GLD vs GLDM: returns, risk and drawdowns compared
SPDR Gold Shares against SPDR Gold MiniShares Trust, over the same 8 years (July 2018 to October 2026) with dividends reinvested.
Data updated October 2026
GLD
SPDR Gold Shares
10,000 became
31,180
- A year on average
- +14.6%
- Annual volatility
- 16.2%
- Deepest fall
- −23.8%
- Worst month
- −11.7%
GLDM
SPDR Gold MiniShares Trust
10,000 became
32,650
- A year on average
- +15.3%
- Annual volatility
- 16.1%
- Deepest fall
- −23.7%
- Worst month
- −11.7%
GLDM came out ahead by 0.6 percentage points a year from July 2018 to October 2026. GLD swung more (16.2% against 16.1% a year). The correlation of monthly returns was 1.00: they moved almost in lockstep.
Growth of 10,000: GLD vs GLDM
Who was ahead, and when
The gap between the two over the previous three years, at each month-end. Above zero GLD had returned more, below zero GLDM. GLD was ahead in 0% of the 65 three-year periods.
Annualised 3-year return of GLD minus that of GLDM, in percentage points a year.
Falls from the previous high
Month-end values. Deepest fall: GLD −23.8%, GLDM −23.7%.
All the figures
| GLD | GLDM | |
|---|---|---|
| Annual return (CAGR) | +14.6% | +15.3% |
| Total return | +212% | +227% |
| Annual volatility | 16.2% | 16.1% |
| Deepest fall (month-end) | −23.8% | −23.7% |
| Worst month | −11.7% | −11.7% |
| Best month | +12.3% | +12.5% |
| Positive months | 54% | 55% |
| Best year | 2025: +63.7% | 2025: +64.2% |
| Worst year | 2021: −4.2% | 2021: −4.0% |
| 1-year return | −2.0% | +0.6% |
| 5 years, a year | +17.1% | +18.2% |
| 10 years, a year | +11.8% | — |
| Trading currency | USD | USD |
First nine rows: the same 100 months for both funds. Trailing returns: to each fund’s last close.
Year by year
Full calendar years both funds were trading. The higher of the two each year is in bold.
Holding both: half GLD, half GLDM
| GLD alone | GLDM alone | 50/50 | |
|---|---|---|---|
| A year on average | +14.6% | +15.3% | +14.9% |
| Annual volatility | 16.2% | 16.1% | 16.1% |
| Deepest fall (month-end) | −23.8% | −23.7% | −23.8% |
| Worst month | −11.7% | −11.7% | −11.7% |
With a correlation of 1.00 the mix behaved almost like either fund alone: its volatility of 16.1% sits between the two. Rebalanced to 50/50 every month, before costs.
Questions
Which has returned more, GLD or GLDM?
From July 2018 to October 2026, GLD returned +14.6% a year and GLDM +15.3% a year, with dividends reinvested. Over rolling 3-year periods GLD did better in 0% of cases. Past returns do not predict future returns.
Which is riskier, GLD or GLDM?
Over the same months annual volatility was 16.2% for GLD and 16.1% for GLDM; the deepest fall from a month-end high was 23.8% and 23.7%, and the worst single month −11.7% and −11.7%.
How correlated are GLD and GLDM?
The correlation of their monthly returns was 1.00: they moved almost in lockstep. Holding both adds little diversification compared with holding one.
What about holding both GLD and GLDM?
Half in each, rebalanced every month, returned +14.9% a year over the same period, with 16.1% annual volatility and a deepest month-end fall of 23.8%.
More comparisons
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.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
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.