FXB vs. GLDM

Last updated Jun 24, 2026

FXB (Invesco CurrencyShares® British Pound Sterling Trust) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - FXB is a Currency fund tracking the British Pound, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, FXB returned 0.79%/yr vs 18.18%/yr for GLDM. At a 0.38 correlation, their price movements are largely independent. FXB charges 0.40%/yr vs 0.10%/yr for GLDM.

Performance

FXB vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco CurrencyShares® British Pound Sterling Trust (FXB) 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, FXB achieves a -1.17% return, which is significantly higher than GLDM's -4.72% return.

FXB

• 1D: -0.37%
• 1M: -1.63%
• YTD: -1.17%
• 6M: -1.24%
• 1Y: -0.33%
• 3Y*: 4.05%
• 5Y*: 0.79%
• 10Y*: 0.48%

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)

FXB vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FXB Invesco CurrencyShares® British Pound Sterling Trust	-1.17%	10.37%	1.35%	8.58%	-10.45%	-1.54%	2.87%	3.87%	-4.03%
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 FXB and GLDM is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018	0.38

Return for Risk

FXB vs. GLDM — Risk / Return Rank

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

FXB

FXB Risk / Return Rank: 8
FXB Sharpe Ratio Rank: 8
FXB Sortino Ratio Rank: 7
FXB Omega Ratio Rank: 7
FXB Calmar Ratio Rank: 8
FXB Martin Ratio Rank: 8

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.

FXB vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® British Pound Sterling Trust (FXB) 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.

	FXB	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	0.80	-0.85
Sortino ratio: Return per unit of downside risk	-0.03	1.15	-1.18
Omega ratio: Gain probability vs. loss probability	1.00	1.17	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.07	0.89	-0.97
Martin ratio: Return relative to average drawdown	-0.15	2.40	-2.55

FXB vs. GLDM - Sharpe Ratio Comparison

The current FXB Sharpe Ratio is -0.05, which is lower than the GLDM Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of FXB 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.

Drawdowns

FXB vs. GLDM - Drawdown Comparison

The maximum FXB drawdown since its inception was -48.99%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for FXB and GLDM.

Drawdown Indicators

	FXB	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-48.99%	-24.35%	-24.64%
Max Drawdown (1Y) Largest decline over 1 year	-4.53%	-24.35%	+19.82%
Max Drawdown (3Y) Largest decline over 3 years	-8.44%	-24.35%	+15.91%
Max Drawdown (5Y) Largest decline over 5 years	-23.61%	-24.35%	+0.74%
Max Drawdown (10Y) Largest decline over 10 years	-26.11%	—	—
Current Drawdown Current decline from peak	-30.64%	-23.82%	-6.82%
Average Drawdown Average peak-to-trough decline	-27.54%	-6.32%	-21.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	9.05%	-6.80%

Volatility

FXB vs. GLDM - Volatility Comparison

The current volatility for Invesco CurrencyShares® British Pound Sterling Trust (FXB) is 1.62%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 8.16%. This indicates that FXB 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.

Volatility by Period

	FXB	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.62%	8.16%	-6.54%
Volatility (6M) Calculated over the trailing 6-month period	4.90%	24.22%	-19.32%
Volatility (1Y) Calculated over the trailing 1-year period	6.57%	27.36%	-20.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.48%	18.15%	-9.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.87%	17.02%	-8.15%

FXB vs. GLDM - Expense Ratio Comparison

FXB has a 0.40% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

FXB vs. GLDM - Dividend Comparison

FXB's dividend yield for the trailing twelve months is around 2.24%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
FXB Invesco CurrencyShares® British Pound Sterling Trust	2.24%	2.44%	3.25%	2.59%	0.29%
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXB and GLDM in my portfolio?

FXB and GLDM have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXB or GLDM?

GLDM has higher volatility (8.16%) compared to FXB (1.62%). In terms of maximum drawdown, FXB dropped -48.99% vs GLDM's -24.35%.

Which ETF is better, FXB or GLDM?

On 5-year performance, GLDM leads with 18.18% vs 0.79% for FXB. On fees, GLDM is cheaper at 0.10% per year. On volatility, FXB has been the lower-risk option at 1.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXB or GLDM?

Over the 5-year period, GLDM has performed better with a 18.18% return vs 0.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXB or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.40% for FXB.

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

FXB has the higher dividend yield at 2.24%, compared with 0.00% for GLDM.

What is the main difference between FXB and GLDM?

FXB is categorized as Currency, while GLDM is Gold. FXB tracks British Pound, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.40% for FXB and 0.10% for GLDM.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.80 vs -0.05), 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.