Which has delivered better returns over past 26 years, gold or S&P 500?

Over the 26-year period from 2000 to 2026, the S&P 500 delivered better long-term returns, averaging a 10.10% annual CAGR compared to gold's 8.20% CAGR (based on international prices). However, performance varied widely by decade. Gold dominated between 2000 and 2010 with 12.80% returns, while equities strongly led during the 2010-2020 stretch before tightening in recent years.