GLD vs. SGOL
GLD (SPDR Gold Shares) and SGOL (abrdn Physical Gold Shares ETF) are both Gold funds - GLD tracks the LBMA Gold Price PM while SGOL tracks the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 10 years, GLD returned 11.25%/yr vs 11.44%/yr for SGOL. With a 0.99 correlation, they move nearly in lockstep. GLD charges 0.40%/yr vs 0.17%/yr for SGOL.
Performance
GLD vs. SGOL - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with GLD having a -7.67% return and SGOL slightly higher at -7.59%. Both investments have delivered pretty close results over the past 10 years, with GLD having a 11.25% annualized return and SGOL not far ahead at 11.44%.
GLD
- 1D
- -3.02%
- 1M
- -11.58%
- YTD
- -7.67%
- 6M
- -11.17%
- 1Y
- 19.51%
- 3Y*
- 27.10%
- 5Y*
- 17.04%
- 10Y*
- 11.25%
SGOL
- 1D
- -3.04%
- 1M
- -11.60%
- YTD
- -7.59%
- 6M
- -11.06%
- 1Y
- 19.75%
- 3Y*
- 27.39%
- 5Y*
- 17.32%
- 10Y*
- 11.44%
GLD vs. SGOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -7.67% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
SGOL abrdn Physical Gold Shares ETF | -7.59% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 25.03% | 18.21% | -1.94% | 12.86% |
Correlation
The correlation between GLD and SGOL is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2009 | 0.99 |
The correlation between GLD and SGOL has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
GLD vs. SGOL — Risk / Return Rank
GLD
SGOL
GLD vs. SGOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and abrdn Physical Gold Shares ETF (SGOL). 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 | SGOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.16 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | 0.76 | -0.01 |
| Martin ratioReturn relative to average drawdown | 2.12 | 2.15 | -0.03 |
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Drawdowns
GLD vs. SGOL - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, roughly equal to the maximum SGOL drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for GLD and SGOL.
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Drawdown Indicators
| GLD | SGOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -45.51% | -0.05% |
Max Drawdown (1Y)Largest decline over 1 year | -26.21% | -26.16% | -0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -26.21% | -26.16% | -0.05% |
Max Drawdown (5Y)Largest decline over 5 years | -26.21% | -26.16% | -0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -26.21% | -26.16% | -0.05% |
Current DrawdownCurrent decline from peak | -26.21% | -26.16% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -16.17% | -18.42% | +2.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.24% | 9.21% | +0.03% |
Volatility
GLD vs. SGOL - Volatility Comparison
SPDR Gold Shares (GLD) and abrdn Physical Gold Shares ETF (SGOL) have volatilities of 8.58% and 8.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLD | SGOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.58% | 8.52% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 24.57% | 24.33% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.75% | 27.46% | +0.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.30% | 18.18% | +0.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.07% | 16.03% | +0.04% |
GLD vs. SGOL - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is higher than SGOL's 0.17% expense ratio.
Dividends
GLD vs. SGOL - Dividend Comparison
Neither GLD nor SGOL has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, GLD and SGOL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GLD has higher volatility (8.58%) compared to SGOL (8.52%). In terms of maximum drawdown, GLD dropped -45.56% vs SGOL's -45.51%.
On 10-year performance, SGOL leads with 11.44% vs 11.25% for GLD. On fees, SGOL is cheaper at 0.17% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SGOL has performed better with a 11.44% return vs 11.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOL is cheaper with a 0.17% expense ratio, compared with 0.40% for GLD.
GLD and SGOL have nearly identical dividend yields, around 0.00%.
GLD tracks LBMA Gold Price PM, while SGOL tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: State Street and abrdn. Their fees differ too: 0.40% for GLD and 0.17% for SGOL.
SGOL currently has the higher Sharpe Ratio (0.72 vs 0.71), 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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