GLD vs. USRD

Last updated Jun 12, 2026

GLD (SPDR Gold Shares) and USRD (Themes US R&D Champions ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while USRD is a Large Cap Blend Equities fund tracking the Solactive US R&D Champions Index. Both are passively managed. Over the past year, GLD returned 25.28% vs 21.33% for USRD. At a 0.17 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.29%/yr for USRD.

Performance

GLD vs. USRD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold Shares (GLD) and Themes US R&D Champions ETF (USRD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLD achieves a -2.52% return, which is significantly lower than USRD's 12.31% 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%

USRD

• 1D: 1.76%
• 1M: 4.18%
• YTD: 12.31%
• 6M: 9.99%
• 1Y: 21.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLD vs. USRD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GLD SPDR Gold Shares	-2.52%	63.68%	26.66%	4.19%
USRD Themes US R&D Champions ETF	12.31%	12.44%	15.53%	5.32%

Correlation

The correlation between GLD and USRD is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.17

GLD vs. USRD - Sectors Allocation Comparison

Sectors	GLD	USRD
Basic Materials	100.0%	2.1%
Communication Services	-	7.2%
Consumer Cyclical	-	5.4%
Consumer Defensive	-	1.9%
Energy	-	-
Financial Services	-	-
Healthcare	-	14.4%
Industrials	-	9.3%
Real Estate	-	1.1%
Technology	-	58.5%
Utilities	-	-

Return for Risk

GLD vs. USRD — Risk / Return Rank

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

GLD

GLD Risk / Return Rank: 29
GLD Sharpe Ratio Rank: 31
GLD Sortino Ratio Rank: 28
GLD Omega Ratio Rank: 34
GLD Calmar Ratio Rank: 26
GLD Martin Ratio Rank: 27

USRD

USRD Risk / Return Rank: 37
USRD Sharpe Ratio Rank: 39
USRD Sortino Ratio Rank: 37
USRD Omega Ratio Rank: 37
USRD Calmar Ratio Rank: 37
USRD Martin Ratio Rank: 36

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. USRD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Themes US R&D Champions ETF (USRD). 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	USRD	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.21	-0.28
Sortino ratio: Return per unit of downside risk	1.29	1.72	-0.43
Omega ratio: Gain probability vs. loss probability	1.19	1.22	-0.02
Calmar ratio: Return relative to maximum drawdown	1.04	1.59	-0.55
Martin ratio: Return relative to average drawdown	3.02	4.81	-1.79

GLD vs. USRD - Sharpe Ratio Comparison

The current GLD Sharpe Ratio is 0.93, which is comparable to the USRD Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of GLD and USRD, 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. USRD - Drawdown Comparison

The maximum GLD drawdown since its inception was -45.56%, which is greater than USRD's maximum drawdown of -23.79%. Use the drawdown chart below to compare losses from any high point for GLD and USRD.

Drawdown Indicators

	GLD	USRD	Difference
Max Drawdown Largest peak-to-trough decline	-45.56%	-23.79%	-21.77%
Max Drawdown (1Y) Largest decline over 1 year	-24.46%	-13.49%	-10.97%
Max Drawdown (3Y) Largest decline over 3 years	-24.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.46%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	—	—
Current Drawdown Current decline from peak	-22.10%	-7.42%	-14.68%
Average Drawdown Average peak-to-trough decline	-16.16%	-3.71%	-12.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.38%	4.45%	+3.93%

Volatility

GLD vs. USRD - Volatility Comparison

SPDR Gold Shares (GLD) and Themes US R&D Champions ETF (USRD) have volatilities of 7.77% and 8.08%, 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.

Volatility by Period

	GLD	USRD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.77%	8.08%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	24.10%	14.50%	+9.60%
Volatility (1Y) Calculated over the trailing 1-year period	27.37%	17.70%	+9.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.23%	19.49%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	19.49%	-3.41%

GLD vs. USRD - Expense Ratio Comparison

GLD has a 0.40% expense ratio, which is higher than USRD's 0.29% expense ratio.

Dividends

GLD vs. USRD - Dividend Comparison

GLD has not paid dividends to shareholders, while USRD's dividend yield for the trailing twelve months is around 0.38%.

Position	TTM	2025	2024
GLD SPDR Gold Shares	0.00%	0.00%	0.00%
USRD Themes US R&D Champions ETF	0.38%	0.42%	2.44%

Frequently Asked Questions

Can I hold both GLD and USRD in my portfolio?

GLD and USRD have a correlation of 0.22, 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 USRD?

USRD has higher volatility (8.08%) compared to GLD (7.77%). In terms of maximum drawdown, GLD dropped -45.56% vs USRD's -23.79%.

Which ETF is better, GLD or USRD?

On 1-year performance, GLD leads with 25.28% vs 21.33% for USRD. On fees, USRD is cheaper at 0.29% per year. On volatility, GLD has been the lower-risk option at 7.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLD or USRD?

Over the 1-year period, GLD has performed better with a 25.28% return vs 21.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLD or USRD?

USRD is cheaper with a 0.29% expense ratio, compared with 0.40% for GLD.

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

USRD has the higher dividend yield at 0.38%, compared with 0.00% for GLD.

What is the main difference between GLD and USRD?

GLD is categorized as Gold, while USRD is Large Cap Blend Equities. GLD tracks LBMA Gold Price PM, while USRD tracks Solactive US R&D Champions Index. They also come from different issuers: State Street and Themes. Their fees differ too: 0.40% for GLD and 0.29% for USRD.

Which has better risk-adjusted returns?

USRD currently has the higher Sharpe Ratio (1.21 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.