GLDM vs. GLDI
GLDM (SPDR Gold MiniShares Trust) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) are both Gold funds - GLDM tracks the LBMA Gold Price PM while GLDI tracks the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 5 years, GLDM returned 18.18%/yr vs 10.96%/yr for GLDI. Their correlation of 0.81 suggests significant overlap in exposure. GLDM charges 0.10%/yr vs 0.65%/yr for GLDI.
Performance
GLDM vs. GLDI - Performance Comparison
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Returns By Period
In the year-to-date period, GLDM achieves a -4.72% return, which is significantly lower than GLDI's -4.45% return.
GLDM
- 1D
- -1.91%
- 1M
- -8.82%
- YTD
- -4.72%
- 6M
- -8.62%
- 1Y
- 21.66%
- 3Y*
- 28.79%
- 5Y*
- 18.18%
- 10Y*
- —
GLDI
- 1D
- -1.62%
- 1M
- -7.19%
- YTD
- -4.45%
- 6M
- -5.42%
- 1Y
- 11.67%
- 3Y*
- 17.47%
- 5Y*
- 10.96%
- 10Y*
- 7.83%
GLDM vs. GLDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GLDM SPDR Gold MiniShares Trust | -4.72% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | -4.45% | 34.25% | 17.76% | 8.93% | -1.11% | -3.42% | 23.50% | 14.40% | 1.63% |
Correlation
The correlation between GLDM and GLDI is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.81 |
The correlation between GLDM and GLDI has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.
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Return for Risk
GLDM vs. GLDI — Risk / Return Rank
GLDM
GLDI
GLDM vs. GLDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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.
| GLDM | GLDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.16 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | 0.83 | +0.06 |
| Martin ratioReturn relative to average drawdown | 2.40 | 2.73 | -0.32 |
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Drawdowns
GLDM vs. GLDI - Drawdown Comparison
The maximum GLDM drawdown since its inception was -24.35%, smaller than the maximum GLDI drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for GLDM and GLDI.
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Drawdown Indicators
| GLDM | GLDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.35% | -32.26% | +7.91% |
Max Drawdown (1Y)Largest decline over 1 year | -24.35% | -14.14% | -10.21% |
Max Drawdown (3Y)Largest decline over 3 years | -24.35% | -14.14% | -10.21% |
Max Drawdown (5Y)Largest decline over 5 years | -24.35% | -14.14% | -10.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.94% | — |
Current DrawdownCurrent decline from peak | -23.82% | -13.28% | -10.54% |
Average DrawdownAverage peak-to-trough decline | -6.32% | -13.99% | +7.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.05% | 4.30% | +4.75% |
Volatility
GLDM vs. GLDI - Volatility Comparison
SPDR Gold MiniShares Trust (GLDM) has a higher volatility of 8.16% compared to UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) at 7.18%. This indicates that GLDM's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLDM | GLDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.16% | 7.18% | +0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 24.22% | 14.58% | +9.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.36% | 15.99% | +11.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.15% | 11.58% | +6.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.02% | 11.52% | +5.50% |
GLDM vs. GLDI - Expense Ratio Comparison
GLDM has a 0.10% expense ratio, which is lower than GLDI's 0.65% expense ratio.
Dividends
GLDM vs. GLDI - Dividend Comparison
GLDM has not paid dividends to shareholders, while GLDI's dividend yield for the trailing twelve months is around 26.67%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 | 26.67% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
GLDM and GLDI have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (8.16%) compared to GLDI (7.18%). In terms of maximum drawdown, GLDM dropped -24.35% vs GLDI's -32.26%.
On 5-year performance, GLDM leads with 18.18% vs 10.96% for GLDI. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDI has been the lower-risk option at 7.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 18.18% return vs 10.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.65% for GLDI.
GLDI has the higher dividend yield at 26.67%, compared with 0.00% for GLDM.
GLDM tracks LBMA Gold Price PM, while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. They also come from different issuers: State Street and UBS. Their fees differ too: 0.10% for GLDM and 0.65% for GLDI.
GLDM currently has the higher Sharpe Ratio (0.80 vs 0.73), 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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