QWLD vs. GLD
QWLD (SPDR MSCI World StrategicFactors ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - QWLD is a Large Cap Growth Equities fund tracking the MSCI World Factor Mix A-Series (USD), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, QWLD returned 11.54%/yr vs 11.21%/yr for GLD. At a 0.11 correlation, their price movements are largely independent. QWLD charges 0.30%/yr vs 0.40%/yr for GLD.
Performance
QWLD vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, QWLD achieves a 8.08% return, which is significantly higher than GLD's -7.36% return. Both investments have delivered pretty close results over the past 10 years, with QWLD having a 11.54% annualized return and GLD not far behind at 11.21%.
QWLD
- 1D
- -0.16%
- 1M
- 1.24%
- 6M
- 5.87%
- YTD
- 8.08%
- 1Y
- 16.23%
- 3Y*
- 15.44%
- 5Y*
- 9.90%
- 10Y*
- 11.54%
GLD
- 1D
- -2.62%
- 1M
- -5.02%
- 6M
- -13.05%
- YTD
- -7.36%
- 1Y
- 18.76%
- 3Y*
- 26.48%
- 5Y*
- 16.50%
- 10Y*
- 11.21%
QWLD vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QWLD SPDR MSCI World StrategicFactors ETF | 8.08% | 17.93% | 14.44% | 19.59% | -13.30% | 21.57% | 10.24% | 27.59% | -7.02% | 22.44% |
GLD SPDR Gold Shares | -7.36% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between QWLD and GLD is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2014 | 0.11 |
Over the past year, QWLD and GLD have become more correlated (0.36) than their long-term average of 0.11, meaning their price movements have been converging.
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Return for Risk
QWLD vs. GLD — Risk / Return Rank
QWLD
GLD
QWLD vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World StrategicFactors ETF (QWLD) 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.
| QWLD | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.39 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.15 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 0.72 | +1.41 |
| Martin ratioReturn relative to average drawdown | 9.15 | 1.76 | +7.39 |
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Drawdowns
QWLD vs. GLD - Drawdown Comparison
The maximum QWLD drawdown since its inception was -31.89%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for QWLD and GLD.
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Drawdown Indicators
| QWLD | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.89% | -45.56% | +13.67% |
Max Drawdown (1Y)Largest decline over 1 year | -7.66% | -26.21% | +18.55% |
Max Drawdown (3Y)Largest decline over 3 years | -12.40% | -26.21% | +13.81% |
Max Drawdown (5Y)Largest decline over 5 years | -22.84% | -26.21% | +3.37% |
Max Drawdown (10Y)Largest decline over 10 years | -31.89% | -26.21% | -5.68% |
Current DrawdownCurrent decline from peak | -0.16% | -25.97% | +25.81% |
Average DrawdownAverage peak-to-trough decline | -3.68% | -16.19% | +12.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 10.69% | -8.91% |
Volatility
QWLD vs. GLD - Volatility Comparison
The current volatility for SPDR MSCI World StrategicFactors ETF (QWLD) is 2.45%, while SPDR Gold Shares (GLD) has a volatility of 7.58%. This indicates that QWLD 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.
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Volatility by Period
| QWLD | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.45% | 7.58% | -5.13% |
Volatility (6M)Calculated over the trailing 6-month period | 7.81% | 24.18% | -16.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.72% | 27.96% | -18.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.52% | 18.39% | -4.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.11% | 16.10% | -0.99% |
QWLD vs. GLD - Expense Ratio Comparison
QWLD has a 0.30% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
QWLD vs. GLD - Dividend Comparison
QWLD's dividend yield for the trailing twelve months is around 1.81%, 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% |
QWLD SPDR MSCI World StrategicFactors ETF | 1.81% | 1.85% | 1.74% | 1.78% | 2.02% | 1.77% | 1.77% | 2.13% | 2.33% | 2.73% | 2.22% | 3.42% |
Frequently Asked Questions
QWLD and GLD have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.58%) compared to QWLD (2.45%). In terms of maximum drawdown, QWLD dropped -31.89% vs GLD's -45.56%.
On 10-year performance, QWLD leads with 11.54% vs 11.21% for GLD. On fees, QWLD is cheaper at 0.30% per year. On volatility, QWLD has been the lower-risk option at 2.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QWLD has performed better with a 11.54% return vs 11.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QWLD is cheaper with a 0.30% expense ratio, compared with 0.40% for GLD.
QWLD has the higher dividend yield at 1.81%, compared with 0.00% for GLD.
QWLD is categorized as Large Cap Growth Equities, while GLD is Gold. QWLD tracks MSCI World Factor Mix A-Series (USD), while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.30% for QWLD and 0.40% for GLD.
QWLD currently has the higher Sharpe Ratio (1.68 vs 0.68), 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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