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NWG vs. GLDM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NWG vs. GLDM

Last updated Jun 9, 2026

NWG (NatWest Group plc) is a stock, while GLDM (SPDR Gold MiniShares Trust) is Gold fund tracking the LBMA Gold Price PM. Over the past 5 years, NWG returned 30.30%/yr vs 17.89%/yr for GLDM. At a 0.10 correlation, their price movements are largely independent.

Performance

NWG vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NatWest Group plc (NWG) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, NWG achieves a -5.18% return, which is significantly lower than GLDM's 0.30% return.

NWG

1D
0.76%
1M
0.51%
YTD
-5.18%
6M
0.44%
1Y
17.10%
3Y*
43.71%
5Y*
30.30%
10Y*
15.97%

GLDM

1D
0.25%
1M
-8.41%
YTD
0.30%
6M
3.19%
1Y
30.55%
3Y*
30.08%
5Y*
17.89%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

NWG vs. GLDM - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
NWG
NatWest Group plc		-5.18%81.29%92.31%-4.69%11.23%39.24%-24.92%29.18%-18.58%
GLDM
SPDR Gold MiniShares Trust		0.30%64.20%27.08%13.04%-0.47%-4.01%25.10%18.10%1.75%

Correlation

The correlation between NWG and GLDM is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

Correlation (3Y)
Calculated over the trailing 3-year period

0.19

Correlation (5Y)
Calculated over the trailing 5-year period

0.16

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2018

0.10

The correlation between NWG and GLDM shifts across timeframes, from 0.10 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

NatWest Group plc

SPDR Gold MiniShares Trust

Often compared with NWG:
NWG vs. BROSNWG vs. LGEN.LNWG vs. HSBCNWG vs. GSKNWG vs. MAINNWG vs. GLEN.LNWG vs. EPD
Often compared with GLDM:
GLDM vs. GLDGLDM vs. IAUGLDM vs. IAUMGLDM vs. GDXGLDM vs. SGOLGLDM vs. VOOGLDM vs. SPY

Return for Risk

NWG vs. GLDM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NWG
NWG Risk / Return Rank: 5757
Overall Rank
NWG Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
NWG Sortino Ratio Rank: 5454
Sortino Ratio Rank
NWG Omega Ratio Rank: 5252
Omega Ratio Rank
NWG Calmar Ratio Rank: 5959
Calmar Ratio Rank
NWG Martin Ratio Rank: 6060
Martin Ratio Rank
GLDM
GLDM Risk / Return Rank: 3434
Overall Rank
GLDM Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
GLDM Sortino Ratio Rank: 3131
Sortino Ratio Rank
GLDM Omega Ratio Rank: 3939
Omega Ratio Rank
GLDM Calmar Ratio Rank: 3434
Calmar Ratio Rank
GLDM Martin Ratio Rank: 2929
Martin Ratio Rank
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.

NWG vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NatWest Group plc (NWG) 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.

NWGGLDMDifference
Sharpe ratioReturn per unit of total volatility
0.55
1.15

-0.61

Sortino ratioReturn per unit of downside risk
0.97
1.54

-0.57

Omega ratioGain probability vs. loss probability

1.11

1.23

-0.12

Calmar ratioReturn relative to maximum drawdown

0.71

1.53

-0.82

Martin ratioReturn relative to average drawdown

1.80

3.85

-2.05

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWG vs. GLDM - Sharpe Ratio Comparison

The current NWG Sharpe Ratio is 0.55, which is lower than the GLDM Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of NWG and GLDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

NWGGLDMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.55

1.15

-0.61

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.91

1.00

-0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.42

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.11

0.99

-1.10

Drawdowns

NWG vs. GLDM - Drawdown Comparison

The maximum NWG drawdown since its inception was -96.96%, which is greater than GLDM's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for NWG and GLDM.

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Drawdown Indicators

NWGGLDMDifference

Max Drawdown

Largest peak-to-trough decline

-96.96%

-21.63%

-75.33%

Max Drawdown (1Y)

Largest decline over 1 year

-24.03%

-20.00%

-4.03%

Max Drawdown (3Y)

Largest decline over 3 years

-34.62%

-20.00%

-14.62%

Max Drawdown (5Y)

Largest decline over 5 years

-40.56%

-20.92%

-19.64%

Max Drawdown (10Y)

Largest decline over 10 years

-67.34%

—

—

Current Drawdown

Current decline from peak

-71.45%

-19.80%

-51.65%

Average Drawdown

Average peak-to-trough decline

-86.22%

-6.24%

-79.98%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.60%

7.96%

+1.64%

Volatility

NWG vs. GLDM - Volatility Comparison

NatWest Group plc (NWG) has a higher volatility of 8.65% compared to SPDR Gold MiniShares Trust (GLDM) at 5.65%. This indicates that NWG'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

NWGGLDMDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.65%

5.65%

+3.00%

Volatility (6M)

Calculated over the trailing 6-month period

23.92%

23.31%

+0.61%

Volatility (1Y)

Calculated over the trailing 1-year period

31.41%

26.65%

+4.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.53%

17.98%

+15.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

38.32%

16.89%

+21.43%

Dividends

NWG vs. GLDM - Dividend Comparison

NWG's dividend yield for the trailing twelve months is around 5.51%, while GLDM has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
GLDM
SPDR Gold MiniShares Trust		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
NWG
NatWest Group plc		5.51%3.69%4.36%9.42%11.57%2.74%4.59%9.75%0.91%

Frequently Asked Questions

NWG and GLDM have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NWG has higher volatility (8.65%) compared to GLDM (5.65%). In terms of maximum drawdown, NWG dropped -96.96% vs GLDM's -21.63%.

GLDM currently has the higher Sharpe Ratio (1.15 vs 0.55), 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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