VWO vs. GC=F

Last updated Jun 13, 2026

VWO (Vanguard FTSE Emerging Markets ETF) is Emerging Markets Equities fund tracking the FTSE Emerging Index, while GC=F (Gold Futures) is an asset. At a correlation of -0.05, they often move in opposite directions.

Performance

VWO vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard FTSE Emerging Markets ETF (VWO) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

VWO

• 1D: 0.76%
• 1M: -0.68%
• YTD: 10.77%
• 6M: 12.57%
• 1Y: 26.52%
• 3Y*: 16.61%
• 5Y*: 5.03%
• 10Y*: 9.00%

GC=F

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

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

VWO vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VWO Vanguard FTSE Emerging Markets ETF	10.77%	25.60%	10.59%	9.25%	-15.71%
GC=F Gold Futures	0.00%	0.00%	0.00%	0.00%	5.84%

Correlation

The correlation between VWO and GC=F is -0.05, 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	-0.05

Return for Risk

VWO vs. GC=F — Risk / Return Rank

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

VWO

VWO Risk / Return Rank: 50
VWO Sharpe Ratio Rank: 49
VWO Sortino Ratio Rank: 47
VWO Omega Ratio Rank: 51
VWO Calmar Ratio Rank: 50
VWO Martin Ratio Rank: 52

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.

VWO vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Emerging Markets ETF (VWO) 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.

	VWO	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	1.49	—	—
Sortino ratio: Return per unit of downside risk	2.10	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	2.21	—	—
Martin ratio: Return relative to average drawdown	7.80	—	—

Drawdowns

Drawdown Indicators

	VWO	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-67.68%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-11.17%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.39%	—	—
Current Drawdown Current decline from peak	-2.68%	—	—
Average Drawdown Average peak-to-trough decline	-15.80%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	—	—

Volatility

Volatility by Period

	VWO	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.04%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.54%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.48%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.22%	—	—

Frequently Asked Questions

Can I hold both VWO and GC=F in my portfolio?

VWO and GC=F have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.