MDY vs. GLD
MDY (SPDR S&P MidCap 400 ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - MDY is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, MDY returned 11.40%/yr vs 11.59%/yr for GLD. At a 0.08 correlation, their price movements are largely independent. MDY charges 0.23%/yr vs 0.40%/yr for GLD.
Performance
MDY vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, MDY achieves a 14.41% return, which is significantly higher than GLD's -4.79% return. Both investments have delivered pretty close results over the past 10 years, with MDY having a 11.40% annualized return and GLD not far ahead at 11.59%.
MDY
- 1D
- -1.01%
- 1M
- 2.67%
- YTD
- 14.41%
- 6M
- 12.36%
- 1Y
- 24.68%
- 3Y*
- 15.79%
- 5Y*
- 8.21%
- 10Y*
- 11.40%
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%
MDY vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MDY SPDR S&P MidCap 400 ETF | 14.41% | 7.19% | 13.64% | 16.07% | -13.28% | 24.53% | 13.50% | 25.78% | -11.29% | 15.93% |
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 MDY and GLD is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004 | 0.08 |
The correlation between MDY and GLD shifts across timeframes, from 0.06 (10 years) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MDY vs. GLD — Risk / Return Rank
MDY
GLD
MDY vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P MidCap 400 ETF (MDY) 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.
| MDY | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.17 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 0.87 | +1.94 |
| Martin ratioReturn relative to average drawdown | 10.23 | 2.35 | +7.88 |
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Drawdowns
MDY vs. GLD - Drawdown Comparison
The maximum MDY drawdown since its inception was -55.33%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for MDY and GLD.
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Drawdown Indicators
| MDY | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.33% | -45.56% | -9.77% |
Max Drawdown (1Y)Largest decline over 1 year | -8.82% | -24.46% | +15.64% |
Max Drawdown (3Y)Largest decline over 3 years | -24.03% | -24.46% | +0.43% |
Max Drawdown (5Y)Largest decline over 5 years | -24.03% | -24.46% | +0.43% |
Max Drawdown (10Y)Largest decline over 10 years | -42.22% | -24.46% | -17.76% |
Current DrawdownCurrent decline from peak | -1.13% | -23.91% | +22.78% |
Average DrawdownAverage peak-to-trough decline | -7.02% | -16.17% | +9.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 9.10% | -6.68% |
Volatility
MDY vs. GLD - Volatility Comparison
The current volatility for SPDR S&P MidCap 400 ETF (MDY) is 4.69%, while SPDR Gold Shares (GLD) has a volatility of 8.18%. This indicates that MDY experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MDY | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.69% | 8.18% | -3.49% |
Volatility (6M)Calculated over the trailing 6-month period | 11.70% | 24.38% | -12.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.81% | 27.57% | -11.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.78% | 18.24% | +1.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.18% | 16.04% | +5.14% |
MDY vs. GLD - Expense Ratio Comparison
MDY has a 0.23% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
MDY vs. GLD - Dividend Comparison
MDY's dividend yield for the trailing twelve months is around 1.02%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
MDY SPDR S&P MidCap 400 ETF | 1.02% | 1.15% | 1.18% | 1.21% | 1.37% | 0.96% | 1.12% | 1.34% | 1.39% | 1.18% | 1.31% | 1.35% |
Frequently Asked Questions
MDY and GLD 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.
GLD has higher volatility (8.18%) compared to MDY (4.69%). In terms of maximum drawdown, MDY dropped -55.33% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.59% vs 11.40% for MDY. On fees, MDY is cheaper at 0.23% per year. On volatility, MDY has been the lower-risk option at 4.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.59% return vs 11.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MDY is cheaper with a 0.23% expense ratio, compared with 0.40% for GLD.
MDY has the higher dividend yield at 1.02%, compared with 0.00% for GLD.
MDY is categorized as Mid Cap Blend Equities, while GLD is Gold. MDY tracks S&P MidCap 400 Index, while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.23% for MDY and 0.40% for GLD.
MDY currently has the higher Sharpe Ratio (1.57 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.
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