SMH vs. GLDM
SMH (VanEck Semiconductor ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, SMH returned 38.42%/yr vs 17.41%/yr for GLDM. At a 0.08 correlation, their price movements are largely independent. SMH charges 0.35%/yr vs 0.10%/yr for GLDM.
Performance
SMH vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, SMH achieves a 72.15% return, which is significantly higher than GLDM's -2.40% return.
SMH
- 1D
- 1.72%
- 1M
- 7.20%
- YTD
- 72.15%
- 6M
- 75.62%
- 1Y
- 141.99%
- 3Y*
- 60.05%
- 5Y*
- 38.42%
- 10Y*
- 37.49%
GLDM
- 1D
- 0.11%
- 1M
- -9.52%
- YTD
- -2.40%
- 6M
- -2.09%
- 1Y
- 22.58%
- 3Y*
- 29.27%
- 5Y*
- 17.41%
- 10Y*
- —
SMH vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SMH VanEck Semiconductor ETF | 72.15% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -13.42% |
GLDM SPDR Gold MiniShares Trust | -2.40% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between SMH and GLDM is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.08 |
The correlation between SMH and GLDM shifts across timeframes, from 0.08 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SMH vs. GLDM — Risk / Return Rank
SMH
GLDM
SMH vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Semiconductor ETF (SMH) 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.
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.
| SMH | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.24 | ||
| Sortino ratioReturn per unit of downside risk | +3.00 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.19 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 9.18 | 1.00 | +8.19 |
| Martin ratioReturn relative to average drawdown | 33.74 | 2.87 | +30.87 |
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Drawdowns
SMH vs. GLDM - Drawdown Comparison
The maximum SMH drawdown since its inception was -84.96%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for SMH and GLDM.
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Drawdown Indicators
| SMH | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.96% | -24.35% | -60.61% |
Max Drawdown (1Y)Largest decline over 1 year | -14.93% | -24.35% | +9.42% |
Max Drawdown (3Y)Largest decline over 3 years | -35.74% | -24.35% | -11.39% |
Max Drawdown (5Y)Largest decline over 5 years | -45.30% | -24.35% | -20.95% |
Max Drawdown (10Y)Largest decline over 10 years | -45.30% | — | — |
Current DrawdownCurrent decline from peak | -2.81% | -21.96% | +19.15% |
Average DrawdownAverage peak-to-trough decline | -41.04% | -6.27% | -34.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.06% | 8.44% | -4.38% |
Volatility
SMH vs. GLDM - Volatility Comparison
VanEck Semiconductor ETF (SMH) has a higher volatility of 16.25% compared to SPDR Gold MiniShares Trust (GLDM) at 7.73%. This indicates that SMH'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.
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Volatility by Period
| SMH | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.25% | 7.73% | +8.52% |
Volatility (6M)Calculated over the trailing 6-month period | 27.73% | 23.93% | +3.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.20% | 27.15% | +6.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.47% | 18.13% | +17.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.82% | 16.98% | +15.84% |
SMH vs. GLDM - Expense Ratio Comparison
SMH has a 0.35% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
SMH vs. GLDM - Dividend Comparison
SMH's dividend yield for the trailing twelve months is around 0.18%, while GLDM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDM SPDR Gold MiniShares Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMH VanEck Semiconductor ETF | 0.18% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
SMH and GLDM have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (16.25%) compared to GLDM (7.73%). In terms of maximum drawdown, SMH dropped -84.96% vs GLDM's -24.35%.
On 5-year performance, SMH leads with 38.42% vs 17.41% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 7.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SMH has performed better with a 38.42% return vs 17.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDM is cheaper with a 0.10% expense ratio, compared with 0.35% for SMH.
SMH has the higher dividend yield at 0.18%, compared with 0.00% for GLDM.
SMH is categorized as Semiconductors, while GLDM is Gold. SMH tracks MVIS US Listed Semiconductor 25 Index, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.35% for SMH and 0.10% for GLDM.
SMH currently has the higher Sharpe Ratio (4.13 vs 0.90), 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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