XAUUSD=X vs. GLD

Last updated Jun 6, 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 13.28%/yr vs 12.80%/yr for GLD. With a 0.96 correlation, they move nearly in lockstep.

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

In the year-to-date period, XAUUSD=X achieves a 0.12% return, which is significantly higher than GLD's -0.02% return. Both investments have delivered pretty close results over the past 10 years, with XAUUSD=X having a 13.28% annualized return and GLD not far behind at 12.80%.

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%

GLD

• 1D: -3.65%
• 1M: -8.06%
• YTD: -0.02%
• 6M: 2.54%
• 1Y: 28.10%
• 3Y*: 29.53%
• 5Y*: 17.47%
• 10Y*: 12.80%

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

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	0.12%	64.75%	27.24%	13.14%	-0.25%	-3.50%	24.55%	18.77%	-1.71%	13.14%
GLD SPDR Gold Shares	-0.02%	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 0.83, 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	0.83
Correlation (3Y) Calculated over the trailing 3-year period	0.91
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 Jun 28, 2007	0.96

The correlation between XAUUSD=X and GLD shifts across timeframes, from 0.83 (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 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

GLD

GLD Risk / Return Rank: 29
GLD Sharpe Ratio Rank: 30
GLD Sortino Ratio Rank: 27
GLD Omega Ratio Rank: 33
GLD Calmar Ratio Rank: 29
GLD Martin Ratio Rank: 26

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. 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.

	XAUUSD=X	GLD	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.05	-0.05
Sortino ratio: Return per unit of downside risk	1.37	1.43	-0.05
Omega ratio: Gain probability vs. loss probability	1.21	1.21	-0.01
Calmar ratio: Return relative to maximum drawdown	1.14	1.40	-0.27
Martin ratio: Return relative to average drawdown	2.87	3.56	-0.69
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. GLD - Sharpe Ratio Comparison

The current XAUUSD=X Sharpe Ratio is 1.00, which is comparable to the GLD Sharpe Ratio of 1.05. 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.

Sharpe Ratios by Period

	XAUUSD=X	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.00	1.05	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.97	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.80	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.59	-0.01

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	-20.13%	-20.10%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	-20.10%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-20.81%	-21.03%	+0.22%
Max Drawdown (10Y) Largest decline over 10 years	-21.35%	-22.00%	+0.65%
Current Drawdown Current decline from peak	-20.13%	-20.10%	-0.03%
Average Drawdown Average peak-to-trough decline	-16.42%	-16.16%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.77%	7.91%	+0.86%

Volatility

XAUUSD=X vs. GLD - Volatility Comparison

Gold Spot Price US Dollar (XAUUSD=X) and SPDR Gold Shares (GLD) have volatilities of 5.61% and 5.66%, 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.

Volatility by Period

	XAUUSD=X	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.61%	5.66%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	21.67%	23.47%	-1.80%
Volatility (1Y) Calculated over the trailing 1-year period	22.90%	26.86%	-3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	18.07%	-1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.11%	16.00%	-0.89%

Frequently Asked Questions

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

XAUUSD=X and GLD have a correlation of 0.83, 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 (5.66%) compared to XAUUSD=X (5.61%). 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 (1.05 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.