IGLD.DE vs. GLDM
IGLD.DE (iShares Physical Gold (EUR Hedged) ETC) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - IGLD.DE is a Precious Metals fund tracking the Gold (EUR Hedged), while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 3 years, IGLD.DE returned 28.49%/yr vs 27.76%/yr for GLDM. A 0.70 correlation means they provide meaningful diversification when combined. IGLD.DE charges 0.25%/yr vs 0.10%/yr for GLDM.
Performance
IGLD.DE vs. GLDM - Performance Comparison
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Different Trading Currencies
IGLD.DE is traded in EUR, while GLDM is traded in USD. To make them comparable, the GLDM values have been converted to EUR using the latest available exchange rates.
Returns By Period
In the year-to-date period, IGLD.DE achieves a 0.35% return, which is significantly lower than GLDM's 4.23% return.
IGLD.DE
- 1D
- 0.70%
- 1M
- -2.47%
- YTD
- 0.35%
- 6M
- 4.61%
- 1Y
- 28.86%
- 3Y*
- 28.49%
- 5Y*
- —
- 10Y*
- —
GLDM
- 1D
- 0.00%
- 1M
- -1.73%
- YTD
- 4.23%
- 6M
- 5.86%
- 1Y
- 29.46%
- 3Y*
- 27.76%
- 5Y*
- 19.61%
- 10Y*
- —
IGLD.DE vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IGLD.DE iShares Physical Gold (EUR Hedged) ETC | 0.35% | 63.04% | 24.54% | 10.49% | 2.47% |
GLDM SPDR Gold MiniShares Trust | 5.05% | 44.72% | 35.47% | 9.65% | -0.65% |
Correlation
The correlation between IGLD.DE and GLDM is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Jul 8, 2022 | 0.70 |
The correlation between IGLD.DE and GLDM has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.
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Return for Risk
IGLD.DE vs. GLDM — Risk / Return Rank
IGLD.DE
GLDM
IGLD.DE vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Physical Gold (EUR Hedged) ETC (IGLD.DE) 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.
| IGLD.DE | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.24 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 1.73 | -0.10 |
| Martin ratioReturn relative to average drawdown | 4.10 | 4.14 | -0.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IGLD.DE | GLDM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | 1.19 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.18 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.32 | 1.10 | +0.22 |
Drawdowns
IGLD.DE vs. GLDM - Drawdown Comparison
The maximum IGLD.DE drawdown since its inception was -17.62%, roughly equal to the maximum GLDM drawdown of -18.50%. Use the drawdown chart below to compare losses from any high point for IGLD.DE and GLDM.
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Drawdown Indicators
| IGLD.DE | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.62% | -18.50% | +0.88% |
Max Drawdown (1Y)Largest decline over 1 year | -17.62% | -17.10% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -17.62% | -17.10% | -0.52% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.10% | — |
Current DrawdownCurrent decline from peak | -16.24% | -16.09% | -0.15% |
Average DrawdownAverage peak-to-trough decline | -3.72% | -5.28% | +1.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.03% | 7.14% | -0.11% |
Volatility
IGLD.DE vs. GLDM - Volatility Comparison
iShares Physical Gold (EUR Hedged) ETC (IGLD.DE) has a higher volatility of 5.98% compared to SPDR Gold MiniShares Trust (GLDM) at 4.61%. This indicates that IGLD.DE'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.
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Volatility by Period
| IGLD.DE | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.98% | 4.61% | +1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 21.79% | 21.64% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.80% | 24.97% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.86% | 16.63% | +1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.86% | 15.64% | +2.22% |
IGLD.DE vs. GLDM - Expense Ratio Comparison
IGLD.DE has a 0.25% expense ratio, which is higher than GLDM's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
IGLD.DE vs. GLDM - Dividend Comparison
Neither IGLD.DE nor GLDM has paid dividends to shareholders.
Frequently Asked Questions
IGLD.DE and GLDM have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GLDM is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.25% for IGLD.DE.
IGLD.DE is categorized as Precious Metals, while GLDM is Gold. IGLD.DE tracks Gold (EUR Hedged), while GLDM tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for IGLD.DE and 0.10% for GLDM.
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