GLD vs. GLDI
GLD (SPDR Gold Shares) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) are both Gold funds - GLD tracks the LBMA Gold Price PM while GLDI tracks the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 10 years, GLD returned 11.25%/yr vs 7.51%/yr for GLDI. Their correlation of 0.85 suggests significant overlap in exposure. GLD charges 0.40%/yr vs 0.65%/yr for GLDI.
Performance
GLD vs. GLDI - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -7.67% return, which is significantly lower than GLDI's -7.25% return. Over the past 10 years, GLD has outperformed GLDI with an annualized return of 11.25%, while GLDI has yielded a comparatively lower 7.51% annualized return.
GLD
- 1D
- -3.02%
- 1M
- -11.58%
- YTD
- -7.67%
- 6M
- -11.17%
- 1Y
- 19.51%
- 3Y*
- 27.10%
- 5Y*
- 17.04%
- 10Y*
- 11.25%
GLDI
- 1D
- -2.92%
- 1M
- -9.91%
- YTD
- -7.25%
- 6M
- -8.23%
- 1Y
- 9.97%
- 3Y*
- 16.32%
- 5Y*
- 10.24%
- 10Y*
- 7.51%
GLD vs. GLDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -7.67% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | -7.25% | 34.25% | 17.76% | 8.93% | -1.11% | -3.42% | 23.50% | 14.40% | -0.54% | 8.94% |
Correlation
The correlation between GLD and GLDI is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2013 | 0.85 |
The correlation between GLD and GLDI has been stable across timeframes, ranging from 0.82 to 0.87 - a consistent structural relationship.
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Return for Risk
GLD vs. GLDI — Risk / Return Rank
GLD
GLDI
GLD vs. GLDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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 | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.09 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.14 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | 0.63 | +0.11 |
| Martin ratioReturn relative to average drawdown | 2.12 | 2.27 | -0.15 |
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Drawdowns
GLD vs. GLDI - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, which is greater than GLDI's maximum drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for GLD and GLDI.
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Drawdown Indicators
| GLD | GLDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -32.26% | -13.30% |
Max Drawdown (1Y)Largest decline over 1 year | -26.21% | -15.81% | -10.40% |
Max Drawdown (3Y)Largest decline over 3 years | -26.21% | -15.81% | -10.40% |
Max Drawdown (5Y)Largest decline over 5 years | -26.21% | -15.81% | -10.40% |
Max Drawdown (10Y)Largest decline over 10 years | -26.21% | -15.81% | -10.40% |
Current DrawdownCurrent decline from peak | -26.21% | -15.81% | -10.40% |
Average DrawdownAverage peak-to-trough decline | -16.17% | -13.99% | -2.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.24% | 4.40% | +4.84% |
Volatility
GLD vs. GLDI - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 8.58% compared to UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) at 7.64%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLD | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.58% | 7.64% | +0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 24.57% | 14.87% | +9.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.75% | 16.26% | +11.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.30% | 11.65% | +6.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.07% | 11.55% | +4.52% |
GLD vs. GLDI - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than GLDI's 0.65% expense ratio.
Dividends
GLD vs. GLDI - Dividend Comparison
GLD has not paid dividends to shareholders, while GLDI's dividend yield for the trailing twelve months is around 27.47%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | 27.47% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
Frequently Asked Questions
GLD and GLDI have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (8.58%) compared to GLDI (7.64%). In terms of maximum drawdown, GLD dropped -45.56% vs GLDI's -32.26%.
On 10-year performance, GLD leads with 11.25% vs 7.51% for GLDI. On fees, GLD is cheaper at 0.40% per year. On volatility, GLDI has been the lower-risk option at 7.64%. 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 11.25% return vs 7.51%. 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 0.65% for GLDI.
GLDI has the higher dividend yield at 27.47%, compared with 0.00% for GLD.
GLD tracks LBMA Gold Price PM, while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. They also come from different issuers: State Street and UBS. Their fees differ too: 0.40% for GLD and 0.65% for GLDI.
GLD currently has the higher Sharpe Ratio (0.71 vs 0.62), 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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