GLD vs. ^XAU

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR Gold Shares (GLD) and Philadelphia Gold and Silver Index (^XAU).

GLD is a passively managed fund by State Street that tracks the performance of the LBMA Gold Price PM. It was launched on Nov 18, 2004.

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.

GLD vs. ^XAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLD SPDR Gold Shares	10.47%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%
^XAU Philadelphia Gold and Silver Index	13.79%	149.51%	9.14%	4.00%	-8.75%	-8.14%	34.86%	51.32%	-17.13%	8.13%

Returns By Period

In the year-to-date period, GLD achieves a 10.47% return, which is significantly lower than ^XAU's 13.79% return. Over the past 10 years, GLD has underperformed ^XAU with an annualized return of 14.11%, while ^XAU has yielded a comparatively higher 18.77% annualized return.

GLD

• 1D: 1.75%
• 1M: -10.65%
• YTD: 10.47%
• 6M: 22.97%
• 1Y: 52.25%
• 3Y*: 33.69%
• 5Y*: 22.00%
• 10Y*: 14.11%

^XAU

• 1D: 4.08%
• 1M: -17.00%
• YTD: 13.79%
• 6M: 29.50%
• 1Y: 119.66%
• 3Y*: 43.63%
• 5Y*: 22.72%
• 10Y*: 18.77%

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

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: 85
GLD Sharpe Ratio Rank: 88
GLD Sortino Ratio Rank: 84
GLD Omega Ratio Rank: 85
GLD Calmar Ratio Rank: 86
GLD Martin Ratio Rank: 84

^XAU

^XAU Risk / Return Rank: 96
^XAU Sharpe Ratio Rank: 97
^XAU Sortino Ratio Rank: 97
^XAU Omega Ratio Rank: 96
^XAU Calmar Ratio Rank: 95
^XAU Martin Ratio Rank: 95

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	1.89	2.66	-0.77
Sortino ratio Return per unit of downside risk	2.31	2.76	-0.45
Omega ratio Gain probability vs. loss probability	1.35	1.41	-0.06
Calmar ratio Return relative to maximum drawdown	2.70	3.97	-1.26
Martin ratio Return relative to average drawdown	9.90	14.42	-4.52
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 1.89, which is comparable to the ^XAU Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of GLD and ^XAU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GLD	^XAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.66	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.25	0.64	+0.60
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.51	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.08	+0.55

Correlation

The correlation between GLD and ^XAU is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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 (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	-11.71%	-17.20%	+5.49%
Average Drawdown Average peak-to-trough decline	-16.17%	-39.84%	+23.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.25%	8.31%	-3.06%

Volatility

GLD vs. ^XAU - Volatility Comparison

The current volatility for SPDR Gold Shares (GLD) is 10.48%, while Philadelphia Gold and Silver Index (^XAU) has a volatility of 16.56%. 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	10.48%	16.56%	-6.08%
Volatility (6M) Calculated over the trailing 6-month period	24.34%	37.63%	-13.29%
Volatility (1Y) Calculated over the trailing 1-year period	27.81%	45.31%	-17.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.75%	35.68%	-17.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.88%	36.62%	-20.74%