PL=F vs. GLD

Last updated Jun 4, 2026

PL=F (Platinum) is an asset, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, PL=F returned 6.61%/yr vs 13.12%/yr for GLD. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

PL=F vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Platinum (PL=F) 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, PL=F achieves a -8.48% return, which is significantly lower than GLD's 2.92% return. Over the past 10 years, PL=F has underperformed GLD with an annualized return of 6.61%, while GLD has yielded a comparatively higher 13.12% annualized return.

PL=F

• 1D: -3.13%
• 1M: -4.36%
• YTD: -8.48%
• 6M: 12.41%
• 1Y: 73.81%
• 3Y*: 22.88%
• 5Y*: 9.84%
• 10Y*: 6.61%

GLD

• 1D: -0.99%
• 1M: -1.65%
• YTD: 2.92%
• 6M: 5.43%
• 1Y: 32.04%
• 3Y*: 31.09%
• 5Y*: 18.15%
• 10Y*: 13.12%

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

PL=F vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PL=F Platinum	-8.48%	123.45%	-9.78%	-6.81%	12.08%	-10.47%	10.37%	22.13%	-14.68%	3.60%
GLD SPDR Gold Shares	2.92%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between PL=F and GLD is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Apr 27, 2009	0.53

The correlation between PL=F and GLD has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.

Return for Risk

PL=F vs. GLD — Risk / Return Rank

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

PL=F

PL=F Risk / Return Rank: 57
PL=F Sharpe Ratio Rank: 54
PL=F Sortino Ratio Rank: 55
PL=F Omega Ratio Rank: 53
PL=F Calmar Ratio Rank: 65
PL=F Martin Ratio Rank: 58

GLD

GLD Risk / Return Rank: 32
GLD Sharpe Ratio Rank: 32
GLD Sortino Ratio Rank: 29
GLD Omega Ratio Rank: 35
GLD Calmar Ratio Rank: 33
GLD Martin Ratio Rank: 28

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.

PL=F vs. GLD - Risk-Adjusted Trends Comparison

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

	PL=F	GLD	Difference
Sharpe ratio Return per unit of total volatility	1.31	1.21	+0.10
Sortino ratio Return per unit of downside risk	1.70	1.60	+0.10
Omega ratio Gain probability vs. loss probability	1.26	1.24	+0.01
Calmar ratio Return relative to maximum drawdown	1.99	1.68	+0.32
Martin ratio Return relative to average drawdown	4.03	4.15	-0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PL=F vs. GLD - Sharpe Ratio Comparison

The current PL=F Sharpe Ratio is 1.31, which is comparable to the GLD Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of PL=F 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

	PL=F	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	1.21	+0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	1.01	-0.74
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.83	-0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.60	-0.50

Drawdowns

PL=F vs. GLD - Drawdown Comparison

The maximum PL=F drawdown since its inception was -68.68%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for PL=F and GLD.

Drawdown Indicators

	PL=F	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-68.68%	-45.56%	-23.12%
Max Drawdown (1Y) Largest decline over 1 year	-35.55%	-19.21%	-16.34%
Max Drawdown (3Y) Largest decline over 3 years	-35.55%	-19.21%	-16.34%
Max Drawdown (5Y) Largest decline over 5 years	-35.55%	-21.03%	-14.52%
Max Drawdown (10Y) Largest decline over 10 years	-49.56%	-22.00%	-27.56%
Current Drawdown Current decline from peak	-34.72%	-17.75%	-16.97%
Average Drawdown Average peak-to-trough decline	-36.40%	-16.16%	-20.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.87%	7.73%	+10.14%

Volatility

PL=F vs. GLD - Volatility Comparison

Platinum (PL=F) has a higher volatility of 11.08% compared to SPDR Gold Shares (GLD) at 5.51%. This indicates that PL=F'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

	PL=F	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.08%	5.51%	+5.57%
Volatility (6M) Calculated over the trailing 6-month period	48.91%	23.16%	+25.75%
Volatility (1Y) Calculated over the trailing 1-year period	54.12%	26.61%	+27.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.61%	18.00%	+17.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.75%	15.95%	+15.80%

Frequently Asked Questions

Can I hold both PL=F and GLD in my portfolio?

PL=F and GLD have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PL=F or GLD?

PL=F has higher volatility (11.08%) compared to GLD (5.51%). In terms of maximum drawdown, PL=F dropped -68.68% vs GLD's -45.56%.

Which has better risk-adjusted returns?

PL=F currently has the higher Sharpe Ratio (1.31 vs 1.21), 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.