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GLDN.AX vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GLDN.AX vs. SPY

Last updated Jun 5, 2026

GLDN.AX (Ishares Physical Gold ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GLDN.AX is a Gold fund tracking the LBMA Gold Price PM AUD Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, GLDN.AX returned 20.68% vs 17.31% for SPY. At a 0.03 correlation, their price movements are largely independent. GLDN.AX charges 0.18%/yr vs 0.09%/yr for SPY.

Performance

GLDN.AX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Ishares Physical Gold ETF (GLDN.AX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

GLDN.AX is traded in AUD, while SPY is traded in USD. To make them comparable, the SPY values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GLDN.AX achieves a -3.58% return, which is significantly lower than SPY's 4.50% return.

GLDN.AX

1D
0.67%
1M
-1.25%
YTD
-3.58%
6M
-1.13%
1Y
20.68%
3Y*
—
5Y*
—
10Y*
—

SPY

1D
0.67%
1M
5.70%
YTD
4.50%
6M
3.44%
1Y
17.31%
3Y*
19.69%
5Y*
15.88%
10Y*
15.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GLDN.AX vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023
GLDN.AX
Ishares Physical Gold ETF		-3.58%55.11%38.15%-2.11%
SPY
State Street SPDR S&P 500 ETF		4.50%9.17%37.45%4.67%

Correlation

The correlation between GLDN.AX and SPY is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.02

Correlation (All Time)
Calculated using the full available price history since Nov 3, 2023

0.03

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Ishares Physical Gold ETF

State Street SPDR S&P 500 ETF

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Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

GLDN.AX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GLDN.AX
GLDN.AX Risk / Return Rank: 2323
Overall Rank
GLDN.AX Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
GLDN.AX Sortino Ratio Rank: 2323
Sortino Ratio Rank
GLDN.AX Omega Ratio Rank: 2828
Omega Ratio Rank
GLDN.AX Calmar Ratio Rank: 2121
Calmar Ratio Rank
GLDN.AX Martin Ratio Rank: 2020
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7474
Overall Rank
SPY Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 7474
Sortino Ratio Rank
SPY Omega Ratio Rank: 7575
Omega Ratio Rank
SPY Calmar Ratio Rank: 6666
Calmar Ratio Rank
SPY Martin Ratio Rank: 7878
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.

GLDN.AX vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ishares Physical Gold ETF (GLDN.AX) and State Street SPDR S&P 500 ETF (SPY). 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.

GLDN.AXSPYDifference
Sharpe ratioReturn per unit of total volatility
0.83
1.74

-0.90

Sortino ratioReturn per unit of downside risk
1.23
2.40

-1.17

Omega ratioGain probability vs. loss probability

1.19

1.32

-0.14

Calmar ratioReturn relative to maximum drawdown

0.96

1.54

-0.58

Martin ratioReturn relative to average drawdown

2.23

4.33

-2.10

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLDN.AX vs. SPY - Sharpe Ratio Comparison

The current GLDN.AX Sharpe Ratio is 0.83, which is lower than the SPY Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of GLDN.AX and SPY, 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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Sharpe Ratios by Period

GLDN.AXSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.83

1.74

-0.90

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.08

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.98

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.62

0.73

+0.89

Drawdowns

GLDN.AX vs. SPY - Drawdown Comparison

The maximum GLDN.AX drawdown since its inception was -21.43%, smaller than the maximum SPY drawdown of -38.76%. Use the drawdown chart below to compare losses from any high point for GLDN.AX and SPY.

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Drawdown Indicators

GLDN.AXSPYDifference

Max Drawdown

Largest peak-to-trough decline

-21.43%

-38.76%

+17.33%

Max Drawdown (1Y)

Largest decline over 1 year

-21.43%

-11.31%

-10.12%

Max Drawdown (3Y)

Largest decline over 3 years

—

-17.52%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-21.46%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-24.45%

—

Current Drawdown

Current decline from peak

-20.00%

0.00%

-20.00%

Average Drawdown

Average peak-to-trough decline

-4.25%

-9.36%

+5.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.22%

4.00%

+5.22%

Volatility

GLDN.AX vs. SPY - Volatility Comparison

Ishares Physical Gold ETF (GLDN.AX) has a higher volatility of 4.92% compared to State Street SPDR S&P 500 ETF (SPY) at 1.68%. This indicates that GLDN.AX's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GLDN.AXSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.92%

1.68%

+3.24%

Volatility (6M)

Calculated over the trailing 6-month period

21.11%

7.47%

+13.64%

Volatility (1Y)

Calculated over the trailing 1-year period

24.58%

10.02%

+14.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.49%

14.72%

+4.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.49%

16.18%

+3.31%

GLDN.AX vs. SPY - Expense Ratio Comparison

GLDN.AX has a 0.18% expense ratio, which is higher than SPY'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

GLDN.AX vs. SPY - Dividend Comparison

GLDN.AX's dividend yield for the trailing twelve months is around 0.08%, less than SPY's 0.98% yield.

PositionTTM20252024202320222021202020192018201720162015
GLDN.AX
Ishares Physical Gold ETF		0.08%0.07%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		0.98%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

GLDN.AX and SPY have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SPY is cheaper with a 0.09% expense ratio, compared with 0.18% for GLDN.AX.

GLDN.AX is categorized as Gold, while SPY is S&P 500. GLDN.AX tracks LBMA Gold Price PM AUD Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.18% for GLDN.AX and 0.09% for SPY.

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