RING vs. ^XAU
RING (iShares MSCI Global Gold Miners ETF) is Gold fund tracking the MSCI ACWI Select Gold Miners Investable Market Index, while ^XAU (PHLX Gold/Silver Sector Index) is an index. Over the past 10 years, RING returned 11.09%/yr vs 11.03%/yr for ^XAU. With a 0.96 correlation, they move nearly in lockstep.
Performance
RING vs. ^XAU - Performance Comparison
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Returns By Period
In the year-to-date period, RING achieves a -13.45% return, which is significantly lower than ^XAU's -10.42% return. Both investments have delivered pretty close results over the past 10 years, with RING having a 11.09% annualized return and ^XAU not far behind at 11.03%.
RING
- 1D
- -2.53%
- 1M
- -8.38%
- 6M
- -22.60%
- YTD
- -13.45%
- 1Y
- 45.11%
- 3Y*
- 38.89%
- 5Y*
- 19.27%
- 10Y*
- 11.09%
^XAU
- 1D
- -2.36%
- 1M
- -9.21%
- 6M
- -21.08%
- YTD
- -10.42%
- 1Y
- 45.28%
- 3Y*
- 34.10%
- 5Y*
- 16.74%
- 10Y*
- 11.03%
RING vs. ^XAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RING iShares MSCI Global Gold Miners ETF | -13.45% | 164.72% | 15.98% | 12.29% | -15.40% | -7.46% | 24.98% | 49.92% | -13.14% | 10.24% |
^XAU PHLX Gold/Silver Sector Index | -10.42% | 149.51% | 9.14% | 4.00% | -8.75% | -8.14% | 34.86% | 51.32% | -17.13% | 8.13% |
Correlation
The correlation between RING and ^XAU is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | 0.96 |
The correlation between RING and ^XAU has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.
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Return for Risk
RING vs. ^XAU — Risk / Return Rank
RING
^XAU
RING vs. ^XAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Gold Miners ETF (RING) and PHLX Gold/Silver Sector Index (^XAU). 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.
| RING | ^XAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.19 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.26 | 1.29 | -0.03 |
| Martin ratioReturn relative to average drawdown | 2.93 | 3.00 | -0.08 |
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Drawdowns
RING vs. ^XAU - Drawdown Comparison
The maximum RING drawdown since its inception was -79.47%, roughly equal to the maximum ^XAU drawdown of -83.04%. Use the drawdown chart below to compare losses from any high point for RING and ^XAU.
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Drawdown Indicators
| RING | ^XAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.47% | -83.04% | +3.57% |
Max Drawdown (1Y)Largest decline over 1 year | -35.91% | -35.22% | -0.69% |
Max Drawdown (3Y)Largest decline over 3 years | -35.91% | -35.22% | -0.69% |
Max Drawdown (5Y)Largest decline over 5 years | -47.94% | -45.52% | -2.42% |
Max Drawdown (10Y)Largest decline over 10 years | -52.04% | -45.52% | -6.52% |
Current DrawdownCurrent decline from peak | -35.90% | -34.81% | -1.09% |
Average DrawdownAverage peak-to-trough decline | -47.28% | -39.74% | -7.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.46% | 15.11% | +0.35% |
Volatility
RING vs. ^XAU - Volatility Comparison
iShares MSCI Global Gold Miners ETF (RING) and PHLX Gold/Silver Sector Index (^XAU) have volatilities of 14.58% and 14.16%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RING | ^XAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.58% | 14.16% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 39.61% | 38.70% | +0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.36% | 47.01% | +1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.11% | 36.73% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.71% | 36.47% | +0.24% |
Frequently Asked Questions
With a correlation of 0.98, RING and ^XAU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
RING has higher volatility (14.58%) compared to ^XAU (14.16%). In terms of maximum drawdown, RING dropped -79.47% vs ^XAU's -83.04%.
^XAU currently has the higher Sharpe Ratio (0.97 vs 0.94), 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.
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