HAP vs. GLD
HAP (VanEck Natural Resources ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - HAP is a Energy Equities fund tracking the MarketVector Global Natural Resources Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, HAP returned 11.95%/yr vs 12.15%/yr for GLD. At a 0.28 correlation, their price movements are largely independent. HAP charges 0.42%/yr vs 0.40%/yr for GLD.
Performance
HAP vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, HAP achieves a 18.44% return, which is significantly higher than GLD's -2.47% return. Both investments have delivered pretty close results over the past 10 years, with HAP having a 11.95% annualized return and GLD not far ahead at 12.15%.
HAP
- 1D
- 1.21%
- 1M
- -4.04%
- YTD
- 18.44%
- 6M
- 19.25%
- 1Y
- 38.39%
- 3Y*
- 17.05%
- 5Y*
- 11.22%
- 10Y*
- 11.95%
GLD
- 1D
- 0.06%
- 1M
- -7.37%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
HAP vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HAP VanEck Natural Resources ETF | 18.44% | 34.91% | -4.08% | 2.46% | 7.84% | 25.04% | 6.30% | 18.60% | -10.68% | 17.12% |
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between HAP and GLD is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Sep 3, 2008 | 0.28 |
Over the past year, HAP and GLD have become more correlated (0.58) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
HAP vs. GLD — Risk / Return Rank
HAP
GLD
HAP vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Natural Resources ETF (HAP) 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.
| HAP | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.67 | ||
| Sortino ratioReturn per unit of downside risk | +2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.18 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 4.74 | 0.98 | +3.76 |
| Martin ratioReturn relative to average drawdown | 17.71 | 2.81 | +14.90 |
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Drawdowns
HAP vs. GLD - Drawdown Comparison
The maximum HAP drawdown since its inception was -50.99%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for HAP and GLD.
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Drawdown Indicators
| HAP | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.99% | -45.56% | -5.43% |
Max Drawdown (1Y)Largest decline over 1 year | -8.31% | -24.46% | +16.15% |
Max Drawdown (3Y)Largest decline over 3 years | -16.92% | -24.46% | +7.54% |
Max Drawdown (5Y)Largest decline over 5 years | -25.66% | -24.46% | -1.20% |
Max Drawdown (10Y)Largest decline over 10 years | -44.07% | -24.46% | -19.61% |
Current DrawdownCurrent decline from peak | -4.42% | -22.05% | +17.63% |
Average DrawdownAverage peak-to-trough decline | -12.07% | -16.16% | +4.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.22% | 8.49% | -6.27% |
Volatility
HAP vs. GLD - Volatility Comparison
The current volatility for VanEck Natural Resources ETF (HAP) is 5.20%, while SPDR Gold Shares (GLD) has a volatility of 7.79%. This indicates that HAP experiences smaller price fluctuations and is considered to be less risky 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
| HAP | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.20% | 7.79% | -2.59% |
Volatility (6M)Calculated over the trailing 6-month period | 12.86% | 24.10% | -11.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.50% | 27.37% | -11.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.32% | 18.22% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.75% | 16.08% | +3.67% |
HAP vs. GLD - Expense Ratio Comparison
HAP has a 0.42% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
HAP vs. GLD - Dividend Comparison
HAP's dividend yield for the trailing twelve months is around 1.91%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
HAP VanEck Natural Resources ETF | 1.91% | 2.27% | 2.65% | 3.27% | 3.28% | 2.16% | 2.45% | 2.80% | 2.85% | 2.02% | 1.99% | 3.00% |
Frequently Asked Questions
HAP and GLD have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.79%) compared to HAP (5.20%). In terms of maximum drawdown, HAP dropped -50.99% vs GLD's -45.56%.
On 10-year performance, GLD leads with 12.15% vs 11.95% for HAP. On fees, GLD is cheaper at 0.40% per year. On volatility, HAP has been the lower-risk option at 5.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.15% return vs 11.95%. 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 0.42% for HAP.
HAP has the higher dividend yield at 1.91%, compared with 0.00% for GLD.
HAP is categorized as Energy Equities, while GLD is Gold. HAP tracks MarketVector Global Natural Resources Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.42% for HAP and 0.40% for GLD.
HAP currently has the higher Sharpe Ratio (2.54 vs 0.87), 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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