SHNY vs. GLDM

Last updated Jun 4, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Over the past 3 years, SHNY returned 59.66%/yr vs 31.49%/yr for GLDM. With a 1.00 correlation, they move nearly in lockstep. SHNY charges 0.95%/yr vs 0.10%/yr for GLDM.

Performance

SHNY vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHNY achieves a -14.45% return, which is significantly lower than GLDM's 3.00% return.

SHNY

• 1D: -3.20%
• 1M: -7.37%
• YTD: -14.45%
• 6M: -10.44%
• 1Y: 49.39%
• 3Y*: 59.66%
• 5Y*: —
• 10Y*: —

GLDM

• 1D: -0.96%
• 1M: -1.62%
• YTD: 3.00%
• 6M: 5.60%
• 1Y: 32.42%
• 3Y*: 31.49%
• 5Y*: 18.49%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SHNY vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-14.45%	214.54%	50.30%	12.52%
GLDM SPDR Gold MiniShares Trust	3.00%	64.20%	27.08%	12.95%

Correlation

The correlation between SHNY and GLDM is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 23, 2023	1.00

The correlation between SHNY and GLDM has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

SHNY vs. GLDM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SHNY

SHNY Risk / Return Rank: 21
SHNY Sharpe Ratio Rank: 19
SHNY Sortino Ratio Rank: 23
SHNY Omega Ratio Rank: 27
SHNY Calmar Ratio Rank: 20
SHNY Martin Ratio Rank: 18

GLDM

GLDM Risk / Return Rank: 32
GLDM Sharpe Ratio Rank: 33
GLDM Sortino Ratio Rank: 29
GLDM Omega Ratio Rank: 36
GLDM Calmar Ratio Rank: 34
GLDM Martin Ratio Rank: 29

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SHNY vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) 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.

	SHNY	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	0.63	1.24	-0.61
Sortino ratio: Return per unit of downside risk	1.24	1.63	-0.39
Omega ratio: Gain probability vs. loss probability	1.19	1.25	-0.06
Calmar ratio: Return relative to maximum drawdown	0.90	1.70	-0.80
Martin ratio: Return relative to average drawdown	1.93	4.23	-2.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHNY vs. GLDM - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.63, which is lower than the GLDM Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of SHNY and GLDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SHNY	GLDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	1.24	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	1.02	0.00

Drawdowns

SHNY vs. GLDM - Drawdown Comparison

The maximum SHNY drawdown since its inception was -54.99%, which is greater than GLDM's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for SHNY and GLDM.

Drawdown Indicators

	SHNY	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-54.99%	-21.63%	-33.36%
Max Drawdown (1Y) Largest decline over 1 year	-54.99%	-19.14%	-35.85%
Max Drawdown (3Y) Largest decline over 3 years	-54.99%	-19.14%	-35.85%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.92%	—
Current Drawdown Current decline from peak	-54.99%	-17.65%	-37.34%
Average Drawdown Average peak-to-trough decline	-14.94%	-6.22%	-8.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.66%	7.69%	+17.97%

Volatility

SHNY vs. GLDM - Volatility Comparison

MicroSectors Gold 3X Leveraged ETN (SHNY) has a higher volatility of 16.40% compared to SPDR Gold MiniShares Trust (GLDM) at 5.47%. This indicates that SHNY's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHNY	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.40%	5.47%	+10.93%
Volatility (6M) Calculated over the trailing 6-month period	70.87%	22.99%	+47.88%
Volatility (1Y) Calculated over the trailing 1-year period	78.80%	26.39%	+52.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.36%	17.91%	+40.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.36%	16.85%	+41.51%

SHNY vs. GLDM - Expense Ratio Comparison

SHNY has a 0.95% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

SHNY vs. GLDM - Dividend Comparison

Neither SHNY nor GLDM has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both SHNY and GLDM in my portfolio?

With a correlation of 1.00, SHNY 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.

Which is riskier, SHNY or GLDM?

SHNY has higher volatility (16.40%) compared to GLDM (5.47%). In terms of maximum drawdown, SHNY dropped -54.99% vs GLDM's -21.63%.

Which ETF is better, SHNY or GLDM?

On 3-year performance, SHNY leads with 59.66% vs 31.49% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHNY or GLDM?

Over the 3-year period, SHNY has performed better with a 59.66% return vs 31.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.95% for SHNY.

Which ETF pays a higher dividend yield, SHNY or GLDM?

SHNY and GLDM have nearly identical dividend yields, around 0.00%.

What is the main difference between SHNY and GLDM?

SHNY is categorized as Leveraged Commodities, while GLDM is Gold. They also come from different issuers: BMO and State Street. Their fees differ too: 0.95% for SHNY and 0.10% for GLDM.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (1.24 vs 0.63), 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.