IUSA.MI vs. GC=F

Last updated Jun 5, 2026

IUSA.MI (iShares Core S&P 500 UCITS ETF USD Dist) is S&P 500 fund tracking the S&P 500 Index, while GC=F (Gold Futures) is an asset. Over the past 10 years, IUSA.MI returned 14.76%/yr vs 13.47%/yr for GC=F. At a 0.04 correlation, their price movements are largely independent.

Performance

IUSA.MI vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares Core S&P 500 UCITS ETF USD Dist (IUSA.MI) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, IUSA.MI achieves a 11.29% return, which is significantly higher than GC=F's 5.29% return. Over the past 10 years, IUSA.MI has outperformed GC=F with an annualized return of 14.76%, while GC=F has yielded a comparatively lower 13.47% annualized return.

IUSA.MI

• 1D: -0.12%
• 1M: 4.34%
• YTD: 11.29%
• 6M: 10.77%
• 1Y: 25.34%
• 3Y*: 18.75%
• 5Y*: 14.63%
• 10Y*: 14.76%

GC=F

• 1D: 1.35%
• 1M: -2.72%
• YTD: 5.29%
• 6M: 7.13%
• 1Y: 32.42%
• 3Y*: 28.49%
• 5Y*: 20.07%
• 10Y*: 13.47%

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

IUSA.MI vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IUSA.MI iShares Core S&P 500 UCITS ETF USD Dist	11.29%	4.17%	33.56%	22.16%	-14.75%	40.69%	7.30%	34.11%	-1.42%	6.61%
GC=F Gold Futures	5.29%	45.00%	35.90%	9.94%	5.74%	3.76%	14.32%	21.55%	2.45%	-0.37%

Correlation

The correlation between IUSA.MI and GC=F is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Aug 29, 2007	0.04

The correlation between IUSA.MI and GC=F shifts across timeframes, from 0.01 (10 years) to 0.12 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

IUSA.MI vs. GC=F — Risk / Return Rank

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

IUSA.MI

IUSA.MI Risk / Return Rank: 70
IUSA.MI Sharpe Ratio Rank: 70
IUSA.MI Sortino Ratio Rank: 68
IUSA.MI Omega Ratio Rank: 72
IUSA.MI Calmar Ratio Rank: 72
IUSA.MI Martin Ratio Rank: 69

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.

IUSA.MI vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 UCITS ETF USD Dist (IUSA.MI) 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.

	IUSA.MI	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.18	+1.08
Sortino ratio: Return per unit of downside risk	3.06	1.58	+1.48
Omega ratio: Gain probability vs. loss probability	1.42	1.25	+0.18
Calmar ratio: Return relative to maximum drawdown	3.54	1.85	+1.69
Martin ratio: Return relative to average drawdown	12.66	4.52	+8.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IUSA.MI vs. GC=F - Sharpe Ratio Comparison

The current IUSA.MI Sharpe Ratio is 2.27, which is higher than the GC=F Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of IUSA.MI 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

	IUSA.MI	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	1.18	+1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	1.15	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.85	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.64	-0.04

Drawdowns

IUSA.MI vs. GC=F - Drawdown Comparison

The maximum IUSA.MI drawdown since its inception was -52.36%, which is greater than GC=F's maximum drawdown of -36.91%. Use the drawdown chart below to compare losses from any high point for IUSA.MI and GC=F.

Drawdown Indicators

	IUSA.MI	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-52.36%	-36.91%	-15.45%
Max Drawdown (1Y) Largest decline over 1 year	-7.19%	-16.35%	+9.16%
Max Drawdown (3Y) Largest decline over 3 years	-23.29%	-16.35%	-6.94%
Max Drawdown (5Y) Largest decline over 5 years	-23.29%	-16.35%	-6.94%
Max Drawdown (10Y) Largest decline over 10 years	-33.68%	-18.00%	-15.68%
Current Drawdown Current decline from peak	-0.46%	-14.39%	+13.93%
Average Drawdown Average peak-to-trough decline	-8.05%	-11.41%	+3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	6.74%	-4.73%

Volatility

IUSA.MI vs. GC=F - Volatility Comparison

The current volatility for iShares Core S&P 500 UCITS ETF USD Dist (IUSA.MI) is 2.70%, while Gold Futures (GC=F) has a volatility of 4.15%. This indicates that IUSA.MI 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

	IUSA.MI	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	4.15%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	7.46%	22.34%	-14.88%
Volatility (1Y) Calculated over the trailing 1-year period	11.24%	25.64%	-14.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.13%	17.41%	-2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	15.87%	+0.21%

Frequently Asked Questions

Can I hold both IUSA.MI and GC=F in my portfolio?

IUSA.MI and GC=F have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.