BIST 100 vs Gold in Turkish lira: performance comparison
Over the 12 months to Oct 5, 2026, the BIST 100 returned +15.9% and gold +24.2% (both in Turkish lira). This page puts the two side by side on the same dates — current prices, performance charts rebased to 100, returns from one month to five years, volatility, the deepest falls and how closely the two move together — recalculated daily from closing prices.
Performance, rebased to 100
Both lines start at 100 on the first shared date: a value of 150 means +50% since then.
- BIST 100+15.9%
- Gold+24.2%
- BIST 100+790.1%
- Gold+1,196.6%
Returns
| Period | BIST 100 | Gold | Better |
|---|---|---|---|
| 1 month | -11.2% | -5.0% | Gold |
| 3 months | -13.7% | +5.6% | Gold |
| 6 months | -5.1% | -1.4% | Gold |
| Year to date | +10.5% | +10.4% | BIST 100 |
| 1 year | +15.9% | +24.2% | Gold |
| 3 years | +47.0% | +301.8% | Gold |
| 5 years | +790.1% | +1,196.6% | Gold |
Price returns between closing prices on the same dates for both assets; dividends and interest are not included. All figures are in Turkish lira: prices quoted in US dollars are converted at each day's USD/TRY close. Data to Oct 5, 2026.
Risk
| Measure | BIST 100 | Gold |
|---|---|---|
| Volatility, 1 year (annualized) | 23.6% | 29.2% |
| Volatility, 5 years (annualized, weekly) | 29.3% | 28.1% |
| Deepest fall, 5 years | -21.2%Jul 2024 – Oct 2024 | -30.2%Dec 2021 – Dec 2021 |
| Correlation, 1 year (daily returns) | 0.23 | |
| Correlation, 5 years (weekly returns) | 0.16 | |
Volatility is the annualized standard deviation of returns — higher means bigger swings. The deepest fall is the largest drop from a previous high. Correlation runs from −1 (opposite moves) through 0 (unrelated) to +1 (in lockstep).
What the numbers say
Over five years (Oct 2021 to Oct 2026), the BIST 100 returned +790.1% and gold +1,196.6%. Gold came out ahead over both one and five years.
Annualized volatility over the past year: BIST 100 23.6%, Gold 29.2% — similar levels of volatility. Deepest fall over the period: BIST 100 -21.2% (Jul 2024 – Oct 2024), Gold -30.2% (Dec 2021 – Dec 2021).
The correlation of their daily returns over the past year was 0.23. That is a weak positive link. Over five years of weekly returns it was 0.16.
Past performance does not predict future returns.
Key differences
- Currency: both are measured in Turkish lira — gold is converted from US dollars at each day's USD/TRY rate — which is how a saver in Türkiye experiences them.
- Inflation: gold in lira rises with both the global gold price and the lira's depreciation; the BIST 100 reflects Turkish company profits, which also grow with prices but swing with the domestic economy, interest rates and politics.
- Concentration: the BIST 100 is heavily weighted towards banks and holding companies; gold's lira price depends on global markets and the exchange rate rather than on the Turkish economy alone.
- Income: BIST companies pay dividends (not included here); gold pays nothing.
The two assets
BIST 100
The BIST 100 is Borsa Istanbul's main index of 100 large Turkish companies, priced in Turkish lira; banks and industrial holding companies carry heavy weights. Because it is quoted in lira, high inflation and lira depreciation push its nominal level up, so returns in lira and in dollars can differ widely.
BIST 100 chart and analysis →Gold
Gold is priced worldwide in US dollars per troy ounce (here: COMEX front-month futures). It pays no income, so its return comes only from price changes, which tend to respond to real interest rates, the US dollar, central-bank buying and demand for a safe haven in times of stress.
Gold chart and analysis →Frequently asked questions
In Turkish lira, which performed better over the past year: the BIST 100 or gold?
Gold. In the 12 months to Oct 5, 2026, the BIST 100 returned +15.9% and gold +24.2% (both in Turkish lira), a difference of 8.3 percentage points. Past performance does not predict future returns.
In Turkish lira, which performed better over five years: the BIST 100 or gold?
Gold. From Oct 2021 to Oct 2026, the BIST 100 returned +790.1% and gold +1,196.6% (both in Turkish lira). Past performance does not predict future returns.
Which is more volatile, the BIST 100 or gold?
Their volatility has been similar. Annualized volatility over the past year: BIST 100 23.6%, Gold 29.2%. Deepest fall over five years: BIST 100 -21.2%, Gold -30.2%.
Do the BIST 100 and gold move together?
A weak positive link. The correlation of their daily returns over the past year was 0.23, on a scale from −1 (opposite moves) to +1 (moving in lockstep). Over five years of weekly returns it was 0.16.
How we calculate
Both series are aligned on the trading days (or weeks) they share, so every return covers the same dates for both assets. Periods up to one year use daily closes; three and five years use weekly closes. Volatility is the annualized standard deviation of log returns, the deepest fall is measured on weekly closes, and correlation is the Pearson coefficient of returns over identical intervals. Data: Yahoo Finance and OKX, refreshed daily. All figures are in Turkish lira: prices quoted in US dollars are converted at each day's USD/TRY close.