GLD vs. ^XAU

Last updated Jun 4, 2026

GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM, while ^XAU (Philadelphia Gold and Silver Index) is an index. Over the past 10 years, GLD returned 13.12%/yr vs 14.93%/yr for ^XAU. A 0.74 correlation means they provide meaningful diversification when combined.

Performance

GLD vs. ^XAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and Philadelphia Gold and Silver Index (^XAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLD achieves a 2.92% return, which is significantly lower than ^XAU's 4.63% return. Over the past 10 years, GLD has underperformed ^XAU with an annualized return of 13.12%, while ^XAU has yielded a comparatively higher 14.93% annualized return.

GLD

• 1D: -0.99%
• 1M: -1.65%
• YTD: 2.92%
• 6M: 5.43%
• 1Y: 32.04%
• 3Y*: 31.09%
• 5Y*: 18.15%
• 10Y*: 13.12%

^XAU

• 1D: -3.40%
• 1M: 2.92%
• YTD: 4.63%
• 6M: 12.61%
• 1Y: 76.24%
• 3Y*: 41.90%
• 5Y*: 17.18%
• 10Y*: 14.93%

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

GLD vs. ^XAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLD SPDR Gold Shares	2.92%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%
^XAU Philadelphia Gold and Silver Index	4.63%	149.51%	9.14%	4.00%	-8.75%	-8.14%	34.86%	51.32%	-17.13%	8.13%

Correlation

The correlation between GLD and ^XAU is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Nov 19, 2004	0.74

The correlation between GLD and ^XAU has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

Return for Risk

GLD vs. ^XAU — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 32
GLD Sharpe Ratio Rank: 32
GLD Sortino Ratio Rank: 29
GLD Omega Ratio Rank: 35
GLD Calmar Ratio Rank: 33
GLD Martin Ratio Rank: 28

^XAU

^XAU Risk / Return Rank: 55
^XAU Sharpe Ratio Rank: 58
^XAU Sortino Ratio Rank: 50
^XAU Omega Ratio Rank: 56
^XAU Calmar Ratio Rank: 59
^XAU Martin Ratio Rank: 50

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.

GLD vs. ^XAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Philadelphia Gold and Silver Index (^XAU). 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.

	GLD	^XAU	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.72	-0.51
Sortino ratio: Return per unit of downside risk	1.60	2.07	-0.47
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio: Return relative to maximum drawdown	1.68	2.54	-0.86
Martin ratio: Return relative to average drawdown	4.15	6.61	-2.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLD vs. ^XAU - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 1.21, which is comparable to the ^XAU Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of GLD and ^XAU, 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

	GLD	^XAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	1.72	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	0.48	+0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.41	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.07	+0.53

Drawdowns

GLD vs. ^XAU - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum ^XAU drawdown of -83.04%. Use the drawdown chart below to compare losses from any high point for GLD and ^XAU.

Drawdown Indicators

	GLD	^XAU	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-83.04%	+37.48%
Max Drawdown (1Y) Largest decline over 1 year	-19.21%	-30.21%	+11.00%
Max Drawdown (3Y) Largest decline over 3 years	-19.21%	-30.21%	+11.00%
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	-45.52%	+24.49%
Max Drawdown (10Y) Largest decline over 10 years	-22.00%	-45.52%	+23.52%
Current Drawdown Current decline from peak	-17.75%	-23.86%	+6.11%
Average Drawdown Average peak-to-trough decline	-16.16%	-39.76%	+23.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.73%	11.58%	-3.85%

Volatility

GLD vs. ^XAU - Volatility Comparison

The current volatility for SPDR Gold Shares (GLD) is 5.51%, while Philadelphia Gold and Silver Index (^XAU) has a volatility of 15.10%. This indicates that GLD experiences smaller price fluctuations and is considered to be less risky than ^XAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLD	^XAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	15.10%	-9.59%
Volatility (6M) Calculated over the trailing 6-month period	23.16%	36.43%	-13.27%
Volatility (1Y) Calculated over the trailing 1-year period	26.61%	44.50%	-17.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.00%	36.17%	-18.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	36.28%	-20.33%

Frequently Asked Questions

Can I hold both GLD and ^XAU in my portfolio?

GLD and ^XAU have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLD or ^XAU?

^XAU has higher volatility (15.10%) compared to GLD (5.51%). In terms of maximum drawdown, GLD dropped -45.56% vs ^XAU's -83.04%.

Which has better risk-adjusted returns?

^XAU currently has the higher Sharpe Ratio (1.72 vs 1.21), 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.