IncomeShares ETPs Now on Deutsche Börse Xetra

IncomeShares by Leverage Shares

Author

Jonathan Hobbs, CFA

Date

28 Mar 2025

Category

Market Insights

Gold vs. Nasdaq 100: A 25-Year Look at Market Cycles

Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.

6c77ec17-5c84-43a9-bb1c-baf1ac48016a.png 17.63 KB

Over the past quarter century, investors have seen major shifts in global markets. From tech booms and financial crises to inflation spikes and geopolitical uncertainty, it’s been a turbulent ride. Most investors would expect the Nasdaq 100 – home to tech giants like Apple, Amazon, and Microsoft – to have delivered the strongest long-term returns. But the reality is more nuanced.  

This article explores the monthly performance of gold versus the Nasdaq 100 from January 2000 to March 2025. The results may surprise you. 

2000–2002: Dotcom crash (gold outperforms the Nasdaq) 

The dotcom bubble peaked in early 2000. Tech stocks tumbled, and the Nasdaq lost nearly 80% of its value from peak to trough. Gold, meanwhile, began a multi-year rally. Investors sought safety in hard assets as stock markets corrected. 

2003–2011: Gold gathers momentum 

Gold had a strong run throughout the 2000s. A weaker US dollar, rising inflation concerns, and growing central bank gold demand supported the precious metal. After the 2008 global financial crisis, those trends accelerated. While the Nasdaq recovered post-2003, the 2008 crisis dealt another blow to stocks. Gold proved more resilient. 

2012–2015: The Nasdaq bounces back 

Gold hit a peak in 2011, then entered a multi-year bear market. At the same time, the Nasdaq found a second wind. Low interest rates and innovation (in mobile, software, and cloud computing) fueled investor enthusiasm. Growth stocks led the way. 

2016–2024: Gold and the Nasdaq both rally 

Both gold and the Nasdaq trended higher over the past decade. Gold was supported by rising geopolitical tensions, inflation concerns, and record central bank buying. Meanwhile, the Nasdaq’s rally picked up steam with breakthroughs in cloud technology, artificial intelligence, and big data. The Magnificent Seven stocks led the tech rally, especially Nvidia with its consistent earnings growth. 

That said, there was volatility along the way. Gold and the Nasdaq both had significant drops during the March 2020 Covid crash and in the 2022 bear market. 

Final results (as of 26 March, 2025): 

The chart below compares the performance of gold with the Nasdaq since the turn of the century. As of 26 March, 2025, gold (blue) has gained roughly +956%, while the Nasdaq (orange) is up roughly +465%. 

be57766c-8b21-4a7d-9ed2-3b5fe34f4ac0.png 110.92 KB
This performance gap may highlight the value of diversification. While stocks may deliver long-term growth, gold has outperformed over this specific period – especially during times of crisis and uncertainty. 

IncomeShares offers the Gold+ Yield Options ETP (GLDI) and the Nasdaq-100 Options ETP (QQQI). These two exchange-traded products seek to generate monthly income using options strategies on gold and the Nasdaq 100, respectively. 

Key takeaways 

  • Gold has outperformed the Nasdaq 100 over the past 25 years, driven by macro uncertainty and crisis periods. 
  • Tech stocks have delivered strong growth, but performance has been more cyclical. 
  • Diversification across asset classes like gold and equities may help balance risk and return. 

Your capital is at risk if you invest. You could lose all your investment. Please see the full risk warning here.

Related Products:

Strategy

Covered Call

Distribution Yield

4.31%

Strategy

Cash Covered Put

Distribution Yield

145.70%

This is a marketing communication. Prospective investors should refer to the Exchange Traded Product (“ETP”) Prospectus and Key Investor Information Document (“KIID”) before making any investment decisions.

No Legal or Investment Advice

The information on this website does not constitute legal, financial, or investment advice. It should not be considered an offer to sell or a solicitation to buy any security, including shares of any ETP promoted here, or other financial instruments, products, or services offered by Leverage Shares or its distributors (“Leverage Shares”).

Investment Advices Client Services

Leverage Shares constructs and issues ETPs but does not provide services to private investors, nor does it accept client funds directly. Leverage Shares’ services are exclusively available to professional clients, as defined in this website’s Terms and Conditions. Private investors should consult their personal advisor, broker, or bank for investment or trading inquiries. For technical questions regarding our ETPs, please contact us directly.

Investment Decisions

Any investment in promoted ETPs should be based on the official sales Prospectus, the relevant Supplement, and the KIID, which outline the applicable terms and conditions.

Investment Risks

Investments in ETPs are subject to risk, including potential loss of principal. The value of investments may fluctuate, and investors may not recover the amount originally invested. Past performance is not indicative of future results and should not be the sole factor considered in selecting a product. Investors should carefully consider their investment objectives, risks, charges, and expenses before investing.

Documentations Availability

The Prospectus, KIID, and other relevant documentation are available free of charge on this website, and upon request via email. Please note that except for KIIDs, documents are generally available in English and selected other languages.

Regulatory Information

Retail clients should not rely on information provided here and are encouraged to seek guidance from a qualified IFA.

Not Insured — No Bank Guarantee — May Lose Value

This is a marketing communication. Please refer to the Prospectus of the ETPs and to the KIID before making any final investment decisions.

This information originates from Investium Limited, which has been appointed as distributor of Leverage Shares products in Europe by Leverage Shares Management Company Limited (the “Arranger”). Investium Limited with registered address at 6 Nikou Georgiou Street, Office 302, 1095 Nicosia Cyprus, is a financial services provider regulated by the Cyprus Securities and Exchange Commission (CySEC).

The information is intended only to provide general and preliminary information to investors and shall not be construed as investment, legal or tax advice. Investium Limited and the Arranger (together referred as “Leverage Shares”) assume no liability with regards to any investment, divestment or retention decision taken by the investor on the basis of this information. The views and opinions expressed are those of the author(s) but not necessarily those of Leverage Shares. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts and other forward-looking statements, which do not reflect actual results. Information provided by third party sources is believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed.

All performance information is based on historical data and does not predict future returns. Investing is subject to risk, including the possible loss of principal. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Leverage Shares.

© Leverage Shares 2025