PANW vs. GLD

Last updated Jun 9, 2026

PANW (Palo Alto Networks, Inc.) is a stock, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, PANW returned 28.39%/yr vs 12.56%/yr for GLD. At a correlation of -0.00, they often move in opposite directions.

Performance

PANW vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Palo Alto Networks, Inc. (PANW) 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, PANW achieves a 44.59% return, which is significantly higher than GLD's 0.24% return. Over the past 10 years, PANW has outperformed GLD with an annualized return of 28.39%, while GLD has yielded a comparatively lower 12.56% annualized return.

PANW

• 1D: -2.10%
• 1M: 28.12%
• YTD: 44.59%
• 6M: 36.33%
• 1Y: 33.43%
• 3Y*: 34.26%
• 5Y*: 35.30%
• 10Y*: 28.39%

GLD

• 1D: 0.26%
• 1M: -8.41%
• YTD: 0.24%
• 6M: 3.07%
• 1Y: 30.18%
• 3Y*: 29.71%
• 5Y*: 17.55%
• 10Y*: 12.56%

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

PANW vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PANW Palo Alto Networks, Inc.	44.59%	1.23%	23.41%	111.32%	-24.81%	56.66%	53.68%	22.78%	29.95%	15.91%
GLD SPDR Gold Shares	0.24%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between PANW and GLD 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	0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jul 23, 2012	-0.00

Return for Risk

PANW vs. GLD — Risk / Return Rank

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

PANW

PANW Risk / Return Rank: 64
PANW Sharpe Ratio Rank: 70
PANW Sortino Ratio Rank: 64
PANW Omega Ratio Rank: 63
PANW Calmar Ratio Rank: 62
PANW Martin Ratio Rank: 62

GLD

GLD Risk / Return Rank: 33
GLD Sharpe Ratio Rank: 34
GLD Sortino Ratio Rank: 31
GLD Omega Ratio Rank: 38
GLD Calmar Ratio Rank: 34
GLD Martin Ratio Rank: 29

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.

PANW vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Palo Alto Networks, Inc. (PANW) 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.

	PANW	GLD	Difference
Sharpe ratio: Return per unit of total volatility	0.87	1.13	-0.26
Sortino ratio: Return per unit of downside risk	1.35	1.51	-0.16
Omega ratio: Gain probability vs. loss probability	1.18	1.23	-0.05
Calmar ratio: Return relative to maximum drawdown	0.93	1.51	-0.58
Martin ratio: Return relative to average drawdown	2.12	3.78	-1.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PANW vs. GLD - Sharpe Ratio Comparison

The current PANW Sharpe Ratio is 0.87, which is comparable to the GLD Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of PANW 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

	PANW	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	1.13	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.85	0.98	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.79	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.59	+0.12

Drawdowns

PANW vs. GLD - Drawdown Comparison

The maximum PANW drawdown since its inception was -47.98%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for PANW and GLD.

Drawdown Indicators

	PANW	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-47.98%	-45.56%	-2.42%
Max Drawdown (1Y) Largest decline over 1 year	-36.01%	-20.10%	-15.91%
Max Drawdown (3Y) Largest decline over 3 years	-36.01%	-20.10%	-15.91%
Max Drawdown (5Y) Largest decline over 5 years	-36.01%	-21.03%	-14.98%
Max Drawdown (10Y) Largest decline over 10 years	-47.98%	-22.00%	-25.98%
Current Drawdown Current decline from peak	-11.37%	-19.89%	+8.52%
Average Drawdown Average peak-to-trough decline	-14.69%	-16.16%	+1.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.82%	8.01%	+7.81%

Volatility

PANW vs. GLD - Volatility Comparison

Palo Alto Networks, Inc. (PANW) has a higher volatility of 17.10% compared to SPDR Gold Shares (GLD) at 5.68%. This indicates that PANW'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

	PANW	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.10%	5.68%	+11.42%
Volatility (6M) Calculated over the trailing 6-month period	31.83%	23.47%	+8.36%
Volatility (1Y) Calculated over the trailing 1-year period	38.54%	26.87%	+11.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.65%	18.07%	+23.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.59%	15.99%	+22.60%

Dividends

PANW vs. GLD - Dividend Comparison

Neither PANW nor GLD has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both PANW and GLD in my portfolio?

PANW and GLD 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.

Which is riskier, PANW or GLD?

PANW has higher volatility (17.10%) compared to GLD (5.68%). In terms of maximum drawdown, PANW dropped -47.98% vs GLD's -45.56%.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (1.13 vs 0.87), 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.