Gold vs S&P 500
Gold closed at $4,722.19 on April 25, 2026; SPY traded near $708. The gold/SPY ratio is approximately 6.67, near multi-year highs.
Also known as: Gold (Spot) (XAU, XAUUSD, GC, gold price) · S&P 500 ETF (SPY) (ETF_SPY, S&P 500, SPX, SP500)
Why This Comparison Matters
Gold closed at $4,722.19 on April 25, 2026; SPY traded near $708. The gold/SPY ratio is approximately 6.67, near multi-year highs. Gold reached an all-time high of $5,602.22 on January 28, 2026; SPY reached $712 ATH in early April 2026. Gold has gained approximately 180 percent from early 2024 base of $2,000 to ATH; SPY has gained approximately 35 percent over the same period. The gold-vs-SPY pair is the cleanest expression of safe-haven (gold) versus risk-asset (SPY) rotation. Rising gold/SPY signals flight to safety, falling growth expectations, or rising geopolitical risk. Extended periods of gold outperformance have historically aligned with secular bear markets in equities (1970s stagflation, 2000s post-tech bubble) plus current 2024-2026 fiscal-credibility-driven era.
The April 2026 Configuration
Gold $4,722.19 / SPY $708 = ratio 6.67 ounces per share. The 12-month range is approximately 4.0 to 8.0. The 5-year range is 2.5 to 8.0 (gold ATH peak). Above 8.0 indicates extreme gold outperformance; below 4.0 indicates extreme SPY outperformance.
Gold reached ATH $5,602.22 on January 28, 2026; SPY reached ATH $712 in early April 2026. Both at or near ATH simultaneously is unusual and reflects 2024-2026 dual-peak liquidity environment. Gold has retraced 16 percent from ATH; SPY has retraced approximately 1 percent from ATH. The asymmetric retracement has compressed gold/SPY ratio modestly from January peak.
The combination of Iran ceasefire optimism easing gold safe-haven bid plus AI capex translation questions weighing on SPY mega-caps has produced moderate ratio compression in April 2026.
Why Gold-vs-SPY Is the Risk-On/Risk-Off Trade
The pair captures three key risk-on/risk-off mechanisms. First, monetary debasement: gold benefits from fiscal/monetary debasement narratives (rising deficit, currency weakness, central bank gold buying); SPY benefits from corporate earnings growth that may be undermined by debasement. Second, geopolitical risk: gold rallies on conflict (Russia-Ukraine 2022, Iran 2026); SPY typically falls or stalls on geopolitical risk. Third, growth expectations: SPY rallies on growth optimism; gold falls or stalls when growth expectations rise (real yields rise, dollar strengthens).
The relationship is mediated by real yields and dollar dynamics. Strong dollar with rising real yields hurts gold and supports SPY; weak dollar with falling real yields supports gold and may also support SPY (multiple expansion). The April 2026 setup has weak dollar and stable real yields - moderately gold-friendly while SPY holds.
Historical Gold-vs-SPY Cycles
Five regimes describe gold-vs-SPY through long-run history. Regime 1 (1970s stagflation): gold massively outperformed SPY. Gold rose from $35 (1971) to $850 (1980), 24x gain; S&P 500 was flat real terms 1970-1980. Gold/SPY ratio peaked at multi-decade high in 1980. Regime 2 (1980-2000 disinflation): SPY massively outperformed gold. SPY gained 1,500+ percent while gold fell from $850 to $250. Gold/SPY ratio collapsed from 1980 peak to 2000 trough. Regime 3 (2000-2011 commodity supercycle and GFC): gold outperformed SPY. Gold rose from $250 to $1,900 ATH (660 percent); SPY was roughly flat 2000-2011 net of GFC volatility.
Conditional Forward Response (Tail Events)
How S&P 500 ETF (SPY) has historically behaved in the 5 sessions following a top-decile or bottom-decile daily move in Gold (Spot). Computed from 1,289 aligned daily observations ending .
Following these triggers, S&P 500 ETF (SPY) rises 0.47% on average over the next 5 sessions, versus an unconditional baseline of +0.24%. 129 qualifying events; S&P 500 ETF (SPY) closed positive in 63% of them.
90-Day Statistics
Explore Each Metric
Related Scenarios & Forecasts
Get daily macro analysis comparing key metrics delivered to your inbox. Stay ahead of market-moving divergences.
Frequently Asked Questions
What is the current gold-SPY ratio?+
Gold $4,722.19 / SPY $708 = ratio 6.67 ounces per share. 12-month range 4.0-8.0. 5-year range 2.5-8.0 (peak in late 2025/early 2026). Gold ATH $5,602.22 January 28 2026; SPY ATH $712 early April 2026. Both at/near ATH simultaneously unusual and reflects 2024-2026 dual-peak liquidity environment. Gold retraced 16% from ATH; SPY -1% from ATH. Asymmetric retracement compressed ratio modestly from January peak. Iran ceasefire optimism easing gold safe-haven bid plus AI capex translation questions on SPY mega-caps produced moderate compression April 2026.
Why is gold-vs-SPY the risk-on/risk-off trade?+
Three key mechanisms. First, monetary debasement: gold benefits from fiscal/monetary debasement narratives (rising deficit, currency weakness, central bank gold buying); SPY benefits from corporate earnings growth that may be undermined by debasement. Second, geopolitical risk: gold rallies on conflict (Russia-Ukraine 2022, Iran 2026); SPY typically falls or stalls on geopolitical risk. Third, growth expectations: SPY rallies on growth optimism; gold falls or stalls when growth expectations rise (real yields rise, dollar strengthens). Mediated by real yields and dollar dynamics.
How has the pair performed historically?+
Five regimes. 1970s stagflation: gold $35 (1971) to $850 (1980) = 24x gain; S&P flat real 1970-1980. Gold/SPY ratio peak in 1980. 1980-2000 disinflation: SPY +1,500% vs gold $850 to $250. 2000-2011 commodity supercycle + GFC: gold $250 to $1,900 ATH (+660%); SPY roughly flat 2000-2011 net of GFC. 2011-2022 deflation/QE: SPY +200% vs gold $1,200-2,000 range. 2022-2026 current: gold $1,800 to $5,602 ATH (+210%); SPY $4,800 to $7,200 ATH (+50%). Gold/SPY ratio expanded from 0.39 to 0.85 (January 2026 peak), 120% ratio expansion.
Related Comparisons
Explore Across Convex
Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.