S&P 500 vs Gold: which won?
S&P 500 crushed Gold since 1993 — about 1.5× as much.
S&P 500
Winner$15,921
15.9× · +8.9%/yr
gold
Runner-up$10,788
10.8× · +7.6%/yr
$1,000 lump sum · end of 1993 → 2026
Want a different year, amount, or a third asset in the mix?
Open this in the calculator →Head to head
| S&P 500 | gold | |
|---|---|---|
| $1,000 would be | $15,921 | $10,788 |
| Total return | 15.9× | 10.8× |
| Annual return | +8.9% | +7.6% |
| Best single year | +13% (2020) | +20% (1999) |
| Worst single year | −17% (2008) | −17% (2008) |
| Deepest drop | −52.2% | −41.8% |
| The ride | Remarkably smooth ride | Remarkably smooth ride |
The story
Put $1,000 into each at the end of 1993 and leave it alone. By the latest data, the S&P 500 stake is worth about $15,921 — a 15.9× return, or roughly +8.9% a year. The same money in Gold grew to about $10,788 (10.8×). S&P 500 wins this window decisively: about 1.5× as much, or about $5,133 more on the same $1,000.
The lead didn't come on the same road. Gold's path was a remarkably smooth ride, while S&P 500 was a remarkably smooth ride. So S&P 500 managed to win while also handing investors the calmer ride of the two — the rarer combination.
Neither was a straight line. S&P 500's ugliest calendar year was −17% (2008) and its worst peak-to-trough fall reached −52.2%, recovered by 2012. Gold bottomed at −17% (2008) with a deepest drop of −41.8%. If you'd sold in the worst of it, none of the headline numbers above would have been yours.
Those are nominal dollars. Prices rose about 0.0% over the same stretch, so the real, spending-power gain is smaller than the multiple suggests for both. And this is one start year out of many — pick a different year and the result can flip. Past performance never predicts the future; this is a history lesson, not advice. Run your own year and amount below.
Common questions
- Was S&P 500 or Gold a better investment since 1993?
- Over 1993–2026, S&P 500 was the better investment: $1,000 grew to about $15,921 (15.9×), versus about $10,788 (10.8×) for Gold — about 1.5× as much.
- How much would $1,000 in S&P 500 be worth versus Gold?
- Starting at the end of 1993, $1,000 in S&P 500 would be worth about $15,921 today, and in Gold about $10,788 — a difference of roughly $5,133 on the same stake.
- Which was more volatile, S&P 500 or Gold?
- Gold was the wilder ride — remarkably smooth ride — with a deepest fall of −41.8%, while S&P 500 was remarkably smooth ride (deepest fall −52.2%).
- Did S&P 500 always beat Gold?
- No. This compares a single start year (1993, the first both have data for). Different entry years — especially buying after a crash versus near a peak — can change or even reverse the winner. Use the calculator to test any year.