GLDM vs. VGPMX

Last updated Jun 6, 2026

GLDM (SPDR Gold MiniShares Trust) and VGPMX (Vanguard Global Capital Cycles Fund) are both funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while VGPMX is a Global Equities fund managed by Vanguard. Over the past 5 years, GLDM returned 17.81%/yr vs 19.91%/yr for VGPMX. At a 0.41 correlation, their price movements are largely independent. GLDM charges 0.10%/yr vs 0.36%/yr for VGPMX.

Performance

GLDM vs. VGPMX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) and Vanguard Global Capital Cycles Fund (VGPMX). 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 VGPMX's 19.11% return.

GLDM

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

VGPMX

• 1D: -0.29%
• 1M: 1.14%
• YTD: 19.11%
• 6M: 24.33%
• 1Y: 61.82%
• 3Y*: 31.06%
• 5Y*: 19.91%
• 10Y*: 11.19%

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

GLDM vs. VGPMX - 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%
VGPMX Vanguard Global Capital Cycles Fund	19.11%	65.96%	5.78%	10.06%	7.34%	19.50%	17.21%	20.67%	-25.18%

Correlation

The correlation between GLDM and VGPMX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018	0.41

The correlation between GLDM and VGPMX shifts across timeframes, from 0.41 (all time) to 0.53 (1 year), reflecting how their relationship changes across market environments.

GLDM vs. VGPMX - Sectors Allocation Comparison

Sectors	GLDM	VGPMX
Basic Materials	100.0%	38.0%
Communication Services	-	6.5%
Consumer Cyclical	-	5.1%
Consumer Defensive	-	9.4%
Energy	-	4.4%
Financial Services	-	5.7%
Healthcare	-	11.9%
Industrials	-	2.6%
Real Estate	-	2.2%
Technology	-	9.5%
Utilities	-	4.7%

Return for Risk

GLDM vs. VGPMX — 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

VGPMX

VGPMX Risk / Return Rank: 93
VGPMX Sharpe Ratio Rank: 98
VGPMX Sortino Ratio Rank: 92
VGPMX Omega Ratio Rank: 89
VGPMX Calmar Ratio Rank: 93
VGPMX Martin Ratio Rank: 94

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. VGPMX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and Vanguard Global Capital Cycles Fund (VGPMX). 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	VGPMX	Difference
Sharpe ratio: Return per unit of total volatility	1.07	3.80	-2.73
Sortino ratio: Return per unit of downside risk	1.45	4.59	-3.14
Omega ratio: Gain probability vs. loss probability	1.22	1.65	-0.43
Calmar ratio: Return relative to maximum drawdown	1.43	4.99	-3.56
Martin ratio: Return relative to average drawdown	3.63	20.79	-17.15
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. VGPMX - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 1.07, which is lower than the VGPMX Sharpe Ratio of 3.80. The chart below compares the historical Sharpe Ratios of GLDM and VGPMX, 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	VGPMX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	3.80	-2.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	1.15	-0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.26	+0.73

Drawdowns

GLDM vs. VGPMX - Drawdown Comparison

The maximum GLDM drawdown since its inception was -21.63%, smaller than the maximum VGPMX drawdown of -78.85%. Use the drawdown chart below to compare losses from any high point for GLDM and VGPMX.

Drawdown Indicators

	GLDM	VGPMX	Difference
Max Drawdown Largest peak-to-trough decline	-21.63%	-78.85%	+57.22%
Max Drawdown (1Y) Largest decline over 1 year	-20.00%	-12.80%	-7.20%
Max Drawdown (3Y) Largest decline over 3 years	-20.00%	-14.63%	-5.37%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-22.71%	+1.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-54.59%	—
Current Drawdown Current decline from peak	-20.00%	-1.68%	-18.32%
Average Drawdown Average peak-to-trough decline	-6.23%	-34.55%	+28.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.86%	3.07%	+4.79%

Volatility

GLDM vs. VGPMX - Volatility Comparison

The current volatility for SPDR Gold MiniShares Trust (GLDM) is 5.65%, while Vanguard Global Capital Cycles Fund (VGPMX) has a volatility of 6.16%. This indicates that GLDM experiences smaller price fluctuations and is considered to be less risky than VGPMX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDM	VGPMX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	6.16%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	23.31%	13.92%	+9.39%
Volatility (1Y) Calculated over the trailing 1-year period	26.65%	16.79%	+9.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.97%	17.38%	+0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.90%	20.87%	-3.97%

GLDM vs. VGPMX - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is lower than VGPMX's 0.36% expense ratio.

Dividends

GLDM vs. VGPMX - Dividend Comparison

GLDM has not paid dividends to shareholders, while VGPMX's dividend yield for the trailing twelve months is around 3.28%.

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%
VGPMX Vanguard Global Capital Cycles Fund	3.28%	2.59%	2.68%	3.22%	3.27%	3.26%	2.03%	2.39%	3.02%	0.02%	1.72%	2.32%

Frequently Asked Questions

Can I hold both GLDM and VGPMX in my portfolio?

GLDM and VGPMX have a correlation of 0.53, 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 VGPMX?

VGPMX has higher volatility (6.16%) compared to GLDM (5.65%). In terms of maximum drawdown, GLDM dropped -21.63% vs VGPMX's -78.85%.

Which has better risk-adjusted returns?

VGPMX currently has the higher Sharpe Ratio (3.80 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.