GLD vs. ENGW.L

Last updated Jun 12, 2026

GLD (SPDR Gold Shares) and ENGW.L (SPDR MSCI World Energy UCITS ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while ENGW.L is a Energy Equities fund tracking the MSCI World/Energy NR USD. Both are passively managed. Over the past 10 years, GLD returned 12.16%/yr vs 5.56%/yr for ENGW.L. At a 0.16 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.30%/yr for ENGW.L.

Performance

GLD vs. ENGW.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and SPDR MSCI World Energy UCITS ETF (ENGW.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GLD is traded in USD, while ENGW.L is traded in GBP. To make them comparable, the ENGW.L values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLD achieves a -2.52% return, which is significantly lower than ENGW.L's 29.17% return. Over the past 10 years, GLD has outperformed ENGW.L with an annualized return of 12.16%, while ENGW.L has yielded a comparatively lower 5.56% annualized return.

GLD

• 1D: 3.13%
• 1M: -10.77%
• YTD: -2.52%
• 6M: -1.76%
• 1Y: 25.28%
• 3Y*: 28.54%
• 5Y*: 17.06%
• 10Y*: 12.16%

ENGW.L

• 1D: 0.00%
• 1M: 0.33%
• YTD: 29.17%
• 6M: 29.05%
• 1Y: 41.79%
• 3Y*: 18.04%
• 5Y*: 10.79%
• 10Y*: 5.56%

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

GLD vs. ENGW.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLD SPDR Gold Shares	-2.52%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%
ENGW.L SPDR MSCI World Energy UCITS ETF	29.17%	15.28%	1.82%	3.10%	7.85%	39.21%	-28.99%	15.83%	-20.56%	15.25%

Correlation

The correlation between GLD and ENGW.L is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011	0.16

Return for Risk

GLD vs. ENGW.L — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 29
GLD Sharpe Ratio Rank: 31
GLD Sortino Ratio Rank: 28
GLD Omega Ratio Rank: 34
GLD Calmar Ratio Rank: 26
GLD Martin Ratio Rank: 27

ENGW.L

ENGW.L Risk / Return Rank: 69
ENGW.L Sharpe Ratio Rank: 76
ENGW.L Sortino Ratio Rank: 64
ENGW.L Omega Ratio Rank: 74
ENGW.L Calmar Ratio Rank: 70
ENGW.L Martin Ratio Rank: 63

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. ENGW.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and SPDR MSCI World Energy UCITS ETF (ENGW.L). 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	ENGW.L	Difference
Sharpe ratio: Return per unit of total volatility	0.93	2.03	-1.10
Sortino ratio: Return per unit of downside risk	1.29	2.57	-1.27
Omega ratio: Gain probability vs. loss probability	1.19	1.35	-0.16
Calmar ratio: Return relative to maximum drawdown	1.04	3.37	-2.33
Martin ratio: Return relative to average drawdown	3.02	11.16	-8.13

GLD vs. ENGW.L - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 0.93, which is lower than the ENGW.L Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of GLD and ENGW.L, 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

GLD vs. ENGW.L - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum ENGW.L drawdown of -79.21%. Use the drawdown chart below to compare losses from any high point for GLD and ENGW.L.

Drawdown Indicators

	GLD	ENGW.L	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-79.21%	+33.65%
Max Drawdown (1Y) Largest decline over 1 year	-24.46%	-12.46%	-12.00%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	-18.79%	-5.67%
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	-35.50%	+11.04%
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	-70.27%	+45.81%
Current Drawdown Current decline from peak	-22.10%	-6.85%	-15.25%
Average Drawdown Average peak-to-trough decline	-16.16%	-34.12%	+17.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.38%	3.76%	+4.62%

Volatility

GLD vs. ENGW.L - Volatility Comparison

SPDR Gold Shares (GLD) has a higher volatility of 7.77% compared to SPDR MSCI World Energy UCITS ETF (ENGW.L) at 6.43%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than ENGW.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLD	ENGW.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.77%	6.43%	+1.34%
Volatility (6M) Calculated over the trailing 6-month period	24.10%	17.87%	+6.23%
Volatility (1Y) Calculated over the trailing 1-year period	27.37%	20.70%	+6.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.23%	26.66%	-8.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	29.32%	-13.24%

GLD vs. ENGW.L - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is higher than ENGW.L's 0.30% expense ratio.

Dividends

GLD vs. ENGW.L - Dividend Comparison

Neither GLD nor ENGW.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLD and ENGW.L in my portfolio?

GLD and ENGW.L have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLD or ENGW.L?

On fees, ENGW.L is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLD or ENGW.L?

ENGW.L is cheaper with a 0.30% expense ratio, compared with 0.40% for GLD.

What is the main difference between GLD and ENGW.L?

GLD is categorized as Gold, while ENGW.L is Energy Equities. GLD tracks LBMA Gold Price PM, while ENGW.L tracks MSCI World/Energy NR USD. Their fees differ too: 0.40% for GLD and 0.30% for ENGW.L.