XAUUSD=X vs. GLD
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 11.77%/yr vs 11.30%/yr for GLD. With a 0.96 correlation, they move nearly in lockstep.
Performance
XAUUSD=X vs. GLD - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with XAUUSD=X having a -6.92% return and GLD slightly higher at -6.77%. Both investments have delivered pretty close results over the past 10 years, with XAUUSD=X having a 11.77% annualized return and GLD not far behind at 11.30%.
XAUUSD=X
- 1D
- 0.60%
- 1M
- -10.74%
- YTD
- -6.92%
- 6M
- -10.77%
- 1Y
- 20.75%
- 3Y*
- 27.90%
- 5Y*
- 17.70%
- 10Y*
- 11.77%
GLD
- 1D
- 0.97%
- 1M
- -10.76%
- YTD
- -6.77%
- 6M
- -10.31%
- 1Y
- 20.30%
- 3Y*
- 27.44%
- 5Y*
- 17.27%
- 10Y*
- 11.30%
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 | -6.92% | 64.75% | 27.24% | 13.14% | -0.25% | -3.50% | 24.55% | 18.77% | -1.71% | 13.14% |
GLD SPDR Gold Shares | -6.77% | 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 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jul 20, 2007 | 0.96 |
The correlation between XAUUSD=X and GLD shifts across timeframes, from 0.82 (1 year) to 0.96 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XAUUSD=X vs. GLD — Risk / Return Rank
XAUUSD=X
GLD
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 ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.16 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 0.78 | -0.15 |
| Martin ratioReturn relative to average drawdown | 1.73 | 2.17 | -0.44 |
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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.
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Drawdown Indicators
| XAUUSD=X | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.69% | -45.56% | +0.87% |
Max Drawdown (1Y)Largest decline over 1 year | -26.19% | -26.21% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -26.19% | -26.21% | +0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -26.19% | -26.21% | +0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -26.19% | -26.21% | +0.02% |
Current DrawdownCurrent decline from peak | -25.74% | -25.50% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -16.49% | -16.17% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.53% | 9.38% | +1.15% |
Volatility
XAUUSD=X vs. GLD - Volatility Comparison
Gold Spot Price US Dollar (XAUUSD=X) and SPDR Gold Shares (GLD) have volatilities of 8.40% and 8.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XAUUSD=X | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.40% | 8.70% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 21.67% | 24.48% | -2.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.76% | 27.71% | -3.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.81% | 18.30% | -1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.18% | 16.07% | -0.89% |
Frequently Asked Questions
XAUUSD=X and GLD have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (8.70%) compared to XAUUSD=X (8.40%). In terms of maximum drawdown, XAUUSD=X dropped -44.69% vs GLD's -45.56%.
GLD currently has the higher Sharpe Ratio (0.74 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.
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