| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Stocks (SPY) | 100.0 | 785.2 | 50.6 | 786.9 |
| Gold (GLD) | 100.0 | 610.5 | 95.6 | 753.4 |
| Commodities (DBC) | 100.0 | 147.1 | 44.9 | 190.1 |
| US Dollar Index (UUP) | 100.0 | 137.0 | 85.1 | 140.5 |
SPY, GLD, DBC, UUP adjusted close indexed to 100 at the shared startSPY (equities), GLD (gold) and DBC (broad commodities) versus UUP (Invesco DB US Dollar Index, an ETF proxy for the ICE dollar index), all daily, rebased to 100 at their shared start. Uses split- and dividend-adjusted close. Because gold and commodities are priced in dollars, a rising UUP line tends to weigh on them; the chart makes that linkage visible. UUP is the ETF wrapper rather than the raw index (DX-Y.NYB) so it has a clean tradable, adjusted close.
As of 11 Aug 2026, the Stocks (SPY) line stands at 785.2 (all base = 100 at the shared start). That is up 22.7% over the past year and above its long-run median of 189.9.
UUP is the dollar reference: when it rises, dollar-priced real assets face a headwind. Gold (GLD) and commodities (DBC) typically move inversely to UUP because a stronger dollar buys more of them, so a rising UUP line is often paired with flat or falling GLD and DBC. Equities (SPY) are more mixed because US mega-cap multinationals benefit from a strong dollar on the input-cost side but suffer on the foreign-revenue side.
Gold, broad commodities and the US dollar index are the three classic real-asset-versus-currency trades, and plotting them together shows the dollar linkage that drives them. UUP is an ETF proxy for the ICE dollar index, chosen because it has a clean tradable adjusted close, unlike the raw DX-Y.NYB index which is not directly investable.
UUP tracks a narrow basket of six major currencies, so it does not capture the dollar's full trade-weighted value. SPY's response to the dollar is ambiguous: large-cap US multinationals have offsetting translation and input-cost effects. DBC is dominated by oil, agricultural and metals exposure, which each respond to different dollar dynamics. The window begins in 2007, missing earlier dollar cycles. Treat the chart as context for the dollar's effect on real assets, not investment advice.
On the rebased scale (100 at March 2007), SPY leads at roughly 751, GLD sits near 564, DBC at roughly 149, and UUP at roughly 139. GLD peaked near 753 in January 2026, when its strong rally outpaced even the dollar's modest firmness. DBC peaked near 190 in mid-2008 at the height of the commodity supercycle and has never reclaimed that level, sitting roughly 20% below its all-time indexed high. UUP is near its all-time rebased high as well.
Commodity and precious-metals allocators use this four-line chart to separate dollar-driven moves from supply-demand-driven moves in gold and commodities. When GLD rises while UUP is flat or falling, gold is rallying on its own fundamentals; when GLD rises while UUP is also rising, gold is bucking the dollar drag, which is a stronger signal of underlying demand.
Portfolios built to hedge inflation typically combine commodities, gold and inflation-linked bonds, all of which are sensitive to the dollar. Allocators use this chart to size and stress-test the real-asset sleeve against dollar-direction scenarios, since a sustained dollar rally can wipe out commodity gains even when inflation is rising.
Equity analysts covering US mega-cap multinationals use the dollar's direction as an input to earnings models: a rising UUP typically trims foreign revenue when translated back into dollars. The chart is the headline reference for whether the dollar is currently a tailwind or a headwind for the S&P 500's international earnings.
As of 11 Aug 2026, the Stocks (SPY) line stands at 785.2 (all base = 100 at the shared start). That is up 22.7% over the past year and above its long-run median of 189.9.
This benchmark is built on daily data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.
The chart is built from Stocks (SPY), Gold (GLD), Commodities (DBC) and US Dollar Index (UUP), sourced from Yahoo Finance.
Usually inversely. Since March 2007 GLD has risen to roughly 564 on the rebased scale while UUP sits near 139, so gold has outpaced the dollar by roughly 306 percentage points. But the path matters: gold tends to struggle when UUP is rising sharply and rally when UUP falls, because a stronger dollar buys more of the metal. DBC, broad commodities, has lagged both, sitting near 149.
The summary callout measures how much the GLD line has outperformed (positive) or underperformed (negative) the UUP line over the selected window, expressed as a percentage. A positive reading means gold has beaten the dollar; a negative reading would mean the dollar has won. The spread isolates the dollar-adjusted gold return, which is the relevant measure for non-dollar-based gold investors.
DBC peaked near 190 in mid-2008 at the height of the pre-financial-crisis commodity supercycle and has never reclaimed that level, sitting near 149 today. Oil, agricultural and industrial metals supply has expanded faster than demand since the 2008 peak, and a stronger dollar has weighed on dollar-priced commodities. Gold has decoupled from broad commodities since 2019 as central-bank buying and ETF flows lifted it independently.
The effect is mixed, which is why the SPY line in this chart can move independently of UUP. A stronger dollar reduces the translated value of foreign revenue for US multinationals, which is a headwind for the S&P 500 where a large share of revenue comes from abroad. But it also lowers input costs for dollar-priced imports and signals US economic outperformance, both of which can support equities.
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