.06% | 2.02% | +11.04% |
Volatility
GOLDX vs. ^GSPC - Volatility Comparison
Gabelli Gold Fund (GOLDX) has a higher volatility of 16.38% compared to S&P 500 Index (^GSPC) at 4.43%. This indicates that GOLDX's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GOLDX | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.38% | 4.43% | +11.95% |
Volatility (6M)Calculated over the trailing 6-month period | 37.44% | 9.70% | +27.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.98% | 12.38% | +31.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.94% | 16.97% | +15.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.30% | 18.09% | +14.21% |
Frequently Asked Questions
GOLDX and ^GSPC have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOLDX has higher volatility (16.38%) compared to ^GSPC (4.43%). In terms of maximum drawdown, GOLDX dropped -73.40% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (1.86 vs 1.22), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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