RZV vs. GLD
RZV (Invesco S&P SmallCap 600® Pure Value ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - RZV is a Small Cap Value Equities fund tracking the S&P Small Cap 600 Pure Value, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, RZV returned 11.31%/yr vs 12.15%/yr for GLD. At a 0.05 correlation, their price movements are largely independent. RZV charges 0.35%/yr vs 0.40%/yr for GLD.
Performance
RZV vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, RZV achieves a 23.59% return, which is significantly higher than GLD's -2.47% return. Over the past 10 years, RZV has underperformed GLD with an annualized return of 11.31%, while GLD has yielded a comparatively higher 12.15% annualized return.
RZV
- 1D
- 1.20%
- 1M
- 9.61%
- YTD
- 23.59%
- 6M
- 20.15%
- 1Y
- 47.15%
- 3Y*
- 17.99%
- 5Y*
- 9.72%
- 10Y*
- 11.31%
GLD
- 1D
- 0.06%
- 1M
- -9.52%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
RZV vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RZV Invesco S&P SmallCap 600® Pure Value ETF | 23.59% | 8.65% | 5.06% | 22.97% | -6.80% | 45.95% | -3.88% | 22.29% | -19.66% | 1.25% |
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between RZV and GLD is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2006 | 0.05 |
The correlation between RZV and GLD shifts across timeframes, from 0.02 (10 years) to 0.13 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
RZV vs. GLD — Risk / Return Rank
RZV
GLD
RZV vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap 600® Pure Value ETF (RZV) 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.
| RZV | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.30 | ||
| Sortino ratioReturn per unit of downside risk | +1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.18 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.59 | 0.98 | +2.61 |
| Martin ratioReturn relative to average drawdown | 11.69 | 2.81 | +8.88 |
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Drawdowns
RZV vs. GLD - Drawdown Comparison
The maximum RZV drawdown since its inception was -77.11%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for RZV and GLD.
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Drawdown Indicators
| RZV | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.11% | -45.56% | -31.55% |
Max Drawdown (1Y)Largest decline over 1 year | -12.56% | -24.46% | +11.90% |
Max Drawdown (3Y)Largest decline over 3 years | -29.81% | -24.46% | -5.35% |
Max Drawdown (5Y)Largest decline over 5 years | -29.81% | -24.46% | -5.35% |
Max Drawdown (10Y)Largest decline over 10 years | -60.42% | -24.46% | -35.96% |
Current DrawdownCurrent decline from peak | 0.00% | -22.05% | +22.05% |
Average DrawdownAverage peak-to-trough decline | -13.58% | -16.16% | +2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.85% | 8.49% | -4.64% |
Volatility
RZV vs. GLD - Volatility Comparison
The current volatility for Invesco S&P SmallCap 600® Pure Value ETF (RZV) is 5.14%, while SPDR Gold Shares (GLD) has a volatility of 7.79%. This indicates that RZV 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
| RZV | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 7.79% | -2.65% |
Volatility (6M)Calculated over the trailing 6-month period | 13.84% | 24.10% | -10.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.71% | 27.37% | -6.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.37% | 18.22% | +6.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.02% | 16.08% | +10.94% |
RZV vs. GLD - Expense Ratio Comparison
RZV has a 0.35% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
RZV vs. GLD - Dividend Comparison
RZV's dividend yield for the trailing twelve months is around 1.28%, 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% |
RZV Invesco S&P SmallCap 600® Pure Value ETF | 1.28% | 1.59% | 1.14% | 1.13% | 1.43% | 0.86% | 0.63% | 1.03% | 2.03% | 1.02% | 0.46% | 1.24% |
Frequently Asked Questions
RZV and GLD have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.79%) compared to RZV (5.14%). In terms of maximum drawdown, RZV dropped -77.11% vs GLD's -45.56%.
On 10-year performance, GLD leads with 12.15% vs 11.31% for RZV. On fees, RZV is cheaper at 0.35% per year. On volatility, RZV has been the lower-risk option at 5.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.15% return vs 11.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RZV is cheaper with a 0.35% expense ratio, compared with 0.40% for GLD.
RZV has the higher dividend yield at 1.28%, compared with 0.00% for GLD.
RZV is categorized as Small Cap Value Equities, while GLD is Gold. RZV tracks S&P Small Cap 600 Pure Value, while GLD tracks LBMA Gold Price PM. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.35% for RZV and 0.40% for GLD.
RZV currently has the higher Sharpe Ratio (2.18 vs 0.87), 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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