GLDI vs. MAIN

Last updated Jun 13, 2026

GLDI (Credit Suisse X-Links Gold Shares Covered Call ETN) is Precious Metals fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index, while MAIN (Main Street Capital Corporation) is a stock. Over the past 10 years, GLDI returned 8.20%/yr vs 13.19%/yr for MAIN. At a 0.05 correlation, their price movements are largely independent.

Performance

GLDI vs. MAIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) and Main Street Capital Corporation (MAIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDI achieves a -2.64% return, which is significantly higher than MAIN's -10.97% return. Over the past 10 years, GLDI has underperformed MAIN with an annualized return of 8.20%, while MAIN has yielded a comparatively higher 13.19% annualized return.

GLDI

• 1D: 0.42%
• 1M: -6.86%
• YTD: -2.64%
• 6M: -2.08%
• 1Y: 13.60%
• 3Y*: 17.80%
• 5Y*: 10.20%
• 10Y*: 8.20%

MAIN

• 1D: 0.54%
• 1M: 3.14%
• YTD: -10.97%
• 6M: -12.92%
• 1Y: -3.16%
• 3Y*: 18.74%
• 5Y*: 12.76%
• 10Y*: 13.19%

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

GLDI vs. MAIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN	-2.64%	34.25%	17.76%	8.93%	-1.11%	-3.42%	23.50%	14.40%	-0.54%	8.94%
MAIN Main Street Capital Corporation	-10.97%	10.74%	47.30%	28.22%	-11.37%	48.31%	-19.54%	36.88%	-8.27%	16.62%

Correlation

The correlation between GLDI and MAIN is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jan 29, 2013	0.05

Return for Risk

GLDI vs. MAIN — Risk / Return Rank

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

GLDI

GLDI Risk / Return Rank: 29
GLDI Sharpe Ratio Rank: 30
GLDI Sortino Ratio Rank: 25
GLDI Omega Ratio Rank: 33
GLDI Calmar Ratio Rank: 25
GLDI Martin Ratio Rank: 30

MAIN

MAIN Risk / Return Rank: 34
MAIN Sharpe Ratio Rank: 36
MAIN Sortino Ratio Rank: 31
MAIN Omega Ratio Rank: 31
MAIN Calmar Ratio Rank: 38
MAIN Martin Ratio Rank: 37

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.

GLDI vs. MAIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) and Main Street Capital Corporation (MAIN). 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.

	GLDI	MAIN	Difference
Sharpe ratio: Return per unit of total volatility	0.95	-0.16	+1.11
Sortino ratio: Return per unit of downside risk	1.26	-0.05	+1.31
Omega ratio: Gain probability vs. loss probability	1.20	0.99	+0.21
Calmar ratio: Return relative to maximum drawdown	1.05	-0.18	+1.23
Martin ratio: Return relative to average drawdown	3.77	-0.35	+4.13

GLDI vs. MAIN - Sharpe Ratio Comparison

The current GLDI Sharpe Ratio is 0.95, which is higher than the MAIN Sharpe Ratio of -0.16. The chart below compares the historical Sharpe Ratios of GLDI and MAIN, 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

GLDI vs. MAIN - Drawdown Comparison

The maximum GLDI drawdown since its inception was -32.26%, smaller than the maximum MAIN drawdown of -64.53%. Use the drawdown chart below to compare losses from any high point for GLDI and MAIN.

Drawdown Indicators

	GLDI	MAIN	Difference
Max Drawdown Largest peak-to-trough decline	-32.26%	-64.53%	+32.27%
Max Drawdown (1Y) Largest decline over 1 year	-14.14%	-22.43%	+8.29%
Max Drawdown (3Y) Largest decline over 3 years	-14.14%	-22.43%	+8.29%
Max Drawdown (5Y) Largest decline over 5 years	-14.14%	-27.06%	+12.92%
Max Drawdown (10Y) Largest decline over 10 years	-14.94%	-64.53%	+49.59%
Current Drawdown Current decline from peak	-11.63%	-18.28%	+6.65%
Average Drawdown Average peak-to-trough decline	-13.99%	-7.31%	-6.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	11.18%	-7.24%

Volatility

GLDI vs. MAIN - Volatility Comparison

Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) has a higher volatility of 6.70% compared to Main Street Capital Corporation (MAIN) at 5.82%. This indicates that GLDI's price experiences larger fluctuations and is considered to be riskier than MAIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDI	MAIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.70%	5.82%	+0.88%
Volatility (6M) Calculated over the trailing 6-month period	14.24%	20.12%	-5.88%
Volatility (1Y) Calculated over the trailing 1-year period	15.75%	24.84%	-9.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.61%	21.57%	-9.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.50%	27.30%	-15.80%

Dividends

GLDI vs. MAIN - Dividend Comparison

GLDI's dividend yield for the trailing twelve months is around 23.45%, more than MAIN's 8.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN	23.45%	16.15%	10.45%	10.02%	13.73%	10.65%	14.25%	7.25%	5.33%	7.77%	17.26%	10.07%
MAIN Main Street Capital Corporation	8.25%	7.00%	7.02%	8.55%	7.97%	5.74%	6.99%	6.76%	8.43%	7.49%	7.42%	9.15%

Frequently Asked Questions

Can I hold both GLDI and MAIN in my portfolio?

GLDI and MAIN have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLDI or MAIN?

GLDI has higher volatility (6.70%) compared to MAIN (5.82%). In terms of maximum drawdown, GLDI dropped -32.26% vs MAIN's -64.53%.

Which has better risk-adjusted returns?

GLDI currently has the higher Sharpe Ratio (0.95 vs -0.16), 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.