GLDM vs. QUAL
GLDM (SPDR Gold MiniShares Trust) and QUAL (iShares MSCI USA Quality Factor ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index. Both are passively managed. Over the past 5 years, GLDM returned 17.41%/yr vs 11.97%/yr for QUAL. At a 0.08 correlation, their price movements are largely independent. GLDM charges 0.10%/yr vs 0.15%/yr for QUAL.
Performance
GLDM vs. QUAL - Performance Comparison
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Returns By Period
In the year-to-date period, GLDM achieves a -2.40% return, which is significantly lower than QUAL's 9.44% return.
GLDM
- 1D
- 0.11%
- 1M
- -9.52%
- YTD
- -2.40%
- 6M
- -2.09%
- 1Y
- 22.58%
- 3Y*
- 29.27%
- 5Y*
- 17.41%
- 10Y*
- —
QUAL
- 1D
- 0.47%
- 1M
- 2.14%
- YTD
- 9.44%
- 6M
- 9.29%
- 1Y
- 22.87%
- 3Y*
- 19.30%
- 5Y*
- 11.97%
- 10Y*
- 14.46%
GLDM vs. QUAL - 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% |
QUAL iShares MSCI USA Quality Factor ETF | 9.44% | 12.65% | 22.29% | 30.88% | -20.50% | 26.94% | 17.04% | 33.89% | -7.08% |
Correlation
The correlation between GLDM and QUAL is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.08 |
The correlation between GLDM and QUAL shifts across timeframes, from 0.08 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GLDM vs. QUAL — Risk / Return Rank
GLDM
QUAL
GLDM vs. QUAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and iShares MSCI USA Quality Factor ETF (QUAL). 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 | QUAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.31 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 2.32 | -1.33 |
| Martin ratioReturn relative to average drawdown | 2.87 | 10.60 | -7.73 |
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Drawdowns
GLDM vs. QUAL - Drawdown Comparison
The maximum GLDM drawdown since its inception was -24.35%, smaller than the maximum QUAL drawdown of -34.06%. Use the drawdown chart below to compare losses from any high point for GLDM and QUAL.
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Drawdown Indicators
| GLDM | QUAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.35% | -34.06% | +9.71% |
Max Drawdown (1Y)Largest decline over 1 year | -24.35% | -9.03% | -15.32% |
Max Drawdown (3Y)Largest decline over 3 years | -24.35% | -18.00% | -6.35% |
Max Drawdown (5Y)Largest decline over 5 years | -24.35% | -28.23% | +3.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.06% | — |
Current DrawdownCurrent decline from peak | -21.96% | -0.19% | -21.77% |
Average DrawdownAverage peak-to-trough decline | -6.27% | -4.10% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.44% | 1.99% | +6.45% |
Volatility
GLDM vs. QUAL - Volatility Comparison
SPDR Gold MiniShares Trust (GLDM) has a higher volatility of 7.73% compared to iShares MSCI USA Quality Factor ETF (QUAL) at 3.63%. This indicates that GLDM's price experiences larger fluctuations and is considered to be riskier than QUAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLDM | QUAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.73% | 3.63% | +4.10% |
Volatility (6M)Calculated over the trailing 6-month period | 23.93% | 9.43% | +14.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.15% | 12.10% | +15.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.13% | 17.36% | +0.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.98% | 18.11% | -1.13% |
GLDM vs. QUAL - Expense Ratio Comparison
GLDM has a 0.10% expense ratio, which is lower than QUAL's 0.15% 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. QUAL - Dividend Comparison
GLDM has not paid dividends to shareholders, while QUAL's dividend yield for the trailing twelve months is around 0.87%.
| 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% |
QUAL iShares MSCI USA Quality Factor ETF | 0.87% | 0.94% | 1.02% | 1.23% | 1.59% | 1.20% | 1.39% | 1.60% | 2.00% | 1.76% | 1.96% | 1.63% |
Frequently Asked Questions
GLDM and QUAL have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (7.73%) compared to QUAL (3.63%). In terms of maximum drawdown, GLDM dropped -24.35% vs QUAL's -34.06%.
On 5-year performance, GLDM leads with 17.41% vs 11.97% for QUAL. On fees, GLDM is cheaper at 0.10% per year. On volatility, QUAL has been the lower-risk option at 3.63%. 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 17.41% return vs 11.97%. 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 0.15% for QUAL.
QUAL has the higher dividend yield at 0.87%, compared with 0.00% for GLDM.
GLDM is categorized as Gold, while QUAL is Large Cap Blend Equities. GLDM tracks LBMA Gold Price PM, while QUAL tracks MSCI USA Sector Neutral Quality Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.10% for GLDM and 0.15% for QUAL.
QUAL currently has the higher Sharpe Ratio (1.74 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.
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