GLD vs. FEZ
GLD (SPDR Gold Shares) and FEZ (State Street SPDR EURO STOXX 50 ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index. Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs 11.34%/yr for FEZ. At a 0.18 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.29%/yr for FEZ.
Performance
GLD vs. FEZ - 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 FEZ's 7.29% return. Over the past 10 years, GLD has outperformed FEZ with an annualized return of 12.15%, while FEZ has yielded a comparatively lower 11.34% 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%
FEZ
- 1D
- 0.09%
- 1M
- 6.20%
- YTD
- 7.29%
- 6M
- 8.07%
- 1Y
- 19.95%
- 3Y*
- 17.98%
- 5Y*
- 10.21%
- 10Y*
- 11.34%
GLD vs. FEZ - 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% |
FEZ State Street SPDR EURO STOXX 50 ETF | 7.29% | 37.81% | 3.57% | 27.16% | -14.27% | 14.84% | 4.84% | 26.04% | -15.85% | 24.80% |
Correlation
The correlation between GLD and FEZ is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004 | 0.18 |
The correlation between GLD and FEZ shifts across timeframes, from 0.18 (10 years) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GLD vs. FEZ — Risk / Return Rank
GLD
FEZ
GLD vs. FEZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and State Street SPDR EURO STOXX 50 ETF (FEZ). 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 | FEZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.17 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 1.29 | -0.32 |
| Martin ratioReturn relative to average drawdown | 2.81 | 4.40 | -1.59 |
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Drawdowns
GLD vs. FEZ - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum FEZ drawdown of -64.21%. Use the drawdown chart below to compare losses from any high point for GLD and FEZ.
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Drawdown Indicators
| GLD | FEZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -64.21% | +18.65% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -13.63% | -10.83% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -15.85% | -8.61% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -35.05% | +10.59% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -39.69% | +15.23% |
Current DrawdownCurrent decline from peak | -22.05% | -0.37% | -21.68% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -17.05% | +0.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 4.01% | +4.48% |
Volatility
GLD vs. FEZ - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 7.79% compared to State Street SPDR EURO STOXX 50 ETF (FEZ) at 6.57%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLD | FEZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 6.57% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 15.48% | +8.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 18.45% | +8.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 20.70% | -2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 21.11% | -5.03% |
GLD vs. FEZ - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is higher than FEZ's 0.29% expense ratio.
Dividends
GLD vs. FEZ - Dividend Comparison
GLD has not paid dividends to shareholders, while FEZ's dividend yield for the trailing twelve months is around 2.52%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FEZ State Street SPDR EURO STOXX 50 ETF | 2.52% | 2.78% | 2.94% | 2.75% | 3.06% | 2.61% | 2.13% | 2.61% | 3.45% | 2.44% | 3.35% | 3.03% |
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 FEZ have a correlation of 0.32, 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 FEZ (6.57%). In terms of maximum drawdown, GLD dropped -45.56% vs FEZ's -64.21%.
On 10-year performance, GLD leads with 12.15% vs 11.34% for FEZ. On fees, FEZ is cheaper at 0.29% per year. On volatility, FEZ has been the lower-risk option at 6.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.15% return vs 11.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FEZ is cheaper with a 0.29% expense ratio, compared with 0.40% for GLD.
FEZ has the higher dividend yield at 2.52%, compared with 0.00% for GLD.
GLD is categorized as Gold, while FEZ is Europe Equities. GLD tracks LBMA Gold Price PM, while FEZ tracks EURO STOXX 50 Index. Their fees differ too: 0.40% for GLD and 0.29% for FEZ.
FEZ currently has the higher Sharpe Ratio (0.96 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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