GLDM vs GLD: Returns, Drawdowns and Dividends Since 2018
GLDM (SPDR Gold MiniShares Trust) and GLD (SPDR Gold Shares) moved almost in lockstep: their daily returns had a correlation of 0.999, where 1 would mean identical. GLDM came out ahead, returning 14.9% a year from June 2018 to November 2026, against 14.6% for GLD.
Bought on any day and held five years, GLDM finished ahead 100% of the time. Both fell about 28% at their worst, in October 2026.
| Measure | GLDM | GLD |
|---|---|---|
| Annual return | 14.9% | 14.6% |
| $10,000 grew to | $31,927 | $31,252 |
| Worst decline | −28.0%Oct 2026 | −28.2%Oct 2026 |
| Volatility Volatility How much the fund's daily returns swing: their standard deviation over this period, annualized with the square root of 252 trading days. | 17.4% | 17.5% |
| Sharpe ratio Sharpe ratio Return above T-bills for each unit of risk: daily returns minus the T-bill ETF BIL, averaged, divided by their standard deviation and annualized. Higher is better. T-bill funds show none. Sharpe ratio calculator | 0.74 | 0.72 |
| Best year | +64.2%2025 | +63.7%2025 |
| Worst year | −4.0%2021 | −4.1%2021 |
| Correlation between them Correlation How closely the two funds' daily returns moved together over this period: 1 means identical every day, 0 means no relation. | 0.999 | |
GLDM: SPDR Gold MiniShares TrustGLD: SPDR Gold Shares
Jun 26, 2018 to Nov 4, 2026, dividends reinvested.
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Worst declines
GLDM fell 28.0% from Jan 29, 2026 to Oct 30, 2026 and had not regained that high by Nov 4, 2026. GLD fell 28.2% from Jan 29, 2026 to Oct 30, 2026 and had not regained that high by Nov 4, 2026.
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Year by year
GLDM was ahead in 9 of the 9 calendar years.
| Year | GLDM | GLD | Ahead (pts) |
|---|---|---|---|
| 2026 (to Nov 4) | −5.8% | −6.0% | GLDM+0.1 |
| 2025 | +64.2% | +63.7% | GLDM+0.5 |
| 2024 | +27.1% | +26.7% | GLDM+0.4 |
| 2023 | +13.0% | +12.7% | GLDM+0.4 |
| 2022 | −0.5% | −0.8% | GLDM+0.3 |
| 2021 | −4.0% | −4.1% | GLDM+0.1 |
| 2020 | +25.1% | +24.8% | GLDM+0.3 |
| 2019 | +18.1% | +17.9% | GLDM+0.2 |
| 2018 (from Jun 26) | +1.8% | +1.7% | GLDM+0.2 |
Held for 1, 3 or 5 years: which came out ahead
Buy on any trading day from Jun 26, 2018, hold for a set time, and see which fund ended higher. The periods overlap, so they show how much the start date mattered, not separate results.
| Hold | Days tested | Ahead more often | Median lead (pts) |
|---|---|---|---|
| 1 year | 1,850 | GLDM100% | +0.3 |
| 3 years | 1,346 | GLDM100% | +1.0 |
| 5 years | 842 | GLDM100% | +2.4 |
Median lead is the typical gap in total return across all start dates, in percentage points. The latest 5-year hold starts on Oct 27, 2021.
Dividends
Neither fund pays dividends: their returns come from the price alone.
The two funds
- GLDM
- SPDR Gold MiniShares Trust, an ETF launched Jun 26, 2018. FinLab prices start Jun 26, 2018.
- GLDM price and signal backtests
- GLD
- SPDR Gold Shares, an ETF launched Nov 18, 2004. FinLab prices start Jan 4, 2016.
- GLD price and signal backtests
More comparisons
Source: FinLab U.S. fund prices, Jun 26, 2018 to Nov 4, 2026, the days both funds traded. Returns use prices adjusted for dividends and splits, before taxes; annual return is compounded.
For research and education. Past returns do not guarantee future results, and this is not investment advice.