GLDM vs. AAAU
Compare and contrast key facts about SPDR Gold MiniShares Trust (GLDM) and Goldman Sachs Physical Gold ETF (AAAU).
GLDM and AAAU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GLDM is a passively managed fund by State Street that tracks the performance of the LBMA Gold PM Price. It was launched on Jun 25, 2018. AAAU is a passively managed fund by Goldman Sachs that tracks the performance of the LBMA Gold PM Price. It was launched on Jul 26, 2018. Both GLDM and AAAU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
GLDM vs. AAAU - Performance Comparison
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GLDM vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GLDM SPDR Gold MiniShares Trust | 8.57% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 9.20% |
AAAU Goldman Sachs Physical Gold ETF | 8.55% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 9.20% |
Returns By Period
The year-to-date returns for both stocks are quite close, with GLDM having a 8.57% return and AAAU slightly lower at 8.55%.
GLDM
- 1D
- 3.77%
- 1M
- -10.99%
- YTD
- 8.57%
- 6M
- 21.24%
- 1Y
- 49.77%
- 3Y*
- 33.33%
- 5Y*
- 21.91%
- 10Y*
- —
AAAU
- 1D
- 3.76%
- 1M
- -11.04%
- YTD
- 8.55%
- 6M
- 21.17%
- 1Y
- 49.58%
- 3Y*
- 33.19%
- 5Y*
- 21.84%
- 10Y*
- —
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GLDM vs. AAAU - Expense Ratio Comparison
GLDM has a 0.10% expense ratio, which is lower than AAAU's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
GLDM vs. AAAU — Risk / Return Rank
GLDM
AAAU
GLDM vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and Goldman Sachs Physical Gold ETF (AAAU). 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.
| GLDM | AAAU | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.82 | 1.81 | 0.00 |
Sortino ratioReturn per unit of downside risk | 2.25 | 2.25 | 0.00 |
Omega ratioGain probability vs. loss probability | 1.33 | 1.33 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 2.71 | 2.70 | +0.01 |
Martin ratioReturn relative to average drawdown | 10.04 | 10.02 | +0.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLDM | AAAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.82 | 1.81 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.25 | 1.25 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.09 | 1.17 | -0.07 |
Correlation
The correlation between GLDM and AAAU is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
GLDM vs. AAAU - Dividend Comparison
Neither GLDM nor AAAU has paid dividends to shareholders.
Drawdowns
GLDM vs. AAAU - Drawdown Comparison
The maximum GLDM drawdown since its inception was -21.63%, roughly equal to the maximum AAAU drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GLDM and AAAU.
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Drawdown Indicators
| GLDM | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.63% | -21.63% | 0.00% |
Max Drawdown (1Y)Largest decline over 1 year | -19.14% | -19.13% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -20.92% | -20.94% | +0.02% |
Current DrawdownCurrent decline from peak | -13.19% | -13.19% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.04% | -6.00% | -0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 5.16% | 0.00% |
Volatility
GLDM vs. AAAU - Volatility Comparison
SPDR Gold MiniShares Trust (GLDM) and Goldman Sachs Physical Gold ETF (AAAU) have volatilities of 11.01% and 11.00%, 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.
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Volatility by Period
| GLDM | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.01% | 11.00% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 24.07% | 24.01% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.57% | 27.49% | +0.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.65% | 17.58% | +0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.77% | 16.92% | -0.15% |