GSG vs. GLDM
GSG (iShares S&P GSCI Commodity-Indexed Trust) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - GSG is a Commodities fund tracking the S&P GSCI Total Return Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, GSG returned 14.34%/yr vs 17.14%/yr for GLDM. At a 0.17 correlation, their price movements are largely independent. GSG charges 0.75%/yr vs 0.10%/yr for GLDM.
Performance
GSG vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, GSG achieves a 34.43% return, which is significantly higher than GLDM's -6.00% return.
GSG
- 1D
- 1.57%
- 1M
- 1.37%
- 6M
- 28.74%
- YTD
- 34.43%
- 1Y
- 38.08%
- 3Y*
- 15.01%
- 5Y*
- 14.34%
- 10Y*
- 7.57%
GLDM
- 1D
- 1.36%
- 1M
- -3.68%
- 6M
- -11.59%
- YTD
- -6.00%
- 1Y
- 21.17%
- 3Y*
- 27.44%
- 5Y*
- 17.14%
- 10Y*
- —
GSG vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 34.43% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -18.20% |
GLDM SPDR Gold MiniShares Trust | -6.00% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between GSG and GLDM is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.17 |
The correlation between GSG and GLDM shifts across timeframes, from 0.08 (1 year) to 0.23 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GSG vs. GLDM — Risk / Return Rank
GSG
GLDM
GSG vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) 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.
| GSG | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.16 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | 0.81 | +1.22 |
| Martin ratioReturn relative to average drawdown | 6.88 | 1.97 | +4.91 |
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Drawdowns
GSG vs. GLDM - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than GLDM's maximum drawdown of -26.11%. Use the drawdown chart below to compare losses from any high point for GSG and GLDM.
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Drawdown Indicators
| GSG | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -26.11% | -63.51% |
Max Drawdown (1Y)Largest decline over 1 year | -18.81% | -26.11% | +7.30% |
Max Drawdown (3Y)Largest decline over 3 years | -18.81% | -26.11% | +7.30% |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | -26.11% | -3.01% |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | — | — |
Current DrawdownCurrent decline from peak | -59.41% | -24.84% | -34.57% |
Average DrawdownAverage peak-to-trough decline | -63.69% | -6.44% | -57.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.55% | 10.75% | -5.20% |
Volatility
GSG vs. GLDM - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) and SPDR Gold MiniShares Trust (GLDM) have volatilities of 7.37% and 7.05%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.37% | 7.05% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 21.54% | 24.07% | -2.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.48% | 27.73% | -4.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.80% | 18.31% | +4.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.00% | 17.07% | +4.93% |
GSG vs. GLDM - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
GSG vs. GLDM - Dividend Comparison
Neither GSG nor GLDM has paid dividends to shareholders.
Frequently Asked Questions
GSG and GLDM have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (7.37%) compared to GLDM (7.05%). In terms of maximum drawdown, GSG dropped -89.62% vs GLDM's -26.11%.
On 5-year performance, GLDM leads with 17.14% vs 14.34% for GSG. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 7.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 17.14% return vs 14.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.75% for GSG.
GSG and GLDM have nearly identical dividend yields, around 0.00%.
GSG is categorized as Commodities, while GLDM is Gold. GSG tracks S&P GSCI Total Return Index, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.75% for GSG and 0.10% for GLDM.
GSG currently has the higher Sharpe Ratio (1.63 vs 0.77), 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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