NOK=X vs. XAUUSD=X
NOK=X (USD/NOK) and XAUUSD=X (Gold Spot Price US Dollar) are both currencies. Over the past 10 years, NOK=X returned 1.17%/yr vs 12.83%/yr for XAUUSD=X. Their 0.36 correlation means their historical movements had little consistent relationship.
Performance
NOK=X vs. XAUUSD=X - Performance Comparison
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Different Trading Currencies
NOK=X is traded in NOK, while XAUUSD=X is traded in USD. To make them comparable, the XAUUSD=X values have been converted to NOK using the latest available exchange rates.
Returns By Period
In the year-to-date period, NOK=X achieves a -6.04% return, which is significantly higher than XAUUSD=X's -11.87% return. Over the past 10 years, NOK=X has underperformed XAUUSD=X with an annualized return of 1.17%, while XAUUSD=X has yielded a comparatively higher 12.83% annualized return.
NOK=X
- 1D
- 0.19%
- 1M
- -3.61%
- 6M
- -1.70%
- YTD
- -6.04%
- 1Y
- -7.40%
- 3Y*
- -2.55%
- 5Y*
- 1.49%
- 10Y*
- 1.17%
- ALL TIME*
- 2.80%
XAUUSD=X
- 1D
- 0.41%
- 1M
- -6.42%
- 6M
- -14.85%
- YTD
- -11.87%
- 1Y
- 11.63%
- 3Y*
- 24.72%
- 5Y*
- 19.25%
- 10Y*
- 12.83%
- ALL TIME*
- 12.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
NOK=X USD/NOK | NOK 1.10M | NOK 1.38M | NOK 1.39M |
XAUUSD=X Gold Spot Price US Dollar | NOK 23.92B | NOK 24.06B | NOK 26.23B |
NOK=X vs. XAUUSD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NOK=X USD/NOK | -6.04% | -11.45% | 11.97% | 4.04% | 11.02% | 2.57% | -2.33% | 1.46% | 5.65% | -4.93% |
XAUUSD=X Gold Spot Price US Dollar | -11.87% | 45.89% | 42.46% | 17.70% | 10.74% | -1.01% | 21.65% | 20.50% | 3.85% | 7.57% |
Correlation
The correlation between NOK=X and XAUUSD=X is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.19 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.34 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.38 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2007 | 0.36 |
The correlation between NOK=X and XAUUSD=X shifts across timeframes, from -0.03 (1 year) to 0.38 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
NOK=X vs. XAUUSD=X — Risk / Return Rank
NOK=X
XAUUSD=X
NOK=X vs. XAUUSD=X - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USD/NOK (NOK=X) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| NOK=X | XAUUSD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -1.66 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.10 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | 0.35 | -0.91 |
| Martin ratioReturn relative to average drawdown | -1.07 | 0.74 | -1.81 |
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Drawdowns
NOK=X vs. XAUUSD=X - Drawdown Comparison
The maximum NOK=X drawdown since its inception was -35.52%, which is greater than XAUUSD=X's maximum drawdown of -29.91%. Use the drawdown chart below to compare losses from any high point for NOK=X and XAUUSD=X.
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Drawdown Indicators
| NOK=X | XAUUSD=X | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.52% | -29.91% | -5.61% |
Max Drawdown (1Y)Largest decline over 1 year | -10.78% | -26.30% | +15.52% |
Max Drawdown (3Y)Largest decline over 3 years | -19.95% | -26.30% | +6.35% |
Max Drawdown (5Y)Largest decline over 5 years | -19.95% | -26.30% | +6.35% |
Max Drawdown (10Y)Largest decline over 10 years | -35.52% | -26.30% | -9.22% |
Current DrawdownCurrent decline from peak | -20.15% | -26.00% | +5.85% |
Average DrawdownAverage peak-to-trough decline | -13.04% | -8.74% | -4.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.82% | 13.96% | -8.14% |
Volatility
NOK=X vs. XAUUSD=X - Volatility Comparison
The current volatility for USD/NOK (NOK=X) is 2.39%, while Gold Spot Price US Dollar (XAUUSD=X) has a volatility of 4.73%. This indicates that NOK=X experiences smaller price fluctuations and is considered to be less risky 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
| NOK=X | XAUUSD=X | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.39% | 4.73% | -2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 5.85% | 15.71% | -9.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.07% | 22.33% | -14.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.60% | 16.46% | -4.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.80% | 15.40% | -2.60% |
Frequently Asked Questions
NOK=X and XAUUSD=X have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XAUUSD=X has higher volatility (4.73%) compared to NOK=X (2.39%). In terms of maximum drawdown, NOK=X dropped -35.52% vs XAUUSD=X's -29.91%.
XAUUSD=X currently has the higher Sharpe Ratio (0.42 vs -0.74), 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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