PALL vs. GLD
PALL (Aberdeen Standard Physical Palladium Shares ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - PALL is a Precious Metals fund tracking the Palladium London PM Fix ($/ozt), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, PALL returned 7.79%/yr vs 11.59%/yr for GLD. At a 0.40 correlation, their price movements are largely independent. PALL charges 0.60%/yr vs 0.40%/yr for GLD.
Performance
PALL vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, PALL achieves a -23.17% return, which is significantly lower than GLD's -4.79% return. Over the past 10 years, PALL has underperformed GLD with an annualized return of 7.79%, while GLD has yielded a comparatively higher 11.59% annualized return.
PALL
- 1D
- -2.40%
- 1M
- -8.89%
- YTD
- -23.17%
- 6M
- -33.98%
- 1Y
- 13.76%
- 3Y*
- -1.99%
- 5Y*
- -14.70%
- 10Y*
- 7.79%
GLD
- 1D
- -1.89%
- 1M
- -8.82%
- YTD
- -4.79%
- 6M
- -8.78%
- 1Y
- 21.29%
- 3Y*
- 28.41%
- 5Y*
- 17.84%
- 10Y*
- 11.59%
PALL vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PALL Aberdeen Standard Physical Palladium Shares ETF | -23.17% | 74.07% | -17.38% | -38.77% | -6.28% | -23.26% | 25.27% | 53.94% | 17.23% | 55.73% |
GLD SPDR Gold Shares | -4.79% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between PALL and GLD is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Jan 14, 2010 | 0.40 |
Over the past year, PALL and GLD have become more correlated (0.60) than their long-term average of 0.40, meaning their price movements have been converging.
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Return for Risk
PALL vs. GLD — Risk / Return Rank
PALL
GLD
PALL vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Aberdeen Standard Physical Palladium Shares ETF (PALL) 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.
| PALL | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.17 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | 0.87 | -0.53 |
| Martin ratioReturn relative to average drawdown | 0.75 | 2.35 | -1.60 |
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Drawdowns
PALL vs. GLD - Drawdown Comparison
The maximum PALL drawdown since its inception was -73.63%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for PALL and GLD.
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Drawdown Indicators
| PALL | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.63% | -45.56% | -28.07% |
Max Drawdown (1Y)Largest decline over 1 year | -40.70% | -24.46% | -16.24% |
Max Drawdown (3Y)Largest decline over 3 years | -40.70% | -24.46% | -16.24% |
Max Drawdown (5Y)Largest decline over 5 years | -73.63% | -24.46% | -49.17% |
Max Drawdown (10Y)Largest decline over 10 years | -73.63% | -24.46% | -49.17% |
Current DrawdownCurrent decline from peak | -62.14% | -23.91% | -38.23% |
Average DrawdownAverage peak-to-trough decline | -26.91% | -16.17% | -10.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.39% | 9.10% | +9.29% |
Volatility
PALL vs. GLD - Volatility Comparison
Aberdeen Standard Physical Palladium Shares ETF (PALL) has a higher volatility of 12.76% compared to SPDR Gold Shares (GLD) at 8.18%. This indicates that PALL's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PALL | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.76% | 8.18% | +4.58% |
Volatility (6M)Calculated over the trailing 6-month period | 42.39% | 24.38% | +18.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.04% | 27.57% | +23.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.41% | 18.24% | +24.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.03% | 16.04% | +21.99% |
PALL vs. GLD - Expense Ratio Comparison
PALL has a 0.60% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
PALL vs. GLD - Dividend Comparison
Neither PALL nor GLD has paid dividends to shareholders.
Frequently Asked Questions
PALL and GLD have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PALL has higher volatility (12.76%) compared to GLD (8.18%). In terms of maximum drawdown, PALL dropped -73.63% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.59% vs 7.79% for PALL. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 8.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.59% return vs 7.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.60% for PALL.
PALL and GLD have nearly identical dividend yields, around 0.00%.
PALL is categorized as Precious Metals, while GLD is Gold. PALL tracks Palladium London PM Fix ($/ozt), while GLD tracks LBMA Gold Price PM. They also come from different issuers: Aberdeen and State Street. Their fees differ too: 0.60% for PALL and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.78 vs 0.27), 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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