MNT.TO vs. GLDM

Last updated Apr 1, 2026

Compare and contrast key facts about Royal Canadian Mint - Canadian Gold Reserves (MNT.TO) and SPDR Gold MiniShares Trust (GLDM).

MNT.TO and GLDM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GLDM is a passively managed fund by State Street that tracks the performance of the LBMA Gold PM Price. It was launched on Jun 25, 2018.

Performance

MNT.TO vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Royal Canadian Mint - Canadian Gold Reserves (MNT.TO) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

MNT.TO vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MNT.TO Royal Canadian Mint - Canadian Gold Reserves	6.88%	61.23%	44.81%	3.61%	10.52%	-10.51%	26.14%	13.47%	3.72%
GLDM SPDR Gold MiniShares Trust	10.04%	56.67%	38.00%	10.55%	6.63%	-4.88%	22.98%	12.29%	4.44%

Different Trading Currencies

MNT.TO is traded in CAD, while GLDM is traded in USD. To make them comparable, the GLDM values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, MNT.TO achieves a 6.88% return, which is significantly lower than GLDM's 10.04% return.

MNT.TO

• 1D: 3.93%
• 1M: -11.28%
• YTD: 6.88%
• 6M: 14.20%
• 1Y: 40.58%
• 3Y*: 35.64%
• 5Y*: 24.73%
• 10Y*: 14.79%

GLDM

• 1D: 3.66%
• 1M: -9.24%
• YTD: 10.04%
• 6M: 21.13%
• 1Y: 44.78%
• 3Y*: 34.60%
• 5Y*: 24.45%
• 10Y*: —

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

MNT.TO vs. GLDM - Expense Ratio Comparison

GLDM

SPDR Gold MiniShares Trust

Return for Risk

MNT.TO vs. GLDM — Risk / Return Rank

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

MNT.TO

MNT.TO Risk / Return Rank: 70
MNT.TO Sharpe Ratio Rank: 74
MNT.TO Sortino Ratio Rank: 72
MNT.TO Omega Ratio Rank: 70
MNT.TO Calmar Ratio Rank: 67
MNT.TO Martin Ratio Rank: 64

GLDM

GLDM Risk / Return Rank: 88
GLDM Sharpe Ratio Rank: 89
GLDM Sortino Ratio Rank: 86
GLDM Omega Ratio Rank: 86
GLDM Calmar Ratio Rank: 89
GLDM Martin Ratio Rank: 88

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.

MNT.TO vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Royal Canadian Mint - Canadian Gold Reserves (MNT.TO) 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.

	MNT.TO	GLDM	Difference
Sharpe ratio Return per unit of total volatility	1.27	1.74	-0.47
Sortino ratio Return per unit of downside risk	1.75	2.19	-0.44
Omega ratio Gain probability vs. loss probability	1.25	1.33	-0.08
Calmar ratio Return relative to maximum drawdown	1.62	2.76	-1.15
Martin ratio Return relative to average drawdown	5.94	9.61	-3.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNT.TO vs. GLDM - Sharpe Ratio Comparison

The current MNT.TO Sharpe Ratio is 1.27, which is comparable to the GLDM Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of MNT.TO and GLDM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MNT.TO	GLDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	1.74	-0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.24	1.49	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	1.18	-0.71

Correlation

The correlation between MNT.TO and GLDM is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MNT.TO vs. GLDM - Dividend Comparison

Neither MNT.TO nor GLDM has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

MNT.TO vs. GLDM - Drawdown Comparison

The maximum MNT.TO drawdown since its inception was -34.79%, which is greater than GLDM's maximum drawdown of -22.74%. Use the drawdown chart below to compare losses from any high point for MNT.TO and GLDM.

Drawdown Indicators

	MNT.TO	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-34.79%	-21.63%	-13.16%
Max Drawdown (1Y) Largest decline over 1 year	-25.01%	-19.14%	-5.87%
Max Drawdown (5Y) Largest decline over 5 years	-25.01%	-20.92%	-4.09%
Max Drawdown (10Y) Largest decline over 10 years	-33.58%	—	—
Current Drawdown Current decline from peak	-14.82%	-13.19%	-1.63%
Average Drawdown Average peak-to-trough decline	-15.65%	-6.04%	-9.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.81%	5.16%	+1.65%

Volatility

MNT.TO vs. GLDM - Volatility Comparison

Royal Canadian Mint - Canadian Gold Reserves (MNT.TO) has a higher volatility of 13.84% compared to SPDR Gold MiniShares Trust (GLDM) at 10.77%. This indicates that MNT.TO'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.

Volatility by Period

	MNT.TO	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.84%	10.77%	+3.07%
Volatility (6M) Calculated over the trailing 6-month period	27.16%	23.03%	+4.13%
Volatility (1Y) Calculated over the trailing 1-year period	32.08%	25.94%	+6.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.12%	16.53%	+3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.50%	16.08%	+3.42%