GLDM vs. VTWAX

Last updated Jul 21, 2026

GLDM (SPDR Gold MiniShares Trust) and VTWAX (Vanguard Total World Stock Index Fund Admiral Shares) are both funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while VTWAX is a Global Equities fund tracking the FTSE Global All Cap Index. Both are passively managed. Over the past 5 years, GLDM returned 17.18%/yr vs 10.66%/yr for VTWAX. At a 0.17 correlation, their price movements are largely independent. GLDM charges 0.10%/yr vs 0.09%/yr for VTWAX.

Performance

GLDM vs. VTWAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) and Vanguard Total World Stock Index Fund Admiral Shares (VTWAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDM achieves a -7.15% return, which is significantly lower than VTWAX's 10.37% return.

GLDM

• 1D: -0.23%
• 1M: -5.00%
• 6M: -12.61%
• YTD: -7.15%
• 1Y: 19.54%
• 3Y*: 26.73%
• 5Y*: 17.18%
• 10Y*: —
• ALL TIME*: 15.27%

VTWAX

• 1D: -0.90%
• 1M: -1.83%
• 6M: 7.46%
• YTD: 10.37%
• 1Y: 21.26%
• 3Y*: 18.01%
• 5Y*: 10.66%
• 10Y*: —
• ALL TIME*: 13.39%

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

GLDM vs. VTWAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GLDM SPDR Gold MiniShares Trust	-7.15%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	16.02%
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	10.37%	22.43%	16.43%	21.85%	-18.02%	18.17%	16.67%	17.53%

Correlation

The correlation between GLDM and VTWAX is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (All Time) Calculated using the full available price history since Feb 7, 2019	0.17

Over the past year, GLDM and VTWAX have become more correlated (0.39) than their long-term average of 0.17, meaning their price movements have been converging.

Return for Risk

GLDM vs. VTWAX — Risk / Return Rank

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

GLDM

GLDM Risk / Return Rank: 24
GLDM Sharpe Ratio Rank: 26
GLDM Sortino Ratio Rank: 24
GLDM Omega Ratio Rank: 28
GLDM Calmar Ratio Rank: 22
GLDM Martin Ratio Rank: 21

VTWAX

VTWAX Risk / Return Rank: 50
VTWAX Sharpe Ratio Rank: 49
VTWAX Sortino Ratio Rank: 46
VTWAX Omega Ratio Rank: 47
VTWAX Calmar Ratio Rank: 49
VTWAX Martin Ratio Rank: 59

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. VTWAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) and Vanguard Total World Stock Index Fund Admiral Shares (VTWAX). 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	VTWAX	Difference
Sharpe ratio: Return per unit of total volatility	0.71	1.59	-0.88
Sortino ratio: Return per unit of downside risk	1.05	2.21	-1.16
Omega ratio: Gain probability vs. loss probability	1.15	1.29	-0.14
Calmar ratio: Return relative to maximum drawdown	0.75	2.21	-1.46
Martin ratio: Return relative to average drawdown	1.75	9.40	-7.65

GLDM vs. VTWAX - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 0.71, which is lower than the VTWAX Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of GLDM and VTWAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GLDM vs. VTWAX - Drawdown Comparison

The maximum GLDM drawdown since its inception was -26.27%, smaller than the maximum VTWAX drawdown of -34.20%. Use the drawdown chart below to compare losses from any high point for GLDM and VTWAX.

Drawdown Indicators

	GLDM	VTWAX	Difference
Max Drawdown Largest peak-to-trough decline	-26.27%	-34.20%	+7.93%
Max Drawdown (1Y) Largest decline over 1 year	-26.27%	-9.64%	-16.63%
Max Drawdown (3Y) Largest decline over 3 years	-26.27%	-16.43%	-9.84%
Max Drawdown (5Y) Largest decline over 5 years	-26.27%	-26.40%	+0.13%
Current Drawdown Current decline from peak	-25.76%	-2.46%	-23.30%
Average Drawdown Average peak-to-trough decline	-6.48%	-5.24%	-1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.22%	2.26%	+8.96%

Volatility

GLDM vs. VTWAX - Volatility Comparison

SPDR Gold MiniShares Trust (GLDM) has a higher volatility of 6.39% compared to Vanguard Total World Stock Index Fund Admiral Shares (VTWAX) at 3.94%. This indicates that GLDM's price experiences larger fluctuations and is considered to be riskier than VTWAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDM	VTWAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	3.94%	+2.45%
Volatility (6M) Calculated over the trailing 6-month period	24.04%	11.21%	+12.83%
Volatility (1Y) Calculated over the trailing 1-year period	27.86%	13.40%	+14.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.32%	15.87%	+2.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.07%	18.18%	-1.11%

GLDM vs. VTWAX - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is higher than VTWAX's 0.09% 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. VTWAX - Dividend Comparison

GLDM has not paid dividends to shareholders, while VTWAX's dividend yield for the trailing twelve months is around 1.58%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VTWAX Vanguard Total World Stock Index Fund Admiral Shares	1.58%	1.80%	1.92%	2.06%	2.17%	1.79%	1.64%	2.28%

Frequently Asked Questions

Can I hold both GLDM and VTWAX in my portfolio?

GLDM and VTWAX have a correlation of 0.39, 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 VTWAX?

GLDM has higher volatility (6.39%) compared to VTWAX (3.94%). In terms of maximum drawdown, GLDM dropped -26.27% vs VTWAX's -34.20%.

Which has better risk-adjusted returns?

VTWAX currently has the higher Sharpe Ratio (1.59 vs 0.71), 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.