https://curvo.eu/backtest/en/compare-indexes/gold-bullion-vs-sp-500?currency=usd
從1993年到2025年32年裏，黃金有16年收益率是超過大盤的，所以就是一半一半，而且在去年，過去5年，過去20年黃金的收益率都遠超大盤，隻有過去10年的收益率低於大盤3%左右。
Gold spot price vs S&P 500: historical performance
Time period
to
Evolution
T
Summary
| Index |
Compound annual growth rate |
Standard deviation |
Sharpe ratio |
| Gold spot price |
7.83% |
15.63% |
0.48 |
| S&P 500 |
10.55% |
14.60% |
0.67 |
Annual returns
| |
Gold spot price |
S&P 500 |
|
65% |
18% |
|
27% |
25% |
|
14% |
26% |
|
-0% |
-18% |
|
-4% |
29% |
|
24% |
18% |
|
19% |
31% |
|
-1% |
-4% |
|
12% |
22% |
|
9% |
12% |
|
-11% |
1% |
|
-0% |
14% |
|
-28% |
32% |
|
6% |
16% |
|
12% |
2% |
|
28% |
15% |
|
28% |
26% |
|
3% |
-37% |
|
32% |
5% |
|
24% |
16% |
|
17% |
5% |
|
5% |
11% |
|
22% |
29% |
|
24% |
-22% |
|
1% |
-12% |
|
-6% |
-9% |
|
1% |
21% |
|
-1% |
29% |
|
-22% |
33% |
|
-4% |
23% |
|
1% |
38% |
|
-2% |
1% |
|
17% |
10% |
|
|
|
|
65.00% |
17.88% |
|
26.59% |
25.02% |
|
13.80% |
26.29% |
|
-0.43% |
-18.11% |
|
-3.75% |
28.71% |
|
24.17% |
18.40% |
|
18.83% |
31.49% |
|
-1.15% |
-4.38% |
|
11.85% |
21.83% |
|
9.12% |
11.96% |
|
-11.42% |
1.38% |
|
-0.19% |
13.69% |
|
-27.79% |
32.39% |
|
5.68% |
16.00% |
|
11.65% |
2.11% |
|
27.74% |
15.06% |
|
27.63% |
26.46% |
|
3.41% |
-37.00% |
|
31.59% |
5.49% |
|
23.92% |
15.79% |
|
17.12% |
4.91% |
|
4.97% |
10.88% |
|
21.74% |
28.68% |
|
23.96% |
-22.10% |
|
1.41% |
-11.89% |
|
-6.06% |
-9.10% |
|
0.97% |
21.04% |
|
-0.61% |
28.58% |
|
-21.74% |
33.36% |
|
-4.43% |
22.96% |
|
1.10% |
37.58% |
|
-2.09% |
1.32% |
|
17.35% |
10.08% |
Average returns
The tables below show the average returns of the Gold spot price and S&P 500 indexes over the last periods.
Average annualised return
| Index |
Last year |
Last 5 years |
Last 10 years |
Last 20 years |
| Gold spot price |
47.9% |
22.2% |
14.1% |
10.9% |
| S&P 500 |
17.8% |
12.1% |
14.2% |
10.5% |
Total return
| Index |
Last year |
Last 5 years |
Last 10 years |
Last 20 years |
| Gold spot price |
47.9% |
172.5% |
272.5% |
691.8% |
| S&P 500 |
17.8% |
76.7% |
275.9% |
640.1% |
