Source: Bloomberg, State Street Global Advisors. Data from January 31, 1990 to September 30, 2021. BCOM = Bloomberg Commodity Total Return Index. GSCI = S&P GSCI Total Return Index. Past performance is not a guarantee of future results.
Source: Bloomberg Finance, L.P., State Street Global Advisors. Data from 04/30/1991 to 09/30/2021. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Past performance is not a guarantee of future results. Gold is measured by LBMA Gold Price PM (USD/oz).
Source: Bloomberg Finance, L.P., State Street Global Advisors. Data from 12/31/1993 to 09/30/2021. Gold = gold spot price. Commodities = S&P GSCI Total Return Index. Hedge Funds = Hedge Fund Research HFRI FOF Diversified Index. REITs = FTSE NAREIT All Equity REITS Total Return Index. Private Equity = LPX50 Listed Private Equity Index Total Return. Past performance is not a guarantee of future results.
Source: Bloomberg Finance L.P. & State Street Global Advisors, date as of September 30, 2021. Gold is measured by LBMA Gold Price PM (USD/oz). Past performance is not a reliable indicator of future performance.
1 Bloomberg, State Street Global Advisors. Data from 1/1/1970 – 09/01/21. High inflation is represented by the US Consumer Price Index (CPI) Index being equal to or above its long-term median of 5%. Gold’s and a basket of broad commodities’ average annual returns were 14.92% and 2.99%, respectively, during high-inflation environments. Gold Price is represented by LBMA Gold Price PM Index. Commodity prices are represented by S&P GSCI Price Index. Past performance is not a guarantee of future results.
2 Bloomberg Finance, L.P.& State Street Global Advisors. Note: Standard & Poor’s GSCI Index, Rogers International Commodity Index®, and Bloomberg Commodity Index represent broad commodity indices and Index weights represent target allocations as of September 30, 2021 per the relevant index provider. Past performance is not a guarantee of future results.
Bloomberg Commodity Index A broadly diversified commodity price index distributed by Bloomberg Indexes that tracks 22 commodity futures and seven sectors. No one commodity can compose less than 2 percent or more than 15 percent of the index, and no sector can represent more than 33 percent of the index.
Bitcoin A peer-to-peer digital currency created in 2009 that offers the promise of lower transaction fees than those of traditional online payment mechanisms. Unlike government-issued currencies, Bitcoin is run and “regulated” by its own users using an infrastructure called “blockchain.”
Commodities A basic good used in commerce that is interchangeable, or “fungible,” with other commodities of the same type. Commodities are most often used as inputs in the production of other goods or services For example, crude oil is a commodity that is used to make motor fuels, heating oil and lubricants.
Correlation The historical tendency of two investments to move together. Investors often combine investments with low correlations to diversify portfolios.
Consumer Price Index (CPI) A widely used measurement of inflation at the consumer level that helps to evaluate changes in cost of living. The CPI is composed of a basket of consumer goods and services across the economy and is calculated by the US Department of Labor by assessing price changes in the basket of goods and services and averaging them. Core CPI is the same series, minus food and energy prices, since they are considered to be volatile enough to distort the meaning and usefulness of so-called headline CPI. The absence of food and energy means that the core series reflects long-term inflation trends more accurately.
Diversification A strategy of combining a broad mix of investments and asset classes to potentially limit risk, although diversification does not guarantee protection against a loss in falling markets.
Diversification Benefits In modern portfolio theory, diversification is an approach used to potentially reduce the overall risk of the portfolio by holding a mix of assets with low correlations to each other. The potential benefit of holding uncorrelated assets is that some investments may rise while others fall.
Down Market Capture The percentage of return that an asset captures when a market benchmark is down.
Downside Risk A given security’s potential to lose value if a prevailing market trend suddenly changes. The term also refers to the specific financial amount of the “worst-case” loss that that can occur in such sudden shifts.
Drawdown A specific decline in the stock market during a specific time period that is measured in percentage terms as a peak-to-trough move.
Drawdown Protection Investments that could help insulate an overall portfolio from a decline in stocks or other financial markets. Examples include cash or other investments that have historically held up relatively well in down or volatile markets, such as gold or equity put options.
Economic Cycle Periods of growth or contraction in the economy, typically called periods of expansion or recession. Different sectors and industries typically perform differently based on particular phases of the economy cycle.
FTSE NAREIT All Equity REITS Index The index is a free-float-adjusted market capitalization-weighted index that includes all tax-qualified REITs listed in the NYSE, AMEX, and NASDAQ National Market.
HFRI FOF Diversified Index The index invests in a variety of strategies among multiple managers; historical annual returns and/or standard deviations are generally similar to those of the HFRI Fund of Fund Composite Index. A fund in the HFRI FOF Diversified Index tends to show minimal loss in down markets while achieving superior returns in up markets.
ICE BofAML US 3-Month Treasury Bill Index This is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month.
An overall increase in the price of an economy’s goods and services during a given period, translating to a loss in purchasing power per unit of currency. Inflation generally occurs when growth of the money supply outpaces growth of the economy. Central banks attempt to limit inflation — and avoid deflation — in order to keep the economy running smoothly.
LPX 50 Listed Private Equity Index The index is designed to represent the global performance of the 50 most highly capitalized and liquid listed private equity companies. The index is diversified across regions, private equity investment styles, financing styles and vintages. The reference currency of the LPX50 Index is EUR, CHF and USD. The index is available as a Price Index and Total Return (Net).
Liquid Alternative Trading Strategy Alternative investment approaches, including real estate, commodities, private equity, distressed securities and hedge funds that are available through relatively liquid structures such as ETFs, mutual funds and closed-end funds.
LBMA Gold Price The LBMA Gold Price is determined twice each business day — 10:30 a.m. London time (i.e., the LBMA Gold Price AM) and 3:00 p.m. London time (i.e., the LBMA Gold Price PM) by the participants in a physically settled, electronic and tradable auction.
MSCI World Index The index captures large- and mid-cap representation across 23 Developed Markets. With 1,644 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.
Real Assets Physical or tangible assets that have value and often are investable. Real assets include precious metals, commodities, real estate, agricultural land and oil; their inclusion in most diversified portfolios is considered appropriate.
Risk-Adjusted Return A risk-based profitability measurement framework for analyzing risk-adjusted financial performance; it is designed to provide a consistent view of profitability across different assets.
Rogers International Commodity Index The index represents the value of a basket of 36 commodity futures contracts. The index is a composite, US dollar-based total return index launched by James B. Rogers on July 31, 1998. The index represents the value of a basket of futures contracts on commodities consumed in the global economy, ranging from agricultural to energy and metals products.
Spot Gold Price The price in spot markets for gold. In US dollar terms, spot gold is referred to with the symbol “XAU,” which refers to the price of one troy ounce of gold in USD terms.
S&P GSCI Total Return Index The S&P GSCI Total Return Index in USD is widely recognized as the leading measure of general commodity price movements and inflation in the world economy. The index is calculated primarily on a world production-weighted basis comprised of the principal physical commodities futures contracts.
S&P 500® Total Return Index The version of the popular benchmark for U.S. large-cap equities that includes 500 companies from leading industries and captures about 80% coverage of available market capitalization in the US that reflects returns after reinvestment of dividends.
Tail Risk A type of portfolio risk associated with unforeseen events that lead to sharp declines in equities and a rush to safe-haven investments such as short-dated Treasuries or gold.
Up Market Capture The percentage return that an asset captures when a market benchmark is up.
Volatility The tendency of a market index or security to jump around in price. Volatility is typically expressed as the annualized standard deviation of returns. In modern portfolio theory, securities with higher volatility are generally seen as riskier due to higher potential losses.
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