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JPM vs. XAUUSD=X
Performance
Return for Risk
Drawdowns
Volatility

JPM vs. XAUUSD=X

Last updated Jun 9, 2026

JPM (JPMorgan Chase & Co.) is a stock, while XAUUSD=X (Gold Spot Price US Dollar) is a currency. Over the past 10 years, JPM returned 20.32%/yr vs 13.00%/yr for XAUUSD=X. At a correlation of -0.04, they often move in opposite directions.

Performance

JPM vs. XAUUSD=X - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Chase & Co. (JPM) and Gold Spot Price US Dollar (XAUUSD=X). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, JPM achieves a -2.52% return, which is significantly lower than XAUUSD=X's -0.01% return. Over the past 10 years, JPM has outperformed XAUUSD=X with an annualized return of 20.32%, while XAUUSD=X has yielded a comparatively lower 13.00% annualized return.

JPM

1D
-0.40%
1M
2.98%
YTD
-2.52%
6M
-0.35%
1Y
19.35%
3Y*
33.18%
5Y*
16.72%
10Y*
20.32%

XAUUSD=X

1D
0.23%
1M
-8.35%
YTD
-0.01%
6M
3.14%
1Y
30.53%
3Y*
30.15%
5Y*
18.02%
10Y*
13.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JPM vs. XAUUSD=X - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JPM
JPMorgan Chase & Co.		-2.52%37.27%44.29%30.63%-12.64%27.75%-5.53%47.26%-6.62%26.76%
XAUUSD=X
Gold Spot Price US Dollar		-0.01%64.75%27.24%13.14%-0.25%-3.50%24.55%18.77%-1.71%13.14%

Correlation

The correlation between JPM and XAUUSD=X 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

0.08

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (10Y)
Calculated over the trailing 10-year period

-0.06

Correlation (All Time)
Calculated using the full available price history since Jul 2, 2007

-0.04

The correlation between JPM and XAUUSD=X shifts across timeframes, from -0.06 (10 years) to 0.11 (1 year), reflecting how their relationship changes across market environments.

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JPMorgan Chase & Co.

Gold Spot Price US Dollar

Often compared with JPM:
JPM vs. BACJPM vs. SPYJPM vs. BLKJPM vs. AXPJPM vs. VOOJPM vs. UBSJPM vs. HSBC
Often compared with XAUUSD=X:
XAUUSD=X vs. GLDXAUUSD=X vs. GC=FXAUUSD=X vs. GDXXAUUSD=X vs. SPYXAUUSD=X vs. GDXUXAUUSD=X vs. EGLN.LXAUUSD=X vs. AEM.TO

Return for Risk

JPM vs. XAUUSD=X — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JPM
JPM Risk / Return Rank: 6666
Overall Rank
JPM Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
JPM Sortino Ratio Rank: 6262
Sortino Ratio Rank
JPM Omega Ratio Rank: 6262
Omega Ratio Rank
JPM Calmar Ratio Rank: 6666
Calmar Ratio Rank
JPM Martin Ratio Rank: 6767
Martin Ratio Rank
XAUUSD=X
XAUUSD=X Risk / Return Rank: 8181
Overall Rank
XAUUSD=X Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
XAUUSD=X Sortino Ratio Rank: 8383
Sortino Ratio Rank
XAUUSD=X Omega Ratio Rank: 8686
Omega Ratio Rank
XAUUSD=X Calmar Ratio Rank: 7777
Calmar Ratio Rank
XAUUSD=X Martin Ratio Rank: 7575
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.

JPM vs. XAUUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Chase & Co. (JPM) and Gold Spot Price US Dollar (XAUUSD=X). 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.

JPMXAUUSD=XDifference
Sharpe ratioReturn per unit of total volatility
0.90
1.05

-0.15

Sortino ratioReturn per unit of downside risk
1.30
1.43

-0.13

Omega ratioGain probability vs. loss probability

1.17

1.21

-0.05

Calmar ratioReturn relative to maximum drawdown

1.26

1.18

+0.08

Martin ratioReturn relative to average drawdown

2.98

2.95

+0.03

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

JPM vs. XAUUSD=X - Sharpe Ratio Comparison

The current JPM Sharpe Ratio is 0.90, which is comparable to the XAUUSD=X Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of JPM and XAUUSD=X, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

JPMXAUUSD=XDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.90

1.05

-0.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.69

0.97

-0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.74

0.80

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.34

0.58

-0.24

Drawdowns

JPM vs. XAUUSD=X - Drawdown Comparison

The maximum JPM drawdown since its inception was -76.16%, which is greater than XAUUSD=X's maximum drawdown of -44.69%. Use the drawdown chart below to compare losses from any high point for JPM and XAUUSD=X.

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Drawdown Indicators

JPMXAUUSD=XDifference

Max Drawdown

Largest peak-to-trough decline

-76.16%

-44.69%

-31.47%

Max Drawdown (1Y)

Largest decline over 1 year

-15.47%

-20.42%

+4.95%

Max Drawdown (3Y)

Largest decline over 3 years

-24.42%

-20.42%

-4.00%

Max Drawdown (5Y)

Largest decline over 5 years

-38.77%

-20.81%

-17.96%

Max Drawdown (10Y)

Largest decline over 10 years

-43.63%

-21.35%

-22.28%

Current Drawdown

Current decline from peak

-6.55%

-20.24%

+13.69%

Average Drawdown

Average peak-to-trough decline

-17.62%

-16.43%

-1.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.50%

8.95%

-2.45%

Volatility

JPM vs. XAUUSD=X - Volatility Comparison

JPMorgan Chase & Co. (JPM) has a higher volatility of 6.40% compared to Gold Spot Price US Dollar (XAUUSD=X) at 5.62%. This indicates that JPM's price experiences larger fluctuations and is considered to be riskier than XAUUSD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JPMXAUUSD=XDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.40%

5.62%

+0.78%

Volatility (6M)

Calculated over the trailing 6-month period

17.38%

21.62%

-4.24%

Volatility (1Y)

Calculated over the trailing 1-year period

21.62%

22.86%

-1.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.45%

16.58%

+7.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.40%

15.10%

+12.30%

Frequently Asked Questions

JPM and XAUUSD=X 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.

JPM has higher volatility (6.40%) compared to XAUUSD=X (5.62%). In terms of maximum drawdown, JPM dropped -76.16% vs XAUUSD=X's -44.69%.

XAUUSD=X currently has the higher Sharpe Ratio (1.05 vs 0.90), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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