GLD vs. IEUR

Last updated Jun 9, 2026

GLD (SPDR Gold Shares) and IEUR (iShares Core MSCI Europe ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while IEUR is a Europe Equities fund tracking the MSCI Europe Investable Market Index. Both are passively managed. Over the past 10 years, GLD returned 12.56%/yr vs 9.48%/yr for IEUR. At a 0.17 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.09%/yr for IEUR.

Performance

GLD vs. IEUR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and iShares Core MSCI Europe ETF (IEUR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLD achieves a 0.24% return, which is significantly lower than IEUR's 5.20% return. Over the past 10 years, GLD has outperformed IEUR with an annualized return of 12.56%, while IEUR has yielded a comparatively lower 9.48% annualized return.

GLD

• 1D: 0.26%
• 1M: -8.41%
• YTD: 0.24%
• 6M: 3.07%
• 1Y: 30.18%
• 3Y*: 29.71%
• 5Y*: 17.55%
• 10Y*: 12.56%

IEUR

• 1D: 0.42%
• 1M: -0.67%
• YTD: 5.20%
• 6M: 8.43%
• 1Y: 15.73%
• 3Y*: 15.95%
• 5Y*: 7.85%
• 10Y*: 9.48%

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

GLD vs. IEUR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLD SPDR Gold Shares	0.24%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%
IEUR iShares Core MSCI Europe ETF	5.20%	35.67%	1.40%	19.71%	-15.90%	16.71%	5.31%	24.95%	-14.86%	26.70%

Correlation

The correlation between GLD and IEUR is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Jun 13, 2014	0.17

The correlation between GLD and IEUR shifts across timeframes, from 0.17 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.

GLD vs. IEUR - Sectors Allocation Comparison

Sectors	GLD	IEUR
Basic Materials	100.0%	5.8%
Communication Services	-	3.8%
Consumer Cyclical	-	6.9%
Consumer Defensive	-	8.0%
Energy	-	5.3%
Financial Services	-	22.5%
Healthcare	-	12.5%
Industrials	-	20.4%
Real Estate	-	1.6%
Technology	-	8.4%
Utilities	-	4.8%

Return for Risk

GLD vs. IEUR — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 33
GLD Sharpe Ratio Rank: 34
GLD Sortino Ratio Rank: 31
GLD Omega Ratio Rank: 38
GLD Calmar Ratio Rank: 34
GLD Martin Ratio Rank: 29

IEUR

IEUR Risk / Return Rank: 31
IEUR Sharpe Ratio Rank: 31
IEUR Sortino Ratio Rank: 31
IEUR Omega Ratio Rank: 30
IEUR Calmar Ratio Rank: 29
IEUR Martin Ratio Rank: 35

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. IEUR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and iShares Core MSCI Europe ETF (IEUR). 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	IEUR	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.02	+0.11
Sortino ratio: Return per unit of downside risk	1.51	1.52	0.00
Omega ratio: Gain probability vs. loss probability	1.23	1.18	+0.05
Calmar ratio: Return relative to maximum drawdown	1.51	1.31	+0.20
Martin ratio: Return relative to average drawdown	3.78	4.91	-1.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLD vs. IEUR - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 1.13, which is comparable to the IEUR Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of GLD and IEUR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GLD	IEUR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	1.02	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	0.44	+0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.51	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.35	+0.25

Drawdowns

GLD vs. IEUR - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, which is greater than IEUR's maximum drawdown of -36.96%. Use the drawdown chart below to compare losses from any high point for GLD and IEUR.

Drawdown Indicators

	GLD	IEUR	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-36.96%	-8.60%
Max Drawdown (1Y) Largest decline over 1 year	-20.10%	-12.04%	-8.06%
Max Drawdown (3Y) Largest decline over 3 years	-20.10%	-14.25%	-5.85%
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	-32.75%	+11.72%
Max Drawdown (10Y) Largest decline over 10 years	-22.00%	-36.96%	+14.96%
Current Drawdown Current decline from peak	-19.89%	-2.71%	-17.18%
Average Drawdown Average peak-to-trough decline	-16.16%	-8.22%	-7.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.01%	3.21%	+4.80%

Volatility

GLD vs. IEUR - Volatility Comparison

SPDR Gold Shares (GLD) has a higher volatility of 5.68% compared to iShares Core MSCI Europe ETF (IEUR) at 4.80%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than IEUR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLD	IEUR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	4.80%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	23.47%	12.95%	+10.52%
Volatility (1Y) Calculated over the trailing 1-year period	26.87%	15.50%	+11.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.07%	17.75%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.99%	18.69%	-2.70%

GLD vs. IEUR - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is higher than IEUR's 0.09% expense ratio.

Dividends

GLD vs. IEUR - Dividend Comparison

GLD has not paid dividends to shareholders, while IEUR's dividend yield for the trailing twelve months is around 2.83%.

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%
IEUR iShares Core MSCI Europe ETF	2.83%	2.97%	3.54%	3.17%	3.05%	2.88%	2.13%	3.26%	3.76%	2.64%	3.19%	2.79%

Frequently Asked Questions

Can I hold both GLD and IEUR in my portfolio?

GLD and IEUR have a correlation of 0.36, 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 IEUR?

GLD has higher volatility (5.68%) compared to IEUR (4.80%). In terms of maximum drawdown, GLD dropped -45.56% vs IEUR's -36.96%.

Which ETF is better, GLD or IEUR?

On 10-year performance, GLD leads with 12.56% vs 9.48% for IEUR. On fees, IEUR is cheaper at 0.09% per year. On volatility, IEUR has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLD or IEUR?

Over the 10-year period, GLD has performed better with a 12.56% return vs 9.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLD or IEUR?

IEUR is cheaper with a 0.09% expense ratio, compared with 0.40% for GLD.

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

IEUR has the higher dividend yield at 2.83%, compared with 0.00% for GLD.

What is the main difference between GLD and IEUR?

GLD is categorized as Gold, while IEUR is Europe Equities. GLD tracks LBMA Gold Price PM, while IEUR tracks MSCI Europe Investable Market Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GLD and 0.09% for IEUR.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (1.13 vs 1.02), 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.