GLDM vs. SPMO
GLDM (SPDR Gold MiniShares Trust) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 5 years, GLDM returned 17.41%/yr vs 23.50%/yr for SPMO. At a 0.09 correlation, their price movements are largely independent. GLDM charges 0.10%/yr vs 0.13%/yr for SPMO.
Performance
GLDM vs. SPMO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GLDM achieves a -2.40% return, which is significantly lower than SPMO's 28.15% return.
GLDM
- 1D
- 0.11%
- 1M
- -7.40%
- YTD
- -2.40%
- 6M
- -2.09%
- 1Y
- 22.58%
- 3Y*
- 29.27%
- 5Y*
- 17.41%
- 10Y*
- —
SPMO
- 1D
- 1.26%
- 1M
- 6.27%
- YTD
- 28.15%
- 6M
- 28.70%
- 1Y
- 44.90%
- 3Y*
- 41.53%
- 5Y*
- 23.50%
- 10Y*
- 20.86%
GLDM vs. SPMO - 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% |
SPMO Invesco S&P 500 Momentum ETF | 28.15% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -8.25% |
Correlation
The correlation between GLDM and SPMO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.09 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GLDM vs. SPMO — Risk / Return Rank
GLDM
SPMO
GLDM vs. SPMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and Invesco S&P 500 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.41 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 3.44 | -2.44 |
| Martin ratioReturn relative to average drawdown | 2.87 | 13.01 | -10.14 |
Loading charts...
Drawdowns
GLDM vs. SPMO - Drawdown Comparison
The maximum GLDM drawdown since its inception was -24.35%, smaller than the maximum SPMO drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for GLDM and SPMO.
Loading charts...
Drawdown Indicators
| GLDM | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.35% | -30.95% | +6.60% |
Max Drawdown (1Y)Largest decline over 1 year | -24.35% | -12.70% | -11.65% |
Max Drawdown (3Y)Largest decline over 3 years | -24.35% | -20.13% | -4.22% |
Max Drawdown (5Y)Largest decline over 5 years | -24.35% | -22.74% | -1.61% |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.95% | — |
Current DrawdownCurrent decline from peak | -21.96% | -1.68% | -20.28% |
Average DrawdownAverage peak-to-trough decline | -6.27% | -4.60% | -1.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.44% | 3.35% | +5.09% |
Volatility
GLDM vs. SPMO - Volatility Comparison
The current volatility for SPDR Gold MiniShares Trust (GLDM) is 7.73%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.29%. This indicates that GLDM experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GLDM | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.73% | 10.29% | -2.56% |
Volatility (6M)Calculated over the trailing 6-month period | 23.93% | 16.73% | +7.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.15% | 19.48% | +7.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.13% | 19.65% | -1.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.98% | 20.48% | -3.50% |
GLDM vs. SPMO - Expense Ratio Comparison
GLDM has a 0.10% expense ratio, which is lower than SPMO's 0.13% 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. SPMO - Dividend Comparison
GLDM has not paid dividends to shareholders, while SPMO's dividend yield for the trailing twelve months is around 0.67%.
| 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% |
SPMO Invesco S&P 500 Momentum ETF | 0.67% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
Frequently Asked Questions
GLDM and SPMO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (10.29%) compared to GLDM (7.73%). In terms of maximum drawdown, GLDM dropped -24.35% vs SPMO's -30.95%.
On 5-year performance, SPMO leads with 23.50% vs 17.41% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 7.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPMO has performed better with a 23.50% return vs 17.41%. 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 0.13% for SPMO.
SPMO has the higher dividend yield at 0.67%, compared with 0.00% for GLDM.
GLDM is categorized as Gold, while SPMO is Momentum. GLDM tracks LBMA Gold Price PM, while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.10% for GLDM and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (2.24 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.
Find the right allocation for GLDM and SPMO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer