GLD vs SGLD: returns, risk and drawdowns compared
SPDR Gold Shares against Invesco Physical Gold ETC, over the same 11 years (December 2014 to October 2026) with dividends reinvested.
Data updated October 2026
GLD
SPDR Gold Shares
10,000 became
32,999
- A year on average
- +10.5%
- Annual volatility
- 15.7%
- Deepest fall
- −23.8%
- Worst month
- −11.7%
SGLD
Invesco Physical Gold ETC
10,000 became
37,255
- A year on average
- +11.7%
- Annual volatility
- 14.4%
- Deepest fall
- −20.7%
- Worst month
- −14.0%
SGLD came out ahead by 1.1 percentage points a year from December 2014 to October 2026. GLD swung more (15.7% against 14.4% a year). The correlation of monthly returns was 0.87: they usually moved together.
GLD trades in USD and SGLD in EUR: each return is in its own currency, so part of the gap reflects the move of the euro against the dollar.
Growth of 10,000: GLD vs SGLD
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 SGLD. GLD was ahead in 44% of the 108 three-year periods.
Annualised 3-year return of GLD minus that of SGLD, in percentage points a year.
Falls from the previous high
Month-end values. Deepest fall: GLD −23.8%, SGLD −20.7%.
All the figures
| GLD | SGLD | |
|---|---|---|
| Annual return (CAGR) | +10.5% | +11.7% |
| Total return | +230% | +273% |
| Annual volatility | 15.7% | 14.4% |
| Deepest fall (month-end) | −23.8% | −20.7% |
| Worst month | −11.7% | −14.0% |
| Best month | +12.3% | +14.2% |
| Positive months | 52% | 57% |
| Best year | 2025: +63.7% | 2025: +48.2% |
| Worst year | 2015: −10.7% | 2015: −2.8% |
| 1-year return | −2.0% | +4.1% |
| 5 years, a year | +17.1% | +18.4% |
| 10 years, a year | +11.8% | +11.8% |
| Trading currency | USD | EUR |
First nine rows: the same 143 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 SGLD
| GLD alone | SGLD alone | 50/50 | |
|---|---|---|---|
| A year on average | +10.5% | +11.7% | +11.2% |
| Annual volatility | 15.7% | 14.4% | 14.6% |
| Deepest fall (month-end) | −23.8% | −20.7% | −22.0% |
| Worst month | −11.7% | −14.0% | −12.5% |
Because the two did not always move together, the mix swung less than the average of the two (14.6% against 15.1%). Rebalanced to 50/50 every month, before costs.
Questions
Which has returned more, GLD or SGLD?
From December 2014 to October 2026, GLD returned +10.5% a year and SGLD +11.7% a year, with dividends reinvested, each in its own trading currency (USD and EUR). Over rolling 3-year periods GLD did better in 44% of cases. Past returns do not predict future returns.
Which is riskier, GLD or SGLD?
Over the same months annual volatility was 15.7% for GLD and 14.4% for SGLD; the deepest fall from a month-end high was 23.8% and 20.7%, and the worst single month −11.7% and −14.0%.
How correlated are GLD and SGLD?
The correlation of their monthly returns was 0.87: they usually moved together. Combining them has historically given some diversification.
What about holding both GLD and SGLD?
Half in each, rebalanced every month, returned +11.2% a year over the same period, with 14.6% annual volatility and a deepest month-end fall of 22.0%.
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.