Euro vs Gold in Turkish lira: performance comparison
Over the 12 months to Oct 5, 2026, the euro returned +13.2% 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.
- Euro+13.2%
- Gold+24.2%
- Euro+432.6%
- Gold+1,196.6%
Returns
| Period | Euro | Gold | Better |
|---|---|---|---|
| 1 month | -1.7% | -5.0% | Euro |
| 3 months | +3.3% | +5.6% | Gold |
| 6 months | +7.8% | -1.4% | Euro |
| Year to date | +9.4% | +10.4% | Gold |
| 1 year | +13.2% | +24.2% | Gold |
| 3 years | +89.4% | +301.8% | Gold |
| 5 years | +432.6% | +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 | Euro | Gold |
|---|---|---|
| Volatility, 1 year (annualized) | 6.1% | 29.2% |
| Volatility, 5 years (annualized, weekly) | 23.9% | 28.1% |
| Deepest fall, 5 years | -30.7%Dec 2021 – Dec 2021 | -30.2%Dec 2021 – Dec 2021 |
| Correlation, 1 year (daily returns) | 0.19 | |
| Correlation, 5 years (weekly returns) | 0.78 | |
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 euro returned +432.6% and gold +1,196.6%. Gold came out ahead over both one and five years.
Annualized volatility over the past year: Euro 6.1%, Gold 29.2% — gold was about 4.8× as volatile. Deepest fall over the period: Euro -30.7% (Dec 2021 – Dec 2021), Gold -30.2% (Dec 2021 – Dec 2021).
The correlation of their daily returns over the past year was 0.19. That is a weak positive link. Over five years of weekly returns it was 0.78.
Past performance does not predict future returns.
Key differences
- Both are measured in Turkish lira; gold is converted from US dollars at each day's USD/TRY rate.
- Gold in lira ÷ EUR/TRY = the gold price in euros. So gold beats the euro in lira terms exactly when gold rises in euro terms.
- The euro's lira return is the lira's depreciation plus the EUR/USD move; gold's is the lira's depreciation plus the dollar gold price — which usually swings far more than a major currency, for better and for worse.
The two assets
Euro
EUR/TRY is the price of one euro in Turkish lira. It equals EUR/USD × USD/TRY, so it moves with the lira's depreciation against the dollar plus the euro's own swings against the dollar.
Euro 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 euro or gold?
Gold. In the 12 months to Oct 5, 2026, the euro returned +13.2% and gold +24.2% (both in Turkish lira), a difference of 11.0 percentage points. Past performance does not predict future returns.
In Turkish lira, which performed better over five years: the euro or gold?
Gold. From Oct 2021 to Oct 2026, the euro returned +432.6% and gold +1,196.6% (both in Turkish lira). Past performance does not predict future returns.
Which is more volatile, the euro or gold?
Gold — about 4.8 times as volatile as the euro. Annualized volatility over the past year: Euro 6.1%, Gold 29.2%. Deepest fall over five years: Euro -30.7%, Gold -30.2%.
Do the euro and gold move together?
A weak positive link. The correlation of their daily returns over the past year was 0.19, on a scale from −1 (opposite moves) to +1 (moving in lockstep). Over five years of weekly returns it was 0.78.
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.