GLDI vs. SPMO
GLDI (Credit Suisse X-Links Gold Shares Covered Call ETN) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - GLDI is a Precious Metals fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, GLDI returned 8.20%/yr vs 20.86%/yr for SPMO. At a 0.08 correlation, their price movements are largely independent. GLDI charges 0.65%/yr vs 0.13%/yr for SPMO.
Performance
GLDI vs. SPMO - Performance Comparison
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Returns By Period
In the year-to-date period, GLDI achieves a -2.64% return, which is significantly lower than SPMO's 28.15% return. Over the past 10 years, GLDI has underperformed SPMO with an annualized return of 8.20%, while SPMO has yielded a comparatively higher 20.86% 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%
SPMO
- 1D
- 1.26%
- 1M
- 3.36%
- YTD
- 28.15%
- 6M
- 28.70%
- 1Y
- 44.90%
- 3Y*
- 41.53%
- 5Y*
- 23.50%
- 10Y*
- 20.86%
GLDI vs. SPMO - 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% |
SPMO Invesco S&P 500 Momentum ETF | 28.15% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Correlation
The correlation between GLDI and SPMO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | 0.08 |
The correlation between GLDI and SPMO shifts across timeframes, from 0.08 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GLDI vs. SPMO — Risk / Return Rank
GLDI
SPMO
GLDI vs. SPMO - 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 Invesco S&P 500 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.30 | ||
| Sortino ratioReturn per unit of downside risk | -1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.41 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 3.44 | -2.39 |
| Martin ratioReturn relative to average drawdown | 3.77 | 13.01 | -9.23 |
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Drawdowns
GLDI vs. SPMO - Drawdown Comparison
The maximum GLDI drawdown since its inception was -32.26%, roughly equal to the maximum SPMO drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for GLDI and SPMO.
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Drawdown Indicators
| GLDI | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.26% | -30.95% | -1.31% |
Max Drawdown (1Y)Largest decline over 1 year | -14.14% | -12.70% | -1.44% |
Max Drawdown (3Y)Largest decline over 3 years | -14.14% | -20.13% | +5.99% |
Max Drawdown (5Y)Largest decline over 5 years | -14.14% | -22.74% | +8.60% |
Max Drawdown (10Y)Largest decline over 10 years | -14.94% | -30.95% | +16.01% |
Current DrawdownCurrent decline from peak | -11.63% | -1.68% | -9.95% |
Average DrawdownAverage peak-to-trough decline | -13.99% | -4.60% | -9.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.94% | 3.35% | +0.59% |
Volatility
GLDI vs. SPMO - Volatility Comparison
The current volatility for Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) is 6.70%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.29%. This indicates that GLDI experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLDI | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.70% | 10.29% | -3.59% |
Volatility (6M)Calculated over the trailing 6-month period | 14.24% | 16.73% | -2.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.75% | 19.48% | -3.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.61% | 19.65% | -8.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.50% | 20.48% | -8.98% |
GLDI vs. SPMO - Expense Ratio Comparison
GLDI has a 0.65% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
GLDI vs. SPMO - Dividend Comparison
GLDI's dividend yield for the trailing twelve months is around 23.45%, more than SPMO's 0.67% 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% |
SPMO Invesco S&P 500 Momentum ETF | 0.67% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
Frequently Asked Questions
GLDI and SPMO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (10.29%) compared to GLDI (6.70%). In terms of maximum drawdown, GLDI dropped -32.26% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 20.86% vs 8.20% for GLDI. On fees, SPMO is cheaper at 0.13% per year. On volatility, GLDI has been the lower-risk option at 6.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPMO has performed better with a 20.86% return vs 8.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.65% for GLDI.
GLDI has the higher dividend yield at 23.45%, compared with 0.67% for SPMO.
GLDI is categorized as Precious Metals, while SPMO is Momentum. GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: Credit Suisse and Invesco. Their fees differ too: 0.65% for GLDI and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (2.24 vs 0.95), 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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