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HG=F vs. ^GSPC
Performance
Return for Risk
Drawdowns
Volatility

HG=F vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Copper (HG=F) and S&P 500 Index (^GSPC).

Performance

HG=F vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Copper (HG=F) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

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HG=F vs. ^GSPC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HG=F
Copper		-0.22%39.82%3.50%2.10%-14.63%26.84%25.81%6.31%-20.28%31.73%
^GSPC
S&P 500 Index		-3.95%16.39%23.31%24.23%-19.44%26.89%16.26%28.88%-6.24%19.42%

Returns By Period

In the year-to-date period, HG=F achieves a -0.22% return, which is significantly higher than ^GSPC's -3.95% return. Over the past 10 years, HG=F has underperformed ^GSPC with an annualized return of 9.99%, while ^GSPC has yielded a comparatively higher 12.24% annualized return.

HG=F

1D
0.54%
1M
-4.70%
YTD
-0.22%
6M
16.29%
1Y
11.57%
3Y*
11.08%
5Y*
7.06%
10Y*
9.99%

^GSPC

1D
0.72%
1M
-4.45%
YTD
-3.95%
6M
-2.02%
1Y
16.73%
3Y*
16.96%
5Y*
10.34%
10Y*
12.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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Copper

S&P 500 Index

Often compared with HG=F:
HG=F vs. COPXHG=F vs. GC=FHG=F vs. CPERHG=F vs. FCXHG=F vs. BZ=FHG=F vs. COPA.LHG=F vs. SPY
Often compared with ^GSPC:
^GSPC vs. ^IBEX^GSPC vs. AVGO^GSPC vs. SCHD^GSPC vs. GC=F^GSPC vs. QQQ^GSPC vs. XLP^GSPC vs. XLY

Return for Risk

HG=F vs. ^GSPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HG=F
^GSPC
^GSPC Risk / Return Rank: 6767
Overall Rank
^GSPC Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
^GSPC Sortino Ratio Rank: 6464
Sortino Ratio Rank
^GSPC Omega Ratio Rank: 6969
Omega Ratio Rank
^GSPC Calmar Ratio Rank: 6060
Calmar Ratio Rank
^GSPC Martin Ratio Rank: 7777
Martin Ratio Rank
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.

HG=F vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Copper (HG=F) 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.

HG=F^GSPCDifference

Sharpe ratio

Return per unit of total volatility

0.27

0.92

-0.64

Sortino ratio

Return per unit of downside risk

0.58

1.41

-0.83

Omega ratio

Gain probability vs. loss probability

1.10

1.21

-0.11

Calmar ratio

Return relative to maximum drawdown

0.89

1.41

-0.53

Martin ratio

Return relative to average drawdown

1.85

6.61

-4.77

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HG=F vs. ^GSPC - Sharpe Ratio Comparison

The current HG=F Sharpe Ratio is 0.27, which is lower than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of HG=F and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

HG=F^GSPCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.27

0.92

-0.64

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.25

0.61

-0.37

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.41

0.68

-0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.00

0.46

-0.46

Correlation

The correlation between HG=F and ^GSPC is 0.19, 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.

Drawdowns

HG=F vs. ^GSPC - Drawdown Comparison

The maximum HG=F drawdown since its inception was -99.27%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for HG=F and ^GSPC.

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Drawdown Indicators

HG=F^GSPCDifference

Max Drawdown

Largest peak-to-trough decline

-99.27%

-56.78%

-42.49%

Max Drawdown (1Y)

Largest decline over 1 year

-25.17%

-12.14%

-13.03%

Max Drawdown (5Y)

Largest decline over 5 years

-34.96%

-25.43%

-9.53%

Max Drawdown (10Y)

Largest decline over 10 years

-36.54%

-33.92%

-2.62%

Current Drawdown

Current decline from peak

-9.04%

-5.78%

-3.26%

Average Drawdown

Average peak-to-trough decline

-29.73%

-10.75%

-18.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.05%

2.60%

+9.45%

Volatility

HG=F vs. ^GSPC - Volatility Comparison

Copper (HG=F) has a higher volatility of 7.03% compared to S&P 500 Index (^GSPC) at 5.37%. This indicates that HG=F'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

HG=F^GSPCDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.03%

5.37%

+1.66%

Volatility (6M)

Calculated over the trailing 6-month period

20.76%

9.55%

+11.21%

Volatility (1Y)

Calculated over the trailing 1-year period

36.91%

18.33%

+18.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.75%

16.90%

+9.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.53%

18.05%

+5.48%