GLD vs. XME
GLD (SPDR Gold Shares) and XME (SPDR S&P Metals & Mining ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index. Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs 19.60%/yr for XME. At a 0.33 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.35%/yr for XME.
Performance
GLD vs. XME - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GLD achieves a -2.47% return, which is significantly lower than XME's 16.32% return. Over the past 10 years, GLD has underperformed XME with an annualized return of 12.15%, while XME has yielded a comparatively higher 19.60% 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%
XME
- 1D
- 1.77%
- 1M
- -0.44%
- YTD
- 16.32%
- 6M
- 18.13%
- 1Y
- 85.07%
- 3Y*
- 35.23%
- 5Y*
- 21.78%
- 10Y*
- 19.60%
GLD vs. XME - 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% |
XME SPDR S&P Metals & Mining ETF | 16.32% | 83.47% | -4.54% | 21.51% | 13.13% | 34.92% | 15.95% | 14.69% | -26.78% | 21.17% |
Correlation
The correlation between GLD and XME is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006 | 0.33 |
Over the past year, GLD and XME have become more correlated (0.53) than their long-term average of 0.33, meaning their price movements have been converging.
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. XME — Risk / Return Rank
GLD
XME
GLD vs. XME - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and SPDR S&P Metals & Mining ETF (XME). 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 | XME | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.53 | ||
| Sortino ratioReturn per unit of downside risk | -1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.37 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 3.84 | -2.87 |
| Martin ratioReturn relative to average drawdown | 2.81 | 9.58 | -6.77 |
Loading charts...
Drawdowns
GLD vs. XME - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum XME drawdown of -85.89%. Use the drawdown chart below to compare losses from any high point for GLD and XME.
Loading charts...
Drawdown Indicators
| GLD | XME | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -85.89% | +40.33% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -22.60% | -1.86% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -30.47% | +6.01% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -37.27% | +12.81% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -61.69% | +37.23% |
Current DrawdownCurrent decline from peak | -22.05% | -9.33% | -12.72% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -44.09% | +27.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 9.05% | -0.56% |
Volatility
GLD vs. XME - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 7.79%, while SPDR S&P Metals & Mining ETF (XME) has a volatility of 15.26%. This indicates that GLD experiences smaller price fluctuations and is considered to be less risky than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GLD | XME | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 15.26% | -7.47% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 28.51% | -4.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 36.11% | -8.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 32.84% | -14.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 32.96% | -16.88% |
GLD vs. XME - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is higher than XME's 0.35% expense ratio.
Dividends
GLD vs. XME - Dividend Comparison
GLD has not paid dividends to shareholders, while XME's dividend yield for the trailing twelve months is around 0.32%.
| 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% |
XME SPDR S&P Metals & Mining ETF | 0.32% | 0.38% | 0.65% | 1.00% | 1.64% | 0.70% | 0.99% | 2.43% | 2.23% | 1.15% | 1.02% | 2.61% |
Frequently Asked Questions
GLD and XME have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XME has higher volatility (15.26%) compared to GLD (7.79%). In terms of maximum drawdown, GLD dropped -45.56% vs XME's -85.89%.
On 10-year performance, XME leads with 19.60% vs 12.15% for GLD. On fees, XME is cheaper at 0.35% per year. On volatility, GLD has been the lower-risk option at 7.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XME has performed better with a 19.60% return vs 12.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XME is cheaper with a 0.35% expense ratio, compared with 0.40% for GLD.
XME has the higher dividend yield at 0.32%, compared with 0.00% for GLD.
GLD is categorized as Gold, while XME is Materials. GLD tracks LBMA Gold Price PM, while XME tracks S&P Metals & Mining Select Industry Index. Their fees differ too: 0.40% for GLD and 0.35% for XME.
XME currently has the higher Sharpe Ratio (2.41 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 XME
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