GLD vs. SPEM
GLD (SPDR Gold Shares) and SPEM (SPDR Portfolio Emerging Markets ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while SPEM is a Emerging Markets Equities fund tracking the S&P Emerging Markets BMI. Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs 9.63%/yr for SPEM. At a 0.20 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.11%/yr for SPEM.
Performance
GLD vs. SPEM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GLD achieves a -2.47% return, which is significantly lower than SPEM's 11.32% return. Over the past 10 years, GLD has outperformed SPEM with an annualized return of 12.15%, while SPEM has yielded a comparatively lower 9.63% annualized return.
GLD
- 1D
- 0.06%
- 1M
- -9.52%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
SPEM
- 1D
- 0.87%
- 1M
- -0.13%
- YTD
- 11.32%
- 6M
- 13.11%
- 1Y
- 27.73%
- 3Y*
- 17.37%
- 5Y*
- 5.60%
- 10Y*
- 9.63%
GLD vs. SPEM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
SPEM SPDR Portfolio Emerging Markets ETF | 11.32% | 25.63% | 11.40% | 10.51% | -17.90% | 1.51% | 14.55% | 19.69% | -13.26% | 34.82% |
Correlation
The correlation between GLD and SPEM is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Mar 23, 2007 | 0.20 |
The correlation between GLD and SPEM shifts across timeframes, from 0.20 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GLD vs. SPEM — Risk / Return Rank
GLD
SPEM
GLD vs. SPEM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and SPDR Portfolio Emerging Markets ETF (SPEM). 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 | SPEM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.29 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 2.28 | -1.30 |
| Martin ratioReturn relative to average drawdown | 2.81 | 8.16 | -5.35 |
Loading charts...
Drawdowns
GLD vs. SPEM - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum SPEM drawdown of -64.41%. Use the drawdown chart below to compare losses from any high point for GLD and SPEM.
Loading charts...
Drawdown Indicators
| GLD | SPEM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -64.41% | +18.85% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -11.36% | -13.10% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -17.62% | -6.84% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -31.75% | +7.29% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -36.06% | +11.60% |
Current DrawdownCurrent decline from peak | -22.05% | -2.40% | -19.65% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -14.73% | -1.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 3.17% | +5.32% |
Volatility
GLD vs. SPEM - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 7.79% compared to SPDR Portfolio Emerging Markets ETF (SPEM) at 6.87%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than SPEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GLD | SPEM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 6.87% | +0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 14.21% | +9.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 16.67% | +10.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 17.26% | +0.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 18.83% | -2.75% |
GLD vs. SPEM - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is higher than SPEM's 0.11% expense ratio.
Dividends
GLD vs. SPEM - Dividend Comparison
GLD has not paid dividends to shareholders, while SPEM's dividend yield for the trailing twelve months is around 2.49%.
| 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% |
SPEM SPDR Portfolio Emerging Markets ETF | 2.49% | 2.77% | 2.78% | 2.80% | 3.38% | 3.14% | 1.92% | 2.94% | 2.34% | 1.12% | 1.51% | 2.40% |
Frequently Asked Questions
GLD and SPEM have a correlation of 0.37, 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 SPEM (6.87%). In terms of maximum drawdown, GLD dropped -45.56% vs SPEM's -64.41%.
On 10-year performance, GLD leads with 12.15% vs 9.63% for SPEM. On fees, SPEM is cheaper at 0.11% per year. On volatility, SPEM has been the lower-risk option at 6.87%. 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 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPEM is cheaper with a 0.11% expense ratio, compared with 0.40% for GLD.
SPEM has the higher dividend yield at 2.49%, compared with 0.00% for GLD.
GLD is categorized as Gold, while SPEM is Emerging Markets Equities. GLD tracks LBMA Gold Price PM, while SPEM tracks S&P Emerging Markets BMI. Their fees differ too: 0.40% for GLD and 0.11% for SPEM.
SPEM currently has the higher Sharpe Ratio (1.55 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.
Find the right allocation for GLD and SPEM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer