Gold vs S&P 500: 10-Year Scorecard
2016 - 2025
Cite This Scorecard
"Gold vs S&P 500: 10-Year Performance Scorecard (2016-2025)." Gale Finance, December 31, 2025. https://www.gale.finance/scorecard/xau-vs-spy Free to use with attribution. Please link back to this page or gale.finance.
The Verdict
Year-by-Year Performance
Over 10 years, XAU and SPY split annual wins evenly.
| Year | Gold | S&P 500 | Winner |
|---|---|---|---|
| 2016 | +7.1% | +13.6% | SPY |
| 2017 | +12.5% | +20.8% | SPY |
| 2018 | -2.7% | -5.2% | XAU |
| 2019 | +18.2% | +31.1% | SPY |
| 2020 | +24.2% | +17.3% | XAU |
| 2021 | -5.8% | +30.5% | SPY |
| 2022 | +1.2% | -18.6% | XAU |
| 2023 | +12.2% | +26.7% | SPY |
| 2024 | +27.5% | +25.6% | XAU |
| 2025 | +62.5% | +18.0% | XAU |
| Total Wins | 5 wins | 5 wins | Tie |
Cumulative Performance
This chart shows how $100 invested at the start of 2016 would have grown over time.
Price Comparison
Normalized to 100 at start date for comparison
Risk-Adjusted Metrics
How did each asset perform relative to the risk taken? Higher Sharpe, Sortino, and Calmar ratios indicate better risk-adjusted returns.
| Metric | XAU | SPY |
|---|---|---|
| Total Return | +301.9% | +300.5% |
| CAGR | +14.9% | +14.9% |
| Volatility (Ann.) | +14.5% | +18.0% |
| Sharpe Ratio | 0.72 | 0.63 |
| Sortino Ratio | 1.01 | 0.76 |
| Calmar Ratio | 0.70 | 0.44 |
| Max Drawdown | -21.4% | -33.7% |
Sharpe and Sortino ratios calculated using 4.23% average risk-free rate for the period.
Best and Worst Years
XAU Best Year
XAU Worst Year
SPY Best Year
SPY Worst Year
Maximum Drawdown
Maximum drawdown measures the largest peak-to-trough decline. Lower (less negative) is better.
Correlation Analysis
The 10-year average correlation between Gold and S&P 500 was 0.00. This low correlation suggests diversification benefits when holding both assets.
Gold vs. S&P 500 Yearly Average Correlation (10-year)
Frequently Asked Questions
Which performed better over 10 years: Gold or S&P 500?
Gold returned +301.9% compared to S&P 500's +300.5% from 2016 to 2025. Gold delivered the higher total return. Both assets split annual wins evenly.
What would $10,000 invested in Gold be worth today?
$10,000 invested in Gold at the start of 2016 would be worth $40,194.62 by the end of 2025. The same amount in S&P 500 would be worth $40,052.48.
Which asset had better risk-adjusted returns?
Gold had the higher Sharpe ratio (0.72 vs 0.63), indicating better risk-adjusted performance than S&P 500.
Methodology
- Price data sourced from Stooq (XAU) and Tiingo (SPY)
- Volatility calculated as annualized standard deviation of daily returns
- Sharpe and Sortino ratios use the average 3-month Treasury rate as the risk-free rate
- Calmar ratio = CAGR / Maximum Drawdown
- Year-by-year returns calculated from first to last trading day of each calendar year
Disclaimer: This scorecard is for informational and educational purposes only and does not constitute investment, financial, legal, or tax advice. Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Data sourced from third parties may contain errors or be delayed. Always conduct your own research and consult a qualified financial advisor before making investment decisions.