SPXS.MI vs. GC=F

Last updated Jun 5, 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. Over the past 10 years, SPXS.MI returned 15.17%/yr vs 13.31%/yr for GC=F. At a 0.01 correlation, their price movements are largely independent.

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

In the year-to-date period, SPXS.MI achieves a 11.42% return, which is significantly higher than GC=F's 3.80% return. Over the past 10 years, SPXS.MI has outperformed GC=F with an annualized return of 15.17%, while GC=F has yielded a comparatively lower 13.31% annualized return.

SPXS.MI

• 1D: -0.11%
• 1M: 5.27%
• YTD: 11.42%
• 6M: 11.54%
• 1Y: 25.86%
• 3Y*: 19.09%
• 5Y*: 14.98%
• 10Y*: 15.17%

GC=F

• 1D: 0.00%
• 1M: -1.91%
• YTD: 3.80%
• 6M: 5.68%
• 1Y: 29.38%
• 3Y*: 27.88%
• 5Y*: 19.73%
• 10Y*: 13.31%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXS.MI Invesco S&P 500 UCITS ETF	11.42%	4.51%	33.86%	22.52%	-14.49%	41.21%	7.76%	34.77%	-0.95%	6.04%
GC=F Gold Futures	5.27%	45.00%	35.90%	9.94%	5.74%	3.76%	14.32%	21.55%	2.45%	-0.37%

Correlation

The correlation between SPXS.MI and GC=F is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Sep 30, 2014	0.01

The correlation between SPXS.MI and GC=F shifts across timeframes, from 0.01 (10 years) to 0.13 (3 years), reflecting how their relationship changes across market environments.

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: 71
SPXS.MI Sharpe Ratio Rank: 70
SPXS.MI Sortino Ratio Rank: 69
SPXS.MI Omega Ratio Rank: 72
SPXS.MI Calmar Ratio Rank: 75
SPXS.MI Martin Ratio Rank: 71

GC=F

GC=F Risk / Return Rank: 54
GC=F Sharpe Ratio Rank: 53
GC=F Sortino Ratio Rank: 52
GC=F Omega Ratio Rank: 54
GC=F Calmar Ratio Rank: 45
GC=F Martin Ratio Rank: 64

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.

	SPXS.MI	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.11	+1.15
Sortino ratio: Return per unit of downside risk	3.09	1.50	+1.58
Omega ratio: Gain probability vs. loss probability	1.42	1.23	+0.19
Calmar ratio: Return relative to maximum drawdown	3.70	1.74	+1.95
Martin ratio: Return relative to average drawdown	13.16	4.25	+8.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXS.MI vs. GC=F - Sharpe Ratio Comparison

The current SPXS.MI Sharpe Ratio is 2.26, which is higher than the GC=F Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of SPXS.MI and GC=F, 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

	SPXS.MI	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	1.11	+1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	1.13	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.97	0.84	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.63	+0.32

Drawdowns

SPXS.MI vs. GC=F - Drawdown Comparison

The maximum SPXS.MI drawdown since its inception was -33.57%, smaller than the maximum GC=F drawdown of -36.91%. Use the drawdown chart below to compare losses from any high point for SPXS.MI and GC=F.

Drawdown Indicators

	SPXS.MI	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-36.91%	+3.34%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-16.35%	+9.35%
Max Drawdown (3Y) Largest decline over 3 years	-23.10%	-16.35%	-6.75%
Max Drawdown (5Y) Largest decline over 5 years	-23.10%	-16.35%	-6.75%
Max Drawdown (10Y) Largest decline over 10 years	-33.57%	-18.00%	-15.57%
Current Drawdown Current decline from peak	-0.40%	-15.60%	+15.20%
Average Drawdown Average peak-to-trough decline	-4.35%	-11.40%	+7.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	6.75%	-4.79%

Volatility

SPXS.MI vs. GC=F - Volatility Comparison

The current volatility for Invesco S&P 500 UCITS ETF (SPXS.MI) is 2.68%, while Gold Futures (GC=F) has a volatility of 3.98%. This indicates that SPXS.MI experiences smaller price fluctuations and is considered to be less risky than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXS.MI	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	3.98%	-1.30%
Volatility (6M) Calculated over the trailing 6-month period	7.56%	22.32%	-14.76%
Volatility (1Y) Calculated over the trailing 1-year period	11.44%	25.63%	-14.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.13%	17.40%	-2.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.31%	15.86%	+0.45%

Frequently Asked Questions

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

SPXS.MI and GC=F have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.