GLDM vs. GOLI

Last updated Jul 15, 2026

GLDM (SPDR Gold MiniShares Trust) and GOLI (Defiance Gold Enhanced Options Income ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while GOLI is a Derivative Income fund actively managed by Defiance. GLDM is passively managed, while GOLI is actively managed. Over the past year, GLDM returned 21.17% vs 3.39% for GOLI. Their correlation of 0.88 suggests significant overlap in exposure. GLDM charges 0.10%/yr vs 0.99%/yr for GOLI.

Performance

GLDM vs. GOLI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) and Defiance Gold Enhanced Options Income ETF (GOLI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDM achieves a -6.00% return, which is significantly higher than GOLI's -9.90% return.

GLDM

• 1D: 1.36%
• 1M: -3.68%
• 6M: -11.59%
• YTD: -6.00%
• 1Y: 21.17%
• 3Y*: 27.44%
• 5Y*: 17.14%
• 10Y*: —

GOLI

• 1D: 0.90%
• 1M: -2.54%
• 6M: -13.72%
• YTD: -9.90%
• 1Y: 3.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLDM vs. GOLI - Yearly Performance Comparison

	2026 (YTD)	2025
GLDM SPDR Gold MiniShares Trust	-6.00%	38.16%
GOLI Defiance Gold Enhanced Options Income ETF	-9.90%	15.16%

Correlation

The correlation between GLDM and GOLI is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.88

The correlation between GLDM and GOLI has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.

Return for Risk

GLDM vs. GOLI — Risk / Return Rank

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

GLDM

GLDM Risk / Return Rank: 24
GLDM Sharpe Ratio Rank: 26
GLDM Sortino Ratio Rank: 24
GLDM Omega Ratio Rank: 28
GLDM Calmar Ratio Rank: 22
GLDM Martin Ratio Rank: 21

GOLI

GOLI Risk / Return Rank: 12
GOLI Sharpe Ratio Rank: 12
GOLI Sortino Ratio Rank: 11
GOLI Omega Ratio Rank: 12
GOLI Calmar Ratio Rank: 11
GOLI Martin Ratio Rank: 11

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. GOLI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and Defiance Gold Enhanced Options Income ETF (GOLI). 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	GOLI	Difference
Sharpe ratio: Return per unit of total volatility	0.77	0.14	+0.63
Sortino ratio: Return per unit of downside risk	1.12	0.34	+0.78
Omega ratio: Gain probability vs. loss probability	1.16	1.05	+0.11
Calmar ratio: Return relative to maximum drawdown	0.81	0.13	+0.68
Martin ratio: Return relative to average drawdown	1.97	0.41	+1.57

GLDM vs. GOLI - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 0.77, which is higher than the GOLI Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of GLDM and GOLI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GLDM vs. GOLI - Drawdown Comparison

The maximum GLDM drawdown since its inception was -26.11%, roughly equal to the maximum GOLI drawdown of -25.88%. Use the drawdown chart below to compare losses from any high point for GLDM and GOLI.

Drawdown Indicators

	GLDM	GOLI	Difference
Max Drawdown Largest peak-to-trough decline	-26.11%	-25.88%	-0.23%
Max Drawdown (1Y) Largest decline over 1 year	-26.11%	-25.88%	-0.23%
Max Drawdown (3Y) Largest decline over 3 years	-26.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.11%	—	—
Current Drawdown Current decline from peak	-24.84%	-19.88%	-4.96%
Average Drawdown Average peak-to-trough decline	-6.44%	-5.15%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.75%	8.37%	+2.38%

Volatility

GLDM vs. GOLI - Volatility Comparison

The current volatility for SPDR Gold MiniShares Trust (GLDM) is 7.05%, while Defiance Gold Enhanced Options Income ETF (GOLI) has a volatility of 12.21%. This indicates that GLDM experiences smaller price fluctuations and is considered to be less risky than GOLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDM	GOLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.05%	12.21%	-5.16%
Volatility (6M) Calculated over the trailing 6-month period	24.07%	23.39%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	27.73%	25.04%	+2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.31%	23.23%	-4.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	23.23%	-6.16%

GLDM vs. GOLI - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is lower than GOLI's 0.99% expense ratio.

Dividends

GLDM vs. GOLI - Dividend Comparison

GLDM has not paid dividends to shareholders, while GOLI's dividend yield for the trailing twelve months is around 51.21%.

Position	TTM	2025
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%
GOLI Defiance Gold Enhanced Options Income ETF	51.21%	37.38%

Frequently Asked Questions

Can I hold both GLDM and GOLI in my portfolio?

GLDM and GOLI have a correlation of 0.88, 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 GOLI?

GOLI has higher volatility (12.21%) compared to GLDM (7.05%). In terms of maximum drawdown, GLDM dropped -26.11% vs GOLI's -25.88%.

Which ETF is better, GLDM or GOLI?

On 1-year performance, GLDM leads with 21.17% vs 3.39% for GOLI. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 7.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDM or GOLI?

Over the 1-year period, GLDM has performed better with a 21.17% return vs 3.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDM or GOLI?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.99% for GOLI.

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

GOLI has the higher dividend yield at 51.21%, compared with 0.00% for GLDM.

What is the main difference between GLDM and GOLI?

GLDM is categorized as Gold, while GOLI is Derivative Income. They also come from different issuers: State Street and Defiance. Their fees differ too: 0.10% for GLDM and 0.99% for GOLI.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.77 vs 0.14), 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.