GLDM vs. JPM

Last updated Jun 9, 2026

GLDM (SPDR Gold MiniShares Trust) is Gold fund tracking the LBMA Gold Price PM, while JPM (JPMorgan Chase & Co.) is a stock. Over the past 5 years, GLDM returned 17.89%/yr vs 16.72%/yr for JPM. At a correlation of -0.02, they often move in opposite directions.

Performance

GLDM vs. JPM - Performance Comparison

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

Returns By Period

In the year-to-date period, GLDM achieves a 0.30% return, which is significantly higher than JPM's -2.52% return.

GLDM

• 1D: 0.25%
• 1M: -8.41%
• YTD: 0.30%
• 6M: 3.19%
• 1Y: 30.55%
• 3Y*: 30.08%
• 5Y*: 17.89%
• 10Y*: —

JPM

• 1D: -0.40%
• 1M: 2.98%
• YTD: -2.52%
• 6M: -0.35%
• 1Y: 19.35%
• 3Y*: 33.18%
• 5Y*: 16.72%
• 10Y*: 20.32%

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

GLDM vs. JPM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GLDM SPDR Gold MiniShares Trust	0.30%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.84%
JPM JPMorgan Chase & Co.	-2.52%	37.27%	44.29%	30.63%	-12.64%	27.75%	-5.53%	47.26%	-5.74%

Correlation

The correlation between GLDM and JPM is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018	-0.02

The correlation between GLDM and JPM shifts across timeframes, from -0.02 (all time) to 0.10 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GLDM vs. JPM — Risk / Return Rank

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

GLDM

GLDM Risk / Return Rank: 34
GLDM Sharpe Ratio Rank: 35
GLDM Sortino Ratio Rank: 31
GLDM Omega Ratio Rank: 39
GLDM Calmar Ratio Rank: 34
GLDM Martin Ratio Rank: 29

JPM

JPM Risk / Return Rank: 66
JPM Sharpe Ratio Rank: 70
JPM Sortino Ratio Rank: 62
JPM Omega Ratio Rank: 62
JPM Calmar Ratio Rank: 66
JPM Martin Ratio Rank: 67

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. JPM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and JPMorgan Chase & Co. (JPM). 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	JPM	Difference
Sharpe ratio: Return per unit of total volatility	1.15	0.90	+0.25
Sortino ratio: Return per unit of downside risk	1.54	1.30	+0.24
Omega ratio: Gain probability vs. loss probability	1.23	1.17	+0.07
Calmar ratio: Return relative to maximum drawdown	1.53	1.26	+0.28
Martin ratio: Return relative to average drawdown	3.85	2.98	+0.86
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. JPM - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 1.15, which is comparable to the JPM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of GLDM and JPM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GLDM	JPM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	0.90	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.69	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.74	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.34	+0.65

Drawdowns

GLDM vs. JPM - Drawdown Comparison

The maximum GLDM drawdown since its inception was -21.63%, smaller than the maximum JPM drawdown of -76.16%. Use the drawdown chart below to compare losses from any high point for GLDM and JPM.

Drawdown Indicators

	GLDM	JPM	Difference
Max Drawdown Largest peak-to-trough decline	-21.63%	-76.16%	+54.53%
Max Drawdown (1Y) Largest decline over 1 year	-20.00%	-15.47%	-4.53%
Max Drawdown (3Y) Largest decline over 3 years	-20.00%	-24.42%	+4.42%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-38.77%	+17.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-43.63%	—
Current Drawdown Current decline from peak	-19.80%	-6.55%	-13.25%
Average Drawdown Average peak-to-trough decline	-6.24%	-17.62%	+11.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.96%	6.50%	+1.46%

Volatility

GLDM vs. JPM - Volatility Comparison

The current volatility for SPDR Gold MiniShares Trust (GLDM) is 5.65%, while JPMorgan Chase & Co. (JPM) has a volatility of 6.40%. This indicates that GLDM experiences smaller price fluctuations and is considered to be less risky than JPM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDM	JPM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	6.40%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	23.31%	17.38%	+5.93%
Volatility (1Y) Calculated over the trailing 1-year period	26.65%	21.62%	+5.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.98%	24.45%	-6.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	27.40%	-10.51%

Dividends

GLDM vs. JPM - Dividend Comparison

GLDM has not paid dividends to shareholders, while JPM's dividend yield for the trailing twelve months is around 1.90%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
JPM JPMorgan Chase & Co.	1.90%	1.72%	1.92%	2.38%	2.98%	2.34%	2.83%	2.37%	2.54%	1.91%	2.13%	2.54%

Frequently Asked Questions

Can I hold both GLDM and JPM in my portfolio?

GLDM and JPM have a correlation of 0.10, 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 JPM?

JPM has higher volatility (6.40%) compared to GLDM (5.65%). In terms of maximum drawdown, GLDM dropped -21.63% vs JPM's -76.16%.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (1.15 vs 0.90), 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.