SPXS.MI vs. GC=F

Last updated Jun 26, 2026

SPXS.MI (Invesco S&P 500 UCITS ETF) is S&P 500 fund tracking the S&P 500 Index, while GC=F (Gold Futures) is an asset. At a correlation of -0.04, they often move in opposite directions.

Performance

SPXS.MI vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Invesco S&P 500 UCITS ETF (SPXS.MI) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SPXS.MI is traded in EUR, while GC=F is traded in USD. To make them comparable, the GC=F values have been converted to EUR using the latest available exchange rates.

Returns By Period

SPXS.MI

• 1D: -0.84%
• 1M: 0.23%
• YTD: 10.84%
• 6M: 11.31%
• 1Y: -98.75%
• 3Y*: -74.33%
• 5Y*: -54.56%
• 10Y*: -27.22%

GC=F

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXS.MI vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPXS.MI Invesco S&P 500 UCITS ETF	10.84%	-98.95%	33.86%	22.52%	-7.30%
GC=F Gold Futures	0.00%	0.00%	0.00%	0.00%	13.25%

Correlation

The correlation between SPXS.MI and GC=F is -0.04, 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 (All Time) Calculated using the full available price history since Jan 31, 2022	-0.04

Return for Risk

SPXS.MI vs. GC=F — Risk / Return Rank

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

SPXS.MI

SPXS.MI Risk / Return Rank: 2
SPXS.MI Sharpe Ratio Rank: 2
SPXS.MI Sortino Ratio Rank: 4
SPXS.MI Omega Ratio Rank: 0
SPXS.MI Calmar Ratio Rank: 0
SPXS.MI Martin Ratio Rank: 2

GC=F

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

SPXS.MI vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 UCITS ETF (SPXS.MI) and Gold Futures (GC=F). 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.

	SPXS.MI	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	—	—
Sortino ratio: Return per unit of downside risk	-0.76	—	—
Omega ratio: Gain probability vs. loss probability	0.52	—	—
Calmar ratio: Return relative to maximum drawdown	-1.00	—	—
Martin ratio: Return relative to average drawdown	-1.38	—	—

Drawdowns

Drawdown Indicators

	SPXS.MI	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-99.06%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-99.06%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-99.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.06%	—	—
Current Drawdown Current decline from peak	-98.90%	—	—
Average Drawdown Average peak-to-trough decline	-7.97%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	71.37%	—	—

Volatility

Volatility by Period

	SPXS.MI	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	99.60%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.68%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.13%	—	—

Frequently Asked Questions

Can I hold both SPXS.MI and GC=F in my portfolio?

SPXS.MI and GC=F have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.