GOLDX vs. GLD

Last updated Jun 24, 2026

GOLDX (Gabelli Gold Fund) and GLD (SPDR Gold Shares) are both Gold funds. GOLDX is actively managed, while GLD is passively managed. Over the past 10 years, GOLDX returned 13.00%/yr vs 11.59%/yr for GLD. A 0.75 correlation means they provide meaningful diversification when combined. GOLDX charges 1.51%/yr vs 0.40%/yr for GLD.

Performance

GOLDX vs. GLD - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with GOLDX having a -4.65% return and GLD slightly lower at -4.79%. Over the past 10 years, GOLDX has outperformed GLD with an annualized return of 13.00%, while GLD has yielded a comparatively lower 11.59% annualized return.

GOLDX

• 1D: -1.33%
• 1M: -3.56%
• YTD: -4.65%
• 6M: -9.29%
• 1Y: 60.32%
• 3Y*: 45.67%
• 5Y*: 21.54%
• 10Y*: 13.00%

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%

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

GOLDX vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GOLDX Gabelli Gold Fund	-4.65%	165.59%	14.92%	7.85%	-11.02%	-8.97%	26.30%	43.94%	-14.80%	6.22%
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 GOLDX 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	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004	0.75

The correlation between GOLDX and GLD has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

Return for Risk

GOLDX vs. GLD — Risk / Return Rank

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

GOLDX

GOLDX Risk / Return Rank: 23
GOLDX Sharpe Ratio Rank: 27
GOLDX Sortino Ratio Rank: 21
GOLDX Omega Ratio Rank: 27
GOLDX Calmar Ratio Rank: 23
GOLDX Martin Ratio Rank: 19

GLD

GLD Risk / Return Rank: 22
GLD Sharpe Ratio Rank: 23
GLD Sortino Ratio Rank: 21
GLD Omega Ratio Rank: 24
GLD Calmar Ratio Rank: 20
GLD Martin Ratio Rank: 20

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.

GOLDX vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Gold Fund (GOLDX) 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.

	GOLDX	GLD	Difference
Sharpe ratio: Return per unit of total volatility	1.39	0.78	+0.62
Sortino ratio: Return per unit of downside risk	1.80	1.13	+0.67
Omega ratio: Gain probability vs. loss probability	1.25	1.17	+0.09
Calmar ratio: Return relative to maximum drawdown	1.65	0.87	+0.78
Martin ratio: Return relative to average drawdown	4.52	2.35	+2.18

GOLDX vs. GLD - Sharpe Ratio Comparison

The current GOLDX Sharpe Ratio is 1.39, which is higher than the GLD Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of GOLDX 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.

Drawdowns

GOLDX vs. GLD - Drawdown Comparison

The maximum GOLDX drawdown since its inception was -73.40%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for GOLDX and GLD.

Drawdown Indicators

	GOLDX	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-73.40%	-45.56%	-27.84%
Max Drawdown (1Y) Largest decline over 1 year	-37.54%	-24.46%	-13.08%
Max Drawdown (3Y) Largest decline over 3 years	-37.54%	-24.46%	-13.08%
Max Drawdown (5Y) Largest decline over 5 years	-44.73%	-24.46%	-20.27%
Max Drawdown (10Y) Largest decline over 10 years	-49.42%	-24.46%	-24.96%
Current Drawdown Current decline from peak	-30.12%	-23.91%	-6.21%
Average Drawdown Average peak-to-trough decline	-34.49%	-16.17%	-18.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.67%	9.10%	+4.57%

Volatility

GOLDX vs. GLD - Volatility Comparison

Gabelli Gold Fund (GOLDX) has a higher volatility of 16.92% compared to SPDR Gold Shares (GLD) at 8.18%. This indicates that GOLDX'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.

Volatility by Period

	GOLDX	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.92%	8.18%	+8.74%
Volatility (6M) Calculated over the trailing 6-month period	38.14%	24.38%	+13.76%
Volatility (1Y) Calculated over the trailing 1-year period	44.68%	27.57%	+17.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.08%	18.24%	+14.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.40%	16.04%	+16.36%

GOLDX vs. GLD - Expense Ratio Comparison

GOLDX has a 1.51% expense ratio, which is higher than GLD's 0.40% expense ratio.

Dividends

GOLDX vs. GLD - Dividend Comparison

GOLDX's dividend yield for the trailing twelve months is around 16.33%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
GOLDX Gabelli Gold Fund	16.33%	15.57%	2.11%	1.13%	0.00%	0.00%	1.69%	0.83%	0.34%	0.51%	2.18%

Frequently Asked Questions

Can I hold both GOLDX and GLD in my portfolio?

GOLDX 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.

Which is riskier, GOLDX or GLD?

GOLDX has higher volatility (16.92%) compared to GLD (8.18%). In terms of maximum drawdown, GOLDX dropped -73.40% vs GLD's -45.56%.

Which has better risk-adjusted returns?

GOLDX currently has the higher Sharpe Ratio (1.39 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.