COMP <GO>

GLD vs XLK // 10Y YIELD & FRED MACRO BETA

SPDR Gold Shares Trust (NYSE) VS. Technology Select Sector SPDR Fund (NYSE) • 15-METRIC TALLY: GLD 1 — XLK 2

▲ 10Y YIELD & FRED MACRO BETA LEADER: XLK

LAST: $355.78 (-3.47%) • MKT CAP: $82.00B

macro-sensitivity

0.35

LAST: $179.51 (-4.89%) • MKT CAP: $74.00B

macro-sensitivity

1.00

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (GLD VS. XLK) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	GLD	XLK	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	58.00%	58.00%	0.00	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	19.50%	19.50%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	3.40%	3.40%	0.00	TIE	/fcf-yield <GO>
Operating Margin	24.00%	24.00%	0.00	TIE	/operating-margins <GO>
Net Profit Margin	18.50%	18.50%	0.00	TIE	/net-margins <GO>
Revenue Growth (YoY)	9.20%	9.20%	0.00	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	1.30%	1.30%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	4.80	4.80	0.00	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	7/9	7/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	3.20%	3.20%	0.00	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	30.3	36.8	-6.50	XLK	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta ACTIVE	0.35	1.00	-0.65	XLK	/macro-sensitivity <GO>
Forward P/E Multiple	—	19.8x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$82.00B	$74.00B	$8.00B	GLD	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	GLD REV	XLK REV	GLD GROSS %	XLK GROSS %	GLD FCF	XLK FCF
INSPECT INDIVIDUAL XBRL MODELS AT GLD FA <GO> AND XLK FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

GLD // BETA 0.35

XLK // BETA 1.00