MRSH vs. GLD

Last updated Jun 13, 2026

MRSH (Marsh & McLennan Companies, Inc) is a stock, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, MRSH returned 11.75%/yr vs 12.15%/yr for GLD. At a correlation of -0.01, they often move in opposite directions.

Performance

MRSH vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Marsh & McLennan Companies, Inc (MRSH) 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, MRSH achieves a -8.15% return, which is significantly lower than GLD's -2.47% return. Both investments have delivered pretty close results over the past 10 years, with MRSH having a 11.75% annualized return and GLD not far ahead at 12.15%.

MRSH

• 1D: 0.32%
• 1M: 4.74%
• YTD: -8.15%
• 6M: -8.49%
• 1Y: -20.92%
• 3Y*: -0.08%
• 5Y*: 5.55%
• 10Y*: 11.75%

GLD

• 1D: 0.06%
• 1M: -7.37%
• YTD: -2.47%
• 6M: -2.25%
• 1Y: 22.21%
• 3Y*: 28.89%
• 5Y*: 17.08%
• 10Y*: 12.15%

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

MRSH vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MRSH Marsh & McLennan Companies, Inc	-8.15%	-11.26%	13.75%	16.15%	-3.45%	50.83%	6.86%	42.33%	-0.14%	22.73%
GLD SPDR Gold Shares	-2.47%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between MRSH and GLD is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	-0.00
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004	-0.01

The correlation between MRSH and GLD shifts across timeframes, from -0.17 (1 year) to -0.00 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MRSH vs. GLD — Risk / Return Rank

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

MRSH

MRSH Risk / Return Rank: 9
MRSH Sharpe Ratio Rank: 7
MRSH Sortino Ratio Rank: 10
MRSH Omega Ratio Rank: 9
MRSH Calmar Ratio Rank: 12
MRSH Martin Ratio Rank: 9

GLD

GLD Risk / Return Rank: 26
GLD Sharpe Ratio Rank: 27
GLD Sortino Ratio Rank: 25
GLD Omega Ratio Rank: 30
GLD Calmar Ratio Rank: 24
GLD Martin Ratio Rank: 24

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.

MRSH vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Marsh & McLennan Companies, Inc (MRSH) 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.

	MRSH	GLD	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	0.87	-1.80
Sortino ratio: Return per unit of downside risk	-1.21	1.24	-2.45
Omega ratio: Gain probability vs. loss probability	0.85	1.18	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.80	0.98	-1.78
Martin ratio: Return relative to average drawdown	-1.40	2.81	-4.21

MRSH vs. GLD - Sharpe Ratio Comparison

The current MRSH Sharpe Ratio is -0.93, which is lower than the GLD Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of MRSH 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

MRSH vs. GLD - Drawdown Comparison

The maximum MRSH drawdown since its inception was -67.46%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for MRSH and GLD.

Drawdown Indicators

	MRSH	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-67.46%	-45.56%	-21.90%
Max Drawdown (1Y) Largest decline over 1 year	-27.01%	-24.46%	-2.55%
Max Drawdown (3Y) Largest decline over 3 years	-34.36%	-24.46%	-9.90%
Max Drawdown (5Y) Largest decline over 5 years	-34.36%	-24.46%	-9.90%
Max Drawdown (10Y) Largest decline over 10 years	-35.80%	-24.46%	-11.34%
Current Drawdown Current decline from peak	-29.62%	-22.05%	-7.57%
Average Drawdown Average peak-to-trough decline	-17.41%	-16.16%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.50%	8.49%	+7.01%

Volatility

MRSH vs. GLD - Volatility Comparison

The current volatility for Marsh & McLennan Companies, Inc (MRSH) is 6.91%, while SPDR Gold Shares (GLD) has a volatility of 7.79%. This indicates that MRSH 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.

Volatility by Period

	MRSH	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.91%	7.79%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	19.10%	24.10%	-5.00%
Volatility (1Y) Calculated over the trailing 1-year period	23.47%	27.37%	-3.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.20%	18.22%	+1.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.94%	16.08%	+4.86%

Dividends

MRSH vs. GLD - Dividend Comparison

MRSH's dividend yield for the trailing twelve months is around 2.13%, 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%
MRSH Marsh & McLennan Companies, Inc	2.13%	1.85%	1.44%	1.37%	1.36%	1.15%	1.57%	1.56%	1.98%	1.76%	1.92%	2.13%

Frequently Asked Questions

Can I hold both MRSH and GLD in my portfolio?

MRSH and GLD have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MRSH or GLD?

GLD has higher volatility (7.79%) compared to MRSH (6.91%). In terms of maximum drawdown, MRSH dropped -67.46% vs GLD's -45.56%.

Which has better risk-adjusted returns?

GLD currently has the higher Sharpe Ratio (0.87 vs -0.93), 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.