GLDM vs. USD
GLDM (SPDR Gold MiniShares Trust) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 5 years, GLDM returned 17.41%/yr vs 65.02%/yr for USD. At a 0.06 correlation, their price movements are largely independent. GLDM charges 0.10%/yr vs 0.95%/yr for USD.
Performance
GLDM vs. USD - 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 USD's 86.87% return.
GLDM
- 1D
- 0.11%
- 1M
- -10.20%
- YTD
- -2.40%
- 6M
- -2.09%
- 1Y
- 24.17%
- 3Y*
- 29.27%
- 5Y*
- 17.41%
- 10Y*
- —
USD
- 1D
- 2.08%
- 1M
- -1.66%
- YTD
- 86.87%
- 6M
- 97.77%
- 1Y
- 207.86%
- 3Y*
- 111.11%
- 5Y*
- 65.02%
- 10Y*
- 60.21%
GLDM vs. USD - 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% |
USD ProShares Ultra Semiconductors | 86.87% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -32.99% |
Correlation
The correlation between GLDM and USD is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.06 |
The correlation between GLDM and USD shifts across timeframes, from 0.06 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
GLDM vs. USD - Sectors Allocation Comparison
Sectors
GLDM
USD
Basic Materials
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Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
Financial Services
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
Utilities
-
-
Basic Materials
GLDM
USD
-
Communication Services
GLDM
-
USD
-
Consumer Cyclical
GLDM
-
USD
-
Consumer Defensive
GLDM
-
USD
-
Energy
GLDM
-
USD
Financial Services
GLDM
-
USD
Healthcare
GLDM
-
USD
-
Industrials
GLDM
-
USD
-
Real Estate
GLDM
-
USD
-
Technology
GLDM
-
USD
Utilities
GLDM
-
USD
-
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Return for Risk
GLDM vs. USD — Risk / Return Rank
GLDM
USD
GLDM vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.41 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 6.58 | -5.58 |
| Martin ratioReturn relative to average drawdown | 2.87 | 18.43 | -15.56 |
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Drawdowns
GLDM vs. USD - Drawdown Comparison
The maximum GLDM drawdown since its inception was -24.35%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for GLDM and USD.
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Drawdown Indicators
| GLDM | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.35% | -88.63% | +64.28% |
Max Drawdown (1Y)Largest decline over 1 year | -24.35% | -31.80% | +7.45% |
Max Drawdown (3Y)Largest decline over 3 years | -24.35% | -64.46% | +40.11% |
Max Drawdown (5Y)Largest decline over 5 years | -24.35% | -77.85% | +53.50% |
Max Drawdown (10Y)Largest decline over 10 years | — | -77.85% | — |
Current DrawdownCurrent decline from peak | -21.96% | -13.67% | -8.29% |
Average DrawdownAverage peak-to-trough decline | -6.27% | -32.32% | +26.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.44% | 11.34% | -2.90% |
Volatility
GLDM vs. USD - Volatility Comparison
The current volatility for SPDR Gold MiniShares Trust (GLDM) is 7.73%, while ProShares Ultra Semiconductors (USD) has a volatility of 29.56%. This indicates that GLDM experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLDM | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.73% | 29.56% | -21.83% |
Volatility (6M)Calculated over the trailing 6-month period | 23.93% | 52.44% | -28.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.15% | 65.34% | -38.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.13% | 77.19% | -59.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.98% | 69.61% | -52.63% |
GLDM vs. USD - Expense Ratio Comparison
GLDM has a 0.10% expense ratio, which is lower than USD's 0.95% expense ratio.
Dividends
GLDM vs. USD - Dividend Comparison
GLDM has not paid dividends to shareholders, while USD's dividend yield for the trailing twelve months is around 0.25%.
| 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% |
USD ProShares Ultra Semiconductors | 0.25% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
GLDM and USD have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (29.56%) compared to GLDM (7.73%). In terms of maximum drawdown, GLDM dropped -24.35% vs USD's -88.63%.
On 5-year performance, USD leads with 65.02% 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, USD has performed better with a 65.02% 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 0.95% for USD.
USD has the higher dividend yield at 0.25%, compared with 0.00% for GLDM.
GLDM is categorized as Gold, while USD is Leveraged Equities. GLDM tracks LBMA Gold Price PM, while USD tracks Dow Jones U.S. Semiconductors Index (200%). They also come from different issuers: State Street and ProShares. Their fees differ too: 0.10% for GLDM and 0.95% for USD.
USD currently has the higher Sharpe Ratio (3.20 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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