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GLD vs. IJR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GLD vs. IJR

Last updated Jun 13, 2026

GLD (SPDR Gold Shares) and IJR (iShares Core S&P Small-Cap ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while IJR is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index. Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs 11.16%/yr for IJR. At a 0.07 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.06%/yr for IJR.

Performance

GLD vs. IJR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and iShares Core S&P Small-Cap ETF (IJR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GLD achieves a -2.47% return, which is significantly lower than IJR's 19.73% return. Over the past 10 years, GLD has outperformed IJR with an annualized return of 12.15%, while IJR has yielded a comparatively lower 11.16% annualized return.

GLD

1D
0.06%
1M
-10.21%
YTD
-2.47%
6M
-2.25%
1Y
23.81%
3Y*
28.89%
5Y*
17.08%
10Y*
12.15%

IJR

1D
0.97%
1M
6.20%
YTD
19.73%
6M
16.47%
1Y
34.35%
3Y*
14.75%
5Y*
6.25%
10Y*
11.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GLD vs. IJR - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GLD
SPDR Gold Shares		-2.47%63.68%26.66%12.69%-0.77%-4.15%24.81%17.86%-1.94%12.81%
IJR
iShares Core S&P Small-Cap ETF		19.73%5.89%8.63%16.06%-16.20%26.58%11.28%22.82%-8.51%13.15%

Correlation

The correlation between GLD and IJR is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.21

Correlation (3Y)
Calculated over the trailing 3-year period

0.17

Correlation (5Y)
Calculated over the trailing 5-year period

0.13

Correlation (10Y)
Calculated over the trailing 10-year period

0.04

Correlation (All Time)
Calculated using the full available price history since Nov 18, 2004

0.07

The correlation between GLD and IJR shifts across timeframes, from 0.04 (10 years) to 0.21 (1 year), reflecting how their relationship changes across market environments.

GLD vs. IJR - Sectors Allocation Comparison

Sectors
GLD
IJR

Basic Materials

100.0%
5.1%

Communication Services

-

3.6%

Consumer Cyclical

-

13.4%

Consumer Defensive

-

3.5%

Energy

-

5.9%

Financial Services

-

16.8%

Healthcare

-

11.1%

Industrials

-

15.5%

Real Estate

-

7.6%

Technology

-

15.5%

Utilities

-

2.0%

Basic Materials

GLD
100.0%
IJR
5.1%

Communication Services

GLD

-

IJR
3.6%

Consumer Cyclical

GLD

-

IJR
13.4%

Consumer Defensive

GLD

-

IJR
3.5%

Energy

GLD

-

IJR
5.9%

Financial Services

GLD

-

IJR
16.8%

Healthcare

GLD

-

IJR
11.1%

Industrials

GLD

-

IJR
15.5%

Real Estate

GLD

-

IJR
7.6%

Technology

GLD

-

IJR
15.5%

Utilities

GLD

-

IJR
2.0%

Compare stocks, funds, or ETFs

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SPDR Gold Shares

iShares Core S&P Small-Cap ETF

Often compared with GLD:
GLD vs. IAUGLD vs. SPYGLD vs. SLVGLD vs. GOLDGLD vs. GDXGLD vs. GLDMGLD vs. SGOL
Often compared with IJR:
IJR vs. IWMIJR vs. VBIJR vs. AVUVIJR vs. IJSIJR vs. IJHIJR vs. SCHAIJR vs. VBR

Return for Risk

GLD vs. IJR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GLD
GLD Risk / Return Rank: 2626
Overall Rank
GLD Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
GLD Sortino Ratio Rank: 2525
Sortino Ratio Rank
GLD Omega Ratio Rank: 3030
Omega Ratio Rank
GLD Calmar Ratio Rank: 2424
Calmar Ratio Rank
GLD Martin Ratio Rank: 2424
Martin Ratio Rank
IJR
IJR Risk / Return Rank: 7474
Overall Rank
IJR Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
IJR Sortino Ratio Rank: 7272
Sortino Ratio Rank
IJR Omega Ratio Rank: 6464
Omega Ratio Rank
IJR Calmar Ratio Rank: 8484
Calmar Ratio Rank
IJR Martin Ratio Rank: 7979
Martin Ratio Rank
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. IJR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and iShares Core S&P Small-Cap ETF (IJR). 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.

GLDIJRDifference
Sharpe ratioReturn per unit of total volatility
0.87
1.94

-1.07

Sortino ratioReturn per unit of downside risk
1.24
2.80

-1.56

Omega ratioGain probability vs. loss probability

1.18

1.33

-0.15

Calmar ratioReturn relative to maximum drawdown

0.98

3.97

-3.00

Martin ratioReturn relative to average drawdown

2.81

13.35

-10.54

GLD vs. IJR - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 0.87, which is lower than the IJR Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of GLD and IJR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GLD vs. IJR - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum IJR drawdown of -58.15%. Use the drawdown chart below to compare losses from any high point for GLD and IJR.

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Drawdown Indicators

GLDIJRDifference

Max Drawdown

Largest peak-to-trough decline

-45.56%

-58.15%

+12.59%

Max Drawdown (1Y)

Largest decline over 1 year

-24.46%

-8.68%

-15.78%

Max Drawdown (3Y)

Largest decline over 3 years

-24.46%

-28.02%

+3.56%

Max Drawdown (5Y)

Largest decline over 5 years

-24.46%

-28.02%

+3.56%

Max Drawdown (10Y)

Largest decline over 10 years

-24.46%

-44.36%

+19.90%

Current Drawdown

Current decline from peak

-22.05%

0.00%

-22.05%

Average Drawdown

Average peak-to-trough decline

-16.16%

-9.27%

-6.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.49%

2.59%

+5.90%

Volatility

GLD vs. IJR - Volatility Comparison

SPDR Gold Shares (GLD) has a higher volatility of 7.79% compared to iShares Core S&P Small-Cap ETF (IJR) at 5.18%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than IJR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GLDIJRDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.79%

5.18%

+2.61%

Volatility (6M)

Calculated over the trailing 6-month period

24.10%

11.97%

+12.13%

Volatility (1Y)

Calculated over the trailing 1-year period

27.37%

17.76%

+9.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.22%

21.43%

-3.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.08%

22.92%

-6.84%

GLD vs. IJR - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is higher than IJR's 0.06% expense ratio.

Dividends

GLD vs. IJR - Dividend Comparison

GLD has not paid dividends to shareholders, while IJR's dividend yield for the trailing twelve months is around 1.11%.

PositionTTM20252024202320222021202020192018201720162015
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%
IJR
iShares Core S&P Small-Cap ETF		1.11%1.44%2.05%1.31%1.41%1.53%1.11%1.44%1.58%1.20%1.22%1.48%

Frequently Asked Questions

GLD and IJR have a correlation of 0.21, 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 IJR (5.18%). In terms of maximum drawdown, GLD dropped -45.56% vs IJR's -58.15%.

On 10-year performance, GLD leads with 12.15% vs 11.16% for IJR. On fees, IJR is cheaper at 0.06% per year. On volatility, IJR has been the lower-risk option at 5.18%. 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 11.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IJR is cheaper with a 0.06% expense ratio, compared with 0.40% for GLD.

IJR has the higher dividend yield at 1.11%, compared with 0.00% for GLD.

GLD is categorized as Gold, while IJR is Small Cap Blend Equities. GLD tracks LBMA Gold Price PM, while IJR tracks S&P SmallCap 600 Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GLD and 0.06% for IJR.

IJR currently has the higher Sharpe Ratio (1.94 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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