GLDM vs. IAU

Last updated Jun 13, 2026

GLDM (SPDR Gold MiniShares Trust) and IAU (iShares Gold Trust) are both Gold funds - GLDM tracks the LBMA Gold Price PM while IAU tracks the LBMA Gold Price. Both are passively managed. Over the past 5 years, GLDM returned 17.41%/yr vs 17.23%/yr for IAU. With a 1.00 correlation, they move nearly in lockstep. GLDM charges 0.10%/yr vs 0.25%/yr for IAU.

Performance

GLDM vs. IAU - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with GLDM having a -2.40% return and IAU slightly lower at -2.44%.

GLDM

• 1D: 0.11%
• 1M: -10.20%
• YTD: -2.40%
• 6M: -2.09%
• 1Y: 24.17%
• 3Y*: 29.27%
• 5Y*: 17.41%
• 10Y*: —

IAU

• 1D: 0.08%
• 1M: -10.21%
• YTD: -2.44%
• 6M: -2.22%
• 1Y: 23.95%
• 3Y*: 29.07%
• 5Y*: 17.23%
• 10Y*: 12.31%

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

GLDM vs. IAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GLDM SPDR Gold MiniShares Trust	-2.40%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.75%
IAU iShares Gold Trust	-2.44%	63.95%	26.85%	12.84%	-0.63%	-4.00%	25.03%	17.98%	1.24%

Correlation

The correlation between GLDM and IAU is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018	1.00

The correlation between GLDM and IAU has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

GLDM vs. IAU - Sectors Allocation Comparison

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

Return for Risk

GLDM vs. IAU — Risk / Return Rank

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

GLDM

GLDM Risk / Return Rank: 27
GLDM Sharpe Ratio Rank: 28
GLDM Sortino Ratio Rank: 25
GLDM Omega Ratio Rank: 31
GLDM Calmar Ratio Rank: 24
GLDM Martin Ratio Rank: 25

IAU

IAU Risk / Return Rank: 26
IAU Sharpe Ratio Rank: 28
IAU Sortino Ratio Rank: 25
IAU Omega Ratio Rank: 30
IAU Calmar Ratio Rank: 24
IAU Martin Ratio Rank: 24

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. IAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and iShares Gold Trust (IAU). 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	IAU	Difference
Sharpe ratio: Return per unit of total volatility	0.90	0.89	+0.01
Sortino ratio: Return per unit of downside risk	1.26	1.25	+0.01
Omega ratio: Gain probability vs. loss probability	1.19	1.19	0.00
Calmar ratio: Return relative to maximum drawdown	1.00	0.99	+0.01
Martin ratio: Return relative to average drawdown	2.87	2.83	+0.04

GLDM vs. IAU - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 0.90, which is comparable to the IAU Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of GLDM and IAU, 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. IAU - Drawdown Comparison

The maximum GLDM drawdown since its inception was -24.35%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for GLDM and IAU.

Drawdown Indicators

	GLDM	IAU	Difference
Max Drawdown Largest peak-to-trough decline	-24.35%	-45.14%	+20.79%
Max Drawdown (1Y) Largest decline over 1 year	-24.35%	-24.40%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-24.35%	-24.40%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-24.35%	-24.40%	+0.05%
Max Drawdown (10Y) Largest decline over 10 years	—	-24.40%	—
Current Drawdown Current decline from peak	-21.96%	-22.03%	+0.07%
Average Drawdown Average peak-to-trough decline	-6.27%	-15.97%	+9.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.44%	8.47%	-0.03%

Volatility

GLDM vs. IAU - Volatility Comparison

SPDR Gold MiniShares Trust (GLDM) and iShares Gold Trust (IAU) have volatilities of 7.73% and 7.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDM	IAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.73%	7.70%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	23.93%	23.94%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	27.15%	27.17%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.13%	18.16%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	16.02%	+0.96%

GLDM vs. IAU - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is lower than IAU's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GLDM vs. IAU - Dividend Comparison

Neither GLDM nor IAU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLDM and IAU in my portfolio?

With a correlation of 1.00, GLDM and IAU 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 IAU?

GLDM has higher volatility (7.73%) compared to IAU (7.70%). In terms of maximum drawdown, GLDM dropped -24.35% vs IAU's -45.14%.

Which ETF is better, GLDM or IAU?

On 5-year performance, GLDM leads with 17.41% vs 17.23% for IAU. On fees, GLDM is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDM or IAU?

Over the 5-year period, GLDM has performed better with a 17.41% return vs 17.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDM or IAU?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.25% for IAU.

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

GLDM and IAU have nearly identical dividend yields, around 0.00%.

What is the main difference between GLDM and IAU?

GLDM tracks LBMA Gold Price PM, while IAU tracks LBMA Gold Price. They also come from different issuers: State Street and iShares. Their fees differ too: 0.10% for GLDM and 0.25% for IAU.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.90 vs 0.89), 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.