XAUUSD=X vs. GC=F

Last updated Jun 6, 2026

XAUUSD=X (Gold Spot Price US Dollar) is a currency, while GC=F (Gold Futures) is an asset. Over the past 10 years, XAUUSD=X returned 13.28%/yr vs 13.72%/yr for GC=F. Their correlation of 0.82 suggests significant overlap in exposure.

Performance

XAUUSD=X vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gold Spot Price US Dollar (XAUUSD=X) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XAUUSD=X achieves a 0.12% return, which is significantly lower than GC=F's 4.09% return. Both investments have delivered pretty close results over the past 10 years, with XAUUSD=X having a 13.28% annualized return and GC=F not far ahead at 13.72%.

XAUUSD=X

• 1D: -3.29%
• 1M: -7.74%
• YTD: 0.12%
• 6M: 3.08%
• 1Y: 29.08%
• 3Y*: 30.14%
• 5Y*: 18.01%
• 10Y*: 13.28%

GC=F

• 1D: 1.48%
• 1M: -3.83%
• YTD: 4.09%
• 6M: 6.87%
• 1Y: 34.37%
• 3Y*: 31.99%
• 5Y*: 18.96%
• 10Y*: 13.72%

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

XAUUSD=X vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XAUUSD=X Gold Spot Price US Dollar	0.12%	64.75%	27.24%	13.14%	-0.25%	-3.50%	24.55%	18.77%	-1.71%	13.14%
GC=F Gold Futures	4.09%	64.52%	27.48%	13.34%	-0.43%	-3.47%	24.59%	18.87%	-2.14%	13.59%

Correlation

The correlation between XAUUSD=X and GC=F is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.85
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 28, 2007	0.82

The correlation between XAUUSD=X and GC=F shifts across timeframes, from 0.71 (1 year) to 0.85 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

XAUUSD=X vs. GC=F — Risk / Return Rank

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

XAUUSD=X

XAUUSD=X Risk / Return Rank: 78
XAUUSD=X Sharpe Ratio Rank: 81
XAUUSD=X Sortino Ratio Rank: 77
XAUUSD=X Omega Ratio Rank: 82
XAUUSD=X Calmar Ratio Rank: 75
XAUUSD=X Martin Ratio Rank: 74

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.

XAUUSD=X vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gold Spot Price US Dollar (XAUUSD=X) 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.

	XAUUSD=X	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.22	-0.22
Sortino ratio: Return per unit of downside risk	1.37	1.61	-0.23
Omega ratio: Gain probability vs. loss probability	1.21	1.25	-0.04
Calmar ratio: Return relative to maximum drawdown	1.14	1.83	-0.69
Martin ratio: Return relative to average drawdown	2.87	4.59	-1.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XAUUSD=X vs. GC=F - Sharpe Ratio Comparison

The current XAUUSD=X Sharpe Ratio is 1.00, which is comparable to the GC=F Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of XAUUSD=X 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

	XAUUSD=X	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	1.22	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	1.04	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.83	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.62	-0.04

Drawdowns

XAUUSD=X vs. GC=F - Drawdown Comparison

The maximum XAUUSD=X drawdown since its inception was -44.69%, roughly equal to the maximum GC=F drawdown of -44.36%. Use the drawdown chart below to compare losses from any high point for XAUUSD=X and GC=F.

Drawdown Indicators

	XAUUSD=X	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-44.69%	-44.36%	-0.33%
Max Drawdown (1Y) Largest decline over 1 year	-20.13%	-17.73%	-2.40%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-17.73%	-2.40%
Max Drawdown (5Y) Largest decline over 5 years	-20.81%	-20.43%	-0.38%
Max Drawdown (10Y) Largest decline over 10 years	-21.35%	-20.87%	-0.48%
Current Drawdown Current decline from peak	-20.13%	-15.34%	-4.79%
Average Drawdown Average peak-to-trough decline	-16.42%	-13.03%	-3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.77%	7.13%	+1.64%

Volatility

XAUUSD=X vs. GC=F - Volatility Comparison

Gold Spot Price US Dollar (XAUUSD=X) has a higher volatility of 5.61% compared to Gold Futures (GC=F) at 4.73%. This indicates that XAUUSD=X's price experiences larger fluctuations and is considered to be riskier than GC=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XAUUSD=X	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	4.73%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	21.67%	23.11%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	22.90%	26.50%	-3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	18.20%	-1.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.11%	16.44%	-1.33%

Frequently Asked Questions

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

XAUUSD=X and GC=F have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XAUUSD=X or GC=F?

XAUUSD=X has higher volatility (5.61%) compared to GC=F (4.73%). In terms of maximum drawdown, XAUUSD=X dropped -44.69% vs GC=F's -44.36%.

Which has better risk-adjusted returns?

GC=F currently has the higher Sharpe Ratio (1.22 vs 1.00), 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.