GOLY vs. GLDM

Last updated Jun 26, 2026

GOLY (Strategy Shares Gold-Hedged Bond ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - GOLY is a Nontraditional Bonds fund tracking the Solactive Gold-Backed Bond Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, GOLY returned 5.25%/yr vs 17.62%/yr for GLDM. Their correlation of 0.83 suggests significant overlap in exposure. GOLY charges 0.79%/yr vs 0.10%/yr for GLDM.

Performance

GOLY vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategy Shares Gold-Hedged Bond ETF (GOLY) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GOLY achieves a -26.33% return, which is significantly lower than GLDM's -6.69% return.

GOLY

• 1D: 0.84%
• 1M: -10.09%
• YTD: -26.33%
• 6M: -28.77%
• 1Y: -7.98%
• 3Y*: 14.36%
• 5Y*: 5.25%
• 10Y*: —

GLDM

• 1D: 0.98%
• 1M: -10.71%
• YTD: -6.69%
• 6M: -10.19%
• 1Y: 20.64%
• 3Y*: 27.80%
• 5Y*: 17.62%
• 10Y*: —

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

GOLY vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GOLY Strategy Shares Gold-Hedged Bond ETF	-26.33%	57.98%	19.82%	12.74%	-19.96%	-1.40%
GLDM SPDR Gold MiniShares Trust	-6.69%	64.20%	27.08%	13.04%	-0.47%	-2.10%

Correlation

The correlation between GOLY and GLDM is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since May 18, 2021	0.83

The correlation between GOLY and GLDM has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.

Return for Risk

GOLY vs. GLDM — Risk / Return Rank

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

GOLY

GOLY Risk / Return Rank: 7
GOLY Sharpe Ratio Rank: 7
GOLY Sortino Ratio Rank: 7
GOLY Omega Ratio Rank: 7
GOLY Calmar Ratio Rank: 7
GOLY Martin Ratio Rank: 7

GLDM

GLDM Risk / Return Rank: 22
GLDM Sharpe Ratio Rank: 23
GLDM Sortino Ratio Rank: 21
GLDM Omega Ratio Rank: 25
GLDM Calmar Ratio Rank: 20
GLDM Martin Ratio Rank: 21

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.

GOLY vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold-Hedged Bond ETF (GOLY) 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.

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.

	GOLY	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	0.75	-0.99
Sortino ratio: Return per unit of downside risk	-0.09	1.10	-1.20
Omega ratio: Gain probability vs. loss probability	0.99	1.16	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.22	0.79	-1.01
Martin ratio: Return relative to average drawdown	-0.52	2.22	-2.74

GOLY vs. GLDM - Sharpe Ratio Comparison

The current GOLY Sharpe Ratio is -0.24, which is lower than the GLDM Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of GOLY 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.

Drawdowns

GOLY vs. GLDM - Drawdown Comparison

The maximum GOLY drawdown since its inception was -36.97%, which is greater than GLDM's maximum drawdown of -26.11%. Use the drawdown chart below to compare losses from any high point for GOLY and GLDM.

Drawdown Indicators

	GOLY	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-36.97%	-26.11%	-10.86%
Max Drawdown (1Y) Largest decline over 1 year	-36.97%	-26.11%	-10.86%
Max Drawdown (3Y) Largest decline over 3 years	-36.97%	-26.11%	-10.86%
Max Drawdown (5Y) Largest decline over 5 years	-36.97%	-26.11%	-10.86%
Current Drawdown Current decline from peak	-36.44%	-25.39%	-11.05%
Average Drawdown Average peak-to-trough decline	-12.10%	-6.34%	-5.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.33%	9.33%	+6.00%

Volatility

GOLY vs. GLDM - Volatility Comparison

Strategy Shares Gold-Hedged Bond ETF (GOLY) has a higher volatility of 9.74% compared to SPDR Gold MiniShares Trust (GLDM) at 8.68%. This indicates that GOLY'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

	GOLY	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.74%	8.68%	+1.06%
Volatility (6M) Calculated over the trailing 6-month period	30.59%	24.32%	+6.27%
Volatility (1Y) Calculated over the trailing 1-year period	33.84%	27.50%	+6.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.61%	18.21%	+4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.44%	17.05%	+5.39%

GOLY vs. GLDM - Expense Ratio Comparison

GOLY has a 0.79% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

GOLY vs. GLDM - Dividend Comparison

GOLY's dividend yield for the trailing twelve months is around 9.99%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GOLY Strategy Shares Gold-Hedged Bond ETF	9.99%	7.22%	3.85%	2.94%	2.57%	1.11%

Frequently Asked Questions

Can I hold both GOLY and GLDM in my portfolio?

GOLY and GLDM have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOLY or GLDM?

GOLY has higher volatility (9.74%) compared to GLDM (8.68%). In terms of maximum drawdown, GOLY dropped -36.97% vs GLDM's -26.11%.

Which ETF is better, GOLY or GLDM?

On 5-year performance, GLDM leads with 17.62% vs 5.25% for GOLY. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 8.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOLY or GLDM?

Over the 5-year period, GLDM has performed better with a 17.62% return vs 5.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOLY or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.79% for GOLY.

Which ETF pays a higher dividend yield, GOLY or GLDM?

GOLY has the higher dividend yield at 9.99%, compared with 0.00% for GLDM.

What is the main difference between GOLY and GLDM?

GOLY is categorized as Nontraditional Bonds, while GLDM is Gold. GOLY tracks Solactive Gold-Backed Bond Index, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: Strategy Shares and State Street. Their fees differ too: 0.79% for GOLY and 0.10% for GLDM.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.75 vs -0.24), 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.