HG=F vs. GLD

Last updated Jun 9, 2026

HG=F (Copper) is an asset, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. At a 0.05 correlation, their price movements are largely independent.

Performance

HG=F vs. GLD - Performance Comparison

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

Returns By Period

HG=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLD

• 1D: 0.26%
• 1M: -8.41%
• YTD: 0.24%
• 6M: 3.07%
• 1Y: 30.18%
• 3Y*: 29.71%
• 5Y*: 17.55%
• 10Y*: 12.56%

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

HG=F vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HG=F Copper	0.00%	0.00%	0.00%	0.00%	1.29%
GLD SPDR Gold Shares	0.24%	63.68%	26.66%	12.69%	1.52%

Correlation

The correlation between HG=F and GLD is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 31, 2022	0.05

Return for Risk

HG=F vs. GLD — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 33
GLD Sharpe Ratio Rank: 34
GLD Sortino Ratio Rank: 31
GLD Omega Ratio Rank: 38
GLD Calmar Ratio Rank: 34
GLD Martin Ratio Rank: 29

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. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Copper (HG=F) and SPDR Gold Shares (GLD). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	HG=F	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.13	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.98	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.59	—

Drawdowns

Drawdown Indicators

	HG=F	GLD	Difference
Max Drawdown Largest peak-to-trough decline	—	-45.56%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-20.10%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.03%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.00%	—
Current Drawdown Current decline from peak	—	-19.89%	—
Average Drawdown Average peak-to-trough decline	—	-16.16%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.01%	—

Volatility

Volatility by Period

	HG=F	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.68%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.47%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	26.87%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.07%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	15.99%	—

Frequently Asked Questions

Can I hold both HG=F and GLD in my portfolio?

HG=F and GLD have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.