S&P 500 vs Gold since 2001
436% × 1,449%
Updated July 1, 2026 · daily closing prices (not exportable)
Since 2001, S&P 500 returned 436% and Gold returned 1,449%, in U.S. dollars. Gold won the period — but with different risk: the worst drop was 53% (S&P 500) vs 42% (Gold).
Base 100 since 2001
Why compare S&P 500 and Gold (XAU/USD)
This pits the productive engine of the U.S. economy against the classic crisis hedge: 500 companies that grow and earn, versus a metal that does neither but has held value for millennia. Searchers want to know whether owning the market beat hiding in gold over the long run. The pattern is one of opposite roles. The S&P 500 compounds through earnings and rising prices but suffers deep bear markets, while gold pays no interest, often sits flat for years, and then spikes precisely when stocks are falling. One note keeps it honest: this is the price index, without dividends reinvested, so the index's real edge over long horizons is understated here. Gold's job is to zig when equities zag.
Returns by window
| Window | S&P 500 | Gold (XAU/USD) |
|---|---|---|
| 1 year | 15% | 25% |
| 5 years | 66% | 127% |
| 10 years | 237% | 205% |
| since 2001 | 436% | 1,449% |
The price of return: risk
| Asset | Annual volatility | Worst drop |
|---|---|---|
| S&P 500 | 15% | -53% |
| Gold | 17% | -42% |
$10,000 in each, since 2001
| Asset | Value today |
|---|---|
| S&P 500 | $53,559 |
| Gold | $154,944 |
Frequently asked questions
S&P 500 or Gold: which returned more?
Since 2001, Gold returned more in U.S. dollars. Over shorter windows the lead can change — see the per-window table on the page.
Does a higher return mean a better investment?
Not on its own — risk matters. The page shows the volatility and the largest drop of each; similar returns can hide very different rides.
Are these figures in real terms?
No — these are nominal returns in U.S. dollars. To see real (inflation-adjusted) gains, compare each one against U.S. inflation (CPI).
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Descriptive, educational content computed from official public data. Not investment advice. Past performance does not guarantee future results.