NST.AX vs. GC=F

Last updated Jun 5, 2026

NST.AX (Northern Star Resources Limited) is a stock, while GC=F (Gold Futures) is an asset. Over the past 10 years, NST.AX returned 17.97%/yr vs 14.08%/yr for GC=F. At a 0.09 correlation, their price movements are largely independent.

Performance

NST.AX vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Northern Star Resources Limited (NST.AX) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, NST.AX achieves a -23.09% return, which is significantly lower than GC=F's -2.63% return. Over the past 10 years, NST.AX has outperformed GC=F with an annualized return of 17.97%, while GC=F has yielded a comparatively lower 14.08% annualized return.

NST.AX

• 1D: -6.08%
• 1M: -1.92%
• YTD: -23.09%
• 6M: -21.92%
• 1Y: -0.72%
• 3Y*: 17.59%
• 5Y*: 16.16%
• 10Y*: 17.97%

GC=F

• 1D: 1.42%
• 1M: -2.41%
• YTD: -2.63%
• 6M: -0.53%
• 1Y: 22.51%
• 3Y*: 28.73%
• 5Y*: 20.93%
• 10Y*: 14.08%

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

NST.AX vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NST.AX Northern Star Resources Limited	-23.09%	78.29%	16.25%	28.10%	18.93%	-24.37%	14.47%	24.17%	53.38%	71.79%
GC=F Gold Futures	-2.63%	52.58%	40.31%	13.42%	6.15%	2.19%	13.65%	19.42%	8.35%	4.94%

Correlation

The correlation between NST.AX and GC=F is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jul 4, 2007	0.09

The correlation between NST.AX and GC=F shifts across timeframes, from 0.09 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NST.AX vs. GC=F — Risk / Return Rank

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

NST.AX

NST.AX Risk / Return Rank: 40
NST.AX Sharpe Ratio Rank: 40
NST.AX Sortino Ratio Rank: 39
NST.AX Omega Ratio Rank: 39
NST.AX Calmar Ratio Rank: 40
NST.AX Martin Ratio Rank: 40

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.

NST.AX vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Star Resources Limited (NST.AX) 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.

	NST.AX	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	0.85	-0.86
Sortino ratio: Return per unit of downside risk	0.34	1.18	-0.84
Omega ratio: Gain probability vs. loss probability	1.05	1.19	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.02	1.19	-1.20
Martin ratio: Return relative to average drawdown	-0.04	2.81	-2.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NST.AX vs. GC=F - Sharpe Ratio Comparison

The current NST.AX Sharpe Ratio is -0.01, which is lower than the GC=F Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of NST.AX 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

	NST.AX	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	0.85	-0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	1.21	-0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.88	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.59	-0.24

Drawdowns

NST.AX vs. GC=F - Drawdown Comparison

The maximum NST.AX drawdown since its inception was -95.53%, which is greater than GC=F's maximum drawdown of -28.16%. Use the drawdown chart below to compare losses from any high point for NST.AX and GC=F.

Drawdown Indicators

	NST.AX	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-95.53%	-28.16%	-67.37%
Max Drawdown (1Y) Largest decline over 1 year	-45.32%	-17.51%	-27.81%
Max Drawdown (3Y) Largest decline over 3 years	-45.32%	-17.51%	-27.81%
Max Drawdown (5Y) Largest decline over 5 years	-45.32%	-17.51%	-27.81%
Max Drawdown (10Y) Largest decline over 10 years	-58.71%	-22.66%	-36.05%
Current Drawdown Current decline from peak	-35.21%	-16.34%	-18.87%
Average Drawdown Average peak-to-trough decline	-30.03%	-10.06%	-19.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.68%	7.46%	+12.22%

Volatility

NST.AX vs. GC=F - Volatility Comparison

Northern Star Resources Limited (NST.AX) has a higher volatility of 20.27% compared to Gold Futures (GC=F) at 3.54%. This indicates that NST.AX's price experiences larger fluctuations and is considered to be riskier than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NST.AX	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.27%	3.54%	+16.73%
Volatility (6M) Calculated over the trailing 6-month period	45.48%	20.94%	+24.54%
Volatility (1Y) Calculated over the trailing 1-year period	52.84%	24.53%	+28.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.33%	17.16%	+23.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.46%	15.91%	+27.55%

Frequently Asked Questions

Can I hold both NST.AX and GC=F in my portfolio?

NST.AX and GC=F have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.