GLDM vs. USMV

Last updated Jun 9, 2026

GLDM (SPDR Gold MiniShares Trust) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, GLDM returned 17.89%/yr vs 7.21%/yr for USMV. At a 0.11 correlation, their price movements are largely independent. GLDM charges 0.10%/yr vs 0.15%/yr for USMV.

Performance

GLDM vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDM achieves a 0.30% return, which is significantly lower than USMV's 1.55% return.

GLDM

• 1D: 0.25%
• 1M: -8.41%
• YTD: 0.30%
• 6M: 3.19%
• 1Y: 30.55%
• 3Y*: 30.08%
• 5Y*: 17.89%
• 10Y*: —

USMV

• 1D: -0.43%
• 1M: 1.28%
• YTD: 1.55%
• 6M: 2.27%
• 1Y: 3.18%
• 3Y*: 11.35%
• 5Y*: 7.21%
• 10Y*: 9.75%

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

GLDM vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GLDM SPDR Gold MiniShares Trust	0.30%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.84%
USMV iShares MSCI USA Min Vol Factor ETF	1.55%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	-0.20%

Correlation

The correlation between GLDM and USMV is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018	0.11

GLDM vs. USMV - Sectors Allocation Comparison

Sectors	GLDM	USMV
Basic Materials	100.0%	2.2%
Communication Services	-	5.9%
Consumer Cyclical	-	5.7%
Consumer Defensive	-	10.0%
Energy	-	3.6%
Financial Services	-	12.4%
Healthcare	-	12.5%
Industrials	-	5.7%
Real Estate	-	2.2%
Technology	-	30.8%
Utilities	-	7.5%

Return for Risk

GLDM vs. USMV — Risk / Return Rank

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

GLDM

GLDM Risk / Return Rank: 34
GLDM Sharpe Ratio Rank: 35
GLDM Sortino Ratio Rank: 31
GLDM Omega Ratio Rank: 39
GLDM Calmar Ratio Rank: 34
GLDM Martin Ratio Rank: 29

USMV

USMV Risk / Return Rank: 15
USMV Sharpe Ratio Rank: 15
USMV Sortino Ratio Rank: 15
USMV Omega Ratio Rank: 14
USMV Calmar Ratio Rank: 16
USMV Martin Ratio Rank: 17

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. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and iShares MSCI USA Min Vol Factor ETF (USMV). 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	USMV	Difference
Sharpe ratio: Return per unit of total volatility	1.15	0.37	+0.78
Sortino ratio: Return per unit of downside risk	1.54	0.58	+0.96
Omega ratio: Gain probability vs. loss probability	1.23	1.07	+0.17
Calmar ratio: Return relative to maximum drawdown	1.53	0.49	+1.04
Martin ratio: Return relative to average drawdown	3.85	1.64	+2.21
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. USMV - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 1.15, which is higher than the USMV Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of GLDM and USMV, 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	USMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	0.37	+0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.59	+0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.86	+0.13

Drawdowns

GLDM vs. USMV - Drawdown Comparison

The maximum GLDM drawdown since its inception was -21.63%, smaller than the maximum USMV drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for GLDM and USMV.

Drawdown Indicators

	GLDM	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-21.63%	-33.10%	+11.47%
Max Drawdown (1Y) Largest decline over 1 year	-20.00%	-6.46%	-13.54%
Max Drawdown (3Y) Largest decline over 3 years	-20.00%	-9.36%	-10.64%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-17.93%	-2.99%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.10%	—
Current Drawdown Current decline from peak	-19.80%	-2.24%	-17.56%
Average Drawdown Average peak-to-trough decline	-6.24%	-2.88%	-3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.96%	1.94%	+6.02%

Volatility

GLDM vs. USMV - Volatility Comparison

SPDR Gold MiniShares Trust (GLDM) has a higher volatility of 5.65% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.65%. This indicates that GLDM's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDM	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	2.65%	+3.00%
Volatility (6M) Calculated over the trailing 6-month period	23.31%	6.02%	+17.29%
Volatility (1Y) Calculated over the trailing 1-year period	26.65%	8.57%	+18.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.98%	12.36%	+5.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.89%	14.51%	+2.38%

GLDM vs. USMV - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is lower than USMV's 0.15% 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. USMV - Dividend Comparison

GLDM has not paid dividends to shareholders, while USMV's dividend yield for the trailing twelve months is around 1.54%.

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%
USMV iShares MSCI USA Min Vol Factor ETF	1.54%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both GLDM and USMV in my portfolio?

GLDM and USMV have a correlation of 0.16, 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 USMV?

GLDM has higher volatility (5.65%) compared to USMV (2.65%). In terms of maximum drawdown, GLDM dropped -21.63% vs USMV's -33.10%.

Which ETF is better, GLDM or USMV?

On 5-year performance, GLDM leads with 17.89% vs 7.21% for USMV. On fees, GLDM is cheaper at 0.10% per year. On volatility, USMV has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDM or USMV?

Over the 5-year period, GLDM has performed better with a 17.89% return vs 7.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDM or USMV?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.15% for USMV.

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

USMV has the higher dividend yield at 1.54%, compared with 0.00% for GLDM.

What is the main difference between GLDM and USMV?

GLDM is categorized as Gold, while USMV is Large Cap Blend Equities. GLDM tracks LBMA Gold Price PM, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.10% for GLDM and 0.15% for USMV.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (1.15 vs 0.37), 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.