Gold vs S&P 500
Nov 18, 2004 – Sep 24, 2026, GLD for gold, SPY for the S&P 500, GLD sets the start date
| Final balance | CAGR | Max drawdown | Sharpe ratio | |
|---|---|---|---|---|
| Gold | $88,258 | 10.48% | −45.56% | 0.64 |
| S&P 500 | $96,443 | 10.93% | −55.19% | 0.65 |
| Gold | S&P 500 | |
|---|---|---|
| Final balance | $88,258 | $96,443 |
| CAGR | 10.48% | 10.93% |
| Max drawdown | −45.56% | −55.19% |
| Sharpe ratio | 0.64 | 0.65 |
Loading the growth chart…
Growth of $10,000
- Gold
- S&P 500
Trailing returns
Annualized past 1Y
| Period | Gold | S&P 500 | Gold − S&P 500 |
|---|---|---|---|
| YTD | −1.17% | 13.38% | −14.55% |
| 1Y | 14.09% | 17.30% | −3.21% |
| 3Y | 29.92% | 22.72% | +7.20% |
| 5Y | 19.12% | 13.07% | +6.06% |
| 10Y | 11.86% | 15.32% | −3.45% |
| 15Y | 6.16% | 15.58% | −9.42% |
| 20Y | 9.97% | 11.24% | −1.26% |
Metrics
| Return | Gold | S&P 500 |
|---|---|---|
| Final balance | $88,258 | $96,443 |
| Total return | 782.58% | 864.43% |
| CAGR | 10.48% | 10.93% |
| Calendar years | Gold | S&P 500 |
| Best year | 63.68% | 32.31% |
| Worst year | −28.33% | −36.80% |
| Positive years | 15 of 21 | 18 of 21 |
| Risk | Gold | S&P 500 |
| Max drawdown | −45.56% | −55.19% |
| Longest drawdown | 8.9 years | 4.9 years |
| Volatility (annualized) | 18.25% | 18.85% |
| Risk-adjusted | Gold | S&P 500 |
| Sharpe ratio | 0.64 | 0.65 |
| Sortino ratio | 0.90 | 0.91 |
| Calmar ratio | 0.23 | 0.20 |
| Return | Gold | S&P 500 |
|---|---|---|
| Final balance | $88,258 | $96,443 |
| Total return | 782.58% | 864.43% |
| CAGR | 10.48% | 10.93% |
| Calendar years | Gold | S&P 500 |
| Best year | 63.68% | 32.31% |
| Worst year | −28.33% | −36.80% |
| Positive years | 15 of 21 | 18 of 21 |
| Risk | Gold | S&P 500 |
|---|---|---|
| Max drawdown | −45.56% | −55.19% |
| Longest drawdown | 8.9 years | 4.9 years |
| Volatility (annualized) | 18.25% | 18.85% |
| Risk-adjusted | Gold | S&P 500 |
| Sharpe ratio | 0.64 | 0.65 |
| Sortino ratio | 0.90 | 0.91 |
| Calmar ratio | 0.23 | 0.20 |
Worst drawdowns
| Decline | Peak | Bottom | Recovered |
|---|---|---|---|
| −45.6% | Aug 2011 | Dec 2015 | Jul 2020 |
| −29.4% | Mar 2008 | Nov 2008 | Sep 2009 |
| −26.4% | Jan 2026 | Jul 2026 | Not yet |
| −22.0% | Aug 2020 | Sep 2022 | Mar 2024 |
| −21.8% | May 2006 | Jun 2006 | Sep 2007 |
| Decline | Peak | Bottom | Recovered |
|---|---|---|---|
| −55.2% | Oct 2007 | Mar 2009 | Aug 2012 |
| −33.7% | Feb 2020 | Mar 2020 | Aug 2020 |
| −24.5% | Jan 2022 | Oct 2022 | Dec 2023 |
| −19.3% | Sep 2018 | Dec 2018 | Apr 2019 |
| −18.8% | Feb 2025 | Apr 2025 | Jun 2025 |
Annual returns
| Year | Gold | S&P 500 | Gold − S&P 500 |
|---|---|---|---|
| 2004* | −1.31% | +2.27% | −3.58% |
| 2005 | +17.76% | +4.83% | +12.93% |
| 2006 | +22.55% | +15.85% | +6.70% |
| 2007 | +30.45% | +5.15% | +25.31% |
| 2008 | +4.92% | −36.80% | +41.72% |
| 2009 | +24.03% | +26.35% | −2.32% |
| 2010 | +29.27% | +15.06% | +14.21% |
| 2011 | +9.57% | +1.89% | +7.67% |
| 2012 | +6.60% | +15.99% | −9.39% |
| 2013 | −28.33% | +32.31% | −60.64% |
| 2014 | −2.19% | +13.46% | −15.65% |
| 2015 | −10.67% | +1.23% | −11.91% |
| 2016 | +8.03% | +12.00% | −3.97% |
| 2017 | +12.81% | +21.71% | −8.90% |
| 2018 | −1.94% | −4.57% | +2.63% |
| 2019 | +17.86% | +31.22% | −13.37% |
| 2020 | +24.81% | +18.33% | +6.48% |
| 2021 | −4.15% | +28.73% | −32.88% |
| 2022 | −0.77% | −18.18% | +17.40% |
| 2023 | +12.69% | +26.18% | −13.48% |
| 2024 | +26.66% | +24.89% | +1.77% |
| 2025 | +63.68% | +17.72% | +45.96% |
| 2026* | −1.17% | +13.38% | −14.55% |
* Partial year
Rolling returns
| Period | Gold median | S&P 500 median | More often ahead |
|---|---|---|---|
| 1Y | 10.37% | 14.63% | Gold 53% |
| 3Y | 10.17% | 11.96% | S&P 500 58% |
| 5Y | 8.04% | 13.02% | S&P 500 72% |
| 10Y | 4.38% | 12.71% | S&P 500 86% |
About Gold vs S&P 500
GLD holds gold bars in vaults. SPY, launched in 1993, is the oldest ETF that tracks the S&P 500. Gold pays no income, so GLD's return is its price change alone. SPY's also includes its companies' dividends.
Gold returned 10.5% a year from Nov 2004 to Sep 2026, against 10.9% for the S&P 500. Gold fell furthest in 2011–2015, by 45.6%, and the S&P 500 in 2007–2009, by 55.2%. Gold beat the S&P 500 in 11 of 21 full years, but the S&P 500 was ahead in 86% of rolling 10-year periods.
Uses daily closing prices with dividends reinvested. Fund fees are included, but not taxes or trading costs. The comparison starts on Nov 18, 2004, when GLD's prices begin.