GLDM vs. SPYM

Last updated Jun 6, 2026

GLDM (SPDR Gold MiniShares Trust) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while SPYM is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, GLDM returned 17.81%/yr vs 13.39%/yr for SPYM. At a 0.08 correlation, their price movements are largely independent. GLDM charges 0.10%/yr vs 0.02%/yr for SPYM.

Performance

GLDM vs. SPYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) and State Street SPDR Portfolio S&P 500 ETF (SPYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDM achieves a 0.06% return, which is significantly lower than SPYM's 8.48% return.

GLDM

• 1D: -3.67%
• 1M: -8.00%
• YTD: 0.06%
• 6M: 2.68%
• 1Y: 28.49%
• 3Y*: 29.91%
• 5Y*: 17.81%
• 10Y*: —

SPYM

• 1D: -2.58%
• 1M: 0.51%
• YTD: 8.48%
• 6M: 8.21%
• 1Y: 25.87%
• 3Y*: 21.54%
• 5Y*: 13.39%
• 10Y*: 15.25%

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

GLDM vs. SPYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GLDM SPDR Gold MiniShares Trust	0.06%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.84%
SPYM State Street SPDR Portfolio S&P 500 ETF	8.48%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-7.49%

Correlation

The correlation between GLDM and SPYM is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
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 27, 2018	0.08

The correlation between GLDM and SPYM shifts across timeframes, from 0.08 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

GLDM vs. SPYM - Sectors Allocation Comparison

Sectors	GLDM	SPYM
Basic Materials	100.0%	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.6%
Energy	-	3.2%
Financial Services	-	11.1%
Healthcare	-	8.4%
Industrials	-	7.6%
Real Estate	-	1.8%
Technology	-	38.5%
Utilities	-	2.5%

Return for Risk

GLDM vs. SPYM — Risk / Return Rank

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

GLDM

GLDM Risk / Return Rank: 30
GLDM Sharpe Ratio Rank: 31
GLDM Sortino Ratio Rank: 28
GLDM Omega Ratio Rank: 33
GLDM Calmar Ratio Rank: 30
GLDM Martin Ratio Rank: 27

SPYM

SPYM Risk / Return Rank: 66
SPYM Sharpe Ratio Rank: 66
SPYM Sortino Ratio Rank: 64
SPYM Omega Ratio Rank: 67
SPYM Calmar Ratio Rank: 60
SPYM Martin Ratio Rank: 73

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. SPYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and State Street SPDR Portfolio S&P 500 ETF (SPYM). 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	SPYM	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.15	-1.08
Sortino ratio: Return per unit of downside risk	1.45	2.90	-1.44
Omega ratio: Gain probability vs. loss probability	1.22	1.39	-0.17
Calmar ratio: Return relative to maximum drawdown	1.43	2.92	-1.49
Martin ratio: Return relative to average drawdown	3.63	13.53	-9.90
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. SPYM - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 1.07, which is lower than the SPYM Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of GLDM and SPYM, 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	SPYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	2.15	-1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.80	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.61	+0.38

Drawdowns

GLDM vs. SPYM - Drawdown Comparison

The maximum GLDM drawdown since its inception was -21.63%, smaller than the maximum SPYM drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for GLDM and SPYM.

Drawdown Indicators

	GLDM	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-21.63%	-54.46%	+32.83%
Max Drawdown (1Y) Largest decline over 1 year	-20.00%	-8.90%	-11.10%
Max Drawdown (3Y) Largest decline over 3 years	-20.00%	-18.72%	-1.28%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-24.48%	+3.56%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.87%	—
Current Drawdown Current decline from peak	-20.00%	-2.90%	-17.10%
Average Drawdown Average peak-to-trough decline	-6.23%	-7.15%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.86%	1.92%	+5.94%

Volatility

GLDM vs. SPYM - Volatility Comparison

SPDR Gold MiniShares Trust (GLDM) has a higher volatility of 5.65% compared to State Street SPDR Portfolio S&P 500 ETF (SPYM) at 3.73%. This indicates that GLDM's price experiences larger fluctuations and is considered to be riskier than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDM	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	3.73%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	23.31%	9.30%	+14.01%
Volatility (1Y) Calculated over the trailing 1-year period	26.65%	12.09%	+14.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.97%	16.83%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	18.02%	-1.12%

GLDM vs. SPYM - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is higher than SPYM's 0.02% expense ratio. However, 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. SPYM - Dividend Comparison

GLDM has not paid dividends to shareholders, while SPYM's dividend yield for the trailing twelve months is around 1.02%.

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%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.02%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both GLDM and SPYM in my portfolio?

GLDM and SPYM have a correlation of 0.21, 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 SPYM?

GLDM has higher volatility (5.65%) compared to SPYM (3.73%). In terms of maximum drawdown, GLDM dropped -21.63% vs SPYM's -54.46%.

Which ETF is better, GLDM or SPYM?

On 5-year performance, GLDM leads with 17.81% vs 13.39% for SPYM. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 3.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDM or SPYM?

Over the 5-year period, GLDM has performed better with a 17.81% return vs 13.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDM or SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.10% for GLDM.

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

SPYM has the higher dividend yield at 1.02%, compared with 0.00% for GLDM.

What is the main difference between GLDM and SPYM?

GLDM is categorized as Gold, while SPYM is S&P 500. GLDM tracks LBMA Gold Price PM, while SPYM tracks S&P 500 Index. Their fees differ too: 0.10% for GLDM and 0.02% for SPYM.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (2.15 vs 1.07), 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.