Gold vs S&P 500: performance comparison
Over the 12 months to Oct 2, 2026, gold returned +4.7% and the S&P 500 +14.6%. 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+4.7%
- S&P 500+14.6%
- Gold+136.6%
- S&P 500+77.0%
Returns
| Period | Gold | S&P 500 | Better |
|---|---|---|---|
| 1 month | -5.7% | +0.7% | S&P 500 |
| 3 months | +0.9% | +3.2% | S&P 500 |
| 6 months | -11.1% | +17.3% | S&P 500 |
| Year to date | -4.1% | +12.8% | S&P 500 |
| 1 year | +4.7% | +14.6% | S&P 500 |
| 3 years | +125.4% | +80.4% | Gold |
| 5 years | +136.6% | +77.0% | 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 2, 2026.
Risk
| Measure | Gold | S&P 500 |
|---|---|---|
| Volatility, 1 year (annualized) | 29.2% | 13.1% |
| Volatility, 5 years (annualized, weekly) | 17.3% | 16.3% |
| Deepest fall, 5 years | -23.4%Feb 2026 – Jul 2026 | -24.8%Dec 2021 – Oct 2022 |
| Correlation, 1 year (daily returns) | 0.29 | |
| Correlation, 5 years (weekly returns) | 0.15 | |
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 the S&P 500 +77.0%. The S&P 500 led over the past year, while gold led over five years.
Annualized volatility over the past year: Gold 29.2%, S&P 500 13.1% — gold was about 2.2× as volatile. Deepest fall over the period: Gold -23.4% (Feb 2026 – Jul 2026), S&P 500 -24.8% (Dec 2021 – Oct 2022).
The correlation of their daily returns over the past year was 0.29. That is a weak positive link. Over five years of weekly returns it was 0.15.
Past performance does not predict future returns.
Key differences
- Income: S&P 500 companies earn profits and pay dividends (not included in the index returns shown here); gold produces no income, so its return comes only from price changes.
- Drivers: stocks follow corporate earnings and economic growth; gold has tended to do relatively well when real interest rates fall, when the dollar weakens or when investors seek safety.
- Diversification: the two have often moved independently, which is why gold is commonly used to diversify a stock portfolio — the correlation figures above show how independent they have been recently.
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 →S&P 500
The S&P 500 tracks 500 large US companies weighted by market value and is the most-watched benchmark for US stocks. Corporate earnings, interest rates and economic growth drive it; the index level used here excludes dividends.
S&P 500 chart and analysis →Frequently asked questions
Which performed better over the past year, gold or the S&P 500?
The S&P 500. In the 12 months to Oct 2, 2026, gold returned +4.7% and the S&P 500 +14.6%, a difference of 9.9 percentage points. Past performance does not predict future returns.
Which performed better over the past five years, gold or the S&P 500?
Gold. From Oct 2021 to Oct 2026, gold returned +136.6% and the S&P 500 +77.0%. Past performance does not predict future returns.
Which is more volatile, gold or the S&P 500?
Gold — about 2.2 times as volatile as the S&P 500. Annualized volatility over the past year: Gold 29.2%, S&P 500 13.1%. Deepest fall over five years: Gold -23.4%, S&P 500 -24.8%.
Do gold and the S&P 500 move together?
A weak positive link. The correlation of their daily returns over the past year was 0.29, on a scale from −1 (opposite moves) to +1 (moving in lockstep). Over five years of weekly returns it was 0.15.
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.