PHYS vs. GLDM
PHYS (Sprott Physical Gold Trust) is a stock, while GLDM (SPDR Gold MiniShares Trust) is Gold fund tracking the LBMA Gold Price PM. Over the past 5 years, PHYS returned 17.49%/yr vs 18.61%/yr for GLDM. With a 0.96 correlation, they move nearly in lockstep.
Performance
PHYS vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, PHYS achieves a -4.33% return, which is significantly lower than GLDM's -2.87% return.
PHYS
- 1D
- -0.72%
- 1M
- -7.39%
- YTD
- -4.33%
- 6M
- -6.79%
- 1Y
- 22.25%
- 3Y*
- 28.70%
- 5Y*
- 17.49%
- 10Y*
- 11.15%
GLDM
- 1D
- -0.62%
- 1M
- -7.05%
- YTD
- -2.87%
- 6M
- -5.63%
- 1Y
- 24.39%
- 3Y*
- 29.61%
- 5Y*
- 18.61%
- 10Y*
- —
PHYS vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PHYS Sprott Physical Gold Trust | -4.33% | 63.95% | 26.43% | 12.98% | -1.81% | -4.84% | 23.89% | 18.14% | 0.39% |
GLDM SPDR Gold MiniShares Trust | -2.87% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between PHYS and GLDM 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 (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.96 |
The correlation between PHYS and GLDM has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
PHYS vs. GLDM — Risk / Return Rank
PHYS
GLDM
PHYS vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Gold Trust (PHYS) 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.
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 | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.19 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 1.01 | -0.10 |
| Martin ratioReturn relative to average drawdown | 2.45 | 2.74 | -0.29 |
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Drawdowns
PHYS vs. GLDM - Drawdown Comparison
The maximum PHYS drawdown since its inception was -48.16%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for PHYS and GLDM.
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Drawdown Indicators
| PHYS | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.16% | -24.35% | -23.81% |
Max Drawdown (1Y)Largest decline over 1 year | -24.80% | -24.35% | -0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -24.80% | -24.35% | -0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -24.80% | -24.35% | -0.45% |
Max Drawdown (10Y)Largest decline over 10 years | -24.80% | — | — |
Current DrawdownCurrent decline from peak | -22.82% | -22.34% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -21.00% | -6.31% | -14.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.09% | 8.92% | +0.17% |
Volatility
PHYS vs. GLDM - Volatility Comparison
Sprott Physical Gold Trust (PHYS) and SPDR Gold MiniShares Trust (GLDM) have volatilities of 7.97% and 8.02%, 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 | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.97% | 8.02% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 24.93% | 24.15% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.31% | 27.34% | +0.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.53% | 18.13% | +0.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.43% | 17.01% | -0.58% |
Dividends
PHYS vs. GLDM - Dividend Comparison
Neither PHYS nor GLDM has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, PHYS and GLDM 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.
GLDM has higher volatility (8.02%) compared to PHYS (7.97%). In terms of maximum drawdown, PHYS dropped -48.16% vs GLDM's -24.35%.
GLDM currently has the higher Sharpe Ratio (0.90 vs 0.79), 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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