MLPX vs. GLDM
MLPX (Global X MLP & Energy Infrastructure ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - MLPX is a MLPs fund tracking the Solactive MLP & Energy Infrastructure Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, MLPX returned 20.50%/yr vs 17.41%/yr for GLDM. At a 0.11 correlation, their price movements are largely independent. MLPX charges 0.45%/yr vs 0.10%/yr for GLDM.
Performance
MLPX vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, MLPX achieves a 25.23% return, which is significantly higher than GLDM's -2.40% return.
MLPX
- 1D
- 0.30%
- 1M
- -1.75%
- YTD
- 25.23%
- 6M
- 25.77%
- 1Y
- 24.35%
- 3Y*
- 28.72%
- 5Y*
- 20.50%
- 10Y*
- 12.72%
GLDM
- 1D
- 0.11%
- 1M
- -9.52%
- YTD
- -2.40%
- 6M
- -2.09%
- 1Y
- 22.58%
- 3Y*
- 29.27%
- 5Y*
- 17.41%
- 10Y*
- —
MLPX vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MLPX Global X MLP & Energy Infrastructure ETF | 25.23% | 4.96% | 42.90% | 15.77% | 21.54% | 39.63% | -20.32% | 19.04% | -13.97% |
GLDM SPDR Gold MiniShares Trust | -2.40% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between MLPX and GLDM is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.11 |
The correlation between MLPX and GLDM shifts across timeframes, from 0.02 (1 year) to 0.17 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MLPX vs. GLDM — Risk / Return Rank
MLPX
GLDM
MLPX vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X MLP & Energy Infrastructure ETF (MLPX) 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.
| MLPX | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.19 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.07 | 1.00 | +2.07 |
| Martin ratioReturn relative to average drawdown | 7.67 | 2.87 | +4.80 |
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Drawdowns
MLPX vs. GLDM - Drawdown Comparison
The maximum MLPX drawdown since its inception was -70.67%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for MLPX and GLDM.
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Drawdown Indicators
| MLPX | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.67% | -24.35% | -46.32% |
Max Drawdown (1Y)Largest decline over 1 year | -8.18% | -24.35% | +16.17% |
Max Drawdown (3Y)Largest decline over 3 years | -16.77% | -24.35% | +7.58% |
Max Drawdown (5Y)Largest decline over 5 years | -19.72% | -24.35% | +4.63% |
Max Drawdown (10Y)Largest decline over 10 years | -64.70% | — | — |
Current DrawdownCurrent decline from peak | -4.43% | -21.96% | +17.53% |
Average DrawdownAverage peak-to-trough decline | -16.60% | -6.27% | -10.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 8.44% | -5.18% |
Volatility
MLPX vs. GLDM - Volatility Comparison
The current volatility for Global X MLP & Energy Infrastructure ETF (MLPX) is 5.77%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 7.73%. This indicates that MLPX experiences smaller price fluctuations and is considered to be less risky 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
| MLPX | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.77% | 7.73% | -1.96% |
Volatility (6M)Calculated over the trailing 6-month period | 11.69% | 23.93% | -12.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.23% | 27.15% | -11.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.08% | 18.13% | +1.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.48% | 16.98% | +9.50% |
MLPX vs. GLDM - Expense Ratio Comparison
MLPX has a 0.45% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
MLPX vs. GLDM - Dividend Comparison
MLPX's dividend yield for the trailing twelve months is around 4.10%, 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% |
MLPX Global X MLP & Energy Infrastructure ETF | 4.10% | 4.88% | 4.30% | 5.22% | 5.23% | 5.98% | 8.32% | 5.78% | 5.77% | 4.36% | 5.50% | 4.81% |
Frequently Asked Questions
MLPX and GLDM have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (7.73%) compared to MLPX (5.77%). In terms of maximum drawdown, MLPX dropped -70.67% vs GLDM's -24.35%.
On 5-year performance, MLPX leads with 20.50% vs 17.41% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, MLPX has been the lower-risk option at 5.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MLPX has performed better with a 20.50% return vs 17.41%. 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 0.45% for MLPX.
MLPX has the higher dividend yield at 4.10%, compared with 0.00% for GLDM.
MLPX is categorized as MLPs, while GLDM is Gold. MLPX tracks Solactive MLP & Energy Infrastructure Index, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: Global X and State Street. Their fees differ too: 0.45% for MLPX and 0.10% for GLDM.
MLPX currently has the higher Sharpe Ratio (1.65 vs 0.90), 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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