SLX vs. GLD
SLX (VanEck Vectors Steel ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - SLX is a Materials fund tracking the NYSE Arca Steel Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SLX returned 19.18%/yr vs 11.80%/yr for GLD. At a 0.21 correlation, their price movements are largely independent. SLX charges 0.56%/yr vs 0.40%/yr for GLD.
Performance
SLX vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, SLX achieves a 23.47% return, which is significantly higher than GLD's -2.96% return. Over the past 10 years, SLX has outperformed GLD with an annualized return of 19.18%, while GLD has yielded a comparatively lower 11.80% annualized return.
SLX
- 1D
- -0.54%
- 1M
- -1.77%
- YTD
- 23.47%
- 6M
- 23.68%
- 1Y
- 67.37%
- 3Y*
- 22.45%
- 5Y*
- 15.96%
- 10Y*
- 19.18%
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%
SLX vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLX VanEck Vectors Steel ETF | 23.47% | 47.45% | -17.94% | 31.25% | 14.28% | 27.69% | 20.57% | 12.01% | -19.27% | 24.59% |
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 SLX and GLD is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2006 | 0.21 |
The correlation between SLX and GLD shifts across timeframes, from 0.16 (10 years) to 0.39 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SLX vs. GLD — Risk / Return Rank
SLX
GLD
SLX vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Steel ETF (SLX) 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.
| SLX | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.83 | ||
| Sortino ratioReturn per unit of downside risk | +2.21 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.18 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 4.14 | 0.99 | +3.16 |
| Martin ratioReturn relative to average drawdown | 14.09 | 2.68 | +11.40 |
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Drawdowns
SLX vs. GLD - Drawdown Comparison
The maximum SLX drawdown since its inception was -82.14%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SLX and GLD.
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Drawdown Indicators
| SLX | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.14% | -45.56% | -36.58% |
Max Drawdown (1Y)Largest decline over 1 year | -16.35% | -24.46% | +8.11% |
Max Drawdown (3Y)Largest decline over 3 years | -27.39% | -24.46% | -2.93% |
Max Drawdown (5Y)Largest decline over 5 years | -33.62% | -24.46% | -9.16% |
Max Drawdown (10Y)Largest decline over 10 years | -61.64% | -24.46% | -37.18% |
Current DrawdownCurrent decline from peak | -7.74% | -22.45% | +14.71% |
Average DrawdownAverage peak-to-trough decline | -38.64% | -16.16% | -22.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.80% | 8.97% | -4.17% |
Volatility
SLX vs. GLD - Volatility Comparison
VanEck Vectors Steel ETF (SLX) has a higher volatility of 9.00% compared to SPDR Gold Shares (GLD) at 8.05%. This indicates that SLX'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
| SLX | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.00% | 8.05% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 19.04% | 24.31% | -5.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.05% | 27.56% | -2.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.81% | 18.22% | +9.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.00% | 16.10% | +14.90% |
SLX vs. GLD - Expense Ratio Comparison
SLX has a 0.56% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
SLX vs. GLD - Dividend Comparison
SLX's dividend yield for the trailing twelve months is around 1.26%, 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% |
SLX VanEck Vectors Steel ETF | 1.26% | 1.55% | 3.56% | 2.80% | 4.97% | 7.07% | 1.87% | 3.44% | 6.26% | 2.50% | 1.06% | 5.35% |
Frequently Asked Questions
SLX and GLD have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SLX has higher volatility (9.00%) compared to GLD (8.05%). In terms of maximum drawdown, SLX dropped -82.14% vs GLD's -45.56%.
On 10-year performance, SLX leads with 19.18% vs 11.80% for GLD. On fees, GLD is cheaper at 0.40% 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, SLX has performed better with a 19.18% return vs 11.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.56% for SLX.
SLX has the higher dividend yield at 1.26%, compared with 0.00% for GLD.
SLX is categorized as Materials, while GLD is Gold. SLX tracks NYSE Arca Steel Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.56% for SLX and 0.40% for GLD.
SLX currently has the higher Sharpe Ratio (2.71 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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