PPFB.DE vs. ^GSPC

Last updated Jun 26, 2026

PPFB.DE (iShares Physical Gold ETC) is Gold fund tracking the Gold, while ^GSPC (S&P 500 Index) is an index. Over the past 3 years, PPFB.DE returned 25.83%/yr vs 17.70%/yr for ^GSPC. At a 0.02 correlation, their price movements are largely independent.

Performance

PPFB.DE vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in iShares Physical Gold ETC (PPFB.DE) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PPFB.DE is traded in EUR, while ^GSPC is traded in USD. To make them comparable, the ^GSPC values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, PPFB.DE achieves a -5.76% return, which is significantly lower than ^GSPC's 11.08% return.

PPFB.DE

• 1D: 0.00%
• 1M: -8.95%
• YTD: -5.76%
• 6M: -6.89%
• 1Y: 23.29%
• 3Y*: 25.83%
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: -0.08%
• 1M: 0.13%
• YTD: 11.08%
• 6M: 9.99%
• 1Y: 23.85%
• 3Y*: 17.70%
• 5Y*: 12.53%
• 10Y*: 13.56%

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

PPFB.DE vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
PPFB.DE iShares Physical Gold ETC	-5.76%	49.11%	34.17%	9.42%	7.03%	2.86%
^GSPC S&P 500 Index	11.08%	2.58%	31.45%	20.51%	-14.45%	13.58%

Correlation

The correlation between PPFB.DE and ^GSPC is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (All Time) Calculated using the full available price history since Jul 16, 2021	0.02

The correlation between PPFB.DE and ^GSPC shifts across timeframes, from 0.02 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PPFB.DE vs. ^GSPC — Risk / Return Rank

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

PPFB.DE

PPFB.DE Risk / Return Rank: 27
PPFB.DE Sharpe Ratio Rank: 30
PPFB.DE Sortino Ratio Rank: 27
PPFB.DE Omega Ratio Rank: 31
PPFB.DE Calmar Ratio Rank: 24
PPFB.DE Martin Ratio Rank: 25

^GSPC

^GSPC Risk / Return Rank: 70
^GSPC Sharpe Ratio Rank: 68
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 71
^GSPC Calmar Ratio Rank: 62
^GSPC Martin Ratio Rank: 78

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.

PPFB.DE vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Physical Gold ETC (PPFB.DE) and S&P 500 Index (^GSPC). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PPFB.DE	^GSPC	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.90	-0.94
Sortino ratio: Return per unit of downside risk	1.37	2.48	-1.11
Omega ratio: Gain probability vs. loss probability	1.19	1.35	-0.16
Calmar ratio: Return relative to maximum drawdown	1.06	3.17	-2.11
Martin ratio: Return relative to average drawdown	2.94	11.71	-8.77

PPFB.DE vs. ^GSPC - Sharpe Ratio Comparison

The current PPFB.DE Sharpe Ratio is 0.97, which is lower than the ^GSPC Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of PPFB.DE and ^GSPC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PPFB.DE vs. ^GSPC - Drawdown Comparison

The maximum PPFB.DE drawdown since its inception was -22.04%, smaller than the maximum ^GSPC drawdown of -51.62%. Use the drawdown chart below to compare losses from any high point for PPFB.DE and ^GSPC.

Drawdown Indicators

	PPFB.DE	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-22.04%	-51.62%	+29.58%
Max Drawdown (1Y) Largest decline over 1 year	-22.04%	-7.57%	-14.47%
Max Drawdown (3Y) Largest decline over 3 years	-22.04%	-23.99%	+1.95%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.99%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.42%	—
Current Drawdown Current decline from peak	-22.04%	-1.08%	-20.96%
Average Drawdown Average peak-to-trough decline	-4.59%	-9.08%	+4.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.95%	2.04%	+5.91%

Volatility

PPFB.DE vs. ^GSPC - Volatility Comparison

iShares Physical Gold ETC (PPFB.DE) has a higher volatility of 8.03% compared to S&P 500 Index (^GSPC) at 3.97%. This indicates that PPFB.DE's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPFB.DE	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.03%	3.97%	+4.06%
Volatility (6M) Calculated over the trailing 6-month period	21.40%	9.16%	+12.24%
Volatility (1Y) Calculated over the trailing 1-year period	24.22%	12.60%	+11.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.40%	16.86%	-0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.40%	18.61%	-2.21%

Frequently Asked Questions

Can I hold both PPFB.DE and ^GSPC in my portfolio?

PPFB.DE and ^GSPC have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.