Gold vs Oil: performance comparison
Over the 12 months to Oct 5, 2026, gold returned +5.4% and oil +45.0%. 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.
- Gold+5.4%
- Oil+45.0%
- Gold+136.6%
- Oil+11.8%
Returns
| Period | Gold | Oil | Better |
|---|---|---|---|
| 1 month | -6.4% | -2.2% | Oil |
| 3 months | +0.5% | +30.5% | Oil |
| 6 months | -10.6% | -20.4% | Gold |
| Year to date | -3.5% | +55.7% | Oil |
| 1 year | +5.4% | +45.0% | Oil |
| 3 years | +125.4% | +7.2% | Gold |
| 5 years | +136.6% | +11.8% | Gold |
Price returns between closing prices on the same dates for both assets; dividends and interest are not included. All prices are in US dollars. Data to Oct 5, 2026.
Risk
| Measure | Gold | Oil |
|---|---|---|
| Volatility, 1 year (annualized) | 29.2% | 55.7% |
| Volatility, 5 years (annualized, weekly) | 17.3% | 41.6% |
| Deepest fall, 5 years | -23.4%Feb 2026 – Jul 2026 | -53.0%Jun 2022 – Dec 2025 |
| Correlation, 1 year (daily returns) | -0.14 | |
| Correlation, 5 years (weekly returns) | 0.08 | |
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), gold returned +136.6% and oil +11.8%. Oil led over the past year, while gold led over five years.
Annualized volatility over the past year: Gold 29.2%, Oil 55.7% — oil was about 1.9× as volatile. Deepest fall over the period: Gold -23.4% (Feb 2026 – Jul 2026), Oil -53.0% (Jun 2022 – Dec 2025).
The correlation of their daily returns over the past year was -0.14. That is almost no relationship: they have moved largely independently. Over five years of weekly returns it was 0.08.
Past performance does not predict future returns.
Key differences
- Use: gold is a monetary metal that is mostly stored rather than consumed; oil is burned as energy, so its price depends on current supply and demand.
- Drivers: OPEC+ production decisions, global growth, inventories and geopolitics move oil; real interest rates, the dollar and safe-haven demand move gold.
- Data: the oil line uses a continuous series of front-month WTI futures prices; funds that hold oil futures can earn noticeably different returns because of the cost of rolling contracts.
The two assets
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 →Oil
WTI crude oil, the US benchmark, is shown here as front-month NYMEX futures in US dollars per barrel. OPEC+ supply decisions, global demand, inventories and geopolitical events move it; as a futures series it can also jump when one contract rolls into the next.
Oil chart and analysis →Frequently asked questions
Which performed better over the past year, gold or oil?
Oil. In the 12 months to Oct 5, 2026, gold returned +5.4% and oil +45.0%, a difference of 39.6 percentage points. Past performance does not predict future returns.
Which performed better over the past five years, gold or oil?
Gold. From Oct 2021 to Oct 2026, gold returned +136.6% and oil +11.8%. Past performance does not predict future returns.
Which is more volatile, gold or oil?
Oil — about 1.9 times as volatile as gold. Annualized volatility over the past year: Gold 29.2%, Oil 55.7%. Deepest fall over five years: Gold -23.4%, Oil -53.0%.
Do gold and oil move together?
Almost no relationship: they have moved largely independently. The correlation of their daily returns over the past year was -0.14, on a scale from −1 (opposite moves) to +1 (moving in lockstep). Over five years of weekly returns it was 0.08.
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 prices are in US dollars.