ETLX.DE vs. GLDM
ETLX.DE (L&G Gold Mining UCITS ETF) and GLDM (SPDR Gold MiniShares Trust) are both Gold funds - ETLX.DE tracks the DAXglobal® Gold Miners while GLDM tracks the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, ETLX.DE returned 23.98%/yr vs 18.78%/yr for GLDM. A 0.58 correlation means they provide meaningful diversification when combined. ETLX.DE charges 0.65%/yr vs 0.10%/yr for GLDM.
Performance
ETLX.DE vs. GLDM - Performance Comparison
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Different Trading Currencies
ETLX.DE is traded in EUR, while GLDM is traded in USD. To make them comparable, the GLDM values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, ETLX.DE achieves a -11.01% return, which is significantly lower than GLDM's -3.56% return.
ETLX.DE
- 1D
- 2.13%
- 1M
- -10.68%
- YTD
- -11.01%
- 6M
- -13.14%
- 1Y
- 54.70%
- 3Y*
- 45.22%
- 5Y*
- 23.98%
- 10Y*
- 13.24%
GLDM
- 1D
- 0.91%
- 1M
- -8.63%
- YTD
- -3.56%
- 6M
- -6.93%
- 1Y
- 23.72%
- 3Y*
- 26.05%
- 5Y*
- 18.78%
- 10Y*
- —
ETLX.DE vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ETLX.DE L&G Gold Mining UCITS ETF | -11.01% | 152.51% | 27.45% | 11.01% | -7.07% | -3.33% | 12.25% | 42.55% | 0.11% |
GLDM SPDR Gold MiniShares Trust | -3.56% | 44.72% | 35.47% | 9.65% | 5.70% | 3.17% | 14.79% | 20.76% | 3.37% |
Correlation
The correlation between ETLX.DE and GLDM is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.58 |
The correlation between ETLX.DE and GLDM has been stable across timeframes, ranging from 0.58 to 0.66 - a consistent structural relationship.
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Return for Risk
ETLX.DE vs. GLDM — Risk / Return Rank
ETLX.DE
GLDM
ETLX.DE vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for L&G Gold Mining UCITS ETF (ETLX.DE) 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.
| ETLX.DE | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.19 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 1.03 | +0.54 |
| Martin ratioReturn relative to average drawdown | 4.06 | 2.82 | +1.24 |
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Drawdowns
ETLX.DE vs. GLDM - Drawdown Comparison
The maximum ETLX.DE drawdown since its inception was -73.44%, which is greater than GLDM's maximum drawdown of -23.07%. Use the drawdown chart below to compare losses from any high point for ETLX.DE and GLDM.
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Drawdown Indicators
| ETLX.DE | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.44% | -23.07% | -50.37% |
Max Drawdown (1Y)Largest decline over 1 year | -34.64% | -23.07% | -11.57% |
Max Drawdown (3Y)Largest decline over 3 years | -34.64% | -23.07% | -11.57% |
Max Drawdown (5Y)Largest decline over 5 years | -42.01% | -23.07% | -18.94% |
Max Drawdown (10Y)Largest decline over 10 years | -47.06% | — | — |
Current DrawdownCurrent decline from peak | -31.42% | -22.37% | -9.05% |
Average DrawdownAverage peak-to-trough decline | -34.39% | -5.38% | -29.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.42% | 8.42% | +5.00% |
Volatility
ETLX.DE vs. GLDM - Volatility Comparison
L&G Gold Mining UCITS ETF (ETLX.DE) has a higher volatility of 18.05% compared to SPDR Gold MiniShares Trust (GLDM) at 7.75%. This indicates that ETLX.DE's price experiences larger fluctuations and is considered to be riskier 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
| ETLX.DE | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.05% | 7.75% | +10.30% |
Volatility (6M)Calculated over the trailing 6-month period | 37.79% | 22.76% | +15.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.47% | 25.83% | +21.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.52% | 16.91% | +19.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.99% | 15.80% | +18.19% |
ETLX.DE vs. GLDM - Expense Ratio Comparison
ETLX.DE has a 0.65% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
ETLX.DE vs. GLDM - Dividend Comparison
Neither ETLX.DE nor GLDM has paid dividends to shareholders.
Frequently Asked Questions
ETLX.DE and GLDM have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.65% for ETLX.DE.
ETLX.DE tracks DAXglobal® Gold Miners, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: Legal & General and State Street. Their fees differ too: 0.65% for ETLX.DE and 0.10% for GLDM.
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