IGLN.L vs. GLDM
IGLN.L (iShares Physical Gold ETC) and GLDM (SPDR Gold MiniShares Trust) are both Gold funds - IGLN.L tracks the LBMA Gold Price while GLDM tracks the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, IGLN.L returned 18.45%/yr vs 18.49%/yr for GLDM. A 0.80 correlation means they provide meaningful diversification when combined. IGLN.L charges 0.25%/yr vs 0.10%/yr for GLDM.
Performance
IGLN.L vs. GLDM - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with IGLN.L at 3.00% and GLDM at 3.00%.
IGLN.L
- 1D
- -1.45%
- 1M
- -4.23%
- YTD
- 3.00%
- 6M
- 5.09%
- 1Y
- 32.44%
- 3Y*
- 31.11%
- 5Y*
- 18.45%
- 10Y*
- 13.40%
GLDM
- 1D
- -0.96%
- 1M
- -1.62%
- YTD
- 3.00%
- 6M
- 5.60%
- 1Y
- 32.42%
- 3Y*
- 31.49%
- 5Y*
- 18.49%
- 10Y*
- —
IGLN.L vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
IGLN.L iShares Physical Gold ETC | 3.00% | 64.92% | 26.14% | 13.44% | -0.09% | -4.03% | 24.16% | 18.28% | 1.66% |
GLDM SPDR Gold MiniShares Trust | 3.00% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.84% |
Correlation
The correlation between IGLN.L and GLDM is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jun 27, 2018 | 0.80 |
The correlation between IGLN.L and GLDM has been stable across timeframes, ranging from 0.80 to 0.83 - a consistent structural relationship.
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Return for Risk
IGLN.L vs. GLDM — Risk / Return Rank
IGLN.L
GLDM
IGLN.L vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Physical Gold ETC (IGLN.L) 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.
| IGLN.L | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.25 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 1.70 | +0.16 |
| Martin ratioReturn relative to average drawdown | 4.85 | 4.23 | +0.63 |
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
| IGLN.L | GLDM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 1.24 | +0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.06 | 1.04 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.02 | -0.56 |
Drawdowns
IGLN.L vs. GLDM - Drawdown Comparison
The maximum IGLN.L drawdown since its inception was -45.24%, which is greater than GLDM's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for IGLN.L and GLDM.
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Drawdown Indicators
| IGLN.L | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.24% | -21.63% | -23.61% |
Max Drawdown (1Y)Largest decline over 1 year | -17.36% | -19.14% | +1.78% |
Max Drawdown (3Y)Largest decline over 3 years | -17.36% | -19.14% | +1.78% |
Max Drawdown (5Y)Largest decline over 5 years | -21.15% | -20.92% | -0.23% |
Max Drawdown (10Y)Largest decline over 10 years | -21.15% | — | — |
Current DrawdownCurrent decline from peak | -16.23% | -17.65% | +1.42% |
Average DrawdownAverage peak-to-trough decline | -19.80% | -6.22% | -13.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.66% | 7.69% | -1.03% |
Volatility
IGLN.L vs. GLDM - Volatility Comparison
iShares Physical Gold ETC (IGLN.L) has a higher volatility of 6.40% compared to SPDR Gold MiniShares Trust (GLDM) at 5.47%. This indicates that IGLN.L'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
| IGLN.L | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.40% | 5.47% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 21.73% | 22.99% | -1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.79% | 26.39% | -1.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.37% | 17.91% | -0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 16.85% | -1.31% |
IGLN.L vs. GLDM - Expense Ratio Comparison
IGLN.L 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
IGLN.L vs. GLDM - Dividend Comparison
Neither IGLN.L nor GLDM has paid dividends to shareholders.
Frequently Asked Questions
IGLN.L and GLDM have a correlation of 0.83, 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 IGLN.L.
IGLN.L tracks LBMA Gold Price, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for IGLN.L and 0.10% for GLDM.
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