CRBN vs. GLDM
CRBN (iShares MSCI ACWI Low Carbon Target ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - CRBN is a Large Cap Growth Equities fund tracking the MSCI ACWI Low Carbon Target Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, CRBN returned 10.57%/yr vs 18.18%/yr for GLDM. At a 0.15 correlation, their price movements are largely independent. CRBN charges 0.20%/yr vs 0.10%/yr for GLDM.
Performance
CRBN vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, CRBN achieves a 8.70% return, which is significantly higher than GLDM's -4.72% return.
CRBN
- 1D
- -2.26%
- 1M
- -0.57%
- YTD
- 8.70%
- 6M
- 8.00%
- 1Y
- 23.95%
- 3Y*
- 20.07%
- 5Y*
- 10.57%
- 10Y*
- 12.97%
GLDM
- 1D
- -1.91%
- 1M
- -8.82%
- YTD
- -4.72%
- 6M
- -8.62%
- 1Y
- 21.66%
- 3Y*
- 28.79%
- 5Y*
- 18.18%
- 10Y*
- —
CRBN vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
CRBN iShares MSCI ACWI Low Carbon Target ETF | 8.70% | 21.85% | 19.29% | 22.31% | -19.12% | 18.82% | 16.83% | 28.65% | -9.32% |
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 CRBN and GLDM is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.15 |
The correlation between CRBN and GLDM shifts across timeframes, from 0.15 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
CRBN vs. GLDM — Risk / Return Rank
CRBN
GLDM
CRBN vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI ACWI Low Carbon Target ETF (CRBN) 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.
| CRBN | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.17 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 0.89 | +1.49 |
| Martin ratioReturn relative to average drawdown | 10.28 | 2.40 | +7.88 |
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Drawdowns
CRBN vs. GLDM - Drawdown Comparison
The maximum CRBN drawdown since its inception was -33.13%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for CRBN and GLDM.
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Drawdown Indicators
| CRBN | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.13% | -24.35% | -8.78% |
Max Drawdown (1Y)Largest decline over 1 year | -10.08% | -24.35% | +14.27% |
Max Drawdown (3Y)Largest decline over 3 years | -16.60% | -24.35% | +7.75% |
Max Drawdown (5Y)Largest decline over 5 years | -27.04% | -24.35% | -2.69% |
Max Drawdown (10Y)Largest decline over 10 years | -33.13% | — | — |
Current DrawdownCurrent decline from peak | -2.81% | -23.82% | +21.01% |
Average DrawdownAverage peak-to-trough decline | -5.19% | -6.32% | +1.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.34% | 9.05% | -6.71% |
Volatility
CRBN vs. GLDM - Volatility Comparison
The current volatility for iShares MSCI ACWI Low Carbon Target ETF (CRBN) is 5.39%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 8.16%. This indicates that CRBN experiences smaller price fluctuations and is considered to be less risky than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CRBN | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.39% | 8.16% | -2.77% |
Volatility (6M)Calculated over the trailing 6-month period | 11.55% | 24.22% | -12.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.81% | 27.36% | -13.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.23% | 18.15% | -1.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.88% | 17.02% | -0.14% |
CRBN vs. GLDM - Expense Ratio Comparison
CRBN has a 0.20% expense ratio, which is higher than GLDM's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CRBN vs. GLDM - Dividend Comparison
CRBN's dividend yield for the trailing twelve months is around 2.05%, while GLDM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CRBN iShares MSCI ACWI Low Carbon Target ETF | 2.05% | 2.21% | 1.94% | 2.01% | 1.95% | 1.57% | 1.41% | 2.27% | 2.51% | 2.05% | 2.27% | 2.01% |
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
CRBN and GLDM have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (8.16%) compared to CRBN (5.39%). In terms of maximum drawdown, CRBN dropped -33.13% vs GLDM's -24.35%.
On 5-year performance, GLDM leads with 18.18% vs 10.57% for CRBN. On fees, GLDM is cheaper at 0.10% per year. On volatility, CRBN has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 18.18% return vs 10.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.20% for CRBN.
CRBN has the higher dividend yield at 2.05%, compared with 0.00% for GLDM.
CRBN is categorized as Large Cap Growth Equities, while GLDM is Gold. CRBN tracks MSCI ACWI Low Carbon Target Index, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.20% for CRBN and 0.10% for GLDM.
CRBN currently has the higher Sharpe Ratio (1.75 vs 0.80), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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