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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in SPDR Gold MiniShares Trust, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
SPDR Gold MiniShares Trust (GLDM) has returned 8.57% so far this year and 49.77% over the past 12 months.
SPDR Gold MiniShares Trust
- 1D
- 3.77%
- 1M
- -10.99%
- YTD
- 8.57%
- 6M
- 21.24%
- 1Y
- 49.77%
- 3Y*
- 33.33%
- 5Y*
- 21.91%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Jun 26, 2018, GLDM's average daily return is +0.07%, while the average monthly return is +1.49%. At this rate, your investment would double in approximately 3.9 years.
Historically, 56% of months were positive and 44% were negative. The best month was Jan 2026 with a return of +12.5%, while the worst month was Mar 2026 at -11.0%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 7 months.
On a daily basis, GLDM closed higher 53% of trading days. The best single day was Feb 3, 2026 with a return of +6.4%, while the worst single day was Jan 30, 2026 at -10.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 12.46% | 8.47% | -10.99% | 8.57% | |||||||||
| 2025 | 6.71% | 1.91% | 9.46% | 5.45% | -0.03% | 0.43% | -0.56% | 4.99% | 11.77% | 3.58% | 5.39% | 2.29% | 64.20% |
| 2024 | -1.39% | 0.50% | 8.66% | 3.06% | 1.61% | -0.09% | 5.38% | 2.10% | 5.12% | 4.34% | -3.11% | -1.35% | 27.08% |
| 2023 | 5.78% | -5.33% | 7.92% | 0.97% | -1.37% | -2.21% | 2.34% | -1.28% | -4.73% | 7.39% | 2.57% | 1.31% | 13.04% |
| 2022 | -1.65% | 6.15% | 1.34% | -2.08% | -3.21% | -1.59% | -2.48% | -2.92% | -2.91% | -1.73% | 8.42% | 2.99% | -0.47% |
| 2021 | -3.17% | -6.27% | -1.11% | 3.53% | 7.56% | -6.97% | 2.44% | 0.11% | -3.32% | 1.55% | -0.68% | 3.24% | -4.01% |
Benchmark Metrics
SPDR Gold MiniShares Trust has an annualized alpha of 18.75%, beta of 0.08, and R² of 0.01 versus S&P 500 Index. Calculated based on daily prices since June 27, 2018.
- This ETF captured 41.88% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -20.07%) — a profile typical of hedging or uncorrelated assets.
- Beta of 0.08 may look defensive, but with R² of 0.01 this ETF is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R² of 0.01 means this ETF moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 18.75%
- Beta
- 0.08
- R²
- 0.01
- Upside Capture
- 41.88%
- Downside Capture
- -20.07%
Expense Ratio
GLDM has an expense ratio of 0.10%, which is considered low.
Return for Risk
Risk / Return Rank
GLDM ranks 85 for risk / return — in the top 85% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and compare them to a chosen benchmark (S&P 500 Index).
| GLDM | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.82 | 0.90 | +0.92 |
Sortino ratioReturn per unit of downside risk | 2.25 | 1.39 | +0.87 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.21 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 2.71 | 1.40 | +1.31 |
Martin ratioReturn relative to average drawdown | 10.04 | 6.61 | +3.44 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore GLDM risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the SPDR Gold MiniShares Trust. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the SPDR Gold MiniShares Trust was 21.63%, occurring on Sep 26, 2022. Recovery took 315 trading sessions.
The current SPDR Gold MiniShares Trust drawdown is 13.19%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -21.63% | Aug 7, 2020 | 538 | Sep 26, 2022 | 315 | Dec 27, 2023 | 853 |
| -19.14% | Jan 30, 2026 | 39 | Mar 26, 2026 | — | — | — |
| -12.54% | Mar 10, 2020 | 8 | Mar 19, 2020 | 15 | Apr 9, 2020 | 23 |
| -10.07% | Oct 21, 2025 | 11 | Nov 4, 2025 | 33 | Dec 22, 2025 | 44 |
| -8.09% | Oct 31, 2024 | 12 | Nov 15, 2024 | 49 | Jan 30, 2025 | 61 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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