GNR vs. GLD
GNR (SPDR S&P Global Natural Resources ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - GNR is a Natural Resources fund tracking the S&P Global Natural Resources Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, GNR returned 10.31%/yr vs 11.59%/yr for GLD. At a 0.28 correlation, their price movements are largely independent. Both charge a 0.40% expense ratio.
Performance
GNR vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, GNR achieves a 10.87% return, which is significantly higher than GLD's -4.79% return. Over the past 10 years, GNR has underperformed GLD with an annualized return of 10.31%, while GLD has yielded a comparatively higher 11.59% annualized return.
GNR
- 1D
- -1.89%
- 1M
- -6.62%
- YTD
- 10.87%
- 6M
- 10.38%
- 1Y
- 29.22%
- 3Y*
- 12.75%
- 5Y*
- 8.78%
- 10Y*
- 10.31%
GLD
- 1D
- -1.89%
- 1M
- -8.82%
- YTD
- -4.79%
- 6M
- -8.78%
- 1Y
- 21.29%
- 3Y*
- 28.41%
- 5Y*
- 17.84%
- 10Y*
- 11.59%
GNR vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GNR SPDR S&P Global Natural Resources ETF | 10.87% | 28.68% | -8.27% | 2.95% | 10.20% | 24.73% | -0.03% | 16.49% | -13.19% | 22.64% |
GLD SPDR Gold Shares | -4.79% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between GNR and GLD is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2010 | 0.28 |
Over the past year, GNR and GLD have become more correlated (0.55) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
GNR vs. GLD — Risk / Return Rank
GNR
GLD
GNR vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Natural Resources ETF (GNR) and SPDR Gold Shares (GLD). 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.
| GNR | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.92 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.17 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 0.87 | +2.31 |
| Martin ratioReturn relative to average drawdown | 12.20 | 2.35 | +9.85 |
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Drawdowns
GNR vs. GLD - Drawdown Comparison
The maximum GNR drawdown since its inception was -51.37%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for GNR and GLD.
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Drawdown Indicators
| GNR | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.37% | -45.56% | -5.81% |
Max Drawdown (1Y)Largest decline over 1 year | -9.20% | -24.46% | +15.26% |
Max Drawdown (3Y)Largest decline over 3 years | -21.15% | -24.46% | +3.31% |
Max Drawdown (5Y)Largest decline over 5 years | -25.66% | -24.46% | -1.20% |
Max Drawdown (10Y)Largest decline over 10 years | -48.59% | -24.46% | -24.13% |
Current DrawdownCurrent decline from peak | -9.20% | -23.91% | +14.71% |
Average DrawdownAverage peak-to-trough decline | -14.92% | -16.17% | +1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 9.10% | -6.70% |
Volatility
GNR vs. GLD - Volatility Comparison
The current volatility for SPDR S&P Global Natural Resources ETF (GNR) is 5.94%, while SPDR Gold Shares (GLD) has a volatility of 8.18%. This indicates that GNR experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GNR | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.94% | 8.18% | -2.24% |
Volatility (6M)Calculated over the trailing 6-month period | 14.11% | 24.38% | -10.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.32% | 27.57% | -10.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.28% | 18.24% | +2.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.82% | 16.04% | +5.78% |
GNR vs. GLD - Expense Ratio Comparison
Both GNR and GLD have an expense ratio of 0.40%.
Dividends
GNR vs. GLD - Dividend Comparison
GNR's dividend yield for the trailing twelve months is around 2.68%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GNR SPDR S&P Global Natural Resources ETF | 2.68% | 2.76% | 4.73% | 3.37% | 4.37% | 3.44% | 2.78% | 3.84% | 3.51% | 2.40% | 2.06% | 4.59% |
Frequently Asked Questions
GNR and GLD have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (8.18%) compared to GNR (5.94%). In terms of maximum drawdown, GNR dropped -51.37% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.59% vs 10.31% for GNR. Both ETFs have the same 0.40% expense ratio. On volatility, GNR has been the lower-risk option at 5.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.59% return vs 10.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GNR and GLD have the same expense ratio: 0.40% per year.
GNR has the higher dividend yield at 2.68%, compared with 0.00% for GLD.
GNR is categorized as Natural Resources, while GLD is Gold. GNR tracks S&P Global Natural Resources Index, while GLD tracks LBMA Gold Price PM.
GNR currently has the higher Sharpe Ratio (1.70 vs 0.78), 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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