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Relative Intelligence · Gold Mining

How AngloGold Ashanti (AU) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on AU alone. It places AU (AngloGold Ashanti Plc) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where AU stands in the market, and of the alternatives worth a closer look.

Period covered: AU's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against AU →Chart AU vs. 22 alternatives →
On this page12 sections

Key findings

How much would $10,000 in AU have grown?

This chart tracks a hypothetical $10,000 investment in AU over the past 28 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of AU over the same span and AU's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1998 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 766 of the 1,106 stocks and funds worth at least $500 million that traded the whole period ended ahead of AU; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000199820032008201320182023$1,000$10,000$100,00019982005201220192026
  • RGLD$718,022+7,080% total · +16.5% a year
  • AEM$581,807+5,718% total · +15.6% a year
  • GFI$142,193+1,322% total · +9.9% a year
  • SPY (S&P 500)$121,630+1,116% total · +9.3% a year
  • HWM$114,404+1,044% total · +9.1% a year
  • NEM$73,369+634% total · +7.4% a year
  • AU$64,042+540% total · +6.9% a year
  • HMY$50,117+401% total · +5.9% a year
  • DRD$13,533+35.3% total · +1.1% a year
  • CDE$2,410−75.9% total · −5.0% a year
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From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 60 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of AU; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000202120222023202420252026$5,000$10,000$20,000$50,000$100,000202120222023202420252026
  • CRS$125,806+1,158% total · +65.9% a year
  • ATI$113,890+1,039% total · +62.7% a year
  • IAG$81,461+715% total · +52.1% a year
  • HWM$73,554+636% total · +49.0% a year
  • ASX$70,798+608% total · +47.9% a year
  • AU$67,300+573% total · +46.4% a year
  • GFI$52,960+430% total · +39.6% a year
  • CDE$28,571+186% total · +23.4% a year
  • NEM$24,375+144% total · +19.5% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
Change the dates or add tickers to this chart in EasyCompare

AU at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$46B
Industry
Gold
Price history from
October 1986

Returns

Past 1 year
+26.2%total return
Past 3 years
+416%+72.8% a year
Past 5 years
+445%+40.4% a year
Past 10 years
+681%+22.8% a year
Best calendar year
+288%2025
Worst calendar year
−62.4%2013
Losing years
15 of 28full calendar years

Risk

Volatility
49.9%typical yearly swing, 5 years
Sharpe ratio
0.93return per unit of risk, 5 years
Worst decline ever
−89.7%Jan 2006 to Aug 2015
From its all-time high
−26.7%below the peak

AU against the whole market

Where AU ranks among every stock and fund, and what across the market has done better.

How does AU rank among all stocks?

This section ranks AU on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how AU stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureAURankStanding
1-year return+26.2%1,076 of 3,287top 33%
3-year return+416%139 of 3,017top 5%
5-year return+445%82 of 2,893top 3%
10-year return+681%200 of 2,202top 9%
Volatility, 5 years49.9%1,917 of 2,893bottom 35%
Sharpe ratio, 5 years0.93146 of 2,893top 5%
Worst decline, past 10 years−66.3%1,154 of 2,187bottom 48%

What has beaten AU on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). AU sits where the dashed lines cross. Anything in the green box above and to the left earned more than AU with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to AU; faint dots are 15 more of the 22 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than AUCAH: +42.1% a year, volatility 24.7%AVGO: +48.3% a year, volatility 44.5%VLO: +44.2% a year, volatility 36.9%TRGP: +41.8% a year, volatility 31.7%INSW: +56.5% a year, volatility 40.5%EME: +43.0% a year, volatility 35.3%LPG: +54.6% a year, volatility 43.6%TRMD: +54.3% a year, volatility 45.9%PBR: +50.3% a year, volatility 37.5%FTI: +54.1% a year, volatility 41.3%JXN: +41.7% a year, volatility 43.3%TNK: +50.5% a year, volatility 45.1%TEN: +46.9% a year, volatility 46.3%TK: +47.1% a year, volatility 41.7%ASC: +41.7% a year, volatility 44.8%AU: +40.4% a year, volatility 49.9%SPY (S&P 500): +12.7% a year, volatility 17.1%IAG: +43.9% a year, volatility 60.9%ATI: +61.8% a year, volatility 42.9%HWM: +47.3% a year, volatility 32.5%CRS: +63.9% a year, volatility 46.5%ESLT: +39.8% a year, volatility 34.6%ASX: +48.8% a year, volatility 43.0%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%DELL: +55.2% a year, volatility 54.4%STX: +57.4% a year, volatility 48.7%COKE: +41.2% a year, volatility 38.0%FIX: +77.0% a year, volatility 46.7%AUSPY (S&P 500)IAGATIHWMCRSESLTASXMPCPBR-ADELLSTXCOKEFIX10.0%20.0%30.0%40.0%50.0%60.0%70.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than AUCAH: +42.1% a year, volatility 24.7%AVGO: +48.3% a year, volatility 44.5%VLO: +44.2% a year, volatility 36.9%TRGP: +41.8% a year, volatility 31.7%INSW: +56.5% a year, volatility 40.5%EME: +43.0% a year, volatility 35.3%LPG: +54.6% a year, volatility 43.6%TRMD: +54.3% a year, volatility 45.9%PBR: +50.3% a year, volatility 37.5%FTI: +54.1% a year, volatility 41.3%JXN: +41.7% a year, volatility 43.3%TNK: +50.5% a year, volatility 45.1%TEN: +46.9% a year, volatility 46.3%TK: +47.1% a year, volatility 41.7%ASC: +41.7% a year, volatility 44.8%AU: +40.4% a year, volatility 49.9%SPY (S&P 500): +12.7% a year, volatility 17.1%IAG: +43.9% a year, volatility 60.9%ATI: +61.8% a year, volatility 42.9%HWM: +47.3% a year, volatility 32.5%CRS: +63.9% a year, volatility 46.5%ESLT: +39.8% a year, volatility 34.6%ASX: +48.8% a year, volatility 43.0%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%DELL: +55.2% a year, volatility 54.4%STX: +57.4% a year, volatility 48.7%COKE: +41.2% a year, volatility 38.0%FIX: +77.0% a year, volatility 46.7%AUSPY (S&P 500)IAGATIHWMESLTASXMPCDELLSTXFIX
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than AU?

Investments that beat AU over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat AU over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks AU's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than AU follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than AU's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× AU's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than AU's.

Screen the whole market against AU for any period in BetterThanSPYOpen these 12 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with AU?lower diversifies moreExpenseper year
AUAngloGold Ashanti Plc · this page
+40.4%49.9%0.93−66.3%+681%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.200.09%
Popular alternativesbest 1 shownThe investments people most often weigh against AU. 1 of 22 passed at least one test.
IAGIamgold Corporation · Gold Mining
Higher return in most periods+43.9%60.9%0.90−86.4%+343%0.81—
Same and neighboring categories, and shared themesbest 4 shownEverything else in Gold Mining and Metals & Mining and the categories next to it (Gold, Silver, Aerospace & Defense), plus AU's specific themes. 4 of 73 passed at least one test.
ATIATI Inc. · Metals & Mining
On the frontierHigher return, lower volatilityHigher return in most periods+61.8%42.9%1.34−82.4%+929%0.12—
HWMHowmet Aerospace Inc. · Aerospace & Defense
On the frontierHigher return, lower volatility+47.3%32.5%1.36−68.9%+1,028%0.16—
CRSCarpenter Technology Corporation · Metals & Mining
On the frontierHigher return, lower volatility+63.9%46.5%1.30−74.7%+1,021%0.07—
ESLTElbit Systems Ltd. · Aerospace & Defense
Similar return, lower volatilityHigher Sharpe, smaller worst decline+39.8%34.6%1.15−35.4%+765%0.10—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 56 of 3,538 passed at least one test.
ASXASE Technology Holding Co., Ltd. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+48.8%43.0%1.15−52.5%+967%0.14—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.10—
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierHigher return, lower volatilityHigher return in most periods+51.8%37.5%1.31−71.7%+768%-0.08—
DELLDell Technologies Inc. · Computer Hardware
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+55.2%54.4%1.08−59.6%+3,701%-0.02—
STXSeagate Technology Holdings plc · Computer Hardware
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+57.4%48.7%1.18−57.0%+2,698%0.08—
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+41.2%38.0%1.10−51.7%+1,569%0.08—
What these numbers mean for AU
Annual return
AU returned 40.4% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $54,500. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
AU's volatility over the past 5 years was 49.9%, 2.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AU's return lands within 49.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
AU's Sharpe ratio over the past 5 years was 0.93, against 0.79 for the S&P 500, so AU earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
AU's worst fall from a peak to a low over the past 10 years was 66.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 66.3% fall takes a 197% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, AU's monthly returns had a correlation of 0.20 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against AU instead: the lower it is, the more that option would diversify a AU holding. Guide: Correlation and diversification →
Show all 22 stocks and funds worth at least $500 million that earned more than AU with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with AUExpense
1
ASXASE Technology Holding Co., Ltd. · Semiconductors
Whole market+48.8%43.0%1.15−52.5%+967%0.14—
2
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.10—
3
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+768%-0.08—
4
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.08—
5
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+77.0%46.7%1.46−49.7%+5,305%-0.02—
6
AVGOBroadcom Inc. · Semiconductors
Whole market+48.3%44.5%1.11−48.3%+2,380%0.04—
7
ATIATI Inc. · Metals & Mining
Same or nearby category+61.8%42.9%1.34−82.4%+929%0.12—
8
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+1,061%0.08—
9
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.22—
10
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%—-0.10—
11
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+43.0%35.3%1.20−48.0%+1,202%-0.13—
12
LPGDorian LPG Ltd. · Oil & Gas Midstream
Whole market+54.6%43.6%1.22−62.9%+1,821%0.09—
13
TRMDTORM plc · Marine Shipping
Whole market+54.3%45.9%1.18−60.6%—-0.07—
14
HWMHowmet Aerospace Inc. · Aerospace & Defense
Same or nearby category+47.3%32.5%1.36−68.9%+1,028%0.16—
15
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+674%-0.10—
16
CRSCarpenter Technology Corporation · Metals & Mining
Same or nearby category+63.9%46.5%1.30−74.7%+1,021%0.07—
17
FTITechnipFMC plc · Oilfield Services
Whole market+54.1%41.3%1.26−85.8%+178%0.09—
18
JXNJackson Financial Inc. · Life Insurance
Whole market+41.7%43.3%1.03−48.4%—0.04—
19
TNKTeekay Tankers Ltd. · Marine Shipping
Whole market+50.5%45.1%1.14−63.4%+490%0.03—
20
TENTsakos Energy Navigation Limited · Oil & Gas Midstream
Whole market+46.9%46.3%1.07−68.7%+211%-0.07—
21
TKTeekay Corporation · Oil & Gas Midstream
Whole market+47.1%41.7%1.13−83.8%+244%0.10—
22
ASCArdmore Shipping Corporation · Marine Shipping
Whole market+41.7%44.8%1.01−71.2%+259%-0.01—

AU against its popular alternatives

The investments people most often weigh against AU, compared period by period and year by year.

How do AU's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at AU, which divides the map into what did better or worse on each measure.

Green points earned more than AU with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAU: 40.4% a year, volatility 49.9%SPY (S&P 500): 12.7% a year, volatility 17.1%GFI: 35.5% a year, volatility 53.4%CDE: 18.3% a year, volatility 69.4%DRD: 27.0% a year, volatility 52.3%HMY: 36.0% a year, volatility 59.3%FSM: 16.7% a year, volatility 57.6%EQX: 7.3% a year, volatility 58.2%OGC: 37.1% a year, volatility 52.9%NG: −3.3% a year, volatility 61.9%SA: 7.5% a year, volatility 53.5%IAG: 43.9% a year, volatility 60.9%NEM: 18.6% a year, volatility 39.1%BTG: 8.3% a year, volatility 46.3%WPM: 27.5% a year, volatility 36.9%FNV: 12.5% a year, volatility 31.3%RGLD: 20.6% a year, volatility 32.4%AEM: 29.5% a year, volatility 38.4%B: 18.9% a year, volatility 37.3%EGO: 30.0% a year, volatility 47.7%AGI: 32.6% a year, volatility 42.4%GLD: 17.7% a year, volatility 18.9%KGC: 32.7% a year, volatility 45.6%SLV: 18.3% a year, volatility 37.5%AUSPY (S&P 500)GFICDEDRDHMYFSMEQXOGCNGSAIAGNEMBTGWPMFNVRGLDAEMBEGOAGIGLDKGCSLV0.0%20.0%40.0%60.0%80.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityAU: 40.4% a year, volatility 49.9%SPY (S&P 500): 12.7% a year, volatility 17.1%GFI: 35.5% a year, volatility 53.4%CDE: 18.3% a year, volatility 69.4%DRD: 27.0% a year, volatility 52.3%HMY: 36.0% a year, volatility 59.3%FSM: 16.7% a year, volatility 57.6%EQX: 7.3% a year, volatility 58.2%OGC: 37.1% a year, volatility 52.9%NG: −3.3% a year, volatility 61.9%SA: 7.5% a year, volatility 53.5%IAG: 43.9% a year, volatility 60.9%NEM: 18.6% a year, volatility 39.1%BTG: 8.3% a year, volatility 46.3%WPM: 27.5% a year, volatility 36.9%FNV: 12.5% a year, volatility 31.3%RGLD: 20.6% a year, volatility 32.4%AEM: 29.5% a year, volatility 38.4%B: 18.9% a year, volatility 37.3%EGO: 30.0% a year, volatility 47.7%AGI: 32.6% a year, volatility 42.4%GLD: 17.7% a year, volatility 18.9%KGC: 32.7% a year, volatility 45.6%SLV: 18.3% a year, volatility 37.5%AUSPY (S&P 500)GFICDEDRDFSMEQXOGCNGSAIAGNEMBTGWPMRGLDAEMBEGOAGIGLDKGC
All figures
InvestmentAnnual returnVolatility
IAG Iamgold Corporation+43.9%60.9%
AU This pageAngloGold Ashanti Plc+40.4%49.9%
OGC OceanaGold Corporation+37.1%52.9%
HMY Harmony Gold Mining Company Limited+36.0%59.3%
GFI Gold Fields Limited+35.5%53.4%
KGC Kinross Gold Corporation+32.7%45.6%
AGI Alamos Gold Inc.+32.6%42.4%
EGO Eldorado Gold Corporation+30.0%47.7%
AEM Agnico Eagle Mines Limited+29.5%38.4%
WPM Wheaton Precious Metals Corp.+27.5%36.9%
DRD DRDGOLD Limited+27.0%52.3%
RGLD Royal Gold, Inc.+20.6%32.4%
B Barrick Mining Corporation+18.9%37.3%
NEM Newmont Corporation+18.6%39.1%
CDE Coeur Mining, Inc.+18.3%69.4%
SLV iShares Silver Trust+18.3%37.5%
GLD SPDR Gold Shares+17.7%18.9%
FSM Fortuna Mining Corp.+16.7%57.6%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
FNV Franco-Nevada Corporation+12.5%31.3%
BTG B2Gold Corp.+8.3%46.3%
SA Seabridge Gold Inc.+7.5%53.5%
EQX Equinox Gold Corp.+7.3%58.2%
NG NovaGold Resources Inc.−3.3%61.9%
Open these 24 in EasyCompare

Has AU consistently beaten its popular alternatives?

This section compares AU with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than AU helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than AU over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
AU AngloGold Ashanti Plc (this page)—−10.9%+22.1%−13.1%+9.9%+26.2%+416%+445%+681%49.9%0.93−66.3%—$46B—
IAG QualifiedIamgold Corporation3/5 short2/3 long−11.8%+27.2%−4.1%+9.5%+29.9%+637%+517%+343%60.9%0.90−86.4%—$10B—
GFI GoldGold Fields Limited0/5 short1/3 long−13.7%+18.6%−24.0%−12.6%−13.0%+187%+356%+1,008%53.4%0.84−56.2%—$32B—
CDE GoldCoeur Mining, Inc.0/5 short1/3 long−22.5%+6.9%−23.4%−13.7%−31.3%+480%+131%+33.9%69.4%0.59−83.3%—$16B—
NEM GoldNewmont Corporation4/5 short0/3 long−5.1%+31.2%+2.2%+16.1%+24.3%+219%+135%+304%39.1%0.63−62.4%—$123B—
BTG GoldB2Gold Corp.4/5 short0/3 long−3.0%+42.9%+6.1%+16.9%−7.3%+72.8%+49.0%+139%46.3%0.40−63.2%—$6.9B—
WPM GoldWheaton Precious Metals Corp.3/5 short0/3 long−11.1%+27.0%−11.8%+11.8%+25.2%+212%+236%+510%36.9%0.85−46.7%—$60B—
FNV GoldFranco-Nevada Corporation3/5 short0/3 long−7.9%+20.7%−6.2%+16.2%+18.4%+78.8%+79.9%+303%31.3%0.53−37.1%—$47B—
RGLD GoldRoyal Gold, Inc.3/5 short0/3 long−4.3%+27.7%−9.4%+8.7%+24.0%+124%+155%+282%32.4%0.74−49.5%—$20B—
DRD GoldDRDGOLD Limited2/5 short0/3 long−1.8%+32.4%−15.8%−13.4%−9.9%+195%+230%+589%52.3%0.72−74.0%—$2.2B—
HMY GoldHarmony Gold Mining Company Limited2/5 short0/3 long−9.6%+19.9%−4.4%−10.4%−13.2%+265%+366%+504%59.3%0.82−71.1%—$11B—
AEM GoldAgnico Eagle Mines Limited2/5 short0/3 long−5.7%+36.9%−13.5%+10.0%+5.3%+293%+264%+352%38.4%0.87−54.2%—$94B—
B GoldBarrick Mining Corporation2/5 short0/3 long−5.3%+16.3%−5.1%−6.8%+18.8%+156%+138%+194%37.3%0.65−53.9%—$67B—
EGO GoldEldorado Gold Corporation2/5 short0/3 long−17.0%+27.0%+5.2%−0.1%+23.1%+247%+271%+89.1%47.7%0.79−86.2%—$9.2B—
FSM GoldFortuna Mining Corp.2/5 short0/3 long−11.7%+29.4%−2.4%+8.9%+16.7%+242%+116%+53.5%57.6%0.56−78.1%—$3.1B—
EQX GoldEquinox Gold Corp.2/5 short0/3 long−9.0%+27.6%−27.9%−18.9%−9.0%+144%+42.2%—58.2%0.41−81.0%—$13B—
AGI GoldAlamos Gold Inc.1/5 short0/3 long−9.6%+13.1%−34.8%−16.9%−9.3%+154%+310%+294%42.4%0.88−66.1%—$13B—
GLD CommoditiesSPDR Gold Shares1/5 short0/3 long−5.2%+2.7%−14.6%−5.2%−6.3%+106%+126%+213%18.9%0.96−26.4%0.40%$143B—
OGC GoldOceanaGold Corporation1/5 short0/3 long−5.5%+19.4%−22.1%−5.2%+7.6%+382%+385%+176%52.9%0.86−77.0%—$5.9B—
NG GoldNovaGold Resources Inc.1/5 short0/3 long−12.1%+23.9%−39.8%−29.7%−36.0%+69.4%−15.3%+41.3%61.9%0.25−81.2%—$2.8B—
KGC GoldKinross Gold Corporation0/5 short0/3 long−14.9%+5.1%−31.7%−16.1%−8.3%+356%+311%+572%45.6%0.85−67.9%—$28B—
SLV CommoditiesiShares Silver Trust0/5 short0/3 long−12.6%+2.2%−27.8%−20.7%+9.2%+144%+131%+213%37.5%0.64−52.4%0.50%$29B—
SA GoldSeabridge Gold Inc.0/5 short0/3 long−16.5%+4.2%−21.8%−13.4%−2.9%+123%+43.5%+127%53.5%0.40−61.1%—$2.8B—
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How did AU do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where AU ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with AU and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of AU; gray means the two finished within a fraction of a point. The rank row places AU among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of AU2025202420232022202120202019201820172016201520142013201220112010200920082007200620052004200320022001200019991997
AU This pageAngloGold Ashanti Plc—+288%+25.5%−2.7%−5.1%−4.9%+1.9%+78.8%+24.1%−2.2%+48.1%−18.4%−25.8%−62.4%−24.9%−13.1%+23.1%+45.6%−32.0%−8.0%−3.7%+38.0%−20.6%+41.9%+99.8%+28.1%−38.2%+39.8%−37.9%
Rank among alternativesTop quarter in 3 of 281 of 239 of 2317 of 2310 of 237 of 2320 of 238 of 232 of 2213 of 2215 of 2210 of 2217 of 2219 of 2220 of 2213 of 2218 of 2213 of 2215 of 2012 of 1815 of 178 of 1611 of 144 of 107 of 107 of 107 of 102 of 104 of 10
SPY S&P 500State Street SPDR S&P 500 ETF14 of 28+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+33.5%
IAG Iamgold Corporation11 of 22+220%+104%−1.9%−17.6%−14.7%−1.6%+1.4%−36.9%+51.4%+171%−47.4%−18.9%−70.1%−26.0%−9.8%+14.3%+157%−23.8%−7.3%+13.4%+18.6%−3.4%——————
GFI Gold Fields Limited17 of 28+240%−6.2%+44.8%−2.7%+23.4%+42.9%+89.8%−16.9%+46.3%+9.7%−38.6%+42.8%−70.0%−15.2%−14.6%+40.1%+33.4%−28.3%−23.7%+8.4%+42.9%−9.8%+2.3%+198%+44.8%−22.5%+16.2%−32.5%
CDE Coeur Mining, Inc.12 of 28+212%+75.1%−3.0%−33.2%−51.3%+28.1%+80.9%−40.5%−17.5%+266%−51.4%−52.9%−55.9%+1.9%−11.7%+51.3%+105%−82.2%−0.2%+23.7%+1.8%−32.0%+201%+140%−14.6%−72.7%−25.7%−40.4%
NEM Newmont Corporation16 of 28+173%−7.8%−8.8%−20.8%+7.4%+40.3%+30.5%−6.2%+10.9%+90.1%−4.4%−17.2%−48.5%−20.4%−0.6%+31.0%+17.3%−15.9%+9.1%−14.8%+21.4%−8.1%+68.2%+52.6%+12.7%−29.9%+35.0%−34.1%
BTG B2Gold Corp.9 of 17+89.0%−18.1%−7.4%−5.2%−27.0%+42.5%+37.6%−5.8%+30.6%+133%−37.1%−19.6%−43.6%+16.2%+13.7%+131%+225%———————————
WPM Wheaton Precious Metals Corp.12 of 20+111%+15.2%+27.9%−7.6%+4.2%+41.8%+54.7%−10.0%+16.1%+57.1%−38.2%+1.9%−43.0%+25.9%−25.4%+160%+131%−61.8%+61.9%+80.8%————————
FNV Franco-Nevada Corporation12 of 18+77.8%+7.4%−17.9%−0.4%+11.3%+22.3%+48.9%−11.0%+35.5%+32.4%−5.3%+22.6%−27.6%+51.8%+15.3%+24.9%+56.8%+15.5%——————————
RGLD Royal Gold, Inc.16 of 28+70.4%+10.4%+8.7%+8.5%0.0%−12.1%+44.3%+5.5%+31.3%+76.7%−41.1%+37.8%−42.3%+21.6%+24.4%+16.7%−3.6%+62.9%−14.4%+4.3%+92.3%−12.2%−15.7%+384%+82.3%−19.1%0.0%−64.5%
DRD DRDGOLD Limited11 of 28+267%+11.5%+13.2%−7.7%−23.4%+141%+153%−35.4%−37.8%+262%+9.3%−57.9%−52.0%+51.1%+13.2%−27.8%+23.5%−18.8%−21.1%−37.5%−6.5%−51.4%−21.7%+193%+111%−63.2%−35.2%−79.7%
HMY Harmony Gold Mining Company Limited14 of 28+145%+35.3%+82.8%−16.5%−10.3%+29.0%+102%−4.2%−12.6%+140%−50.9%−25.0%−71.5%−22.1%−6.6%+24.0%−6.8%+6.5%−34.6%+20.7%+40.8%−42.5%−1.1%+168%+43.3%−23.5%+36.1%−71.4%
AEM Agnico Eagle Mines Limited19 of 28+120%+46.0%+9.0%+1.1%−22.8%+16.2%+54.2%−11.5%+10.5%+61.2%+6.8%−4.7%−48.3%+47.1%−52.1%+42.5%+5.6%−5.8%+32.9%+109%+43.9%+14.2%−18.6%+50.8%+65.0%−19.2%+82.3%−61.3%
B Barrick Mining Corporation13 of 28+187%−12.3%+7.9%−6.2%−13.4%+24.2%+40.1%−5.6%−8.6%+118%−30.6%−38.2%−48.5%−21.1%−14.0%+36.7%+8.9%−10.8%+38.2%+11.0%+16.0%+7.8%+49.0%−1.5%−1.5%−6.3%−8.4%−34.8%
EGO Eldorado Gold Corporation13 of 22+142%+14.6%+55.2%−10.7%−29.5%+65.2%+179%−59.8%−55.4%+8.4%−51.0%+7.1%−55.3%−5.0%−25.7%+31.4%+78.3%+37.0%+7.4%+10.2%+66.0%−8.1%——————
FSM Fortuna Mining Corp.10 of 18+129%+11.1%+2.9%−3.9%−52.7%+102%+12.1%−30.3%−7.6%+151%−50.5%+58.5%−31.2%−24.0%+14.6%+141%+249%−81.8%——————————
EQX Equinox Gold Corp.3 of 7+180%+2.7%+48.9%−51.4%−34.6%+34.2%+107%—————————————————————
AGI Alamos Gold Inc.14 of 22+110%+37.8%+34.3%+32.9%−11.0%+46.6%+68.4%−44.5%−4.7%+109%−53.6%−39.9%−30.0%+4.5%−10.2%+60.1%+75.7%+23.4%−33.7%+50.7%+84.4%+44.8%——————
GLD SPDR Gold Shares15 of 21+63.7%+26.7%+12.7%−0.8%−4.2%+24.8%+17.9%−1.9%+12.8%+8.0%−10.7%−2.2%−28.3%+6.6%+9.6%+29.3%+24.0%+4.9%+30.4%+22.6%+17.8%———————
OGC OceanaGold Corporation11 of 17+244%+44.2%+1.4%+9.8%−11.8%−1.0%−45.6%+41.0%−10.5%+54.0%+10.0%+10.9%−45.1%+29.7%−41.4%+125%+1,410%———————————
NG NovaGold Resources Inc.9 of 22+180%−11.0%−37.5%−12.8%−29.1%+7.9%+127%+0.5%−13.8%+8.3%+42.7%+16.1%−43.7%−46.8%−40.6%+133%+317%−82.0%−52.4%+88.6%+17.4%+55.6%——————
KGC Kinross Gold Corporation13 of 28+206%+55.5%+51.8%−27.6%−19.3%+55.9%+46.4%−25.0%+39.1%+71.2%−35.6%−35.6%−54.6%−13.3%−39.5%+3.6%+0.4%+0.5%+54.9%+28.9%+31.0%−12.0%+8.7%+223%+51.2%−73.3%−18.8%−51.7%
SLV iShares Silver Trust13 of 19+145%+20.9%−1.1%+2.4%−12.4%+47.3%+14.9%−9.2%+5.8%+14.6%−12.4%−19.5%−36.3%+9.0%−10.7%+82.5%+47.7%−23.8%+14.3%—————————
SA Seabridge Gold Inc.11 of 21+159%−5.9%−3.6%−23.7%−21.7%+52.5%+4.5%+17.1%+38.6%−1.7%+9.8%+3.4%−59.4%+11.5%−47.5%+26.4%+85.5%−55.6%+109%+50.2%+159%———————
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Risk and diversification

How AU has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were AU's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents AU's five deepest drawdowns since it began trading in 1986, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means AU fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringAU fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−89.7%+100%Jan 2006Aug 20159.6 yearsJun 20259.8 years
No named crash−83.2%—Aug 1987Nov 19925.3 yearsJan 200613.2 years
No named crash−39.9%+8.7%Mar 2026Jul 20264 monthsNot yet—
No named crash−28.7%—Apr 1987Jun 19872 monthsAug 19872 months
No named crash−19.7%−0.5%Jan 2026Jan 2026Under a monthFeb 20261 month

How did AU do in stock market crashes?

This section measures how far AU, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than AU.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
AU This pageAngloGold Ashanti Plc—−0.3%−51.7%−37.1%−10.7%−9.4%−36.9%−15.3%0.0%−71.5%−50.6%
SPY S&P 500State Street SPDR S&P 500 ETF6 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
IAG Iamgold Corporation1 of 9−1.4%−73.6%−48.4%−28.6%−6.1%−45.5%−19.2%−0.5%−74.8%—
GFI Gold Fields Limited2 of 100.0%−56.2%−46.8%−11.4%−9.8%−41.3%−14.3%−4.3%−73.7%−46.9%
CDE Coeur Mining, Inc.0 of 10−1.4%−51.7%−59.3%−34.4%−12.3%−56.0%−30.5%−1.9%−93.0%−83.2%
NEM Newmont Corporation6 of 10−1.0%−51.8%−24.5%−9.5%−6.0%−20.2%−12.0%−2.3%−61.5%−53.0%
BTG B2Gold Corp.2 of 8−0.7%−41.4%−43.4%−10.3%−8.6%−55.2%−21.1%0.0%——
WPM Wheaton Precious Metals Corp.3 of 90.0%−43.3%−28.7%−14.8%−10.0%−29.0%−28.8%0.0%−86.8%—
FNV Franco-Nevada Corporation5 of 8−1.8%−33.3%−26.9%−7.8%−7.0%−20.8%−24.4%−0.9%——
RGLD Royal Gold, Inc.5 of 100.0%−40.7%−36.8%−9.8%−7.5%−54.7%−22.8%−2.4%−41.7%−39.3%
DRD DRDGOLD Limited3 of 10−1.6%−51.8%−46.8%−27.8%−2.9%−26.1%−13.2%−2.9%−77.4%−60.4%
HMY Harmony Gold Mining Company Limited3 of 100.0%−62.6%−54.3%−29.1%−1.9%−54.3%−22.1%−2.0%−61.3%−48.2%
AEM Agnico Eagle Mines Limited5 of 100.0%−42.0%−31.6%−11.6%−6.4%−20.2%−18.9%−0.4%−72.9%−42.4%
B Barrick Mining Corporation7 of 10−0.3%−43.6%−28.6%−8.7%−4.9%−27.8%−16.9%−1.9%−65.8%−40.3%
EGO Eldorado Gold Corporation2 of 9−1.2%−57.7%−52.8%−40.5%−7.3%−49.9%−24.4%0.0%−69.3%—
FSM Fortuna Mining Corp.2 of 9−1.9%−53.0%−54.7%−28.0%−7.8%−34.3%−31.4%0.0%−92.2%—
EQX Equinox Gold Corp.0 of 40.0%−65.9%−43.0%−16.9%——————
AGI Alamos Gold Inc.2 of 9−0.7%−27.7%−44.2%−40.9%−9.4%−52.9%−29.8%−0.5%−62.2%—
GLD SPDR Gold Shares6 of 90.0%−21.0%−12.5%−2.7%−1.5%−11.7%−15.4%−0.2%−29.4%—
OGC OceanaGold Corporation3 of 8−2.1%−48.1%−56.4%−11.0%−7.4%−34.4%−40.7%−0.3%——
NG NovaGold Resources Inc.3 of 9−1.5%−50.1%−38.3%−14.6%−3.2%−20.8%−44.8%−3.8%−97.9%—
KGC Kinross Gold Corporation2 of 10−1.2%−49.9%−41.7%−18.4%−5.2%−40.7%−21.8%−2.1%−71.4%−75.8%
SLV iShares Silver Trust6 of 90.0%−33.0%−35.6%−5.1%−2.2%−15.3%−32.3%0.0%−57.1%—
SA Seabridge Gold Inc.1 of 9−0.2%−51.3%−54.2%−22.0%−7.0%−38.3%−31.7%−3.1%−81.8%—
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How closely does AU move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares AU with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than AU's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
AU This pageAngloGold Ashanti Plc88%40%2.190.61
GLD SPDR Gold Shares40%3%12.410.14
GFI Gold Fields Limited102%46%2.220.69
WPM Wheaton Precious Metals Corp.78%37%2.090.48
DRD DRDGOLD Limited89%43%2.070.80
HMY Harmony Gold Mining Company Limited89%57%1.571.07
NEM Newmont Corporation68%45%1.520.39
FNV Franco-Nevada Corporation69%47%1.480.49
AGI Alamos Gold Inc.76%52%1.450.80
KGC Kinross Gold Corporation100%70%1.420.83
AEM Agnico Eagle Mines Limited77%57%1.340.70
B Barrick Mining Corporation57%43%1.340.40
RGLD Royal Gold, Inc.69%54%1.280.56
BTG B2Gold Corp.63%61%1.020.78
SLV iShares Silver Trust78%79%0.980.58
IAG Iamgold Corporation120%131%0.911.17
SA Seabridge Gold Inc.88%110%0.810.91
OGC OceanaGold Corporation113%143%0.790.98
EGO Eldorado Gold Corporation82%115%0.711.06
FSM Fortuna Mining Corp.81%128%0.631.10
CDE Coeur Mining, Inc.126%213%0.591.56
NG NovaGold Resources Inc.51%91%0.560.80
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What diversifies AU?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with AU's. Because such investments tend not to fall at the same time, pairing AU with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which AU lost money. The last two columns show a portfolio that is 80% AU and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20232022202120172015201420132012201120082007200620042000199780/20 mix volatility80/20 mix annual return
AU AngloGold Ashanti Plc (this page)1.00+445%0.93−2.7%−5.1%−4.9%−2.2%−18.4%−25.8%−62.4%−24.9%−13.1%−32.0%−8.0%−3.7%−20.6%−38.2%−37.9%56.3%+46.4%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.34+119%1.48+17.4%+3.8%+17.8%+10.0%———————————45.7%+42.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.19+225%1.34+42.0%+6.0%+18.0%+22.8%+7.7%+8.1%+41.3%+19.6%−16.1%−20.8%−7.4%————45.6%+45.3%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.24+101%1.04+8.0%+10.4%+23.1%+1.1%−25.3%+23.8%+16.6%————————45.8%+42.5%
HDV Dividend & IncomeiShares Core High Dividend ETF0.29+83.3%1.00+1.8%+7.1%+19.6%+13.5%−0.3%+12.6%+23.8%+9.6%———————45.9%+41.6%
SMH TechnologyVanEck Semiconductor ETF0.14+323%0.97+73.4%−33.5%+42.1%+38.5%−0.3%+30.2%+33.4%+8.6%+6.8%−44.7%+6.0%−6.7%−19.3%——46.5%+48.4%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.29+85.0%0.96+20.1%−5.1%+19.6%+16.7%+4.1%+3.4%+26.4%+20.9%———————45.7%+42.0%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.06+136%0.93+17.6%−10.4%+22.7%+27.8%———————————45.4%+44.4%
XLE EnergyState Street Energy Select Sector SPDR ETF0.08+177%0.93−0.6%+64.4%+53.3%−0.9%−21.5%−8.7%+26.3%+5.2%+2.8%−39.0%+36.8%+18.0%+33.8%+24.4%—45.7%+45.0%

Stocks

InvestmentCorrelation5Y returnSharpe20232022202120172015201420132012201120082007200620042000199780/20 mix volatility80/20 mix annual return
AU AngloGold Ashanti Plc (this page)1.00+445%0.93−2.7%−5.1%−4.9%−2.2%−18.4%−25.8%−62.4%−24.9%−13.1%−32.0%−8.0%−3.7%−20.6%−38.2%−37.9%56.3%+46.4%
CAH Medical - DistributionCardinal Health, Inc.0.08+479%1.55+34.1%+54.1%−0.4%−12.7%+12.6%+23.0%+66.0%+3.8%+8.1%−39.6%−9.8%−5.8%−4.7%+108%+29.1%45.7%+48.2%
CLS Hardware, Equipment & PartsCelestica Inc.-0.11+3,143%1.47+160%+1.3%+37.9%−11.6%−6.0%+12.9%+27.6%+11.2%−24.4%−20.5%−25.7%−26.0%−6.4%−2.3%—45.2%+65.3%
FIX Engineering & ConstructionComfort Systems USA, Inc.-0.02+1,636%1.46+79.6%+17.0%+89.0%+32.1%+67.7%−10.4%+61.7%+15.7%−17.0%−15.2%+2.1%+38.9%+40.0%−71.1%—45.7%+59.6%
MCK Medical - DistributionMcKesson Corporation0.18+413%1.44+24.1%+51.8%+44.2%+12.0%−4.5%+29.3%+67.7%+25.6%+11.8%−40.4%+29.7%−1.2%−1.4%+61.2%+96.3%46.2%+47.2%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.10+690%1.41+30.4%+86.6%+61.0%+34.8%+17.4%+0.4%+48.6%+94.3%———————46.1%+50.9%
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Common questions

What was AU's worst drawdown?

AU's deepest decline since it began trading in 1986 was 89.7%, from January 2006 to August 2015. It took about ten years from the low to climb back to its old high.

What were AU's best and worst years?

Over 28 full calendar years, AU's best year was 2025, when it returned 288%. Its worst was 2013, with a return of -62.4%.

Is there a better investment than AU?

Among AU's popular alternatives, IAG was ahead of AU in most short and long periods. Looking beyond its popular alternatives, ATI (metals & mining) and HWM (aerospace & defense) earned more than AU with less volatility over the past 5 years. ATI returned 61.8% a year at 42.9% volatility, against 40.4% a year at 49.9%.

Is AU more volatile than the S&P 500?

Yes. AU's volatility over the past 5 years was 49.9%, 2.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, AU's return lands within 49.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is AU's Sharpe ratio?

AU's Sharpe ratio over the past 5 years was 0.93, against 0.79 for the S&P 500, so AU earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is AU with the S&P 500?

Over the past 5 years, AU's monthly returns had a correlation of 0.20 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against AU instead: the lower it is, the more that option would diversify a AU holding.

What are the best alternatives to AU?

Of the 22 popular alternatives we compared, one outperformed AU in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: IAG.

Did AU outperform the S&P 500?

AU finished ahead of the S&P 500 (SPY) in 13 of 28 full calendar years. In 2025, it returned +288%, against +17.7% for the index.

How did AU do in stock market crashes?

AU fell less than the S&P 500 (SPY) in four of the ten major crashes it has traded through, and further in six. The clearest case was the 2022 bear market, when AU fell 51.7% and the S&P 500 fell 24.5%.

What diversifies AU?

These had a low correlation with AU over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.34), DXJ (correlation 0.19) and EMLP (correlation 0.24); among large stocks, CAH (correlation 0.08), CLS (correlation -0.11) and FIX (correlation -0.02). A correlation near zero means the two have moved largely independently.

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