GLDM vs. DBP

Last updated Jun 6, 2026

GLDM (SPDR Gold MiniShares Trust) and DBP (Invesco DB Precious Metals Fund) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while DBP is a Precious Metals fund tracking the DBIQ Optimum Yield Precious Metals Index Excess Return. Both are passively managed. Over the past 5 years, GLDM returned 17.81%/yr vs 16.53%/yr for DBP. With a 0.95 correlation, they move nearly in lockstep. GLDM charges 0.10%/yr vs 0.78%/yr for DBP.

Performance

GLDM vs. DBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) and Invesco DB Precious Metals Fund (DBP). 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 DBP's -1.70% return.

GLDM

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

DBP

• 1D: -4.55%
• 1M: -9.29%
• YTD: -1.70%
• 6M: 4.68%
• 1Y: 36.41%
• 3Y*: 30.58%
• 5Y*: 16.53%
• 10Y*: 11.88%

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

GLDM vs. DBP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GLDM SPDR Gold MiniShares Trust	0.06%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.84%
DBP Invesco DB Precious Metals Fund	-1.70%	73.43%	26.71%	8.68%	-1.51%	-7.10%	26.79%	15.89%	-0.26%

Correlation

The correlation between GLDM and DBP is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018	0.95

The correlation between GLDM and DBP has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

GLDM vs. DBP - Sectors Allocation Comparison

Sectors	GLDM	DBP
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	100.5%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GLDM vs. DBP — 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

DBP

DBP Risk / Return Rank: 30
DBP Sharpe Ratio Rank: 32
DBP Sortino Ratio Rank: 27
DBP Omega Ratio Rank: 36
DBP Calmar Ratio Rank: 30
DBP Martin Ratio Rank: 26

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. DBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and Invesco DB Precious Metals Fund (DBP). 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	DBP	Difference
Sharpe ratio: Return per unit of total volatility	1.07	1.11	-0.04
Sortino ratio: Return per unit of downside risk	1.45	1.45	0.00
Omega ratio: Gain probability vs. loss probability	1.22	1.23	-0.01
Calmar ratio: Return relative to maximum drawdown	1.43	1.41	+0.02
Martin ratio: Return relative to average drawdown	3.63	3.35	+0.28
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. DBP - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 1.07, which is comparable to the DBP Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of GLDM and DBP, 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	DBP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	1.11	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.79	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.42	+0.57

Drawdowns

GLDM vs. DBP - Drawdown Comparison

The maximum GLDM drawdown since its inception was -21.63%, smaller than the maximum DBP drawdown of -53.89%. Use the drawdown chart below to compare losses from any high point for GLDM and DBP.

Drawdown Indicators

	GLDM	DBP	Difference
Max Drawdown Largest peak-to-trough decline	-21.63%	-53.89%	+32.26%
Max Drawdown (1Y) Largest decline over 1 year	-20.00%	-25.92%	+5.92%
Max Drawdown (3Y) Largest decline over 3 years	-20.00%	-25.92%	+5.92%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-25.92%	+5.00%
Max Drawdown (10Y) Largest decline over 10 years	—	-28.36%	—
Current Drawdown Current decline from peak	-20.00%	-25.92%	+5.92%
Average Drawdown Average peak-to-trough decline	-6.23%	-25.42%	+19.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.86%	10.88%	-3.02%

Volatility

GLDM vs. DBP - Volatility Comparison

The current volatility for SPDR Gold MiniShares Trust (GLDM) is 5.65%, while Invesco DB Precious Metals Fund (DBP) has a volatility of 7.78%. This indicates that GLDM experiences smaller price fluctuations and is considered to be less risky than DBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDM	DBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	7.78%	-2.13%
Volatility (6M) Calculated over the trailing 6-month period	23.31%	30.25%	-6.94%
Volatility (1Y) Calculated over the trailing 1-year period	26.65%	32.90%	-6.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.97%	21.00%	-3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	18.77%	-1.87%

GLDM vs. DBP - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is lower than DBP's 0.78% expense ratio.

Dividends

GLDM vs. DBP - Dividend Comparison

GLDM has not paid dividends to shareholders, while DBP's dividend yield for the trailing twelve months is around 2.48%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBP Invesco DB Precious Metals Fund	2.48%	2.44%	4.21%	4.47%	0.45%	0.00%	0.00%	1.26%	1.24%	0.12%
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLDM and DBP in my portfolio?

With a correlation of 0.96, GLDM and DBP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GLDM or DBP?

DBP has higher volatility (7.78%) compared to GLDM (5.65%). In terms of maximum drawdown, GLDM dropped -21.63% vs DBP's -53.89%.

Which ETF is better, GLDM or DBP?

On 5-year performance, GLDM leads with 17.81% vs 16.53% for DBP. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 5.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDM or DBP?

Over the 5-year period, GLDM has performed better with a 17.81% return vs 16.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDM or DBP?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.78% for DBP.

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

DBP has the higher dividend yield at 2.48%, compared with 0.00% for GLDM.

What is the main difference between GLDM and DBP?

GLDM is categorized as Gold, while DBP is Precious Metals. GLDM tracks LBMA Gold Price PM, while DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.10% for GLDM and 0.78% for DBP.

Which has better risk-adjusted returns?

DBP currently has the higher Sharpe Ratio (1.11 vs 1.07), 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.