GLD vs. GLDY

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Gold Shares (GLD) and Defiance Gold Enhanced Options Income ETF (GLDY).

GLD and GLDY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GLD is a passively managed fund by State Street that tracks the performance of the LBMA Gold Price PM. It was launched on Nov 18, 2004. GLDY is an actively managed fund by Defiance. It was launched on Apr 1, 2025.

Performance

GLD vs. GLDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and Defiance Gold Enhanced Options Income ETF (GLDY). The values are adjusted to include any dividend payments, if applicable.

GLD vs. GLDY - Yearly Performance Comparison

	2026 (YTD)	2025
GLD SPDR Gold Shares	8.57%	37.53%
GLDY Defiance Gold Enhanced Options Income ETF	1.71%	15.40%

Returns By Period

In the year-to-date period, GLD achieves a 8.57% return, which is significantly higher than GLDY's 1.71% return.

GLD

• 1D: 3.79%
• 1M: -11.05%
• YTD: 8.57%
• 6M: 21.05%
• 1Y: 49.33%
• 3Y*: 32.92%
• 5Y*: 21.58%
• 10Y*: 13.92%

GLDY

• 1D: 1.38%
• 1M: -7.41%
• YTD: 1.71%
• 6M: 7.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLD vs. GLDY - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is lower than GLDY's 0.99% expense ratio.

GLDY

Defiance Gold Enhanced Options Income ETF

GLD

SPDR Gold Shares

Return for Risk

GLD vs. GLDY — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 87
GLD Sharpe Ratio Rank: 88
GLD Sortino Ratio Rank: 86
GLD Omega Ratio Rank: 86
GLD Calmar Ratio Rank: 89
GLD Martin Ratio Rank: 87

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. GLDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Defiance Gold Enhanced Options Income ETF (GLDY). 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.

	GLD	GLDY	Difference
Sharpe ratio Return per unit of total volatility	1.79	—	—
Sortino ratio Return per unit of downside risk	2.21	—	—
Omega ratio Gain probability vs. loss probability	1.33	—	—
Calmar ratio Return relative to maximum drawdown	2.68	—	—
Martin ratio Return relative to average drawdown	9.90	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	GLD	GLDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.22	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.88	-0.26

Correlation

The correlation between GLD and GLDY is 0.88, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

GLD vs. GLDY - Dividend Comparison

GLD has not paid dividends to shareholders, while GLDY's dividend yield for the trailing twelve months is around 48.03%.

	TTM	2025
GLD SPDR Gold Shares	0.00%	0.00%
GLDY Defiance Gold Enhanced Options Income ETF	48.03%	37.38%

Drawdowns

GLD vs. GLDY - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, which is greater than GLDY's maximum drawdown of -13.43%. Use the drawdown chart below to compare losses from any high point for GLD and GLDY.

Drawdown Indicators

	GLD	GLDY	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-13.43%	-32.13%
Max Drawdown (1Y) Largest decline over 1 year	-19.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.00%	—	—
Current Drawdown Current decline from peak	-13.23%	-9.56%	-3.67%
Average Drawdown Average peak-to-trough decline	-16.17%	-2.82%	-13.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.20%	—	—

Volatility

Volatility by Period

	GLD	GLDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	24.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	27.80%	19.99%	+7.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.74%	19.99%	-2.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.87%	19.99%	-4.12%