XAUUSD=X vs. GLD

Last updated Aug 5, 2026

XAUUSD=X (Gold Spot Price US Dollar) is a currency, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, XAUUSD=X returned 11.82%/yr vs 11.36%/yr for GLD. Their 0.96 correlation means they have historically moved very closely together.

Performance

XAUUSD=X vs. GLD - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with XAUUSD=X having a -5.50% return and GLD slightly lower at -5.59%. Both investments have delivered pretty close results over the past 10 years, with XAUUSD=X having a 11.82% annualized return and GLD not far behind at 11.36%.

XAUUSD=X

• 1D: 0.73%
• 1M: -1.88%
• 6M: -17.43%
• YTD: -5.50%
• 1Y: 21.08%
• 3Y*: 28.12%
• 5Y*: 17.76%
• 10Y*: 11.82%
• ALL TIME*: 9.93%

GLD

• 1D: 0.66%
• 1M: -1.05%
• 6M: -17.64%
• YTD: -5.59%
• 1Y: 20.34%
• 3Y*: 27.58%
• 5Y*: 17.25%
• 10Y*: 11.36%
• ALL TIME*: 10.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GLD SPDR Gold Shares	$2.41B	$2.34B	$2.70B
XAUUSD=X Gold Spot Price US Dollar	$2.28B	$2.48B	$2.72B

XAUUSD=X vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XAUUSD=X Gold Spot Price US Dollar	-5.50%	64.75%	27.24%	13.14%	-0.25%	-3.50%	24.55%	18.77%	-1.71%	13.14%
GLD SPDR Gold Shares	-5.59%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between XAUUSD=X and GLD is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.81
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.93
Correlation (10Y) Provides a long-term view across more market conditions.	0.95
Correlation (All Time) Calculated using the full available price history since Sep 6, 2007	0.96

The correlation between XAUUSD=X and GLD shifts across timeframes, from 0.81 (1 year) to 0.96 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XAUUSD=X vs. GLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XAUUSD=X

XAUUSD=X Risk / Return Rank: 80
XAUUSD=X Sharpe Ratio Rank: 80
XAUUSD=X Sortino Ratio Rank: 82
XAUUSD=X Omega Ratio Rank: 85
XAUUSD=X Calmar Ratio Rank: 78
XAUUSD=X Martin Ratio Rank: 77

GLD

GLD Risk / Return Rank: 26
GLD Sharpe Ratio Rank: 28
GLD Sortino Ratio Rank: 27
GLD Omega Ratio Rank: 30
GLD Calmar Ratio Rank: 23
GLD Martin Ratio Rank: 21

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XAUUSD=X vs. GLD - Risk-Adjusted Trends Comparison

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

	XAUUSD=X	GLD	Difference
Sharpe ratio: Return per unit of total volatility	0.69	0.73	-0.03
Sortino ratio: Return per unit of downside risk	1.02	1.07	-0.05
Omega ratio: Gain probability vs. loss probability	1.15	1.16	-0.01
Calmar ratio: Return relative to maximum drawdown	0.63	0.77	-0.15
Martin ratio: Return relative to average drawdown	1.33	1.65	-0.31

XAUUSD=X vs. GLD - Sharpe Ratio Comparison

The current XAUUSD=X Sharpe Ratio is 0.69, which is comparable to the GLD Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of XAUUSD=X and GLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XAUUSD=X vs. GLD - Drawdown Comparison

The maximum XAUUSD=X drawdown since its inception was -44.69%, roughly equal to the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for XAUUSD=X and GLD.

Drawdown Indicators

	XAUUSD=X	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-44.69%	-45.56%	+0.87%
Max Drawdown (1Y) Largest decline over 1 year	-26.61%	-26.40%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-26.61%	-26.40%	-0.21%
Max Drawdown (5Y) Largest decline over 5 years	-26.61%	-26.40%	-0.21%
Max Drawdown (10Y) Largest decline over 10 years	-26.61%	-26.40%	-0.21%
Current Drawdown Current decline from peak	-24.61%	-24.55%	-0.06%
Average Drawdown Average peak-to-trough decline	-16.65%	-16.21%	-0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.95%	12.38%	+1.57%

Volatility

XAUUSD=X vs. GLD - Volatility Comparison

The current volatility for Gold Spot Price US Dollar (XAUUSD=X) is 5.31%, while SPDR Gold Shares (GLD) has a volatility of 5.99%. This indicates that XAUUSD=X experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XAUUSD=X	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.31%	5.99%	-0.68%
Volatility (6M) Calculated over the trailing 6-month period	16.32%	20.58%	-4.26%
Volatility (1Y) Calculated over the trailing 1-year period	24.07%	28.06%	-3.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.96%	18.50%	-1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.24%	16.13%	-0.89%

Frequently Asked Questions

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

XAUUSD=X and GLD have a correlation of 0.81, 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 GLD?

GLD has higher volatility (5.99%) compared to XAUUSD=X (5.31%). In terms of maximum drawdown, XAUUSD=X dropped -44.69% vs GLD's -45.56%.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (0.73 vs 0.69), 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.