GLDM vs. GOAU
GLDM (SPDR Gold MiniShares Trust) and GOAU (US Global GO GOLD and Precious Metal Miners ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while GOAU is a Materials fund tracking the U.S. Global GO GOLD and Precious Metal Miners Index. Both are passively managed. Over the past 5 years, GLDM returned 17.81%/yr vs 13.64%/yr for GOAU. A 0.76 correlation means they provide meaningful diversification when combined. GLDM charges 0.10%/yr vs 0.60%/yr for GOAU.
Performance
GLDM vs. GOAU - Performance Comparison
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Returns By Period
In the year-to-date period, GLDM achieves a 0.06% return, which is significantly higher than GOAU's -9.82% return.
GLDM
- 1D
- -3.67%
- 1M
- -8.00%
- YTD
- 0.06%
- 6M
- 2.68%
- 1Y
- 28.49%
- 3Y*
- 29.91%
- 5Y*
- 17.81%
- 10Y*
- —
GOAU
- 1D
- -8.27%
- 1M
- -13.17%
- YTD
- -9.82%
- 6M
- -5.48%
- 1Y
- 26.39%
- 3Y*
- 29.91%
- 5Y*
- 13.64%
- 10Y*
- —
GLDM vs. GOAU - 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% |
GOAU US Global GO GOLD and Precious Metal Miners ETF | -9.82% | 126.68% | 13.78% | 10.67% | -11.66% | -9.23% | 14.13% | 54.17% | -10.15% |
Correlation
The correlation between GLDM and GOAU is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018 | 0.76 |
The correlation between GLDM and GOAU has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.
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Return for Risk
GLDM vs. GOAU — Risk / Return Rank
GLDM
GOAU
GLDM vs. GOAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and US Global GO GOLD and Precious Metal Miners ETF (GOAU). 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 | GOAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.14 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 0.84 | +0.60 |
| Martin ratioReturn relative to average drawdown | 3.63 | 2.06 | +1.58 |
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 | GOAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 0.57 | +0.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | 0.37 | +0.62 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 0.42 | +0.57 |
Drawdowns
GLDM vs. GOAU - Drawdown Comparison
The maximum GLDM drawdown since its inception was -21.63%, smaller than the maximum GOAU drawdown of -55.41%. Use the drawdown chart below to compare losses from any high point for GLDM and GOAU.
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Drawdown Indicators
| GLDM | GOAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.63% | -55.41% | +33.78% |
Max Drawdown (1Y)Largest decline over 1 year | -20.00% | -31.73% | +11.73% |
Max Drawdown (3Y)Largest decline over 3 years | -20.00% | -31.73% | +11.73% |
Max Drawdown (5Y)Largest decline over 5 years | -20.92% | -48.52% | +27.60% |
Current DrawdownCurrent decline from peak | -20.00% | -31.73% | +11.73% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -18.82% | +12.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.86% | 12.86% | -5.00% |
Volatility
GLDM vs. GOAU - Volatility Comparison
The current volatility for SPDR Gold MiniShares Trust (GLDM) is 5.65%, while US Global GO GOLD and Precious Metal Miners ETF (GOAU) has a volatility of 14.84%. This indicates that GLDM experiences smaller price fluctuations and is considered to be less risky than GOAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLDM | GOAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.65% | 14.84% | -9.19% |
Volatility (6M)Calculated over the trailing 6-month period | 23.31% | 38.30% | -14.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.65% | 46.48% | -19.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.97% | 36.62% | -18.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.90% | 35.61% | -18.71% |
GLDM vs. GOAU - Expense Ratio Comparison
GLDM has a 0.10% expense ratio, which is lower than GOAU's 0.60% expense ratio.
Dividends
GLDM vs. GOAU - Dividend Comparison
GLDM has not paid dividends to shareholders, while GOAU's dividend yield for the trailing twelve months is around 1.04%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
GOAU US Global GO GOLD and Precious Metal Miners ETF | 1.04% | 0.94% | 2.11% | 0.99% | 1.55% | 1.28% | 0.74% | 0.16% | 0.47% | 0.27% |
Frequently Asked Questions
GLDM and GOAU have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOAU has higher volatility (14.84%) compared to GLDM (5.65%). In terms of maximum drawdown, GLDM dropped -21.63% vs GOAU's -55.41%.
On 5-year performance, GLDM leads with 17.81% vs 13.64% for GOAU. 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.
Over the 5-year period, GLDM has performed better with a 17.81% return vs 13.64%. 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 0.60% for GOAU.
GOAU has the higher dividend yield at 1.04%, compared with 0.00% for GLDM.
GLDM is categorized as Gold, while GOAU is Materials. GLDM tracks LBMA Gold Price PM, while GOAU tracks U.S. Global GO GOLD and Precious Metal Miners Index. They also come from different issuers: State Street and US Global. Their fees differ too: 0.10% for GLDM and 0.60% for GOAU.
GLDM currently has the higher Sharpe Ratio (1.07 vs 0.57), 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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