GLDM vs. BGLD

Last updated Jun 6, 2026

GLDM (SPDR Gold MiniShares Trust) and BGLD (FT Vest Gold Strategy Quarterly Buffer ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while BGLD is a Defined Outcome fund actively managed by FT Vest. GLDM is passively managed, while BGLD is actively managed. Over the past 5 years, GLDM returned 17.81%/yr vs 10.84%/yr for BGLD. Their correlation of 0.82 suggests significant overlap in exposure. GLDM charges 0.10%/yr vs 0.91%/yr for BGLD.

Performance

GLDM vs. BGLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) and FT Vest Gold Strategy Quarterly Buffer ETF (BGLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDM achieves a 0.06% return, which is significantly higher than BGLD's -1.29% return.

GLDM

• 1D: -3.67%
• 1M: -8.00%
• YTD: 0.06%
• 6M: 2.68%
• 1Y: 28.49%
• 3Y*: 29.91%
• 5Y*: 17.81%
• 10Y*: —

BGLD

• 1D: -2.05%
• 1M: -2.51%
• YTD: -1.29%
• 6M: -0.81%
• 1Y: 11.33%
• 3Y*: 18.58%
• 5Y*: 10.84%
• 10Y*: —

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

GLDM vs. BGLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GLDM SPDR Gold MiniShares Trust	0.06%	64.20%	27.08%	13.04%	-0.47%	-2.36%
BGLD FT Vest Gold Strategy Quarterly Buffer ETF	-1.29%	33.03%	21.80%	13.24%	-2.42%	-5.57%

Correlation

The correlation between GLDM and BGLD is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021	0.82

The correlation between GLDM and BGLD shifts across timeframes, from 0.72 (1 year) to 0.82 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GLDM vs. BGLD — Risk / Return Rank

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

GLDM

GLDM Risk / Return Rank: 30
GLDM Sharpe Ratio Rank: 31
GLDM Sortino Ratio Rank: 28
GLDM Omega Ratio Rank: 33
GLDM Calmar Ratio Rank: 30
GLDM Martin Ratio Rank: 27

BGLD

BGLD Risk / Return Rank: 26
BGLD Sharpe Ratio Rank: 27
BGLD Sortino Ratio Rank: 25
BGLD Omega Ratio Rank: 29
BGLD Calmar Ratio Rank: 23
BGLD Martin Ratio Rank: 25

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.

GLDM vs. BGLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and FT Vest Gold Strategy Quarterly Buffer ETF (BGLD). 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	BGLD	Difference
Sharpe ratio: Return per unit of total volatility	1.07	0.94	+0.13
Sortino ratio: Return per unit of downside risk	1.45	1.31	+0.14
Omega ratio: Gain probability vs. loss probability	1.22	1.19	+0.03
Calmar ratio: Return relative to maximum drawdown	1.43	1.02	+0.41
Martin ratio: Return relative to average drawdown	3.63	3.19	+0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLDM vs. BGLD - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 1.07, which is comparable to the BGLD Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of GLDM and BGLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GLDM	BGLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	0.94	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	1.09	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	1.01	-0.02

Drawdowns

GLDM vs. BGLD - Drawdown Comparison

The maximum GLDM drawdown since its inception was -21.63%, which is greater than BGLD's maximum drawdown of -16.19%. Use the drawdown chart below to compare losses from any high point for GLDM and BGLD.

Drawdown Indicators

	GLDM	BGLD	Difference
Max Drawdown Largest peak-to-trough decline	-21.63%	-16.19%	-5.44%
Max Drawdown (1Y) Largest decline over 1 year	-20.00%	-11.11%	-8.89%
Max Drawdown (3Y) Largest decline over 3 years	-20.00%	-11.11%	-8.89%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-15.52%	-5.40%
Current Drawdown Current decline from peak	-20.00%	-8.70%	-11.30%
Average Drawdown Average peak-to-trough decline	-6.23%	-3.65%	-2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.86%	3.55%	+4.31%

Volatility

GLDM vs. BGLD - Volatility Comparison

SPDR Gold MiniShares Trust (GLDM) has a higher volatility of 5.65% compared to FT Vest Gold Strategy Quarterly Buffer ETF (BGLD) at 2.74%. This indicates that GLDM's price experiences larger fluctuations and is considered to be riskier than BGLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDM	BGLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	2.74%	+2.91%
Volatility (6M) Calculated over the trailing 6-month period	23.31%	10.22%	+13.09%
Volatility (1Y) Calculated over the trailing 1-year period	26.65%	12.09%	+14.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.97%	10.01%	+7.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	9.93%	+6.97%

GLDM vs. BGLD - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is lower than BGLD's 0.91% expense ratio.

Dividends

GLDM vs. BGLD - Dividend Comparison

GLDM has not paid dividends to shareholders, while BGLD's dividend yield for the trailing twelve months is around 44.90%.

Position	TTM	2025	2024	2023	2022
BGLD FT Vest Gold Strategy Quarterly Buffer ETF	44.90%	44.32%	25.04%	10.49%	0.40%
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLDM and BGLD in my portfolio?

GLDM and BGLD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLDM or BGLD?

GLDM has higher volatility (5.65%) compared to BGLD (2.74%). In terms of maximum drawdown, GLDM dropped -21.63% vs BGLD's -16.19%.

Which ETF is better, GLDM or BGLD?

On 5-year performance, GLDM leads with 17.81% vs 10.84% for BGLD. On fees, GLDM is cheaper at 0.10% per year. On volatility, BGLD has been the lower-risk option at 2.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDM or BGLD?

Over the 5-year period, GLDM has performed better with a 17.81% return vs 10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDM or BGLD?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.91% for BGLD.

Which ETF pays a higher dividend yield, GLDM or BGLD?

BGLD has the higher dividend yield at 44.90%, compared with 0.00% for GLDM.

What is the main difference between GLDM and BGLD?

GLDM is categorized as Gold, while BGLD is Defined Outcome. They also come from different issuers: State Street and FT Vest. Their fees differ too: 0.10% for GLDM and 0.91% for BGLD.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (1.07 vs 0.94), 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.