QUAL vs. GLDM
QUAL (iShares MSCI USA Quality Factor ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, QUAL returned 11.97%/yr vs 17.41%/yr for GLDM. At a 0.08 correlation, their price movements are largely independent. QUAL charges 0.15%/yr vs 0.10%/yr for GLDM.
Performance
QUAL vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, QUAL achieves a 9.44% return, which is significantly higher than GLDM's -2.40% return.
QUAL
- 1D
- 0.47%
- 1M
- 2.14%
- YTD
- 9.44%
- 6M
- 9.29%
- 1Y
- 22.87%
- 3Y*
- 19.30%
- 5Y*
- 11.97%
- 10Y*
- 14.46%
GLDM
- 1D
- 0.11%
- 1M
- -9.52%
- YTD
- -2.40%
- 6M
- -2.09%
- 1Y
- 22.58%
- 3Y*
- 29.27%
- 5Y*
- 17.41%
- 10Y*
- —
QUAL vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
QUAL iShares MSCI USA Quality Factor ETF | 9.44% | 12.65% | 22.29% | 30.88% | -20.50% | 26.94% | 17.04% | 33.89% | -7.08% |
GLDM SPDR Gold MiniShares Trust | -2.40% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between QUAL 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 | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.08 |
The correlation between QUAL and GLDM shifts across timeframes, from 0.08 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
QUAL vs. GLDM — Risk / Return Rank
QUAL
GLDM
QUAL vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) 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.
| QUAL | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.84 | ||
| Sortino ratioReturn per unit of downside risk | +1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.19 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 1.00 | +1.33 |
| Martin ratioReturn relative to average drawdown | 10.60 | 2.87 | +7.73 |
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Drawdowns
QUAL vs. GLDM - Drawdown Comparison
The maximum QUAL drawdown since its inception was -34.06%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for QUAL and GLDM.
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Drawdown Indicators
| QUAL | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.06% | -24.35% | -9.71% |
Max Drawdown (1Y)Largest decline over 1 year | -9.03% | -24.35% | +15.32% |
Max Drawdown (3Y)Largest decline over 3 years | -18.00% | -24.35% | +6.35% |
Max Drawdown (5Y)Largest decline over 5 years | -28.23% | -24.35% | -3.88% |
Max Drawdown (10Y)Largest decline over 10 years | -34.06% | — | — |
Current DrawdownCurrent decline from peak | -0.19% | -21.96% | +21.77% |
Average DrawdownAverage peak-to-trough decline | -4.10% | -6.27% | +2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.99% | 8.44% | -6.45% |
Volatility
QUAL vs. GLDM - Volatility Comparison
The current volatility for iShares MSCI USA Quality Factor ETF (QUAL) is 3.63%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 7.73%. This indicates that QUAL experiences smaller price fluctuations and is considered to be less risky 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
| QUAL | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.63% | 7.73% | -4.10% |
Volatility (6M)Calculated over the trailing 6-month period | 9.43% | 23.93% | -14.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 27.15% | -15.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.36% | 18.13% | -0.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 16.98% | +1.13% |
QUAL vs. GLDM - Expense Ratio Comparison
QUAL has a 0.15% expense ratio, which is higher than GLDM's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
QUAL vs. GLDM - Dividend Comparison
QUAL's dividend yield for the trailing twelve months is around 0.87%, while GLDM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDM SPDR Gold MiniShares Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QUAL iShares MSCI USA Quality Factor ETF | 0.87% | 0.94% | 1.02% | 1.23% | 1.59% | 1.20% | 1.39% | 1.60% | 2.00% | 1.76% | 1.96% | 1.63% |
Frequently Asked Questions
QUAL 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.
GLDM has higher volatility (7.73%) compared to QUAL (3.63%). In terms of maximum drawdown, QUAL dropped -34.06% vs GLDM's -24.35%.
On 5-year performance, GLDM leads with 17.41% vs 11.97% for QUAL. On fees, GLDM is cheaper at 0.10% per year. On volatility, QUAL has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 17.41% return vs 11.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.15% for QUAL.
QUAL has the higher dividend yield at 0.87%, compared with 0.00% for GLDM.
QUAL is categorized as Large Cap Blend Equities, while GLDM is Gold. QUAL tracks MSCI USA Sector Neutral Quality Index, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.15% for QUAL and 0.10% for GLDM.
QUAL currently has the higher Sharpe Ratio (1.74 vs 0.90), 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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