O vs. GLD

Last updated Jun 13, 2026

O (Realty Income Corporation) is a stock, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, O returned 4.89%/yr vs 12.15%/yr for GLD. At a 0.09 correlation, their price movements are largely independent.

Performance

O vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Realty Income Corporation (O) 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, O achieves a 13.70% return, which is significantly higher than GLD's -2.47% return. Over the past 10 years, O has underperformed GLD with an annualized return of 4.89%, while GLD has yielded a comparatively higher 12.15% annualized return.

O

• 1D: 1.31%
• 1M: 3.07%
• YTD: 13.70%
• 6M: 11.57%
• 1Y: 14.88%
• 3Y*: 6.59%
• 5Y*: 3.49%
• 10Y*: 4.89%

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)

O vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
O Realty Income Corporation	13.70%	12.20%	-2.11%	-4.55%	-7.38%	23.95%	-11.60%	21.27%	15.94%	3.67%
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 O and GLD is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004	0.09

Return for Risk

O vs. GLD — Risk / Return Rank

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

O

O Risk / Return Rank: 66
O Sharpe Ratio Rank: 71
O Sortino Ratio Rank: 62
O Omega Ratio Rank: 61
O Calmar Ratio Rank: 68
O Martin Ratio Rank: 69

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.

O vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Realty Income Corporation (O) 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.

	O	GLD	Difference
Sharpe ratio: Return per unit of total volatility	0.88	0.87	+0.01
Sortino ratio: Return per unit of downside risk	1.26	1.24	+0.02
Omega ratio: Gain probability vs. loss probability	1.15	1.18	-0.03
Calmar ratio: Return relative to maximum drawdown	1.29	0.98	+0.31
Martin ratio: Return relative to average drawdown	3.12	2.81	+0.31

O vs. GLD - Sharpe Ratio Comparison

The current O Sharpe Ratio is 0.88, which is comparable to the GLD Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of O 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

O vs. GLD - Drawdown Comparison

The maximum O drawdown since its inception was -48.45%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for O and GLD.

Drawdown Indicators

	O	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-48.45%	-45.56%	-2.89%
Max Drawdown (1Y) Largest decline over 1 year	-11.10%	-24.46%	+13.36%
Max Drawdown (3Y) Largest decline over 3 years	-26.49%	-24.46%	-2.03%
Max Drawdown (5Y) Largest decline over 5 years	-34.48%	-24.46%	-10.02%
Max Drawdown (10Y) Largest decline over 10 years	-48.28%	-24.46%	-23.82%
Current Drawdown Current decline from peak	-5.94%	-22.05%	+16.11%
Average Drawdown Average peak-to-trough decline	-9.20%	-16.16%	+6.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.58%	8.49%	-3.91%

Volatility

O vs. GLD - Volatility Comparison

The current volatility for Realty Income Corporation (O) is 5.29%, while SPDR Gold Shares (GLD) has a volatility of 7.79%. This indicates that O 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

	O	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.29%	7.79%	-2.50%
Volatility (6M) Calculated over the trailing 6-month period	11.98%	24.10%	-12.12%
Volatility (1Y) Calculated over the trailing 1-year period	16.21%	27.37%	-11.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	18.22%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.64%	16.08%	+9.56%

Dividends

O vs. GLD - Dividend Comparison

O's dividend yield for the trailing twelve months is around 5.16%, 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%
O Realty Income Corporation	5.16%	6.19%	5.37%	5.33%	4.68%	3.87%	4.51%	3.69%	4.19%	4.45%	4.18%	4.41%

Frequently Asked Questions

Can I hold both O and GLD in my portfolio?

O and GLD have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, O or GLD?

GLD has higher volatility (7.79%) compared to O (5.29%). In terms of maximum drawdown, O dropped -48.45% vs GLD's -45.56%.

Which has better risk-adjusted returns?

O currently has the higher Sharpe Ratio (0.88 vs 0.87), 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.