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GOEX vs. GLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

GOEX vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Gold Explorers ETF (GOEX) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GOEX achieves a -6.42% return, which is significantly lower than GLD's -2.96% return. Over the past 10 years, GOEX has outperformed GLD with an annualized return of 12.52%, while GLD has yielded a comparatively lower 11.80% annualized return.


GOEX

1D
-0.12%
1M
-2.47%
YTD
-6.42%
6M
-11.26%
1Y
67.83%
3Y*
49.11%
5Y*
20.81%
10Y*
12.52%

GLD

1D
-0.65%
1M
-7.06%
YTD
-2.96%
6M
-5.79%
1Y
24.01%
3Y*
29.23%
5Y*
18.28%
10Y*
11.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GOEX vs. GLD - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
GOEX
Global X Gold Explorers ETF
-6.42%179.50%19.38%1.99%-14.63%-14.45%34.98%36.73%-14.84%12.61%
GLD
SPDR Gold Shares
-2.96%63.68%26.66%12.69%-0.77%-4.15%24.81%17.86%-1.94%12.81%

Correlation

The correlation between GOEX and GLD is 0.80, 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

0.80

Correlation (3Y)
Calculated over the trailing 3-year period

0.79

Correlation (5Y)
Calculated over the trailing 5-year period

0.78

Correlation (10Y)
Calculated over the trailing 10-year period

0.75

Correlation (All Time)
Calculated using the full available price history since Nov 4, 2010

0.74

The correlation between GOEX and GLD has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.

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Return for Risk

GOEX vs. GLD — Risk / Return Rank

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

GOEX
GOEX Risk / Return Rank: 3535
Overall Rank
GOEX Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
GOEX Sortino Ratio Rank: 3434
Sortino Ratio Rank
GOEX Omega Ratio Rank: 3737
Omega Ratio Rank
GOEX Calmar Ratio Rank: 3535
Calmar Ratio Rank
GOEX Martin Ratio Rank: 3232
Martin Ratio Rank

GLD
GLD Risk / Return Rank: 2424
Overall Rank
GLD Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
GLD Sortino Ratio Rank: 2323
Sortino Ratio Rank
GLD Omega Ratio Rank: 2727
Omega Ratio Rank
GLD Calmar Ratio Rank: 2222
Calmar Ratio Rank
GLD Martin Ratio Rank: 2222
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.

GOEX vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Gold Explorers ETF (GOEX) 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.


GOEXGLDDifference
Sharpe ratioReturn per unit of total volatility

+0.45

Sortino ratioReturn per unit of downside risk

+0.52

Omega ratioGain probability vs. loss probability

1.24

1.18

+0.06

Calmar ratioReturn relative to maximum drawdown

1.72

0.99

+0.73

Martin ratioReturn relative to average drawdown

4.61

2.68

+1.92

GOEX vs. GLD - Sharpe Ratio Comparison

The current GOEX Sharpe Ratio is 1.33, which is higher than the GLD Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of GOEX and GLD, 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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Drawdowns

GOEX vs. GLD - Drawdown Comparison

The maximum GOEX drawdown since its inception was -88.83%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for GOEX and GLD.


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Drawdown Indicators


GOEXGLDDifference

Max Drawdown

Largest peak-to-trough decline

-88.83%

-45.56%

-43.27%

Max Drawdown (1Y)

Largest decline over 1 year

-39.64%

-24.46%

-15.18%

Max Drawdown (3Y)

Largest decline over 3 years

-39.64%

-24.46%

-15.18%

Max Drawdown (5Y)

Largest decline over 5 years

-47.16%

-24.46%

-22.70%

Max Drawdown (10Y)

Largest decline over 10 years

-53.66%

-24.46%

-29.20%

Current Drawdown

Current decline from peak

-30.93%

-22.45%

-8.48%

Average Drawdown

Average peak-to-trough decline

-63.48%

-16.16%

-47.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

14.77%

8.97%

+5.80%

Volatility

GOEX vs. GLD - Volatility Comparison

Global X Gold Explorers ETF (GOEX) has a higher volatility of 17.87% compared to SPDR Gold Shares (GLD) at 8.05%. This indicates that GOEX's price experiences larger fluctuations and is considered to be riskier 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


GOEXGLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.87%

8.05%

+9.82%

Volatility (6M)

Calculated over the trailing 6-month period

42.43%

24.31%

+18.12%

Volatility (1Y)

Calculated over the trailing 1-year period

51.38%

27.56%

+23.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.52%

18.22%

+21.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

40.19%

16.10%

+24.09%

GOEX vs. GLD - Expense Ratio Comparison

GOEX has a 0.65% expense ratio, which is higher than GLD's 0.40% expense ratio.


Dividends

GOEX vs. GLD - Dividend Comparison

GOEX's dividend yield for the trailing twelve months is around 2.22%, while GLD has not paid dividends to shareholders.


PositionTTM20252024202320222021202020192018201720162015
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%
GOEX
Global X Gold Explorers ETF
2.22%2.08%2.46%0.05%1.04%2.35%2.62%1.60%0.00%0.00%38.91%11.70%

Frequently Asked Questions


GOEX and GLD have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GOEX has higher volatility (17.87%) compared to GLD (8.05%). In terms of maximum drawdown, GOEX dropped -88.83% vs GLD's -45.56%.

On 10-year performance, GOEX leads with 12.52% vs 11.80% for GLD. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 8.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, GOEX has performed better with a 12.52% return vs 11.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GLD is cheaper with a 0.40% expense ratio, compared with 0.65% for GOEX.

GOEX has the higher dividend yield at 2.22%, compared with 0.00% for GLD.

GOEX tracks Solactive Global Gold Explorers & Developers Total Return, while GLD tracks LBMA Gold Price PM. They also come from different issuers: Global X and State Street. Their fees differ too: 0.65% for GOEX and 0.40% for GLD.

GOEX currently has the higher Sharpe Ratio (1.33 vs 0.88), 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.

Portfolio Optimizer

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