HG=F vs. GC=F

Last updated Apr 3, 2026

Compare and contrast key facts about Copper (HG=F) and Gold (GC=F).

Performance

HG=F vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Copper (HG=F) and Gold (GC=F). The values are adjusted to include any dividend payments, if applicable.

HG=F vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HG=F Copper	0.91%	39.82%	3.50%	2.10%	-14.63%	26.84%	25.81%	6.31%	-20.28%	31.73%
GC=F Gold	8.72%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%

Returns By Period

In the year-to-date period, HG=F achieves a 0.91% return, which is significantly lower than GC=F's 8.72% return. Over the past 10 years, HG=F has underperformed GC=F with an annualized return of 10.23%, while GC=F has yielded a comparatively higher 14.46% annualized return.

HG=F

• 1D: 1.02%
• 1M: -1.59%
• YTD: 0.91%
• 6M: 16.00%
• 1Y: 12.72%
• 3Y*: 11.95%
• 5Y*: 7.30%
• 10Y*: 10.23%

GC=F

• 1D: -1.68%
• 1M: -7.92%
• YTD: 8.72%
• 6M: 22.48%
• 1Y: 49.77%
• 3Y*: 33.33%
• 5Y*: 22.19%
• 10Y*: 14.46%

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

Return for Risk

HG=F vs. GC=F — Risk / Return Rank

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

HG=F

HG=F Risk / Return Rank: 4
HG=F Sharpe Ratio Rank: 6
HG=F Sortino Ratio Rank: 6
HG=F Omega Ratio Rank: 6
HG=F Calmar Ratio Rank: 0
HG=F Martin Ratio Rank: 0

GC=F

GC=F Risk / Return Rank: 82
GC=F Sharpe Ratio Rank: 83
GC=F Sortino Ratio Rank: 89
GC=F Omega Ratio Rank: 77
GC=F Calmar Ratio Rank: 69
GC=F Martin Ratio Rank: 90

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. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Copper (HG=F) and Gold (GC=F). 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	GC=F	Difference
Sharpe ratio Return per unit of total volatility	0.30	1.72	-1.42
Sortino ratio Return per unit of downside risk	0.61	2.13	-1.52
Omega ratio Gain probability vs. loss probability	1.11	1.32	-0.22
Calmar ratio Return relative to maximum drawdown	0.86	2.64	-1.78
Martin ratio Return relative to average drawdown	1.79	9.67	-7.87
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. GC=F - Sharpe Ratio Comparison

The current HG=F Sharpe Ratio is 0.30, which is lower than the GC=F Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of HG=F and GC=F, 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

	HG=F	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.30	1.72	-1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	1.23	-0.97
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.88	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.64	-0.64

Correlation

The correlation between HG=F and GC=F is 0.28, 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. GC=F - Drawdown Comparison

The maximum HG=F drawdown since its inception was -99.27%, which is greater than GC=F's maximum drawdown of -44.36%. Use the drawdown chart below to compare losses from any high point for HG=F and GC=F.

Drawdown Indicators

	HG=F	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-99.27%	-44.36%	-54.91%
Max Drawdown (1Y) Largest decline over 1 year	-25.17%	-17.73%	-7.44%
Max Drawdown (5Y) Largest decline over 5 years	-34.96%	-20.43%	-14.53%
Max Drawdown (10Y) Largest decline over 10 years	-36.54%	-20.87%	-15.67%
Current Drawdown Current decline from peak	-8.00%	-11.58%	+3.58%
Average Drawdown Average peak-to-trough decline	-29.73%	-13.03%	-16.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.06%	4.83%	+7.23%

Volatility

HG=F vs. GC=F - Volatility Comparison

The current volatility for Copper (HG=F) is 6.96%, while Gold (GC=F) has a volatility of 11.34%. This indicates that HG=F experiences smaller price fluctuations and is considered to be less risky than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HG=F	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.96%	11.34%	-4.38%
Volatility (6M) Calculated over the trailing 6-month period	20.78%	24.65%	-3.87%
Volatility (1Y) Calculated over the trailing 1-year period	36.93%	27.83%	+9.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.75%	17.97%	+8.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.53%	16.37%	+7.16%