KCE vs. GLDM
KCE (SPDR S&P Capital Markets ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - KCE is a Financials Equities fund tracking the S&P Capital Markets Select Industry Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, KCE returned 13.62%/yr vs 17.32%/yr for GLDM. Their 0.06 correlation means their historical movements had little consistent relationship. KCE charges 0.35%/yr vs 0.10%/yr for GLDM.
Performance
KCE vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, KCE achieves a 10.39% return, which is significantly higher than GLDM's -6.13% return.
KCE
- 1D
- 2.41%
- 1M
- 6.88%
- 6M
- 6.20%
- YTD
- 10.39%
- 1Y
- 11.58%
- 3Y*
- 24.32%
- 5Y*
- 13.62%
- 10Y*
- 17.63%
- ALL TIME*
- 7.76%
GLDM
- 1D
- 0.00%
- 1M
- -1.72%
- 6M
- -12.88%
- YTD
- -6.13%
- 1Y
- 20.58%
- 3Y*
- 27.67%
- 5Y*
- 17.32%
- 10Y*
- —
- ALL TIME*
- 15.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $270.09M | $250.20M | $318.17M | |
| $2.49M | $2.29M | $2.43M |
KCE vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
KCE SPDR S&P Capital Markets ETF | 10.39% | 10.76% | 37.51% | 32.04% | -22.14% | 40.05% | 30.82% | 27.13% | -18.54% |
GLDM SPDR Gold MiniShares Trust | -6.13% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between KCE and GLDM is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.06 |
The correlation between KCE and GLDM shifts across timeframes, from 0.06 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
KCE vs. GLDM — Risk / Return Rank
KCE
GLDM
KCE vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Capital Markets ETF (KCE) 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.
| KCE | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.16 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.67 | 0.79 | -0.12 |
| Martin ratioReturn relative to average drawdown | 1.70 | 1.69 | +0.01 |
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Drawdowns
KCE vs. GLDM - Drawdown Comparison
The maximum KCE drawdown since its inception was -74.00%, which is greater than GLDM's maximum drawdown of -26.27%. Use the drawdown chart below to compare losses from any high point for KCE and GLDM.
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Drawdown Indicators
| KCE | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.00% | -26.27% | -47.73% |
Max Drawdown (1Y)Largest decline over 1 year | -17.44% | -26.27% | +8.83% |
Max Drawdown (3Y)Largest decline over 3 years | -26.31% | -26.27% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -34.45% | -26.27% | -8.18% |
Max Drawdown (10Y)Largest decline over 10 years | -40.78% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -24.94% | +24.94% |
Average DrawdownAverage peak-to-trough decline | -22.65% | -6.57% | -16.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.84% | 12.22% | -5.38% |
Volatility
KCE vs. GLDM - Volatility Comparison
SPDR S&P Capital Markets ETF (KCE) has a higher volatility of 6.71% compared to SPDR Gold MiniShares Trust (GLDM) at 6.00%. This indicates that KCE'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
| KCE | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.71% | 6.00% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 16.07% | 20.89% | -4.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.73% | 27.91% | -7.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.16% | 18.40% | +4.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.89% | 17.09% | +5.80% |
KCE vs. GLDM - Expense Ratio Comparison
KCE has a 0.35% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
KCE vs. GLDM - Dividend Comparison
KCE's dividend yield for the trailing twelve months is around 1.63%, while GLDM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
KCE SPDR S&P Capital Markets ETF | 1.63% | 1.63% | 1.56% | 1.82% | 2.42% | 1.53% | 2.20% | 2.32% | 2.67% | 1.95% | 2.30% | 2.43% |
Frequently Asked Questions
KCE and GLDM have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KCE has higher volatility (6.71%) compared to GLDM (6.00%). In terms of maximum drawdown, KCE dropped -74.00% vs GLDM's -26.27%.
On 5-year performance, GLDM leads with 17.32% vs 13.62% for KCE. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 6.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 17.32% return vs 13.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.35% for KCE.
KCE has the higher dividend yield at 1.63%, compared with 0.00% for GLDM.
KCE is categorized as Financials Equities, while GLDM is Gold. KCE tracks S&P Capital Markets Select Industry Index, while GLDM tracks LBMA Gold Price PM. Their fees differ too: 0.35% for KCE and 0.10% for GLDM.
GLDM currently has the higher Sharpe Ratio (0.74 vs 0.56), 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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