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GLD vs. QUAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GLD vs. QUAL

Last updated Jun 12, 2026

GLD (SPDR Gold Shares) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 10 years, GLD returned 12.16%/yr vs 14.39%/yr for QUAL. At a 0.02 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.15%/yr for QUAL.

Performance

GLD vs. QUAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and iShares MSCI USA Quality Factor ETF (QUAL). 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 -2.52% return, which is significantly lower than QUAL's 8.93% return. Over the past 10 years, GLD has underperformed QUAL with an annualized return of 12.16%, while QUAL has yielded a comparatively higher 14.39% annualized 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%

QUAL

1D
1.68%
1M
2.62%
YTD
8.93%
6M
7.97%
1Y
20.75%
3Y*
19.36%
5Y*
11.86%
10Y*
14.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GLD vs. QUAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GLD
SPDR Gold Shares		-2.52%63.68%26.66%12.69%-0.77%-4.15%24.81%17.86%-1.94%12.81%
QUAL
iShares MSCI USA Quality Factor ETF		8.93%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%

Correlation

The correlation between GLD and QUAL is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.24

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

0.16

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

0.13

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

0.06

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2013

0.02

Over the past year, GLD and QUAL have become more correlated (0.24) than their long-term average of 0.02, meaning their price movements have been converging.

GLD vs. QUAL - Sectors Allocation Comparison

Sectors
GLD
QUAL

Basic Materials

100.0%
1.7%

Communication Services

-

11.1%

Consumer Cyclical

-

9.3%

Consumer Defensive

-

4.9%

Energy

-

4.0%

Financial Services

-

11.5%

Healthcare

-

9.0%

Industrials

-

8.2%

Real Estate

-

1.8%

Technology

-

36.5%

Utilities

-

1.9%

Basic Materials

GLD
100.0%
QUAL
1.7%

Communication Services

GLD

-

QUAL
11.1%

Consumer Cyclical

GLD

-

QUAL
9.3%

Consumer Defensive

GLD

-

QUAL
4.9%

Energy

GLD

-

QUAL
4.0%

Financial Services

GLD

-

QUAL
11.5%

Healthcare

GLD

-

QUAL
9.0%

Industrials

GLD

-

QUAL
8.2%

Real Estate

GLD

-

QUAL
1.8%

Technology

GLD

-

QUAL
36.5%

Utilities

GLD

-

QUAL
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Gold Shares

iShares MSCI USA Quality Factor ETF

Often compared with GLD:
GLD vs. IAUGLD vs. SPYGLD vs. SLVGLD vs. GOLDGLD vs. GDXGLD vs. GLDMGLD vs. SGOL
Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD

Return for Risk

GLD vs. QUAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GLD
GLD Risk / Return Rank: 2929
Overall Rank
GLD Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
GLD Sortino Ratio Rank: 2828
Sortino Ratio Rank
GLD Omega Ratio Rank: 3434
Omega Ratio Rank
GLD Calmar Ratio Rank: 2626
Calmar Ratio Rank
GLD Martin Ratio Rank: 2727
Martin Ratio Rank
QUAL
QUAL Risk / Return Rank: 6262
Overall Rank
QUAL Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 6464
Sortino Ratio Rank
QUAL Omega Ratio Rank: 6060
Omega Ratio Rank
QUAL Calmar Ratio Rank: 5656
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6969
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. QUAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and iShares MSCI USA Quality Factor ETF (QUAL). 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.

GLDQUALDifference
Sharpe ratioReturn per unit of total volatility
0.93
1.72

-0.80

Sortino ratioReturn per unit of downside risk
1.29
2.45

-1.15

Omega ratioGain probability vs. loss probability

1.19

1.30

-0.11

Calmar ratioReturn relative to maximum drawdown

1.04

2.31

-1.27

Martin ratioReturn relative to average drawdown

3.02

10.45

-7.43

GLD vs. QUAL - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 0.93, which is lower than the QUAL Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of GLD and QUAL, 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. QUAL - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, which is greater than QUAL's maximum drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for GLD and QUAL.

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Drawdown Indicators

GLDQUALDifference

Max Drawdown

Largest peak-to-trough decline

-45.56%

-34.06%

-11.50%

Max Drawdown (1Y)

Largest decline over 1 year

-24.46%

-9.03%

-15.43%

Max Drawdown (3Y)

Largest decline over 3 years

-24.46%

-18.00%

-6.46%

Max Drawdown (5Y)

Largest decline over 5 years

-24.46%

-28.23%

+3.77%

Max Drawdown (10Y)

Largest decline over 10 years

-24.46%

-34.06%

+9.60%

Current Drawdown

Current decline from peak

-22.10%

-0.66%

-21.44%

Average Drawdown

Average peak-to-trough decline

-16.16%

-4.10%

-12.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.38%

1.99%

+6.39%

Volatility

GLD vs. QUAL - Volatility Comparison

SPDR Gold Shares (GLD) has a higher volatility of 7.77% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 3.61%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GLDQUALDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.77%

3.61%

+4.16%

Volatility (6M)

Calculated over the trailing 6-month period

24.10%

9.43%

+14.67%

Volatility (1Y)

Calculated over the trailing 1-year period

27.37%

12.10%

+15.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.23%

17.37%

+0.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.08%

18.11%

-2.03%

GLD vs. QUAL - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is higher than QUAL's 0.15% expense ratio.

Dividends

GLD vs. QUAL - Dividend Comparison

GLD has not paid dividends to shareholders, while QUAL's dividend yield for the trailing twelve months is around 0.87%.

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%
QUAL
iShares MSCI USA Quality Factor ETF		0.87%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%

Frequently Asked Questions

GLD and QUAL have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GLD has higher volatility (7.77%) compared to QUAL (3.61%). In terms of maximum drawdown, GLD dropped -45.56% vs QUAL's -34.06%.

On 10-year performance, QUAL leads with 14.39% vs 12.16% for GLD. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 3.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QUAL has performed better with a 14.39% return vs 12.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUAL is cheaper with a 0.15% expense ratio, compared with 0.40% for GLD.

QUAL has the higher dividend yield at 0.87%, compared with 0.00% for GLD.

GLD is categorized as Gold, while QUAL is Large Cap Blend Equities. GLD tracks LBMA Gold Price PM, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GLD and 0.15% for QUAL.

QUAL currently has the higher Sharpe Ratio (1.72 vs 0.93), 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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