INIVX vs. GLD

Last updated Jun 24, 2026

INIVX (VanEck International Investors Gold Fund) and GLD (SPDR Gold Shares) are both Gold funds. Over the past 10 years, INIVX returned 13.79%/yr vs 11.59%/yr for GLD. A 0.75 correlation means they provide meaningful diversification when combined. INIVX charges 1.42%/yr vs 0.40%/yr for GLD.

Performance

INIVX vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck International Investors Gold Fund (INIVX) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INIVX achieves a 0.65% return, which is significantly higher than GLD's -4.79% return. Over the past 10 years, INIVX has outperformed GLD with an annualized return of 13.79%, while GLD has yielded a comparatively lower 11.59% annualized return.

INIVX

• 1D: -0.79%
• 1M: -2.96%
• YTD: 0.65%
• 6M: -3.95%
• 1Y: 67.56%
• 3Y*: 48.14%
• 5Y*: 22.39%
• 10Y*: 13.79%

GLD

• 1D: -1.89%
• 1M: -8.82%
• YTD: -4.79%
• 6M: -8.78%
• 1Y: 21.29%
• 3Y*: 28.41%
• 5Y*: 17.84%
• 10Y*: 11.59%

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

INIVX vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INIVX VanEck International Investors Gold Fund	0.65%	165.88%	14.37%	9.67%	-13.77%	-14.23%	40.91%	38.15%	-16.01%	13.06%
GLD SPDR Gold Shares	-4.79%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between INIVX and GLD is 0.81, 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	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004	0.75

The correlation between INIVX and GLD has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.

Return for Risk

INIVX vs. GLD — Risk / Return Rank

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

INIVX

INIVX Risk / Return Rank: 29
INIVX Sharpe Ratio Rank: 31
INIVX Sortino Ratio Rank: 24
INIVX Omega Ratio Rank: 31
INIVX Calmar Ratio Rank: 34
INIVX Martin Ratio Rank: 26

GLD

GLD Risk / Return Rank: 22
GLD Sharpe Ratio Rank: 23
GLD Sortino Ratio Rank: 21
GLD Omega Ratio Rank: 24
GLD Calmar Ratio Rank: 20
GLD Martin Ratio Rank: 20

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.

INIVX vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck International Investors Gold Fund (INIVX) 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.

	INIVX	GLD	Difference
Sharpe ratio: Return per unit of total volatility	1.49	0.78	+0.71
Sortino ratio: Return per unit of downside risk	1.88	1.13	+0.75
Omega ratio: Gain probability vs. loss probability	1.27	1.17	+0.11
Calmar ratio: Return relative to maximum drawdown	2.07	0.87	+1.19
Martin ratio: Return relative to average drawdown	5.71	2.35	+3.36

INIVX vs. GLD - Sharpe Ratio Comparison

The current INIVX Sharpe Ratio is 1.49, which is higher than the GLD Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of INIVX and GLD, 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

INIVX vs. GLD - Drawdown Comparison

The maximum INIVX drawdown since its inception was -78.96%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for INIVX and GLD.

Drawdown Indicators

	INIVX	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-78.96%	-45.56%	-33.40%
Max Drawdown (1Y) Largest decline over 1 year	-33.60%	-24.46%	-9.14%
Max Drawdown (3Y) Largest decline over 3 years	-33.60%	-24.46%	-9.14%
Max Drawdown (5Y) Largest decline over 5 years	-44.66%	-24.46%	-20.20%
Max Drawdown (10Y) Largest decline over 10 years	-51.20%	-24.46%	-26.74%
Current Drawdown Current decline from peak	-26.13%	-23.91%	-2.22%
Average Drawdown Average peak-to-trough decline	-37.75%	-16.17%	-21.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.14%	9.10%	+3.04%

Volatility

INIVX vs. GLD - Volatility Comparison

VanEck International Investors Gold Fund (INIVX) has a higher volatility of 16.27% compared to SPDR Gold Shares (GLD) at 8.18%. This indicates that INIVX's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INIVX	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.27%	8.18%	+8.09%
Volatility (6M) Calculated over the trailing 6-month period	40.03%	24.38%	+15.65%
Volatility (1Y) Calculated over the trailing 1-year period	46.69%	27.57%	+19.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.62%	18.24%	+16.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.23%	16.04%	+18.19%

INIVX vs. GLD - Expense Ratio Comparison

INIVX has a 1.42% expense ratio, which is higher than GLD's 0.40% expense ratio.

Dividends

INIVX vs. GLD - Dividend Comparison

INIVX's dividend yield for the trailing twelve months is around 5.98%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
INIVX VanEck International Investors Gold Fund	5.98%	6.01%	7.45%	0.10%	0.00%	6.40%	11.70%	3.66%	2.87%	3.76%	6.40%

Frequently Asked Questions

Can I hold both INIVX and GLD in my portfolio?

INIVX and GLD have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INIVX or GLD?

INIVX has higher volatility (16.27%) compared to GLD (8.18%). In terms of maximum drawdown, INIVX dropped -78.96% vs GLD's -45.56%.

Which has better risk-adjusted returns?

INIVX currently has the higher Sharpe Ratio (1.49 vs 0.78), 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.