WTI Oil vs Gold
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
The oil-gold ratio is a barometer of real growth vs monetary concerns. Rising ratio (oil rising faster than gold) signals growth-driven inflation. Falling ratio signals either growth concerns or monetary debasement fears. The ratio has historically traded in a range, and extremes often precede reversions.
Cross-Asset Analysis
To orient the reader: WTI Crude Oil (FRED) represents west Texas Intermediate crude oil spot price and Gold (Spot) represents gold spot price, the ultimate safe haven and inflation hedge, which is why this comparison sits in the peer pair category on Convex. Performance attribution leans on WTI Crude Oil (FRED)-Gold (Spot) spreads to separate security selection from style allocation inside multi-manager mandates. Mid-cycle stretches see the WTI Crude Oil (FRED)-Gold (Spot) spread compress as macro volatility stays low and factor returns normalize.
Flows matter for the WTI Crude Oil (FRED)-Gold (Spot) relationship: when one peer attracts more capital, it outperforms on demand pressure that often mean-reverts. Pairs like WTI Crude Oil (FRED) and Gold (Spot) trade tighter than either leg does individually, because the common component is high and the remaining idiosyncratic share is what the pair expresses. Late-cycle environments force WTI Crude Oil (FRED) and Gold (Spot) to express their respective defensive and cyclical tilts more sharply, making the spread a useful regime tell.
WTI Crude Oil (FRED) and Gold (Spot) occupy the same asset class, and the relative performance between them isolates the specific factor that distinguishes one from the other. Sector, style, and geographic dominance cycles each produce multi-year relative performance episodes between WTI Crude Oil (FRED) and Gold (Spot).
90-Day Statistics
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Frequently Asked Questions
What is the relationship between WTI Crude Oil (FRED) and Gold (Spot)?+
WTI Crude Oil (FRED) and Gold (Spot) are connected through shared asset class exposure with different factor tilts. When the underlying asset class shifts, both respond, though with different sensitivities and at different speeds. The spread between WTI Crude Oil (FRED) and Gold (Spot) captures the specific macro signal that flows through this relationship.
When does WTI Crude Oil (FRED) typically lead Gold (Spot)?+
WTI Crude Oil (FRED) tends to lead Gold (Spot) during rotation episodes between the two factor exposures. In those periods, moves in WTI Crude Oil (FRED) precede corresponding moves in Gold (Spot) by days to weeks, depending on the transmission channel and the depth of each market.
How are WTI Crude Oil (FRED) and Gold (Spot) historically correlated?+
Long-run correlation between WTI Crude Oil (FRED) and Gold (Spot) varies by regime. Peers in the same asset class are highly correlated in direction, with the spread reflecting factor tilts and rotation dynamics. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the WTI Crude Oil (FRED)-Gold (Spot) relationship.
What macro conditions drive divergence between WTI Crude Oil (FRED) and Gold (Spot)?+
Divergence between WTI Crude Oil (FRED) and Gold (Spot) typically arises from index reconstitution, mega-cap earnings surprises, or liquidity differences between the peers. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in WTI Crude Oil (FRED) or Gold (Spot).
Is WTI Crude Oil (FRED) a hedge for Gold (Spot)?+
Peers like WTI Crude Oil (FRED) and Gold (Spot) do not hedge each other; both rise or fall with the shared asset class, and using the pair as a spread trade is different from using it as a hedge. Effective hedging requires matching the hedge to the specific risk being protected, and the WTI Crude Oil (FRED)-Gold (Spot) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
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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.