Source: Bloomberg Finance L.P., and State Street Global Advisors, as of September 30, 2020. Gold is represented by LBMA Gold Price PM (USD/oz).
*August 15, 1971 – President Nixon removed gold/US dollar from Bretton Woods system and the price of gold was then determined by open-market forces rather than by being linked to the US dollar. **Bloomberg Barclays US Agg TR Index was launched on January 30, 1976. Past performance is not a guarantee of future results. Performance above does not reflect charges and expenses associated with the fund or brokerage commissions associated with buying and selling exchange traded funds. Performance above is not meant to represent the performance of any investment product.
Source: Bloomberg Finance L.P., and State Street Global Advisors, date range from December 31, 1970 to September 30, 2020. Past performance is not a guarantee of future results. Performance above does not reflect charges and expenses associated with the fund or brokerage commissions associated with buying and selling exchange traded funds. Performance above is not meant to represent the performance of any investment product.
Source: Bloomberg Finance L.P., State Street Global Advisors, data from August 20, 1974 to September 30,2020. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Past performance is not a guarantee of future results.
Source: Bloomberg Finance L.P., State Street Global Advisors, data from August 31, 2012 to September 30, 2020, reflect annualized monthly averages for 120 months. Past performance is not a guarantee of future results.
1 Assets may be considered “safe havens” based on investor perception that an asset’s value will hold steady or climb even as the value of other investments drops during times of economic stress. Perceived safe-haven assets are not guaranteed to maintain value at any time.
2 Source: Bloomberg Finance L.P., State Street Global Advisors, as of September 30, 2020. Analysis of gold’s historical performance in market downturns is measured by peak to trough returns when the S&P 500 TR Index drops ≥ 15% and reflects an average return for the events and time periods noted for each index/asset class. Average returns across the stated downturns for the assets are: Gold (+6.27), S&P 500 TR Index (-24.34%), Hedge Fund Research HFRI Equity TR Index* (-65.28%), Bloomberg Commodity TR Index (-3.80%) and Global Property Research General TR Index –(11.20%) have provided these returns. Notes: 2008 Financial Crisis (8/11/2008 to 3/9/2009); Coronavirus (2/19/20) - (03/23/20); "Black Monday (08/25/87 - 12/04/87); 2002 Recession (03/19/02 - 07/23/02) Dot Com Bubble; (09/29/00 - 04/04/01); Gulf War (07/16/90 - 10/11/90); LTCM & Asian Crisis (07/17/98 - 08/31/98); US Credit Downgrade (07/07/11 - 10/03/11); Subprime Meltdown (10/09/07 - 03/10/08); September 11th (08/24/01 - 09/21/01); Flash Crash (04/23/10 - 07/02/10); Trade War/Recession Fears (09/21/18 - 12/26/18).
*Hedge Fund Research HFRI Equity Hedge TR Index does not include Black Monday (8/25/1987 to 12/4/1987) due to data not being available.
Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Past performance is not a guarantee of future results.
3 Bloomberg Finance L.P., and World Gold Council, as of September 30, 2020.
4 Bloomberg Finance L.P., and State Street Global Advisors, as of September 30, 2020.
5 Bloomberg Finance L.P., and State Street Global Advisors, January 1, 1990 – September 30, 2020.
6 Bloomberg Finance L.P., and State Street Global Advisors. Note: Federal Funds Target Rate – Upper Bound first reached 20% on March 3, 1980.
7 S&P Global Ratings Performance Analytics: Credit Trends – U.S. Corporate Downgrades Rise To A New High In Second-Quarter 2020, as of July 15, 2020.
Bloomberg Barclays US Aggregate Bond Index A benchmark that provides a measure of the performance of the U.S. dollar-denominated investment-grade bond market. The “Agg” includes public offerings in the US of investment-grade government bonds, investment-grade corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities and asset-backed securities.
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.
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.
Correlation Coefficient The correlation coefficient measures the strength and direction of a linear relationship between two variables. It measures the degree to which the deviations of one variable from its mean are related to those of a different variable from its respective mean.
Credit or Counterparty Risk The potential for an investment loss based on the borrower’s inability to repay a loan or meet other obligations. Credit risk is typically measured by credit ratings maintained by credit rating agencies, such as S&P, Moody’s and Fitch.
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.
Federal Funds Rate, or Federal Funds Target Rate The overnight interest rate charged by depositary institutions on funds held at the Federal Reserve. The fed funds rate is set by the Fed’s policy-making body, the Federal Open Market Committee (FOMC).
Global Property Research General Index A broad-based global real estate benchmark that contains all listed real estate companies that conform to General Property Research’s index-qualification rules, bringing the number of index constituents to more than 650. The index’s inception date was December 31, 1983.
HFRI Equity Hedge TR Index An index comprised of investment managers that maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity Hedge managers would typically maintain at least 50% exposure to, and may in some cases be entirely invested in, equities, both long and short.
Liquidity The ability to quickly buy or sell an investment in the market without impacting its price. Trading volume is a primary determinant of liquidity.
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.
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.
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.
Standard Deviation A statistical measure of volatility that quantifies the historical dispersion of a security, fund or index around an average. Investors use standard deviation to measure expected risk or volatility, and a higher standard deviation means the security has tended to show higher volatility or price swings in the past. As an example, for a normally distributed return series, about two-thirds of the time returns will be within 1 standard deviation of the average return.
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.
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.
Standard & Poor’s®、S&P®、SPDR®は、S&P Globalの1部門であるStandard & Poor’s Financial Services LLC (S&P)の登録商標です。Dow Jonesは、Dow Jones Trademark Holdings LLC（ダウ・ジョーンズ）の登録商標です。これらの商標は、ライセンスを受けてS&P Dow Jones Indices LLC（SPDJI）が使用し、特定の目的のためにState Street Corporationがサブライセンスを受けています。State Street Corporationの金融商品は、SPDJI、ダウ・ジョーンズ、S&P、それぞれの関連会社およびライセンスを受けた第三者が提供、推奨、販売、あるいは宣伝するものではなく、係る当事者のいずれも係る商品への投資の適否に関して表明せず、それに関連したいかなる責任も負いません。
さらなる情報については、GLDおよびGLDMのマーケティング・エージェントであるState Street Global Advisors Funds Distributors, LLC, One Iron Street, Boston, MA, 02210; T: +1 866 320 4053 spdrgoldshares.com.へご連絡ください。