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GLDM vs. TBLYX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GLDM vs. TBLYX

Last updated Jun 13, 2026

GLDM (SPDR Gold MiniShares Trust) and TBLYX (T. Rowe Price Retirement Blend 2035 Fund) are both funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while TBLYX is a Target Retirement Date fund actively managed by T. Rowe Price. GLDM is passively managed, while TBLYX is actively managed. Over the past 3 years, GLDM returned 29.27%/yr vs 15.45%/yr for TBLYX. At a 0.24 correlation, their price movements are largely independent. GLDM charges 0.10%/yr vs 0.40%/yr for TBLYX.

Performance

GLDM vs. TBLYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) and T. Rowe Price Retirement Blend 2035 Fund (TBLYX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GLDM achieves a -2.40% return, which is significantly lower than TBLYX's 7.90% return.

GLDM

1D
0.11%
1M
-10.20%
YTD
-2.40%
6M
-2.09%
1Y
24.17%
3Y*
29.27%
5Y*
17.41%
10Y*
—

TBLYX

1D
1.86%
1M
0.08%
YTD
7.90%
6M
8.49%
1Y
19.16%
3Y*
15.45%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

GLDM vs. TBLYX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
GLDM
SPDR Gold MiniShares Trust		-2.40%64.20%27.08%13.04%-0.47%-0.11%
TBLYX
T. Rowe Price Retirement Blend 2035 Fund		7.90%17.30%12.43%18.44%-17.17%4.09%

Correlation

The correlation between GLDM and TBLYX is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.35

Correlation (3Y)
Calculated over the trailing 3-year period

0.29

Correlation (All Time)
Calculated using the full available price history since Jul 30, 2021

0.24

The correlation between GLDM and TBLYX shifts across timeframes, from 0.24 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.

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SPDR Gold MiniShares Trust

T. Rowe Price Retirement Blend 2035 Fund

Often compared with GLDM:
GLDM vs. GLDGLDM vs. IAUGLDM vs. IAUMGLDM vs. GDXGLDM vs. SGOLGLDM vs. VOOGLDM vs. SPY
Often compared with TBLYX:
TBLYX vs. FRKMXTBLYX vs. PTDIXTBLYX vs. FFGZXTBLYX vs. FIKFXTBLYX vs. TRRIXTBLYX vs. LTFIXTBLYX vs. FIRMX

Return for Risk

GLDM vs. TBLYX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GLDM
GLDM Risk / Return Rank: 2727
Overall Rank
GLDM Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
GLDM Sortino Ratio Rank: 2525
Sortino Ratio Rank
GLDM Omega Ratio Rank: 3131
Omega Ratio Rank
GLDM Calmar Ratio Rank: 2424
Calmar Ratio Rank
GLDM Martin Ratio Rank: 2525
Martin Ratio Rank
TBLYX
TBLYX Risk / Return Rank: 6464
Overall Rank
TBLYX Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
TBLYX Sortino Ratio Rank: 6262
Sortino Ratio Rank
TBLYX Omega Ratio Rank: 6464
Omega Ratio Rank
TBLYX Calmar Ratio Rank: 6060
Calmar Ratio Rank
TBLYX Martin Ratio Rank: 7070
Martin Ratio Rank
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. TBLYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and T. Rowe Price Retirement Blend 2035 Fund (TBLYX). 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.

GLDMTBLYXDifference
Sharpe ratioReturn per unit of total volatility
0.90
1.90

-1.01

Sortino ratioReturn per unit of downside risk
1.26
2.66

-1.41

Omega ratioGain probability vs. loss probability

1.19

1.36

-0.17

Calmar ratioReturn relative to maximum drawdown

1.00

2.51

-1.51

Martin ratioReturn relative to average drawdown

2.87

10.93

-8.06

GLDM vs. TBLYX - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 0.90, which is lower than the TBLYX Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of GLDM and TBLYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GLDM vs. TBLYX - Drawdown Comparison

The maximum GLDM drawdown since its inception was -24.35%, roughly equal to the maximum TBLYX drawdown of -24.54%. Use the drawdown chart below to compare losses from any high point for GLDM and TBLYX.

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Drawdown Indicators

GLDMTBLYXDifference

Max Drawdown

Largest peak-to-trough decline

-24.35%

-24.54%

+0.19%

Max Drawdown (1Y)

Largest decline over 1 year

-24.35%

-7.83%

-16.52%

Max Drawdown (3Y)

Largest decline over 3 years

-24.35%

-13.02%

-11.33%

Max Drawdown (5Y)

Largest decline over 5 years

-24.35%

—

—

Current Drawdown

Current decline from peak

-21.96%

-1.58%

-20.38%

Average Drawdown

Average peak-to-trough decline

-6.27%

-6.07%

-0.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.44%

1.80%

+6.64%

Volatility

GLDM vs. TBLYX - Volatility Comparison

SPDR Gold MiniShares Trust (GLDM) has a higher volatility of 7.73% compared to T. Rowe Price Retirement Blend 2035 Fund (TBLYX) at 4.08%. This indicates that GLDM's price experiences larger fluctuations and is considered to be riskier than TBLYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GLDMTBLYXDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.73%

4.08%

+3.65%

Volatility (6M)

Calculated over the trailing 6-month period

23.93%

8.52%

+15.41%

Volatility (1Y)

Calculated over the trailing 1-year period

27.15%

10.34%

+16.81%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.13%

13.11%

+5.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.98%

13.11%

+3.87%

GLDM vs. TBLYX - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is lower than TBLYX's 0.40% expense ratio.

Dividends

GLDM vs. TBLYX - Dividend Comparison

GLDM has not paid dividends to shareholders, while TBLYX's dividend yield for the trailing twelve months is around 2.32%.

PositionTTM20252024202320222021
GLDM
SPDR Gold MiniShares Trust		0.00%0.00%0.00%0.00%0.00%0.00%
TBLYX
T. Rowe Price Retirement Blend 2035 Fund		2.32%2.50%2.05%1.94%2.18%1.40%

Frequently Asked Questions

GLDM and TBLYX have a correlation of 0.35, 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 TBLYX (4.08%). In terms of maximum drawdown, GLDM dropped -24.35% vs TBLYX's -24.54%.

TBLYX currently has the higher Sharpe Ratio (1.90 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.

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