GLD vs. MOAT

Last updated Jun 9, 2026

GLD (SPDR Gold Shares) and MOAT (VanEck Morningstar Wide Moat ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index. Both are passively managed. Over the past 10 years, GLD returned 12.56%/yr vs 13.45%/yr for MOAT. At a 0.05 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.47%/yr for MOAT.

Performance

GLD vs. MOAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and VanEck Morningstar Wide Moat ETF (MOAT). 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 higher than MOAT's -1.74% return. Over the past 10 years, GLD has underperformed MOAT with an annualized return of 12.56%, while MOAT has yielded a comparatively higher 13.45% 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%

MOAT

• 1D: -0.28%
• 1M: 0.23%
• YTD: -1.74%
• 6M: -1.13%
• 1Y: 13.15%
• 3Y*: 10.81%
• 5Y*: 7.70%
• 10Y*: 13.45%

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

GLD vs. MOAT - 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%
MOAT VanEck Morningstar Wide Moat ETF	-1.74%	13.20%	10.73%	31.89%	-13.66%	24.12%	14.84%	34.79%	-1.28%	23.18%

Correlation

The correlation between GLD and MOAT is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 25, 2012	0.05

The correlation between GLD and MOAT shifts across timeframes, from 0.05 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.

GLD vs. MOAT - Sectors Allocation Comparison

Sectors	GLD	MOAT
Basic Materials	100.0%	-
Communication Services	-	2.4%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	17.5%
Energy	-	-
Financial Services	-	6.7%
Healthcare	-	16.0%
Industrials	-	13.5%
Real Estate	-	0.8%
Technology	-	32.8%
Utilities	-	-

Return for Risk

GLD vs. MOAT — 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

MOAT

MOAT Risk / Return Rank: 27
MOAT Sharpe Ratio Rank: 29
MOAT Sortino Ratio Rank: 29
MOAT Omega Ratio Rank: 27
MOAT Calmar Ratio Rank: 25
MOAT Martin Ratio Rank: 26

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. MOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and VanEck Morningstar Wide Moat ETF (MOAT). 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	MOAT	Difference
Sharpe ratio: Return per unit of total volatility	1.13	0.95	+0.18
Sortino ratio: Return per unit of downside risk	1.51	1.45	+0.06
Omega ratio: Gain probability vs. loss probability	1.23	1.17	+0.06
Calmar ratio: Return relative to maximum drawdown	1.51	1.06	+0.45
Martin ratio: Return relative to average drawdown	3.78	3.29	+0.49
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. MOAT - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 1.13, which is comparable to the MOAT Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of GLD and MOAT, 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	MOAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	0.95	+0.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	0.43	+0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	0.72	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.77	-0.18

Drawdowns

GLD vs. MOAT - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, which is greater than MOAT's maximum drawdown of -33.31%. Use the drawdown chart below to compare losses from any high point for GLD and MOAT.

Drawdown Indicators

	GLD	MOAT	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-33.31%	-12.25%
Max Drawdown (1Y) Largest decline over 1 year	-20.10%	-12.43%	-7.67%
Max Drawdown (3Y) Largest decline over 3 years	-20.10%	-21.44%	+1.34%
Max Drawdown (5Y) Largest decline over 5 years	-21.03%	-23.96%	+2.93%
Max Drawdown (10Y) Largest decline over 10 years	-22.00%	-33.31%	+11.31%
Current Drawdown Current decline from peak	-19.89%	-5.49%	-14.40%
Average Drawdown Average peak-to-trough decline	-16.16%	-3.83%	-12.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.01%	4.01%	+4.00%

Volatility

GLD vs. MOAT - Volatility Comparison

SPDR Gold Shares (GLD) has a higher volatility of 5.68% compared to VanEck Morningstar Wide Moat ETF (MOAT) at 4.01%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than MOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLD	MOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.68%	4.01%	+1.67%
Volatility (6M) Calculated over the trailing 6-month period	23.47%	9.90%	+13.57%
Volatility (1Y) Calculated over the trailing 1-year period	26.87%	13.90%	+12.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.07%	18.19%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.99%	18.69%	-2.70%

GLD vs. MOAT - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is lower than MOAT's 0.47% expense ratio.

Dividends

GLD vs. MOAT - Dividend Comparison

GLD has not paid dividends to shareholders, while MOAT's dividend yield for the trailing twelve months is around 1.38%.

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%
MOAT VanEck Morningstar Wide Moat ETF	1.38%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%

Frequently Asked Questions

Can I hold both GLD and MOAT in my portfolio?

GLD and MOAT have a correlation of 0.19, 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 MOAT?

GLD has higher volatility (5.68%) compared to MOAT (4.01%). In terms of maximum drawdown, GLD dropped -45.56% vs MOAT's -33.31%.

Which ETF is better, GLD or MOAT?

On 10-year performance, MOAT leads with 13.45% vs 12.56% for GLD. On fees, GLD is cheaper at 0.40% per year. On volatility, MOAT has been the lower-risk option at 4.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLD or MOAT?

Over the 10-year period, MOAT has performed better with a 13.45% return vs 12.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLD or MOAT?

GLD is cheaper with a 0.40% expense ratio, compared with 0.47% for MOAT.

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

MOAT has the higher dividend yield at 1.38%, compared with 0.00% for GLD.

What is the main difference between GLD and MOAT?

GLD is categorized as Gold, while MOAT is Large Cap Blend Equities. GLD tracks LBMA Gold Price PM, while MOAT tracks Morningstar Wide Moat Focus Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.40% for GLD and 0.47% for MOAT.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (1.13 vs 0.95), 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.