GXLD.AX vs. ESTX.AX

Last updated Jul 16, 2026

GXLD.AX (Global X Gold Bullion ETF) and ESTX.AX (Global X EURO STOXX 50 ETF) are both exchange-traded funds - GXLD.AX is a Gold fund tracking the Global X Gold Bullion Index, while ESTX.AX is a Global Equities fund tracking the EURO STOXX 50 Index. Both are passively managed. Over the past year, GXLD.AX returned 11.59% vs 8.95% for ESTX.AX. At a 0.09 correlation, their price movements are largely independent.

Performance

GXLD.AX vs. ESTX.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Global X Gold Bullion ETF (GXLD.AX) and Global X EURO STOXX 50 ETF (ESTX.AX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GXLD.AX achieves a -11.66% return, which is significantly lower than ESTX.AX's 3.22% return.

GXLD.AX

• 1D: -0.17%
• 1M: -5.54%
• 6M: -17.02%
• YTD: -11.66%
• 1Y: 11.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ESTX.AX

• 1D: 0.34%
• 1M: 0.52%
• 6M: -0.32%
• YTD: 3.22%
• 1Y: 8.95%
• 3Y*: 14.83%
• 5Y*: 12.14%
• 10Y*: —

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

GXLD.AX vs. ESTX.AX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GXLD.AX Global X Gold Bullion ETF	-11.66%	54.77%	17.24%
ESTX.AX Global X EURO STOXX 50 ETF	3.22%	27.21%	2.04%

Correlation

The correlation between GXLD.AX and ESTX.AX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since May 2, 2024	0.09

Return for Risk

GXLD.AX vs. ESTX.AX — Risk / Return Rank

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

GXLD.AX

GXLD.AX Risk / Return Rank: 17
GXLD.AX Sharpe Ratio Rank: 18
GXLD.AX Sortino Ratio Rank: 17
GXLD.AX Omega Ratio Rank: 19
GXLD.AX Calmar Ratio Rank: 16
GXLD.AX Martin Ratio Rank: 15

ESTX.AX

ESTX.AX Risk / Return Rank: 21
ESTX.AX Sharpe Ratio Rank: 22
ESTX.AX Sortino Ratio Rank: 21
ESTX.AX Omega Ratio Rank: 22
ESTX.AX Calmar Ratio Rank: 19
ESTX.AX Martin Ratio Rank: 21

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.

GXLD.AX vs. ESTX.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold Bullion ETF (GXLD.AX) and Global X EURO STOXX 50 ETF (ESTX.AX). 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.

	GXLD.AX	ESTX.AX	Difference
Sharpe ratio: Return per unit of total volatility	0.48	0.65	-0.18
Sortino ratio: Return per unit of downside risk	0.80	1.00	-0.21
Omega ratio: Gain probability vs. loss probability	1.11	1.13	-0.02
Calmar ratio: Return relative to maximum drawdown	0.47	0.71	-0.23
Martin ratio: Return relative to average drawdown	1.08	2.05	-0.97

GXLD.AX vs. ESTX.AX - Sharpe Ratio Comparison

The current GXLD.AX Sharpe Ratio is 0.48, which is comparable to the ESTX.AX Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of GXLD.AX and ESTX.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GXLD.AX vs. ESTX.AX - Drawdown Comparison

The maximum GXLD.AX drawdown since its inception was -24.63%, smaller than the maximum ESTX.AX drawdown of -29.33%. Use the drawdown chart below to compare losses from any high point for GXLD.AX and ESTX.AX.

Drawdown Indicators

	GXLD.AX	ESTX.AX	Difference
Max Drawdown Largest peak-to-trough decline	-24.63%	-29.33%	+4.70%
Max Drawdown (1Y) Largest decline over 1 year	-24.63%	-14.48%	-10.15%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.48%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.60%	—
Current Drawdown Current decline from peak	-24.63%	-2.65%	-21.98%
Average Drawdown Average peak-to-trough decline	-5.14%	-5.29%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.98%	5.06%	+5.92%

Volatility

GXLD.AX vs. ESTX.AX - Volatility Comparison

Global X Gold Bullion ETF (GXLD.AX) has a higher volatility of 6.13% compared to Global X EURO STOXX 50 ETF (ESTX.AX) at 3.11%. This indicates that GXLD.AX's price experiences larger fluctuations and is considered to be riskier than ESTX.AX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GXLD.AX	ESTX.AX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	3.11%	+3.02%
Volatility (6M) Calculated over the trailing 6-month period	20.99%	13.59%	+7.40%
Volatility (1Y) Calculated over the trailing 1-year period	24.56%	15.76%	+8.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.45%	16.35%	+4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.45%	16.23%	+4.22%

Dividends

GXLD.AX vs. ESTX.AX - Dividend Comparison

GXLD.AX has not paid dividends to shareholders, while ESTX.AX's dividend yield for the trailing twelve months is around 7.25%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ESTX.AX Global X EURO STOXX 50 ETF	7.25%	1.79%	4.19%	3.67%	3.90%	1.60%	2.15%	2.79%	4.16%	1.15%	0.15%
GXLD.AX Global X Gold Bullion ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GXLD.AX and ESTX.AX in my portfolio?

GXLD.AX and ESTX.AX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between GXLD.AX and ESTX.AX?

GXLD.AX is categorized as Gold, while ESTX.AX is Global Equities. GXLD.AX tracks Global X Gold Bullion Index, while ESTX.AX tracks EURO STOXX 50 Index.