GLD vs. EUAD

Last updated Jun 14, 2026

GLD (SPDR Gold Shares) and EUAD (Select STOXX Europe Aerospace & Defense ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while EUAD is a Aerospace & Defense fund tracking the STOXX Europe Total Market Aerospace & Defense Index. Both are passively managed. Over the past year, GLD returned 22.21% vs 3.14% for EUAD. At a 0.28 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.50%/yr for EUAD.

Performance

GLD vs. EUAD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and Select STOXX Europe Aerospace & Defense ETF (EUAD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GLD having a -2.47% return and EUAD slightly higher at -2.37%.

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%

EUAD

• 1D: -0.77%
• 1M: 5.27%
• YTD: -2.37%
• 6M: -0.54%
• 1Y: 3.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLD vs. EUAD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GLD SPDR Gold Shares	-2.47%	63.68%	-3.62%
EUAD Select STOXX Europe Aerospace & Defense ETF	-2.37%	74.51%	-6.86%

Correlation

The correlation between GLD and EUAD is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Oct 22, 2024	0.28

Return for Risk

GLD vs. EUAD — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 26
GLD Sharpe Ratio Rank: 27
GLD Sortino Ratio Rank: 25
GLD Omega Ratio Rank: 30
GLD Calmar Ratio Rank: 24
GLD Martin Ratio Rank: 24

EUAD

EUAD Risk / Return Rank: 11
EUAD Sharpe Ratio Rank: 11
EUAD Sortino Ratio Rank: 11
EUAD Omega Ratio Rank: 11
EUAD Calmar Ratio Rank: 11
EUAD Martin Ratio Rank: 11

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. EUAD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Select STOXX Europe Aerospace & Defense ETF (EUAD). 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	EUAD	Difference
Sharpe ratio: Return per unit of total volatility	0.87	0.09	+0.78
Sortino ratio: Return per unit of downside risk	1.24	0.35	+0.88
Omega ratio: Gain probability vs. loss probability	1.18	1.04	+0.14
Calmar ratio: Return relative to maximum drawdown	0.98	0.13	+0.85
Martin ratio: Return relative to average drawdown	2.81	0.30	+2.51

GLD vs. EUAD - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 0.87, which is higher than the EUAD Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of GLD and EUAD, 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. EUAD - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, which is greater than EUAD's maximum drawdown of -22.04%. Use the drawdown chart below to compare losses from any high point for GLD and EUAD.

Drawdown Indicators

	GLD	EUAD	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-22.04%	-23.52%
Max Drawdown (1Y) Largest decline over 1 year	-24.46%	-22.04%	-2.42%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	—	—
Current Drawdown Current decline from peak	-22.05%	-14.81%	-7.24%
Average Drawdown Average peak-to-trough decline	-16.16%	-5.88%	-10.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.49%	9.34%	-0.85%

Volatility

GLD vs. EUAD - Volatility Comparison

The current volatility for SPDR Gold Shares (GLD) is 7.79%, while Select STOXX Europe Aerospace & Defense ETF (EUAD) has a volatility of 9.65%. This indicates that GLD experiences smaller price fluctuations and is considered to be less risky than EUAD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLD	EUAD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.79%	9.65%	-1.86%
Volatility (6M) Calculated over the trailing 6-month period	24.10%	24.40%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	27.37%	29.15%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	29.90%	-11.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	29.90%	-13.82%

GLD vs. EUAD - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is lower than EUAD's 0.50% expense ratio.

Dividends

GLD vs. EUAD - Dividend Comparison

GLD has not paid dividends to shareholders, while EUAD's dividend yield for the trailing twelve months is around 0.41%.

Position	TTM	2025	2024
EUAD Select STOXX Europe Aerospace & Defense ETF	0.41%	0.40%	0.10%
GLD SPDR Gold Shares	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLD and EUAD in my portfolio?

GLD and EUAD have a correlation of 0.31, 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 EUAD?

EUAD has higher volatility (9.65%) compared to GLD (7.79%). In terms of maximum drawdown, GLD dropped -45.56% vs EUAD's -22.04%.

Which ETF is better, GLD or EUAD?

On 1-year performance, GLD leads with 22.21% vs 3.14% for EUAD. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 7.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLD or EUAD?

Over the 1-year period, GLD has performed better with a 22.21% return vs 3.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLD or EUAD?

GLD is cheaper with a 0.40% expense ratio, compared with 0.50% for EUAD.

Which ETF pays a higher dividend yield, GLD or EUAD?

EUAD has the higher dividend yield at 0.41%, compared with 0.00% for GLD.

What is the main difference between GLD and EUAD?

GLD is categorized as Gold, while EUAD is Aerospace & Defense. GLD tracks LBMA Gold Price PM, while EUAD tracks STOXX Europe Total Market Aerospace & Defense Index. They also come from different issuers: State Street and Select Funds. Their fees differ too: 0.40% for GLD and 0.50% for EUAD.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (0.87 vs 0.09), 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.