GLD vs. FSMD

Last updated Jun 16, 2026

GLD (SPDR Gold Shares) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. Both are passively managed. Over the past 5 years, GLD returned 18.31%/yr vs 10.41%/yr for FSMD. At a 0.09 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.29%/yr for FSMD.

Performance

GLD vs. FSMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLD achieves a 0.06% return, which is significantly lower than FSMD's 18.15% return.

GLD

• 1D: 2.59%
• 1M: -4.97%
• YTD: 0.06%
• 6M: 0.19%
• 1Y: 25.38%
• 3Y*: 29.73%
• 5Y*: 18.31%
• 10Y*: 12.33%

FSMD

• 1D: 0.48%
• 1M: 6.83%
• YTD: 18.15%
• 6M: 16.30%
• 1Y: 30.28%
• 3Y*: 17.72%
• 5Y*: 10.41%
• 10Y*: —

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

GLD vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GLD SPDR Gold Shares	0.06%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	14.60%
FSMD Fidelity Small-Mid Multifactor ETF	18.15%	8.70%	15.18%	17.37%	-11.15%	26.40%	8.94%	8.81%

Correlation

The correlation between GLD and FSMD is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Feb 28, 2019	0.09

The correlation between GLD and FSMD shifts across timeframes, from 0.09 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GLD vs. FSMD — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 27
GLD Sharpe Ratio Rank: 28
GLD Sortino Ratio Rank: 26
GLD Omega Ratio Rank: 31
GLD Calmar Ratio Rank: 24
GLD Martin Ratio Rank: 24

FSMD

FSMD Risk / Return Rank: 69
FSMD Sharpe Ratio Rank: 65
FSMD Sortino Ratio Rank: 68
FSMD Omega Ratio Rank: 62
FSMD Calmar Ratio Rank: 77
FSMD Martin Ratio Rank: 75

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. FSMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Fidelity Small-Mid Multifactor ETF (FSMD). 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	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.95	-1.02
Sortino ratio: Return per unit of downside risk	1.30	2.80	-1.51
Omega ratio: Gain probability vs. loss probability	1.19	1.34	-0.15
Calmar ratio: Return relative to maximum drawdown	1.04	3.61	-2.56
Martin ratio: Return relative to average drawdown	2.97	12.98	-10.01

GLD vs. FSMD - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 0.93, which is lower than the FSMD Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of GLD and FSMD, 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. FSMD - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, which is greater than FSMD's maximum drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for GLD and FSMD.

Drawdown Indicators

	GLD	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-40.67%	-4.89%
Max Drawdown (1Y) Largest decline over 1 year	-24.46%	-8.44%	-16.02%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	-22.16%	-2.30%
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	-22.16%	-2.30%
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	—	—
Current Drawdown Current decline from peak	-20.03%	0.00%	-20.03%
Average Drawdown Average peak-to-trough decline	-16.16%	-5.98%	-10.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.59%	2.34%	+6.25%

Volatility

GLD vs. FSMD - Volatility Comparison

SPDR Gold Shares (GLD) has a higher volatility of 8.37% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 5.15%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLD	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.37%	5.15%	+3.22%
Volatility (6M) Calculated over the trailing 6-month period	24.21%	11.81%	+12.40%
Volatility (1Y) Calculated over the trailing 1-year period	27.49%	15.64%	+11.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	18.55%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.10%	21.42%	-5.32%

GLD vs. FSMD - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is higher than FSMD's 0.29% expense ratio.

Dividends

GLD vs. FSMD - Dividend Comparison

GLD has not paid dividends to shareholders, while FSMD's dividend yield for the trailing twelve months is around 1.18%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	1.18%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLD and FSMD in my portfolio?

GLD and FSMD have a correlation of 0.23, 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 FSMD?

GLD has higher volatility (8.37%) compared to FSMD (5.15%). In terms of maximum drawdown, GLD dropped -45.56% vs FSMD's -40.67%.

Which ETF is better, GLD or FSMD?

On 5-year performance, GLD leads with 18.31% vs 10.41% for FSMD. On fees, FSMD is cheaper at 0.29% per year. On volatility, FSMD has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLD or FSMD?

Over the 5-year period, GLD has performed better with a 18.31% return vs 10.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLD or FSMD?

FSMD is cheaper with a 0.29% expense ratio, compared with 0.40% for GLD.

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

FSMD has the higher dividend yield at 1.18%, compared with 0.00% for GLD.

What is the main difference between GLD and FSMD?

GLD is categorized as Gold, while FSMD is Small Cap Growth Equities. GLD tracks LBMA Gold Price PM, while FSMD tracks Fidelity Small-Mid Multifactor Index. They also come from different issuers: State Street and Fidelity. Their fees differ too: 0.40% for GLD and 0.29% for FSMD.

Which has better risk-adjusted returns?

FSMD currently has the higher Sharpe Ratio (1.95 vs 0.93), 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.