PHYS vs. GLD
PHYS (Sprott Physical Gold Trust) is a stock, while GLD (SPDR Gold Shares) is Gold fund tracking the LBMA Gold Price PM. Over the past 10 years, PHYS returned 10.92%/yr vs 11.59%/yr for GLD. Their correlation of 0.94 suggests significant overlap in exposure.
Performance
PHYS vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, PHYS achieves a -6.30% return, which is significantly lower than GLD's -4.79% return. Over the past 10 years, PHYS has underperformed GLD with an annualized return of 10.92%, while GLD has yielded a comparatively higher 11.59% annualized return.
PHYS
- 1D
- -2.06%
- 1M
- -9.29%
- YTD
- -6.30%
- 6M
- -10.24%
- 1Y
- 19.41%
- 3Y*
- 27.81%
- 5Y*
- 16.99%
- 10Y*
- 10.92%
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%
PHYS vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PHYS Sprott Physical Gold Trust | -6.30% | 63.95% | 26.43% | 12.98% | -1.81% | -4.84% | 23.89% | 18.14% | -2.64% | 12.78% |
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 PHYS and GLD is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2010 | 0.94 |
The correlation between PHYS and GLD has been stable across timeframes, ranging from 0.94 to 0.99 - a consistent structural relationship.
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Return for Risk
PHYS vs. GLD — Risk / Return Rank
PHYS
GLD
PHYS vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Gold Trust (PHYS) 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.
| PHYS | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.17 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 0.87 | -0.09 |
| Martin ratioReturn relative to average drawdown | 2.11 | 2.35 | -0.24 |
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Drawdowns
PHYS vs. GLD - Drawdown Comparison
The maximum PHYS drawdown since its inception was -48.16%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for PHYS and GLD.
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Drawdown Indicators
| PHYS | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.16% | -45.56% | -2.60% |
Max Drawdown (1Y)Largest decline over 1 year | -24.80% | -24.46% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -24.80% | -24.46% | -0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -24.80% | -24.46% | -0.34% |
Max Drawdown (10Y)Largest decline over 10 years | -24.80% | -24.46% | -0.34% |
Current DrawdownCurrent decline from peak | -24.41% | -23.91% | -0.50% |
Average DrawdownAverage peak-to-trough decline | -21.00% | -16.17% | -4.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.22% | 9.10% | +0.12% |
Volatility
PHYS vs. GLD - Volatility Comparison
Sprott Physical Gold Trust (PHYS) and SPDR Gold Shares (GLD) have volatilities of 8.13% and 8.18%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PHYS | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.13% | 8.18% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 25.01% | 24.38% | +0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.34% | 27.57% | +0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.55% | 18.24% | +0.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.36% | 16.04% | +0.32% |
Dividends
PHYS vs. GLD - Dividend Comparison
Neither PHYS nor GLD has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, PHYS and GLD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
GLD has higher volatility (8.18%) compared to PHYS (8.13%). In terms of maximum drawdown, PHYS dropped -48.16% vs GLD's -45.56%.
GLD currently has the higher Sharpe Ratio (0.78 vs 0.69), 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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