GLD vs. SPY
Compare and contrast key facts about SPDR Gold Trust (GLD) and SPDR S&P 500 ETF (SPY).
GLD and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GLD is a passively managed fund by State Street that tracks the performance of the Gold Bullion. It was launched on Nov 18, 2004. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. Both GLD and SPY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: GLD or SPY.
Key characteristics
| GLD | SPY | |
|---|---|---|
| YTD Return | 12.49% | 6.71% |
| 1Y Return | 16.36% | 24.32% |
| 3Y Return (Ann) | 8.95% | 8.27% |
| 5Y Return (Ann) | 12.30% | 13.45% |
| 10Y Return (Ann) | 5.55% | 12.53% |
| Sharpe Ratio | 1.36 | 2.08 |
| Daily Std Dev | 12.28% | 11.78% |
| Max Drawdown | -45.56% | -55.19% |
| Current Drawdown | -2.79% | -3.35% |
Correlation
The correlation between GLD and SPY is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
GLD vs. SPY - Performance Comparison
In the year-to-date period, GLD achieves a 12.49% return, which is significantly higher than SPY's 6.71% return. Over the past 10 years, GLD has underperformed SPY with an annualized return of 5.55%, while SPY has yielded a comparatively higher 12.53% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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GLD vs. SPY - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is higher than SPY's 0.09% expense ratio.
Risk-Adjusted Performance
GLD vs. SPY - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Trust (GLD) and SPDR S&P 500 ETF (SPY). 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.
Dividends
GLD vs. SPY - Dividend Comparison
GLD has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.33%.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY SPDR S&P 500 ETF | 1.33% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% | 1.87% | 1.81% |
Drawdowns
GLD vs. SPY - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GLD and SPY. For additional features, visit the drawdowns tool.
Volatility
GLD vs. SPY - Volatility Comparison
SPDR Gold Trust (GLD) has a higher volatility of 5.10% compared to SPDR S&P 500 ETF (SPY) at 3.54%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.