XMEM.L vs. GC=F

Last updated Jun 5, 2026

XMEM.L (Xtrackers MSCI Emerging Markets Swap UCITS ETF 1C) is Emerging Markets Equities fund tracking the MSCI EM NR USD, while GC=F (Gold Futures) is an asset. Over the past 10 years, XMEM.L returned 10.73%/yr vs 14.57%/yr for GC=F. At a 0.12 correlation, their price movements are largely independent.

Performance

XMEM.L vs. GC=F - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Xtrackers MSCI Emerging Markets Swap UCITS ETF 1C (XMEM.L) and Gold Futures (GC=F). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XMEM.L is traded in GBp, while GC=F is traded in USD. To make them comparable, the GC=F values have been converted to GBp using the latest available exchange rates.

Returns By Period

In the year-to-date period, XMEM.L achieves a 25.99% return, which is significantly higher than GC=F's 4.51% return. Over the past 10 years, XMEM.L has underperformed GC=F with an annualized return of 10.73%, while GC=F has yielded a comparatively higher 14.57% annualized return.

XMEM.L

• 1D: -1.54%
• 1M: 6.19%
• YTD: 25.99%
• 6M: 27.99%
• 1Y: 53.69%
• 3Y*: 20.58%
• 5Y*: 8.31%
• 10Y*: 10.73%

GC=F

• 1D: 1.48%
• 1M: -0.27%
• YTD: 4.51%
• 6M: 6.16%
• 1Y: 34.76%
• 3Y*: 28.68%
• 5Y*: 20.25%
• 10Y*: 14.57%

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

XMEM.L vs. GC=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMEM.L Xtrackers MSCI Emerging Markets Swap UCITS ETF 1C	25.99%	24.74%	8.98%	2.98%	-10.70%	-2.06%	13.72%	13.41%	-9.64%	25.10%
GC=F Gold Futures	4.51%	52.80%	29.71%	7.67%	11.41%	-2.55%	20.93%	14.35%	3.66%	3.77%

Correlation

The correlation between XMEM.L and GC=F is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Sep 20, 2007	0.12

The correlation between XMEM.L and GC=F shifts across timeframes, from 0.12 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

XMEM.L vs. GC=F — Risk / Return Rank

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

XMEM.L

XMEM.L Risk / Return Rank: 89
XMEM.L Sharpe Ratio Rank: 91
XMEM.L Sortino Ratio Rank: 89
XMEM.L Omega Ratio Rank: 91
XMEM.L Calmar Ratio Rank: 87
XMEM.L Martin Ratio Rank: 85

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.

XMEM.L vs. GC=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI Emerging Markets Swap UCITS ETF 1C (XMEM.L) 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.

	XMEM.L	GC=F	Difference
Sharpe ratio: Return per unit of total volatility	3.14	1.31	+1.83
Sortino ratio: Return per unit of downside risk	4.04	1.70	+2.34
Omega ratio: Gain probability vs. loss probability	1.58	1.27	+0.31
Calmar ratio: Return relative to maximum drawdown	4.87	1.98	+2.89
Martin ratio: Return relative to average drawdown	17.24	5.00	+12.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMEM.L vs. GC=F - Sharpe Ratio Comparison

The current XMEM.L Sharpe Ratio is 3.14, which is higher than the GC=F Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of XMEM.L 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

	XMEM.L	GC=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.14	1.31	+1.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	1.16	-0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.85	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.69	-0.39

Drawdowns

XMEM.L vs. GC=F - Drawdown Comparison

The maximum XMEM.L drawdown since its inception was -54.53%, which is greater than GC=F's maximum drawdown of -40.62%. Use the drawdown chart below to compare losses from any high point for XMEM.L and GC=F.

Drawdown Indicators

	XMEM.L	GC=F	Difference
Max Drawdown Largest peak-to-trough decline	-54.53%	-40.62%	-13.91%
Max Drawdown (1Y) Largest decline over 1 year	-10.96%	-16.99%	+6.03%
Max Drawdown (3Y) Largest decline over 3 years	-15.33%	-16.99%	+1.66%
Max Drawdown (5Y) Largest decline over 5 years	-23.94%	-16.99%	-6.95%
Max Drawdown (10Y) Largest decline over 10 years	-27.58%	-22.25%	-5.33%
Current Drawdown Current decline from peak	-2.44%	-15.05%	+12.61%
Average Drawdown Average peak-to-trough decline	-11.73%	-12.19%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	6.82%	-3.72%

Volatility

XMEM.L vs. GC=F - Volatility Comparison

Xtrackers MSCI Emerging Markets Swap UCITS ETF 1C (XMEM.L) has a higher volatility of 7.37% compared to Gold Futures (GC=F) at 4.26%. This indicates that XMEM.L'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

	XMEM.L	GC=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.37%	4.26%	+3.11%
Volatility (6M) Calculated over the trailing 6-month period	14.54%	22.29%	-7.75%
Volatility (1Y) Calculated over the trailing 1-year period	17.04%	25.67%	-8.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.89%	17.38%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	17.07%	+1.24%

Frequently Asked Questions

Can I hold both XMEM.L and GC=F in my portfolio?

XMEM.L and GC=F have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.