GOLD.TO vs. GLDM

Last updated Jun 3, 2026

GOLD.TO (GoldMining Inc.) is a stock, while GLDM (SPDR Gold MiniShares Trust) is Gold fund tracking the LBMA Gold Price PM. Over the past 5 years, GOLD.TO returned 27.00%/yr vs 22.22%/yr for GLDM. At a 0.42 correlation, their price movements are largely independent.

Performance

GOLD.TO vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in GoldMining Inc. (GOLD.TO) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GOLD.TO is traded in CAD, while GLDM is traded in USD. To make them comparable, the GLDM values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GOLD.TO achieves a -9.30% return, which is significantly lower than GLDM's 4.89% return.

GOLD.TO

• 1D: 0.65%
• 1M: -1.27%
• YTD: -9.30%
• 6M: -20.81%
• 1Y: 45.79%
• 3Y*: 24.64%
• 5Y*: 27.00%
• 10Y*: 20.60%

GLDM

• 1D: 0.14%
• 1M: -0.84%
• YTD: 4.89%
• 6M: 5.59%
• 1Y: 33.78%
• 3Y*: 33.26%
• 5Y*: 22.22%
• 10Y*: —

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

GOLD.TO vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GOLD.TO GoldMining Inc.	-9.30%	49.57%	26.55%	17.53%	59.76%	-12.88%	140.75%	93.82%	-15.22%
GLDM SPDR Gold MiniShares Trust	4.89%	56.67%	38.00%	10.55%	6.63%	-4.88%	22.98%	12.29%	4.44%

Correlation

The correlation between GOLD.TO and GLDM is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018	0.42

The correlation between GOLD.TO and GLDM shifts across timeframes, from 0.41 (5 years) to 0.59 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GOLD.TO vs. GLDM — Risk / Return Rank

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

GOLD.TO

GOLD.TO Risk / Return Rank: 61
GOLD.TO Sharpe Ratio Rank: 64
GOLD.TO Sortino Ratio Rank: 61
GOLD.TO Omega Ratio Rank: 61
GOLD.TO Calmar Ratio Rank: 61
GOLD.TO Martin Ratio Rank: 60

GLDM

GLDM Risk / Return Rank: 34
GLDM Sharpe Ratio Rank: 34
GLDM Sortino Ratio Rank: 31
GLDM Omega Ratio Rank: 37
GLDM Calmar Ratio Rank: 38
GLDM Martin Ratio Rank: 31

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.

GOLD.TO vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GoldMining Inc. (GOLD.TO) and SPDR Gold MiniShares Trust (GLDM). 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.

	GOLD.TO	GLDM	Difference
Sharpe ratio Return per unit of total volatility	0.73	1.35	-0.63
Sortino ratio Return per unit of downside risk	1.35	1.77	-0.42
Omega ratio Gain probability vs. loss probability	1.17	1.27	-0.10
Calmar ratio Return relative to maximum drawdown	1.03	2.16	-1.13
Martin ratio Return relative to average drawdown	2.03	5.37	-3.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOLD.TO vs. GLDM - Sharpe Ratio Comparison

The current GOLD.TO Sharpe Ratio is 0.73, which is lower than the GLDM Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of GOLD.TO and GLDM, 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

	GOLD.TO	GLDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.73	1.35	-0.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	1.33	-0.84
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	1.11	-0.84

Drawdowns

GOLD.TO vs. GLDM - Drawdown Comparison

The maximum GOLD.TO drawdown since its inception was -76.83%, which is greater than GLDM's maximum drawdown of -22.74%. Use the drawdown chart below to compare losses from any high point for GOLD.TO and GLDM.

Drawdown Indicators

	GOLD.TO	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-76.83%	-22.74%	-54.09%
Max Drawdown (1Y) Largest decline over 1 year	-50.00%	-17.22%	-32.78%
Max Drawdown (3Y) Largest decline over 3 years	-50.00%	-17.22%	-32.78%
Max Drawdown (5Y) Largest decline over 5 years	-50.00%	-17.36%	-32.64%
Max Drawdown (10Y) Largest decline over 10 years	-76.83%	—	—
Current Drawdown Current decline from peak	-46.58%	-14.85%	-31.73%
Average Drawdown Average peak-to-trough decline	-36.75%	-7.08%	-29.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.36%	6.92%	+18.44%

Volatility

GOLD.TO vs. GLDM - Volatility Comparison

GoldMining Inc. (GOLD.TO) has a higher volatility of 13.44% compared to SPDR Gold MiniShares Trust (GLDM) at 5.41%. This indicates that GOLD.TO's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOLD.TO	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.44%	5.41%	+8.03%
Volatility (6M) Calculated over the trailing 6-month period	48.20%	21.61%	+26.59%
Volatility (1Y) Calculated over the trailing 1-year period	63.55%	25.23%	+38.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.20%	16.78%	+38.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.67%	16.14%	+41.53%

Dividends

GOLD.TO vs. GLDM - Dividend Comparison

Neither GOLD.TO nor GLDM has paid dividends to shareholders.

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%
GOLD.TO GoldMining Inc.	0.00%	0.00%	34.78%	30.77%	42.21%	51.08%	11.19%	9.77%

Frequently Asked Questions

Can I hold both GOLD.TO and GLDM in my portfolio?

GOLD.TO and GLDM have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.