FEZ vs. GLDM

Last updated Jun 4, 2026

FEZ (SPDR EURO STOXX 50 ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, FEZ returned 9.90%/yr vs 18.49%/yr for GLDM. At a 0.20 correlation, their price movements are largely independent. FEZ charges 0.29%/yr vs 0.10%/yr for GLDM.

Performance

FEZ vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR EURO STOXX 50 ETF (FEZ) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEZ achieves a 5.18% return, which is significantly higher than GLDM's 3.00% return.

FEZ

• 1D: -1.26%
• 1M: 5.21%
• YTD: 5.18%
• 6M: 6.87%
• 1Y: 16.91%
• 3Y*: 17.72%
• 5Y*: 9.90%
• 10Y*: 10.28%

GLDM

• 1D: -0.96%
• 1M: -1.62%
• YTD: 3.00%
• 6M: 5.60%
• 1Y: 32.42%
• 3Y*: 31.49%
• 5Y*: 18.49%
• 10Y*: —

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

FEZ vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FEZ SPDR EURO STOXX 50 ETF	5.18%	37.81%	3.57%	27.16%	-14.27%	14.84%	4.84%	26.04%	-12.47%
GLDM SPDR Gold MiniShares Trust	3.00%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.84%

Correlation

The correlation between FEZ and GLDM is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018	0.20

The correlation between FEZ and GLDM shifts across timeframes, from 0.20 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

FEZ vs. GLDM - Sectors Allocation Comparison

Sectors	FEZ	GLDM
Financial Services	23.4%	-
Industrials	20.1%	-
Technology	17.9%	-
Consumer Cyclical	8.6%	-
Consumer Defensive	5.4%	-
Healthcare	5.2%	-
Energy	5.0%	-
Utilities	4.6%	-
Communication Services	3.5%	-
Basic Materials	3.5%	100.0%
Real Estate	-	-

Return for Risk

FEZ vs. GLDM — Risk / Return Rank

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

FEZ

FEZ Risk / Return Rank: 26
FEZ Sharpe Ratio Rank: 26
FEZ Sortino Ratio Rank: 26
FEZ Omega Ratio Rank: 25
FEZ Calmar Ratio Rank: 26
FEZ Martin Ratio Rank: 29

GLDM

GLDM Risk / Return Rank: 32
GLDM Sharpe Ratio Rank: 33
GLDM Sortino Ratio Rank: 29
GLDM Omega Ratio Rank: 36
GLDM Calmar Ratio Rank: 34
GLDM Martin Ratio Rank: 29

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.

FEZ vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR EURO STOXX 50 ETF (FEZ) 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.

	FEZ	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.24	-0.29
Sortino ratio: Return per unit of downside risk	1.43	1.63	-0.20
Omega ratio: Gain probability vs. loss probability	1.17	1.25	-0.07
Calmar ratio: Return relative to maximum drawdown	1.25	1.70	-0.46
Martin ratio: Return relative to average drawdown	4.25	4.23	+0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEZ vs. GLDM - Sharpe Ratio Comparison

The current FEZ Sharpe Ratio is 0.95, which is comparable to the GLDM Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of FEZ and GLDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FEZ	GLDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	1.24	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	1.04	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	1.02	-0.72

Drawdowns

FEZ vs. GLDM - Drawdown Comparison

The maximum FEZ drawdown since its inception was -64.21%, which is greater than GLDM's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for FEZ and GLDM.

Drawdown Indicators

	FEZ	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-64.21%	-21.63%	-42.58%
Max Drawdown (1Y) Largest decline over 1 year	-13.63%	-19.14%	+5.51%
Max Drawdown (3Y) Largest decline over 3 years	-15.85%	-19.14%	+3.29%
Max Drawdown (5Y) Largest decline over 5 years	-35.05%	-20.92%	-14.13%
Max Drawdown (10Y) Largest decline over 10 years	-39.69%	—	—
Current Drawdown Current decline from peak	-2.33%	-17.65%	+15.32%
Average Drawdown Average peak-to-trough decline	-17.07%	-6.22%	-10.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	7.69%	-3.70%

Volatility

FEZ vs. GLDM - Volatility Comparison

SPDR EURO STOXX 50 ETF (FEZ) has a higher volatility of 6.72% compared to SPDR Gold MiniShares Trust (GLDM) at 5.47%. This indicates that FEZ'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.

Volatility by Period

	FEZ	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.72%	5.47%	+1.25%
Volatility (6M) Calculated over the trailing 6-month period	14.85%	22.99%	-8.14%
Volatility (1Y) Calculated over the trailing 1-year period	17.91%	26.39%	-8.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.61%	17.91%	+2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.11%	16.85%	+4.26%

FEZ vs. GLDM - Expense Ratio Comparison

FEZ has a 0.29% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

FEZ vs. GLDM - Dividend Comparison

FEZ's dividend yield for the trailing twelve months is around 2.57%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEZ SPDR EURO STOXX 50 ETF	2.57%	2.78%	2.94%	2.75%	3.06%	2.61%	2.13%	2.61%	3.45%	2.44%	3.35%	3.03%
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 FEZ and GLDM in my portfolio?

FEZ and GLDM have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEZ or GLDM?

FEZ has higher volatility (6.72%) compared to GLDM (5.47%). In terms of maximum drawdown, FEZ dropped -64.21% vs GLDM's -21.63%.

Which ETF is better, FEZ or GLDM?

On 5-year performance, GLDM leads with 18.49% vs 9.90% for FEZ. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEZ or GLDM?

Over the 5-year period, GLDM has performed better with a 18.49% return vs 9.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEZ or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.29% for FEZ.

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

FEZ has the higher dividend yield at 2.57%, compared with 0.00% for GLDM.

What is the main difference between FEZ and GLDM?

FEZ is categorized as Europe Equities, while GLDM is Gold. FEZ tracks EURO STOXX 50 Index, while GLDM tracks LBMA Gold Price PM. Their fees differ too: 0.29% for FEZ and 0.10% for GLDM.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (1.24 vs 0.95), 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.