HMY vs. GLDM

Last updated Jun 23, 2026

HMY (Harmony Gold Mining Company Limited) is a stock, while GLDM (SPDR Gold MiniShares Trust) is Gold fund tracking the LBMA Gold Price PM. Over the past 5 years, HMY returned 34.93%/yr vs 18.61%/yr for GLDM. A 0.66 correlation means they provide meaningful diversification when combined.

Performance

HMY vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Harmony Gold Mining Company Limited (HMY) 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, HMY achieves a -17.33% return, which is significantly lower than GLDM's -2.87% return.

HMY

• 1D: -5.11%
• 1M: -3.70%
• YTD: -17.33%
• 6M: -23.38%
• 1Y: 16.59%
• 3Y*: 59.14%
• 5Y*: 34.93%
• 10Y*: 17.57%

GLDM

• 1D: -0.62%
• 1M: -7.05%
• YTD: -2.87%
• 6M: -5.63%
• 1Y: 24.39%
• 3Y*: 29.61%
• 5Y*: 18.61%
• 10Y*: —

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

HMY vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HMY Harmony Gold Mining Company Limited	-17.33%	145.47%	35.39%	82.51%	-16.42%	-10.25%	28.93%	102.79%	11.18%
GLDM SPDR Gold MiniShares Trust	-2.87%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.75%

Correlation

The correlation between HMY and GLDM is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018	0.66

The correlation between HMY and GLDM has been stable across timeframes, ranging from 0.66 to 0.75 - a consistent structural relationship.

Return for Risk

HMY vs. GLDM — Risk / Return Rank

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

HMY

HMY Risk / Return Rank: 50
HMY Sharpe Ratio Rank: 51
HMY Sortino Ratio Rank: 51
HMY Omega Ratio Rank: 50
HMY Calmar Ratio Rank: 50
HMY Martin Ratio Rank: 51

GLDM

GLDM Risk / Return Rank: 24
GLDM Sharpe Ratio Rank: 26
GLDM Sortino Ratio Rank: 23
GLDM Omega Ratio Rank: 28
GLDM Calmar Ratio Rank: 22
GLDM Martin Ratio Rank: 23

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.

HMY vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harmony Gold Mining Company Limited (HMY) 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.

	HMY	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	0.25	0.90	-0.64
Sortino ratio: Return per unit of downside risk	0.81	1.26	-0.45
Omega ratio: Gain probability vs. loss probability	1.10	1.19	-0.09
Calmar ratio: Return relative to maximum drawdown	0.34	1.01	-0.67
Martin ratio: Return relative to average drawdown	0.74	2.74	-2.00

HMY vs. GLDM - Sharpe Ratio Comparison

The current HMY Sharpe Ratio is 0.25, which is lower than the GLDM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of HMY 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

HMY vs. GLDM - Drawdown Comparison

The maximum HMY drawdown since its inception was -97.04%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for HMY and GLDM.

Drawdown Indicators

	HMY	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-97.04%	-24.35%	-72.69%
Max Drawdown (1Y) Largest decline over 1 year	-48.85%	-24.35%	-24.50%
Max Drawdown (3Y) Largest decline over 3 years	-48.85%	-24.35%	-24.50%
Max Drawdown (5Y) Largest decline over 5 years	-62.48%	-24.35%	-38.13%
Max Drawdown (10Y) Largest decline over 10 years	-71.05%	—	—
Current Drawdown Current decline from peak	-36.82%	-22.34%	-14.48%
Average Drawdown Average peak-to-trough decline	-52.73%	-6.31%	-46.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.43%	8.92%	+13.51%

Volatility

HMY vs. GLDM - Volatility Comparison

Harmony Gold Mining Company Limited (HMY) has a higher volatility of 20.93% compared to SPDR Gold MiniShares Trust (GLDM) at 8.02%. This indicates that HMY'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

	HMY	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.93%	8.02%	+12.91%
Volatility (6M) Calculated over the trailing 6-month period	49.96%	24.15%	+25.81%
Volatility (1Y) Calculated over the trailing 1-year period	65.75%	27.34%	+38.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.74%	18.13%	+40.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.19%	17.01%	+44.18%

Dividends

HMY vs. GLDM - Dividend Comparison

HMY's dividend yield for the trailing twelve months is around 2.49%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HMY Harmony Gold Mining Company Limited	2.49%	1.07%	1.59%	0.66%	1.14%	2.23%	0.00%	0.00%	0.00%	3.13%	1.37%

Frequently Asked Questions

Can I hold both HMY and GLDM in my portfolio?

HMY and GLDM have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HMY or GLDM?

HMY has higher volatility (20.93%) compared to GLDM (8.02%). In terms of maximum drawdown, HMY dropped -97.04% vs GLDM's -24.35%.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.90 vs 0.25), 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.