KGC vs. GLD

Last updated Jun 3, 2026

KGC (Kinross Gold Corporation) is a stock, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, KGC returned 20.62%/yr vs 13.23%/yr for GLD. A 0.67 correlation means they provide meaningful diversification when combined.

Performance

KGC vs. GLD - Performance Comparison

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

Returns By Period

In the year-to-date period, KGC achieves a 3.22% return, which is significantly lower than GLD's 3.95% return. Over the past 10 years, KGC has outperformed GLD with an annualized return of 20.62%, while GLD has yielded a comparatively lower 13.23% annualized return.

KGC

• 1D: -0.51%
• 1M: -1.76%
• YTD: 3.22%
• 6M: 5.73%
• 1Y: 85.56%
• 3Y*: 83.75%
• 5Y*: 32.09%
• 10Y*: 20.62%

GLD

• 1D: 0.17%
• 1M: -2.65%
• YTD: 3.95%
• 6M: 6.38%
• 1Y: 32.18%
• 3Y*: 31.53%
• 5Y*: 18.64%
• 10Y*: 13.23%

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

KGC vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
KGC Kinross Gold Corporation	3.22%	206.11%	55.63%	51.83%	-27.59%	-19.00%	56.04%	46.30%	-25.00%	38.91%
GLD SPDR Gold Shares	3.95%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between KGC and GLD is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Nov 19, 2004	0.67

The correlation between KGC and GLD has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.

Return for Risk

KGC vs. GLD — Risk / Return Rank

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

KGC

KGC Risk / Return Rank: 81
KGC Sharpe Ratio Rank: 84
KGC Sortino Ratio Rank: 76
KGC Omega Ratio Rank: 78
KGC Calmar Ratio Rank: 83
KGC Martin Ratio Rank: 84

GLD

GLD Risk / Return Rank: 34
GLD Sharpe Ratio Rank: 34
GLD Sortino Ratio Rank: 30
GLD Omega Ratio Rank: 37
GLD Calmar Ratio Rank: 37
GLD Martin Ratio Rank: 31

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.

KGC vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kinross Gold Corporation (KGC) 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.

	KGC	GLD	Difference
Sharpe ratio Return per unit of total volatility	1.72	1.22	+0.51
Sortino ratio Return per unit of downside risk	2.10	1.61	+0.49
Omega ratio Gain probability vs. loss probability	1.29	1.24	+0.05
Calmar ratio Return relative to maximum drawdown	3.23	1.86	+1.37
Martin ratio Return relative to average drawdown	8.61	4.66	+3.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KGC vs. GLD - Sharpe Ratio Comparison

The current KGC Sharpe Ratio is 1.72, which is higher than the GLD Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of KGC and GLD, 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

	KGC	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	1.22	+0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	1.04	-0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.83	-0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.60	-0.52

Drawdowns

KGC vs. GLD - Drawdown Comparison

The maximum KGC drawdown since its inception was -96.00%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for KGC and GLD.

Drawdown Indicators

	KGC	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-96.00%	-45.56%	-50.44%
Max Drawdown (1Y) Largest decline over 1 year	-30.20%	-19.21%	-10.99%
Max Drawdown (3Y) Largest decline over 3 years	-30.20%	-19.21%	-10.99%
Max Drawdown (5Y) Largest decline over 5 years	-60.46%	-21.03%	-39.43%
Max Drawdown (10Y) Largest decline over 10 years	-67.75%	-22.00%	-45.75%
Current Drawdown Current decline from peak	-23.65%	-16.93%	-6.72%
Average Drawdown Average peak-to-trough decline	-57.64%	-16.16%	-41.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.34%	7.65%	+3.69%

Volatility

KGC vs. GLD - Volatility Comparison

Kinross Gold Corporation (KGC) has a higher volatility of 15.57% compared to SPDR Gold Shares (GLD) at 5.78%. This indicates that KGC's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KGC	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.57%	5.78%	+9.79%
Volatility (6M) Calculated over the trailing 6-month period	38.78%	23.14%	+15.64%
Volatility (1Y) Calculated over the trailing 1-year period	50.28%	26.71%	+23.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.93%	18.02%	+25.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.90%	15.95%	+30.95%

Dividends

KGC vs. GLD - Dividend Comparison

KGC's dividend yield for the trailing twelve months is around 0.50%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KGC Kinross Gold Corporation	0.50%	0.44%	1.29%	1.98%	2.93%	2.69%	0.82%

Frequently Asked Questions

Can I hold both KGC and GLD in my portfolio?

KGC and GLD have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KGC or GLD?

KGC has higher volatility (15.57%) compared to GLD (5.78%). In terms of maximum drawdown, KGC dropped -96.00% vs GLD's -45.56%.

Which has better risk-adjusted returns?

KGC currently has the higher Sharpe Ratio (1.72 vs 1.22), 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.