GLD vs. XLI
GLD (SPDR Gold Shares) and XLI (Industrial Select Sector SPDR Fund) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while XLI is a Industrials Equities fund tracking the Industrial Select Sector Index. Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs 14.15%/yr for XLI. At a 0.05 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.08%/yr for XLI.
Performance
GLD vs. XLI - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -2.47% return, which is significantly lower than XLI's 13.90% return. Over the past 10 years, GLD has underperformed XLI with an annualized return of 12.15%, while XLI has yielded a comparatively higher 14.15% 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%
XLI
- 1D
- 0.59%
- 1M
- 0.96%
- YTD
- 13.90%
- 6M
- 13.10%
- 1Y
- 25.17%
- 3Y*
- 20.87%
- 5Y*
- 12.93%
- 10Y*
- 14.15%
GLD vs. XLI - 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% |
XLI Industrial Select Sector SPDR Fund | 13.90% | 19.35% | 17.31% | 18.13% | -5.57% | 21.08% | 10.91% | 29.08% | -13.25% | 23.98% |
Correlation
The correlation between GLD and XLI is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
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 | 0.04 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004 | 0.05 |
The correlation between GLD and XLI shifts across timeframes, from 0.04 (10 years) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GLD vs. XLI — Risk / Return Rank
GLD
XLI
GLD vs. XLI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and Industrial Select Sector SPDR Fund (XLI). 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 | XLI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.26 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 1.98 | -1.01 |
| Martin ratioReturn relative to average drawdown | 2.81 | 7.82 | -5.01 |
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Drawdowns
GLD vs. XLI - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum XLI drawdown of -62.26%. Use the drawdown chart below to compare losses from any high point for GLD and XLI.
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Drawdown Indicators
| GLD | XLI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -62.26% | +16.70% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -12.21% | -12.25% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -18.49% | -5.97% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -21.64% | -2.82% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -42.33% | +17.87% |
Current DrawdownCurrent decline from peak | -22.05% | -1.24% | -20.81% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -9.20% | -6.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 3.09% | +5.40% |
Volatility
GLD vs. XLI - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 7.79% compared to Industrial Select Sector SPDR Fund (XLI) at 6.22%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than XLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLD | XLI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 6.22% | +1.57% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 13.59% | +10.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 16.17% | +11.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 17.55% | +0.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 20.04% | -3.96% |
GLD vs. XLI - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is higher than XLI's 0.08% expense ratio.
Dividends
GLD vs. XLI - Dividend Comparison
GLD has not paid dividends to shareholders, while XLI's dividend yield for the trailing twelve months is around 1.16%.
| 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% |
XLI Industrial Select Sector SPDR Fund | 1.16% | 1.29% | 1.44% | 1.63% | 1.63% | 1.25% | 1.55% | 1.94% | 2.15% | 1.77% | 2.07% | 2.15% |
Frequently Asked Questions
GLD and XLI have a correlation of 0.23, 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 XLI (6.22%). In terms of maximum drawdown, GLD dropped -45.56% vs XLI's -62.26%.
On 10-year performance, XLI leads with 14.15% vs 12.15% for GLD. On fees, XLI is cheaper at 0.08% per year. On volatility, XLI has been the lower-risk option at 6.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLI has performed better with a 14.15% return vs 12.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLI is cheaper with a 0.08% expense ratio, compared with 0.40% for GLD.
XLI has the higher dividend yield at 1.16%, compared with 0.00% for GLD.
GLD is categorized as Gold, while XLI is Industrials Equities. GLD tracks LBMA Gold Price PM, while XLI tracks Industrial Select Sector Index. Their fees differ too: 0.40% for GLD and 0.08% for XLI.
XLI currently has the higher Sharpe Ratio (1.50 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.
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