GLD vs. MWMIX

Last updated Jun 12, 2026

GLD (SPDR Gold Shares) and MWMIX (VanEck Morningstar Wide Moat Fund) are both funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while MWMIX is a Large Cap Blend Equities fund managed by VanEck. Over the past 5 years, GLD returned 17.06%/yr vs 6.28%/yr for MWMIX. At a 0.09 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.59%/yr for MWMIX.

Performance

GLD vs. MWMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and VanEck Morningstar Wide Moat Fund (MWMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLD achieves a -2.52% return, which is significantly lower than MWMIX's -2.27% return.

GLD

• 1D: 3.13%
• 1M: -10.77%
• YTD: -2.52%
• 6M: -1.76%
• 1Y: 25.28%
• 3Y*: 28.54%
• 5Y*: 17.06%
• 10Y*: 12.16%

MWMIX

• 1D: -1.27%
• 1M: 1.37%
• YTD: -2.27%
• 6M: -3.51%
• 1Y: 10.84%
• 3Y*: 8.67%
• 5Y*: 6.28%
• 10Y*: —

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

GLD vs. MWMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLD SPDR Gold Shares	-2.52%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	2.92%
MWMIX VanEck Morningstar Wide Moat Fund	-2.27%	13.17%	10.30%	25.20%	-13.46%	24.12%	14.15%	34.85%	-1.49%	-0.52%

Correlation

The correlation between GLD and MWMIX 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	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Dec 21, 2017	0.09

The correlation between GLD and MWMIX shifts across timeframes, from 0.09 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GLD vs. MWMIX — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 29
GLD Sharpe Ratio Rank: 31
GLD Sortino Ratio Rank: 28
GLD Omega Ratio Rank: 34
GLD Calmar Ratio Rank: 26
GLD Martin Ratio Rank: 27

MWMIX

MWMIX Risk / Return Rank: 12
MWMIX Sharpe Ratio Rank: 12
MWMIX Sortino Ratio Rank: 13
MWMIX Omega Ratio Rank: 11
MWMIX Calmar Ratio Rank: 12
MWMIX Martin Ratio Rank: 12

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. MWMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and VanEck Morningstar Wide Moat Fund (MWMIX). 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	MWMIX	Difference
Sharpe ratio: Return per unit of total volatility	0.93	0.74	+0.18
Sortino ratio: Return per unit of downside risk	1.29	1.16	+0.13
Omega ratio: Gain probability vs. loss probability	1.19	1.13	+0.06
Calmar ratio: Return relative to maximum drawdown	1.04	0.83	+0.21
Martin ratio: Return relative to average drawdown	3.02	2.55	+0.47

GLD vs. MWMIX - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 0.93, which is comparable to the MWMIX Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of GLD and MWMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GLD vs. MWMIX - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, which is greater than MWMIX's maximum drawdown of -33.03%. Use the drawdown chart below to compare losses from any high point for GLD and MWMIX.

Drawdown Indicators

	GLD	MWMIX	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-33.03%	-12.53%
Max Drawdown (1Y) Largest decline over 1 year	-24.46%	-12.42%	-12.04%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	-21.66%	-2.80%
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	-23.90%	-0.56%
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	—	—
Current Drawdown Current decline from peak	-22.10%	-5.96%	-16.14%
Average Drawdown Average peak-to-trough decline	-16.16%	-4.79%	-11.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.38%	4.04%	+4.34%

Volatility

GLD vs. MWMIX - Volatility Comparison

SPDR Gold Shares (GLD) has a higher volatility of 7.77% compared to VanEck Morningstar Wide Moat Fund (MWMIX) at 4.07%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than MWMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLD	MWMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.77%	4.07%	+3.70%
Volatility (6M) Calculated over the trailing 6-month period	24.10%	9.97%	+14.13%
Volatility (1Y) Calculated over the trailing 1-year period	27.37%	13.95%	+13.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.23%	18.66%	-0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	20.46%	-4.38%

GLD vs. MWMIX - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is lower than MWMIX's 0.59% expense ratio.

Dividends

GLD vs. MWMIX - Dividend Comparison

GLD has not paid dividends to shareholders, while MWMIX's dividend yield for the trailing twelve months is around 12.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MWMIX VanEck Morningstar Wide Moat Fund	12.76%	12.47%	10.34%	0.77%	11.44%	13.44%	8.22%	10.84%	9.48%	0.26%

Frequently Asked Questions

Can I hold both GLD and MWMIX in my portfolio?

GLD and MWMIX 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.

Which is riskier, GLD or MWMIX?

GLD has higher volatility (7.77%) compared to MWMIX (4.07%). In terms of maximum drawdown, GLD dropped -45.56% vs MWMIX's -33.03%.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (0.93 vs 0.74), 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.