GLD: SPDR Gold Shares returns, drawdowns and risk
Funds and ETCs backed by physical gold, silver or platinum.
Data updated October 2026
GLD · US exchange · USDCategory: Gold and precious metals ETFsData from October 2006
$10,000 in GLD from October 2006
$62,283
+523% in total, +9.6% a year on average, with dividends reinvested, in US dollars.
- Calendar years with a gain
13 of 19
Best 2025, +63.7%. Worst 2013, −28.3%.
- Deepest fall
−45.6%
Aug 2011 to Dec 2015. Back to the previous high 8.9 years after the peak.
- Annual volatility
18.2%
How much returns swing around their average. Worst single month: −16.1%.
- At the last close
25.4% below its high
October 26, 2026.
Returns to October 2026
1 year
3 years
a year
5 years
a year
10 years
a year
Since 2006
a year
Total return to the last close, dividends reinvested. Periods longer than a year are annualised. SPY is SPDR S&P 500 ETF Trust, shown for reference.
What holding GLD was like
Every stretch of 1, 3, 5 and 10 years since October 2006, starting at each month-end. The bar runs from the worst stretch to the best; the mark is the middle one. Held for 10 years, GLD lost money in 7% of the stretches.
Held 1 year
229 periods
67% of periods ended with a gain
Held 3 years
205 periods, a year
77% of periods ended with a gain
Held 5 years
181 periods, a year
73% of periods ended with a gain
Held 10 years
121 periods, a year
93% of periods ended with a gain
Falls and recoveries
How far GLD was below its previous high, week by week.
| Fall | From the high of | To the low of | Falling for | Back to the high |
|---|---|---|---|---|
| −45.6% | Aug 2011 | Dec 2015 | 4.3 years | Jul 2020, 8.9 years later |
| −28.8% | Mar 2008 | Oct 2008 | 7 months | Sep 2009, 18 months later |
| −25.7% | Jan 2026 | Jun 2026 | 5 months | Not yet |
| −21.9% | Aug 2020 | Oct 2022 | 2.2 years | Mar 2024, 3.6 years later |
| −11.6% | Nov 2009 | Feb 2010 | 2 months | Jun 2010, 7 months later |
Year by year
GLD ended 13 of 19 full calendar years higher. The average gain in an up year was +20.9%, the average loss in a down year −8.0%.
YTD: from 1 January to the last close. 2006 starts at the first price, October 2006.
Example: $500 a month for 10 years
Put in from Nov 2016
$60,000
Worth at the last close
$132,032 +120%
Lowest point: Nov 2016, when the $500 put in so far was worth $458 (−8%).
Try your own amount and datesInvested at each month-start, dividends reinvested, before trading costs and taxes.
GLD against SPY
Correlation of monthly returns
0.09
Over 240 months: they moved largely independently.
In months when SPY rose
0.31×
GLD rose 31% as much, on average.
In months when SPY fell
-0.15×
GLD fell -15% as much, on average.
Growth of $10,000 from November 2006, the first month both funds have data.
GLD compared
Questions
What is the average annual return of GLD?
From October 2006 to October 2026 GLD returned 9.6% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +17.1% a year. Over the last 12 months: −2.0%.
What was the worst drawdown of GLD?
45.6%, from August 2011 to December 2015; it took about 107 months from the previous high to get back to it.
Has GLD ever lost money over 10 years?
Of the 121 10 years periods from month-end to month-end since October 2006, 7% ended with a loss. The worst returned −1.1% a year (to Sep 2022), the best +15.3% a year.
How volatile is GLD?
Annual volatility was 18.2% over the period. Its worst month was −16.1% and 53% of months were positive. Worst calendar year: 2013 (−28.3%).
How closely does GLD follow SPY?
Over 240 months the correlation of monthly returns was 0.09, so they moved largely independently, with a beta of 0.10.
Use GLD in a free tool
Other Gold and precious metals ETFs
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. Holding periods, the monthly-investing example and the comparison with other funds use month-end values; drawdowns and volatility use daily closes.
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.