GLDM vs. SGOL

Last updated Jun 23, 2026

GLDM (SPDR Gold MiniShares Trust) and SGOL (abrdn Physical Gold Shares ETF) are both Gold funds - GLDM tracks the LBMA Gold Price PM while SGOL tracks the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 5 years, GLDM returned 18.61%/yr vs 18.52%/yr for SGOL. With a 1.00 correlation, they move nearly in lockstep. GLDM charges 0.10%/yr vs 0.17%/yr for SGOL.

Performance

GLDM vs. SGOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) and abrdn Physical Gold Shares ETF (SGOL). 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 -2.87% return and SGOL slightly lower at -2.90%.

GLDM

• 1D: -0.62%
• 1M: -7.05%
• YTD: -2.87%
• 6M: -5.63%
• 1Y: 24.39%
• 3Y*: 29.61%
• 5Y*: 18.61%
• 10Y*: —

SGOL

• 1D: -0.67%
• 1M: -7.10%
• YTD: -2.90%
• 6M: -5.72%
• 1Y: 24.27%
• 3Y*: 29.52%
• 5Y*: 18.52%
• 10Y*: 12.00%

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

GLDM vs. SGOL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GLDM SPDR Gold MiniShares Trust	-2.87%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.75%
SGOL abrdn Physical Gold Shares ETF	-2.90%	63.99%	26.90%	12.99%	-0.51%	-3.94%	25.03%	18.21%	1.14%

Correlation

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

Return for Risk

GLDM vs. SGOL — 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: 23
GLDM Omega Ratio Rank: 28
GLDM Calmar Ratio Rank: 22
GLDM Martin Ratio Rank: 23

SGOL

SGOL Risk / Return Rank: 24
SGOL Sharpe Ratio Rank: 26
SGOL Sortino Ratio Rank: 23
SGOL Omega Ratio Rank: 28
SGOL Calmar Ratio Rank: 22
SGOL Martin Ratio Rank: 22

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. SGOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and abrdn Physical Gold Shares ETF (SGOL). 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	SGOL	Difference
Sharpe ratio: Return per unit of total volatility	0.90	0.90	0.00
Sortino ratio: Return per unit of downside risk	1.26	1.26	0.00
Omega ratio: Gain probability vs. loss probability	1.19	1.19	0.00
Calmar ratio: Return relative to maximum drawdown	1.01	1.00	+0.01
Martin ratio: Return relative to average drawdown	2.74	2.72	+0.02

GLDM vs. SGOL - Sharpe Ratio Comparison

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

The maximum GLDM drawdown since its inception was -24.35%, smaller than the maximum SGOL drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for GLDM and SGOL.

Drawdown Indicators

	GLDM	SGOL	Difference
Max Drawdown Largest peak-to-trough decline	-24.35%	-45.51%	+21.16%
Max Drawdown (1Y) Largest decline over 1 year	-24.35%	-24.37%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	-24.35%	-24.37%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-24.35%	-24.37%	+0.02%
Max Drawdown (10Y) Largest decline over 10 years	—	-24.37%	—
Current Drawdown Current decline from peak	-22.34%	-22.41%	+0.07%
Average Drawdown Average peak-to-trough decline	-6.31%	-18.42%	+12.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.92%	8.94%	-0.02%

Volatility

GLDM vs. SGOL - Volatility Comparison

SPDR Gold MiniShares Trust (GLDM) and abrdn Physical Gold Shares ETF (SGOL) have volatilities of 8.02% and 7.98%, 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	SGOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.02%	7.98%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	24.15%	24.07%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	27.34%	27.27%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.13%	18.10%	+0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.01%	16.06%	+0.95%

GLDM vs. SGOL - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is lower than SGOL's 0.17% 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. SGOL - Dividend Comparison

Neither GLDM nor SGOL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLDM and SGOL in my portfolio?

With a correlation of 1.00, GLDM and SGOL 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 SGOL?

GLDM has higher volatility (8.02%) compared to SGOL (7.98%). In terms of maximum drawdown, GLDM dropped -24.35% vs SGOL's -45.51%.

Which ETF is better, GLDM or SGOL?

On 5-year performance, GLDM leads with 18.61% vs 18.52% for SGOL. 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 SGOL?

Over the 5-year period, GLDM has performed better with a 18.61% return vs 18.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDM or SGOL?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.17% for SGOL.

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

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

What is the main difference between GLDM and SGOL?

GLDM tracks LBMA Gold Price PM, while SGOL tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: State Street and abrdn. Their fees differ too: 0.10% for GLDM and 0.17% for SGOL.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.90 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.