GLD vs. DXJ
GLD (SPDR Gold Shares) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs 18.72%/yr for DXJ. At a correlation of -0.02, they often move in opposite directions. GLD charges 0.40%/yr vs 0.48%/yr for DXJ.
Performance
GLD vs. DXJ - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -2.47% return, which is significantly lower than DXJ's 18.74% return. Over the past 10 years, GLD has underperformed DXJ with an annualized return of 12.15%, while DXJ has yielded a comparatively higher 18.72% annualized return.
GLD
- 1D
- 0.06%
- 1M
- -7.37%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
DXJ
- 1D
- 0.74%
- 1M
- 0.35%
- YTD
- 18.74%
- 6M
- 19.84%
- 1Y
- 54.41%
- 3Y*
- 30.91%
- 5Y*
- 26.01%
- 10Y*
- 18.72%
GLD vs. DXJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
DXJ WisdomTree Japan Hedged Equity Fund | 18.74% | 32.78% | 29.83% | 42.04% | 5.96% | 17.99% | 3.94% | 18.94% | -19.78% | 22.81% |
Correlation
The correlation between GLD and DXJ is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Jun 16, 2006 | -0.02 |
The correlation between GLD and DXJ shifts across timeframes, from -0.08 (10 years) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GLD vs. DXJ — Risk / Return Rank
GLD
DXJ
GLD vs. DXJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and WisdomTree Japan Hedged Equity Fund (DXJ). 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.
| GLD | DXJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.15 | ||
| Sortino ratioReturn per unit of downside risk | -2.80 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.54 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 4.88 | -3.91 |
| Martin ratioReturn relative to average drawdown | 2.81 | 18.93 | -16.12 |
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Drawdowns
GLD vs. DXJ - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum DXJ drawdown of -49.63%. Use the drawdown chart below to compare losses from any high point for GLD and DXJ.
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Drawdown Indicators
| GLD | DXJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -49.63% | +4.07% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -10.98% | -13.48% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -22.19% | -2.27% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -22.19% | -2.27% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -39.14% | +14.68% |
Current DrawdownCurrent decline from peak | -22.05% | -1.34% | -20.71% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -14.32% | -1.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 2.83% | +5.66% |
Volatility
GLD vs. DXJ - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 7.79% compared to WisdomTree Japan Hedged Equity Fund (DXJ) at 4.64%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLD | DXJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 4.64% | +3.15% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 13.56% | +10.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 17.73% | +9.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 19.02% | -0.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 20.17% | -4.09% |
GLD vs. DXJ - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than DXJ's 0.48% expense ratio.
Dividends
GLD vs. DXJ - Dividend Comparison
GLD has not paid dividends to shareholders, while DXJ's dividend yield for the trailing twelve months is around 1.09%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DXJ WisdomTree Japan Hedged Equity Fund | 1.09% | 1.29% | 3.48% | 3.44% | 3.02% | 2.64% | 2.53% | 2.47% | 2.92% | 2.30% | 1.98% | 5.95% |
GLD SPDR Gold Shares | 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
GLD and DXJ have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.79%) compared to DXJ (4.64%). In terms of maximum drawdown, GLD dropped -45.56% vs DXJ's -49.63%.
On 10-year performance, DXJ leads with 18.72% vs 12.15% for GLD. On fees, GLD is cheaper at 0.40% per year. On volatility, DXJ has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DXJ has performed better with a 18.72% return vs 12.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.48% for DXJ.
DXJ has the higher dividend yield at 1.09%, compared with 0.00% for GLD.
GLD is categorized as Gold, while DXJ is Japan Equities. GLD tracks LBMA Gold Price PM, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: State Street and WisdomTree. Their fees differ too: 0.40% for GLD and 0.48% for DXJ.
DXJ currently has the higher Sharpe Ratio (3.02 vs 0.87), 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.
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