HIDR.L vs. GC=F

Last updated Jun 5, 2026

HIDR.L (HSBC MSCI Indonesia UCITS ETF USD) is Asia Pacific Equities fund tracking the MSCI Indonesia NR IDR, while GC=F (Gold Futures) is an asset. Over the past 10 years, HIDR.L returned -3.49%/yr vs 14.57%/yr for GC=F. At a 0.09 correlation, their price movements are largely independent.

Performance

HIDR.L vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in HSBC MSCI Indonesia UCITS ETF USD (HIDR.L) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HIDR.L is traded in GBp, while GC=F is traded in USD. To make them comparable, the GC=F values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, HIDR.L achieves a -39.26% return, which is significantly lower than GC=F's 4.51% return. Over the past 10 years, HIDR.L has underperformed GC=F with an annualized return of -3.49%, while GC=F has yielded a comparatively higher 14.57% annualized return.

HIDR.L

• 1D: -0.63%
• 1M: -19.17%
• YTD: -39.26%
• 6M: -40.84%
• 1Y: -39.36%
• 3Y*: -23.10%
• 5Y*: -9.04%
• 10Y*: -3.49%

GC=F

• 1D: 1.48%
• 1M: -0.27%
• YTD: 4.51%
• 6M: 6.16%
• 1Y: 34.76%
• 3Y*: 28.68%
• 5Y*: 20.25%
• 10Y*: 14.57%

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

HIDR.L vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIDR.L HSBC MSCI Indonesia UCITS ETF USD	-39.26%	-8.13%	-13.17%	-0.80%	15.43%	2.40%	-11.41%	4.86%	-4.08%	12.22%
GC=F Gold Futures	4.51%	52.80%	29.71%	7.67%	11.41%	-2.55%	20.93%	14.35%	3.66%	3.77%

Correlation

The correlation between HIDR.L and GC=F 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 (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Apr 5, 2011	0.09

Return for Risk

HIDR.L vs. GC=F — Risk / Return Rank

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

HIDR.L

HIDR.L Risk / Return Rank: 0
HIDR.L Sharpe Ratio Rank: 0
HIDR.L Sortino Ratio Rank: 0
HIDR.L Omega Ratio Rank: 0
HIDR.L Calmar Ratio Rank: 1
HIDR.L Martin Ratio Rank: 0

GC=F

GC=F Risk / Return Rank: 54
GC=F Sharpe Ratio Rank: 53
GC=F Sortino Ratio Rank: 52
GC=F Omega Ratio Rank: 54
GC=F Calmar Ratio Rank: 45
GC=F Martin Ratio Rank: 64

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.

HIDR.L vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HSBC MSCI Indonesia UCITS ETF USD (HIDR.L) and Gold Futures (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.

	HIDR.L	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	-1.59	1.31	-2.90
Sortino ratio: Return per unit of downside risk	-2.33	1.70	-4.03
Omega ratio: Gain probability vs. loss probability	0.71	1.27	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.92	1.98	-2.90
Martin ratio: Return relative to average drawdown	-2.56	5.00	-7.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIDR.L vs. GC=F - Sharpe Ratio Comparison

The current HIDR.L Sharpe Ratio is -1.59, which is lower than the GC=F Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of HIDR.L and GC=F, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HIDR.L	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.59	1.31	-2.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	1.16	-1.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	0.85	-1.01
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.69	-0.79

Drawdowns

HIDR.L vs. GC=F - Drawdown Comparison

The maximum HIDR.L drawdown since its inception was -58.31%, which is greater than GC=F's maximum drawdown of -40.62%. Use the drawdown chart below to compare losses from any high point for HIDR.L and GC=F.

Drawdown Indicators

	HIDR.L	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-58.31%	-40.62%	-17.69%
Max Drawdown (1Y) Largest decline over 1 year	-42.78%	-16.99%	-25.79%
Max Drawdown (3Y) Largest decline over 3 years	-54.23%	-16.99%	-37.24%
Max Drawdown (5Y) Largest decline over 5 years	-58.31%	-16.99%	-41.32%
Max Drawdown (10Y) Largest decline over 10 years	-58.31%	-22.25%	-36.06%
Current Drawdown Current decline from peak	-58.31%	-15.05%	-43.26%
Average Drawdown Average peak-to-trough decline	-18.11%	-12.19%	-5.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.35%	6.82%	+8.53%

Volatility

HIDR.L vs. GC=F - Volatility Comparison

HSBC MSCI Indonesia UCITS ETF USD (HIDR.L) has a higher volatility of 7.79% compared to Gold Futures (GC=F) at 4.26%. This indicates that HIDR.L's price experiences larger fluctuations and is considered to be riskier than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIDR.L	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.79%	4.26%	+3.53%
Volatility (6M) Calculated over the trailing 6-month period	20.56%	22.29%	-1.73%
Volatility (1Y) Calculated over the trailing 1-year period	24.69%	25.67%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.00%	17.38%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.57%	17.07%	+7.50%

Frequently Asked Questions

Can I hold both HIDR.L and GC=F in my portfolio?

HIDR.L and GC=F 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.