GLDM vs PHAU: returns, risk and drawdowns compared
SPDR Gold MiniShares Trust against WisdomTree Physical Gold, over the same 8 years (July 2018 to October 2026) with dividends reinvested.
Data updated October 2026
From July 2018 to October 2026, GLDM returned 15.3% a year and PHAU 15.3% a year on average, so PHAU came out ahead by 0.0% a year. GLDM was the more volatile of the two (16.1% against 13.9% a year), and the deepest falls from a month-end high were 23.7% for GLDM and 20.8% for PHAU.
The correlation of monthly returns was 0.89: they usually moved together. Over 65 rolling 3-year periods, GLDM did better in 40% and PHAU in 60%.
GLDM trades in USD and PHAU in EUR: each return is in its own currency, so part of the gap reflects the move of the euro against the dollar.
Side by side
| GLDM | PHAU | |
|---|---|---|
| Annual return (CAGR) | +15.3% | +15.3% |
| Total return | +227% | +227% |
| Annual volatility | 16.1% | 13.9% |
| Maximum drawdown (month-end) | −23.7% | −20.8% |
| Worst month | −11.7% | −11.1% |
| Best month | +12.5% | +12.9% |
| Positive months | 55% | 62% |
| Best year | 2025: +64.2% | 2025: +47.9% |
| Worst year | 2021: −4.0% | 2021: +3.8% |
| 1-year return | +0.6% | +3.8% |
| 5 years, a year | +18.2% | +18.1% |
| 10 years, a year | — | +11.6% |
| Trading currency | USD | EUR |
First nine rows: the same 100 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: GLDM vs PHAU
Returns by calendar year
| Year | GLDM | PHAU |
|---|---|---|
| 2025 | +64.2% | +47.9% |
| 2024 | +27.1% | +33.5% |
| 2023 | +13.0% | +9.5% |
| 2022 | −0.5% | +5.8% |
| 2021 | −4.0% | +3.8% |
| 2020 | +25.1% | +13.2% |
| 2019 | +18.1% | +20.5% |
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.
Questions
Which has returned more, GLDM or PHAU?
From July 2018 to October 2026, GLDM returned +15.3% a year and PHAU +15.3% a year, with dividends reinvested, each in its own trading currency (USD and EUR). Over rolling 3-year periods GLDM did better in 40% of cases. Past returns do not predict future returns.
Which is riskier, GLDM or PHAU?
Over the same months annual volatility was 16.1% for GLDM and 13.9% for PHAU; the deepest fall from a month-end high was 23.7% and 20.8%, and the worst single month −11.7% and −11.1%.
How correlated are GLDM and PHAU?
The correlation of their monthly returns was 0.89: they usually moved together. Combining them has historically given some diversification.
More comparisons
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.