PA=F vs. XAUUSD=X

Last updated Jun 5, 2026

PA=F (Palladium) is an asset, while XAUUSD=X (Gold Spot Price US Dollar) is a currency. Over the past 10 years, PA=F returned 9.07%/yr vs 13.28%/yr for XAUUSD=X. At a 0.36 correlation, their price movements are largely independent.

Performance

PA=F vs. XAUUSD=X - Performance Comparison

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

Returns By Period

In the year-to-date period, PA=F achieves a -18.52% return, which is significantly lower than XAUUSD=X's 0.12% return. Over the past 10 years, PA=F has underperformed XAUUSD=X with an annualized return of 9.07%, while XAUUSD=X has yielded a comparatively higher 13.28% annualized return.

PA=F

• 1D: 0.79%
• 1M: -14.13%
• YTD: -18.52%
• 6M: -11.63%
• 1Y: 31.38%
• 3Y*: -1.66%
• 5Y*: -14.14%
• 10Y*: 9.07%

XAUUSD=X

• 1D: -3.29%
• 1M: -7.74%
• YTD: 0.12%
• 6M: 3.08%
• 1Y: 29.08%
• 3Y*: 30.14%
• 5Y*: 18.01%
• 10Y*: 13.28%

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

PA=F vs. XAUUSD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PA=F Palladium	-18.52%	79.07%	-17.98%	-38.30%	-5.52%	-22.50%	28.42%	59.67%	13.49%	54.27%
XAUUSD=X Gold Spot Price US Dollar	0.12%	64.75%	27.24%	13.14%	-0.25%	-3.50%	24.55%	18.77%	-1.71%	13.14%

Correlation

The correlation between PA=F and XAUUSD=X is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 28, 2007	0.36

The correlation between PA=F and XAUUSD=X shifts across timeframes, from 0.31 (10 years) to 0.42 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PA=F vs. XAUUSD=X — Risk / Return Rank

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

PA=F

PA=F Risk / Return Rank: 7
PA=F Sharpe Ratio Rank: 7
PA=F Sortino Ratio Rank: 8
PA=F Omega Ratio Rank: 7
PA=F Calmar Ratio Rank: 7
PA=F Martin Ratio Rank: 7

XAUUSD=X

XAUUSD=X Risk / Return Rank: 78
XAUUSD=X Sharpe Ratio Rank: 81
XAUUSD=X Sortino Ratio Rank: 77
XAUUSD=X Omega Ratio Rank: 82
XAUUSD=X Calmar Ratio Rank: 75
XAUUSD=X Martin Ratio Rank: 74

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.

PA=F vs. XAUUSD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Palladium (PA=F) 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.

	PA=F	XAUUSD=X	Difference
Sharpe ratio: Return per unit of total volatility	0.53	1.00	-0.47
Sortino ratio: Return per unit of downside risk	0.99	1.37	-0.39
Omega ratio: Gain probability vs. loss probability	1.14	1.21	-0.06
Calmar ratio: Return relative to maximum drawdown	0.71	1.14	-0.43
Martin ratio: Return relative to average drawdown	1.51	2.87	-1.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PA=F vs. XAUUSD=X - Sharpe Ratio Comparison

The current PA=F Sharpe Ratio is 0.53, which is lower than the XAUUSD=X Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of PA=F 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.

Sharpe Ratios by Period

	PA=F	XAUUSD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.53	1.00	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	0.97	-1.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.82	-0.61
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.58	-0.40

Drawdowns

PA=F vs. XAUUSD=X - Drawdown Comparison

The maximum PA=F drawdown since its inception was -74.88%, 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 PA=F and XAUUSD=X.

Drawdown Indicators

	PA=F	XAUUSD=X	Difference
Max Drawdown Largest peak-to-trough decline	-74.88%	-44.69%	-30.19%
Max Drawdown (1Y) Largest decline over 1 year	-39.30%	-20.13%	-19.17%
Max Drawdown (3Y) Largest decline over 3 years	-41.53%	-20.13%	-21.40%
Max Drawdown (5Y) Largest decline over 5 years	-74.88%	-20.81%	-54.07%
Max Drawdown (10Y) Largest decline over 10 years	-74.88%	-21.35%	-53.53%
Current Drawdown Current decline from peak	-59.64%	-20.13%	-39.51%
Average Drawdown Average peak-to-trough decline	-26.90%	-16.42%	-10.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.45%	8.77%	+10.68%

Volatility

PA=F vs. XAUUSD=X - Volatility Comparison

Palladium (PA=F) has a higher volatility of 9.89% compared to Gold Spot Price US Dollar (XAUUSD=X) at 5.61%. This indicates that PA=F'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.

Volatility by Period

	PA=F	XAUUSD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.89%	5.61%	+4.28%
Volatility (6M) Calculated over the trailing 6-month period	47.86%	21.67%	+26.19%
Volatility (1Y) Calculated over the trailing 1-year period	52.69%	22.90%	+29.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.23%	16.58%	+27.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.62%	15.11%	+22.51%

Frequently Asked Questions

Can I hold both PA=F and XAUUSD=X in my portfolio?

PA=F and XAUUSD=X have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PA=F or XAUUSD=X?

PA=F has higher volatility (9.89%) compared to XAUUSD=X (5.61%). In terms of maximum drawdown, PA=F dropped -74.88% vs XAUUSD=X's -44.69%.

Which has better risk-adjusted returns?

XAUUSD=X currently has the higher Sharpe Ratio (1.00 vs 0.53), 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.