CN vs. GLDM

Last updated Jun 24, 2026

CN (Xtrackers MSCI All China Equity ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - CN is a China Equities fund tracking the MSCI China All Shares, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. At a 0.11 correlation, their price movements are largely independent. CN charges 0.50%/yr vs 0.10%/yr for GLDM.

Performance

CN vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI All China Equity ETF (CN) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLDM

• 1D: -1.91%
• 1M: -8.82%
• YTD: -4.72%
• 6M: -8.62%
• 1Y: 21.66%
• 3Y*: 28.79%
• 5Y*: 18.18%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CN vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	-3.10%	-11.87%	-23.85%	-12.74%	31.55%	26.79%	-17.99%
GLDM SPDR Gold MiniShares Trust	-4.72%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.75%

Correlation

The correlation between CN and GLDM is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018	0.11

Return for Risk

CN vs. GLDM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

GLDM

GLDM Risk / Return Rank: 22
GLDM Sharpe Ratio Rank: 23
GLDM Sortino Ratio Rank: 21
GLDM Omega Ratio Rank: 25
GLDM Calmar Ratio Rank: 20
GLDM Martin Ratio Rank: 21

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CN vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI All China Equity ETF (CN) and SPDR Gold MiniShares Trust (GLDM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CN	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	—	0.80	—
Sortino ratio: Return per unit of downside risk	—	1.15	—
Omega ratio: Gain probability vs. loss probability	—	1.17	—
Calmar ratio: Return relative to maximum drawdown	—	0.89	—
Martin ratio: Return relative to average drawdown	—	2.40	—

Drawdowns

Drawdown Indicators

	CN	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	—	-24.35%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-24.35%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-24.35%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.35%	—
Current Drawdown Current decline from peak	—	-23.82%	—
Average Drawdown Average peak-to-trough decline	—	-6.32%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.05%	—

Volatility

Volatility by Period

	CN	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.16%	—
Volatility (6M) Calculated over the trailing 6-month period	—	24.22%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	27.36%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.15%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	17.02%	—

CN vs. GLDM - Expense Ratio Comparison

CN has a 0.50% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

CN vs. GLDM - Dividend Comparison

Neither CN nor GLDM has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CN Xtrackers MSCI All China Equity ETF	0.00%	0.00%	0.00%	4.04%	1.80%	2.00%	0.78%	4.18%	2.09%	0.81%	11.41%	14.00%
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CN and GLDM in my portfolio?

CN and GLDM have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CN or GLDM?

On fees, GLDM is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CN or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.50% for CN.

Which ETF pays a higher dividend yield, CN or GLDM?

CN and GLDM have nearly identical dividend yields, around 0.00%.

What is the main difference between CN and GLDM?

CN is categorized as China Equities, while GLDM is Gold. CN tracks MSCI China All Shares, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: Deutsche Bank and State Street. Their fees differ too: 0.50% for CN and 0.10% for GLDM.