RING vs. GLD
RING (iShares MSCI Global Gold Miners ETF) and GLD (SPDR Gold Shares) are both Gold funds - RING tracks the MSCI ACWI Select Gold Miners Investable Market Index while GLD tracks the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, RING returned 13.45%/yr vs 11.80%/yr for GLD. A 0.77 correlation means they provide meaningful diversification when combined. RING charges 0.39%/yr vs 0.40%/yr for GLD.
Performance
RING vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, RING achieves a -4.18% return, which is significantly lower than GLD's -2.96% return. Over the past 10 years, RING has outperformed GLD with an annualized return of 13.45%, while GLD has yielded a comparatively lower 11.80% annualized return.
RING
- 1D
- -1.85%
- 1M
- -4.93%
- YTD
- -4.18%
- 6M
- -8.91%
- 1Y
- 61.98%
- 3Y*
- 47.05%
- 5Y*
- 21.96%
- 10Y*
- 13.45%
GLD
- 1D
- -0.65%
- 1M
- -7.06%
- YTD
- -2.96%
- 6M
- -5.79%
- 1Y
- 24.01%
- 3Y*
- 29.23%
- 5Y*
- 18.28%
- 10Y*
- 11.80%
RING vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RING iShares MSCI Global Gold Miners ETF | -4.18% | 164.72% | 15.98% | 12.29% | -15.40% | -7.46% | 24.98% | 49.92% | -13.14% | 10.24% |
GLD SPDR Gold Shares | -2.96% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between RING and GLD is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2012 | 0.77 |
The correlation between RING and GLD has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.
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Return for Risk
RING vs. GLD — Risk / Return Rank
RING
GLD
RING vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Gold Miners ETF (RING) 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.
| RING | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.18 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.74 | 0.99 | +0.76 |
| Martin ratioReturn relative to average drawdown | 4.69 | 2.68 | +2.01 |
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Drawdowns
RING vs. GLD - Drawdown Comparison
The maximum RING drawdown since its inception was -79.47%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for RING and GLD.
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Drawdown Indicators
| RING | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.47% | -45.56% | -33.91% |
Max Drawdown (1Y)Largest decline over 1 year | -35.72% | -24.46% | -11.26% |
Max Drawdown (3Y)Largest decline over 3 years | -35.72% | -24.46% | -11.26% |
Max Drawdown (5Y)Largest decline over 5 years | -47.94% | -24.46% | -23.48% |
Max Drawdown (10Y)Largest decline over 10 years | -52.04% | -24.46% | -27.58% |
Current DrawdownCurrent decline from peak | -29.02% | -22.45% | -6.57% |
Average DrawdownAverage peak-to-trough decline | -47.34% | -16.16% | -31.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.25% | 8.97% | +4.28% |
Volatility
RING vs. GLD - Volatility Comparison
iShares MSCI Global Gold Miners ETF (RING) has a higher volatility of 16.66% compared to SPDR Gold Shares (GLD) at 8.05%. This indicates that RING'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
| RING | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.66% | 8.05% | +8.61% |
Volatility (6M)Calculated over the trailing 6-month period | 39.68% | 24.31% | +15.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.90% | 27.56% | +20.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.89% | 18.22% | +18.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.74% | 16.10% | +20.64% |
RING vs. GLD - Expense Ratio Comparison
RING has a 0.39% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
RING vs. GLD - Dividend Comparison
RING's dividend yield for the trailing twelve months is around 1.29%, 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% |
RING iShares MSCI Global Gold Miners ETF | 1.29% | 0.84% | 1.43% | 2.01% | 2.29% | 2.38% | 0.83% | 0.83% | 0.70% | 0.42% | 1.41% | 0.96% |
Frequently Asked Questions
RING and GLD have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RING has higher volatility (16.66%) compared to GLD (8.05%). In terms of maximum drawdown, RING dropped -79.47% vs GLD's -45.56%.
On 10-year performance, RING leads with 13.45% vs 11.80% for GLD. On fees, RING is cheaper at 0.39% per year. On volatility, GLD has been the lower-risk option at 8.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RING has performed better with a 13.45% return vs 11.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RING is cheaper with a 0.39% expense ratio, compared with 0.40% for GLD.
RING has the higher dividend yield at 1.29%, compared with 0.00% for GLD.
RING tracks MSCI ACWI Select Gold Miners Investable Market Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: iShares and State Street. Their fees differ too: 0.39% for RING and 0.40% for GLD.
RING currently has the higher Sharpe Ratio (1.30 vs 0.88), 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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