GLDM vs. GOLD.TO

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR Gold MiniShares Trust (GLDM) and GoldMining Inc. (GOLD.TO).

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.

Performance

GLDM vs. GOLD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) and GoldMining Inc. (GOLD.TO). The values are adjusted to include any dividend payments, if applicable.

GLDM vs. GOLD.TO - 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%	1.84%
GOLD.TO GoldMining Inc.	-4.72%	56.73%	16.56%	20.20%	49.07%	-12.23%	145.57%	103.50%	-17.35%

Different Trading Currencies

GLDM is traded in USD, while GOLD.TO is traded in CAD. To make them comparable, the GOLD.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLDM achieves a 8.57% return, which is significantly higher than GOLD.TO's -4.72% return.

GLDM

• 1D: 3.77%
• 1M: -10.99%
• YTD: 8.57%
• 6M: 21.24%
• 1Y: 49.77%
• 3Y*: 33.33%
• 5Y*: 21.91%
• 10Y*: —

GOLD.TO

• 1D: 8.61%
• 1M: -29.78%
• YTD: -4.72%
• 6M: -2.23%
• 1Y: 43.12%
• 3Y*: 22.15%
• 5Y*: 27.44%
• 10Y*: 30.13%

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

Return for Risk

GLDM vs. GOLD.TO — Risk / Return Rank

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

GLDM

GLDM Risk / Return Rank: 88
GLDM Sharpe Ratio Rank: 89
GLDM Sortino Ratio Rank: 86
GLDM Omega Ratio Rank: 86
GLDM Calmar Ratio Rank: 89
GLDM Martin Ratio Rank: 88

GOLD.TO

GOLD.TO Risk / Return Rank: 62
GOLD.TO Sharpe Ratio Rank: 64
GOLD.TO Sortino Ratio Rank: 63
GOLD.TO Omega Ratio Rank: 61
GOLD.TO Calmar Ratio Rank: 61
GOLD.TO Martin Ratio Rank: 62

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. GOLD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and GoldMining Inc. (GOLD.TO). 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	GOLD.TO	Difference
Sharpe ratio Return per unit of total volatility	1.82	0.67	+1.14
Sortino ratio Return per unit of downside risk	2.25	1.32	+0.94
Omega ratio Gain probability vs. loss probability	1.33	1.17	+0.17
Calmar ratio Return relative to maximum drawdown	2.71	0.92	+1.79
Martin ratio Return relative to average drawdown	10.04	2.42	+7.62
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. GOLD.TO - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 1.82, which is higher than the GOLD.TO Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of GLDM and GOLD.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GLDM	GOLD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.82	0.67	+1.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.25	0.48	+0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	0.23	+0.87

Correlation

The correlation between GLDM and GOLD.TO is 0.52, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

GLDM vs. GOLD.TO - Dividend Comparison

Neither GLDM nor GOLD.TO has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GOLD.TO GoldMining Inc.	0.00%	0.00%	34.78%	30.77%	42.21%	51.08%	11.19%	9.77%

Drawdowns

GLDM vs. GOLD.TO - Drawdown Comparison

The maximum GLDM drawdown since its inception was -21.63%, smaller than the maximum GOLD.TO drawdown of -82.30%. Use the drawdown chart below to compare losses from any high point for GLDM and GOLD.TO.

Drawdown Indicators

	GLDM	GOLD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-21.63%	-76.83%	+55.20%
Max Drawdown (1Y) Largest decline over 1 year	-19.14%	-48.97%	+29.83%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-48.97%	+28.05%
Max Drawdown (10Y) Largest decline over 10 years	—	-76.83%	—
Current Drawdown Current decline from peak	-13.19%	-43.15%	+29.96%
Average Drawdown Average peak-to-trough decline	-6.04%	-36.67%	+30.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	19.09%	-13.93%

Volatility

GLDM vs. GOLD.TO - Volatility Comparison

The current volatility for SPDR Gold MiniShares Trust (GLDM) is 11.01%, while GoldMining Inc. (GOLD.TO) has a volatility of 20.34%. This indicates that GLDM experiences smaller price fluctuations and is considered to be less risky than GOLD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDM	GOLD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.01%	20.34%	-9.33%
Volatility (6M) Calculated over the trailing 6-month period	24.07%	55.61%	-31.54%
Volatility (1Y) Calculated over the trailing 1-year period	27.57%	64.47%	-36.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.65%	57.14%	-39.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.77%	60.05%	-43.28%