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 1.54%/yr vs 15.03%/yr for XAUUSD=X. At a 0.36 correlation, their price movements are largely independent.
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
The year-to-date returns for both investments are quite close, with NOK=X having a -6.33% return and XAUUSD=X slightly higher at -6.22%. Over the past 10 years, NOK=X has underperformed XAUUSD=X with an annualized return of 1.54%, while XAUUSD=X has yielded a comparatively higher 15.03% annualized return.
NOK=X
- 1D
- 1.14%
- 1M
- 1.57%
- YTD
- -6.33%
- 6M
- -6.44%
- 1Y
- -6.06%
- 3Y*
- -5.21%
- 5Y*
- 2.64%
- 10Y*
- 1.54%
XAUUSD=X
- 1D
- -2.19%
- 1M
- -6.29%
- YTD
- -6.22%
- 6M
- -3.56%
- 1Y
- 21.26%
- 3Y*
- 23.36%
- 5Y*
- 21.12%
- 10Y*
- 15.03%
NOK=X vs. XAUUSD=X - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NOK=X USD/NOK | -6.33% | -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 | -6.22% | 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 -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2007 | 0.36 |
The correlation between NOK=X and XAUUSD=X shifts across timeframes, from -0.01 (1 year) to 0.39 (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.
| NOK=X | XAUUSD=X | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.42 | ||
| Sortino ratioReturn per unit of downside risk | -1.93 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.17 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 0.79 | -1.23 |
| Martin ratioReturn relative to average drawdown | -0.90 | 1.98 | -2.88 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NOK=X | XAUUSD=X | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.62 | 0.80 | -1.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 1.17 | -0.96 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.11 | 0.90 | -0.79 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.73 | -0.54 |
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 | -11.22% | -21.25% | +10.03% |
Max Drawdown (3Y)Largest decline over 3 years | -19.95% | -21.25% | +1.30% |
Max Drawdown (5Y)Largest decline over 5 years | -19.95% | -21.25% | +1.30% |
Max Drawdown (10Y)Largest decline over 10 years | -35.52% | -22.34% | -13.18% |
Current DrawdownCurrent decline from peak | -20.41% | -21.25% | +0.84% |
Average DrawdownAverage peak-to-trough decline | -13.16% | -8.52% | -4.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.58% | 9.44% | -3.86% |
Volatility
NOK=X vs. XAUUSD=X - Volatility Comparison
The current volatility for USD/NOK (NOK=X) is 1.85%, while Gold Spot Price US Dollar (XAUUSD=X) has a volatility of 4.30%. 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 | 1.85% | 4.30% | -2.45% |
Volatility (6M)Calculated over the trailing 6-month period | 6.41% | 19.42% | -13.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.97% | 21.09% | -13.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.71% | 16.14% | -4.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.92% | 15.55% | -2.63% |
Frequently Asked Questions
NOK=X and XAUUSD=X have a correlation of -0.01, 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 (4.30%) compared to NOK=X (1.85%). In terms of maximum drawdown, NOK=X dropped -35.52% vs XAUUSD=X's -29.91%.
XAUUSD=X currently has the higher Sharpe Ratio (0.80 vs -0.62), 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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