GLD vs. USMV

Last updated Jun 13, 2026

GLD (SPDR Gold Shares) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs 9.90%/yr for USMV. At a 0.07 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.15%/yr for USMV.

Performance

GLD vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLD achieves a -2.47% return, which is significantly lower than USMV's 2.43% return. Over the past 10 years, GLD has outperformed USMV with an annualized return of 12.15%, while USMV has yielded a comparatively lower 9.90% annualized return.

GLD

• 1D: 0.06%
• 1M: -10.21%
• YTD: -2.47%
• 6M: -2.25%
• 1Y: 23.81%
• 3Y*: 28.89%
• 5Y*: 17.08%
• 10Y*: 12.15%

USMV

• 1D: 0.43%
• 1M: 1.84%
• YTD: 2.43%
• 6M: 2.34%
• 1Y: 4.00%
• 3Y*: 11.35%
• 5Y*: 7.24%
• 10Y*: 9.90%

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

GLD vs. USMV - 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%
USMV iShares MSCI USA Min Vol Factor ETF	2.43%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%

Correlation

The correlation between GLD and USMV is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.07

GLD vs. USMV - Sectors Allocation Comparison

Sectors	GLD	USMV
Basic Materials	100.0%	2.2%
Communication Services	-	5.9%
Consumer Cyclical	-	5.7%
Consumer Defensive	-	10.0%
Energy	-	3.6%
Financial Services	-	12.4%
Healthcare	-	12.5%
Industrials	-	5.7%
Real Estate	-	2.2%
Technology	-	30.8%
Utilities	-	7.5%

Return for Risk

GLD vs. USMV — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 26
GLD Sharpe Ratio Rank: 27
GLD Sortino Ratio Rank: 25
GLD Omega Ratio Rank: 30
GLD Calmar Ratio Rank: 24
GLD Martin Ratio Rank: 24

USMV

USMV Risk / Return Rank: 17
USMV Sharpe Ratio Rank: 18
USMV Sortino Ratio Rank: 16
USMV Omega Ratio Rank: 15
USMV Calmar Ratio Rank: 18
USMV Martin Ratio Rank: 20

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. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and iShares MSCI USA Min Vol Factor ETF (USMV). 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	USMV	Difference
Sharpe ratio: Return per unit of total volatility	0.87	0.47	+0.40
Sortino ratio: Return per unit of downside risk	1.24	0.72	+0.52
Omega ratio: Gain probability vs. loss probability	1.18	1.08	+0.10
Calmar ratio: Return relative to maximum drawdown	0.98	0.62	+0.36
Martin ratio: Return relative to average drawdown	2.81	2.06	+0.75

GLD vs. USMV - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 0.87, which is higher than the USMV Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of GLD and USMV, 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. USMV - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for GLD and USMV.

Drawdown Indicators

	GLD	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-33.10%	-12.46%
Max Drawdown (1Y) Largest decline over 1 year	-24.46%	-6.46%	-18.00%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	-9.36%	-15.10%
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	-17.93%	-6.53%
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	-33.10%	+8.64%
Current Drawdown Current decline from peak	-22.05%	-1.40%	-20.65%
Average Drawdown Average peak-to-trough decline	-16.16%	-2.87%	-13.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.49%	1.95%	+6.54%

Volatility

GLD vs. USMV - Volatility Comparison

SPDR Gold Shares (GLD) has a higher volatility of 7.79% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.70%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLD	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.79%	2.70%	+5.09%
Volatility (6M) Calculated over the trailing 6-month period	24.10%	6.02%	+18.08%
Volatility (1Y) Calculated over the trailing 1-year period	27.37%	8.56%	+18.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	12.36%	+5.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	14.51%	+1.57%

GLD vs. USMV - Expense Ratio Comparison

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

Dividends

GLD vs. USMV - Dividend Comparison

GLD has not paid dividends to shareholders, while USMV's dividend yield for the trailing twelve months is around 1.53%.

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%
USMV iShares MSCI USA Min Vol Factor ETF	1.53%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both GLD and USMV in my portfolio?

GLD and USMV have a correlation of 0.17, 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 USMV?

GLD has higher volatility (7.79%) compared to USMV (2.70%). In terms of maximum drawdown, GLD dropped -45.56% vs USMV's -33.10%.

Which ETF is better, GLD or USMV?

On 10-year performance, GLD leads with 12.15% vs 9.90% for USMV. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLD or USMV?

Over the 10-year period, GLD has performed better with a 12.15% return vs 9.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLD or USMV?

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

Which ETF pays a higher dividend yield, GLD or USMV?

USMV has the higher dividend yield at 1.53%, compared with 0.00% for GLD.

What is the main difference between GLD and USMV?

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

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (0.87 vs 0.47), 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.