SMOG vs. GLD
SMOG (VanEck Low Carbon Energy ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - SMOG is a Alternative Energy Equities fund tracking the MVIS Global Low Carbon Energy Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SMOG returned 13.03%/yr vs 11.30%/yr for GLD. At a 0.13 correlation, their price movements are largely independent. SMOG charges 0.61%/yr vs 0.40%/yr for GLD.
Performance
SMOG vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, SMOG achieves a 9.94% return, which is significantly higher than GLD's -6.77% return. Over the past 10 years, SMOG has outperformed GLD with an annualized return of 13.03%, while GLD has yielded a comparatively lower 11.30% annualized return.
SMOG
- 1D
- -0.59%
- 1M
- -7.54%
- YTD
- 9.94%
- 6M
- 8.34%
- 1Y
- 31.97%
- 3Y*
- 8.19%
- 5Y*
- -0.71%
- 10Y*
- 13.03%
GLD
- 1D
- 0.97%
- 1M
- -10.76%
- YTD
- -6.77%
- 6M
- -10.31%
- 1Y
- 20.30%
- 3Y*
- 27.44%
- 5Y*
- 17.27%
- 10Y*
- 11.30%
SMOG vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMOG VanEck Low Carbon Energy ETF | 9.94% | 33.36% | -9.33% | 1.42% | -29.92% | -2.75% | 118.38% | 38.86% | -10.18% | 22.69% |
GLD SPDR Gold Shares | -6.77% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between SMOG and GLD is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since May 9, 2007 | 0.13 |
Over the past year, SMOG and GLD have become more correlated (0.38) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
SMOG vs. GLD — Risk / Return Rank
SMOG
GLD
SMOG vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Low Carbon Energy ETF (SMOG) 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.
| SMOG | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.16 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 0.78 | +2.06 |
| Martin ratioReturn relative to average drawdown | 8.98 | 2.17 | +6.81 |
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Drawdowns
SMOG vs. GLD - Drawdown Comparison
The maximum SMOG drawdown since its inception was -84.39%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SMOG and GLD.
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Drawdown Indicators
| SMOG | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.39% | -45.56% | -38.83% |
Max Drawdown (1Y)Largest decline over 1 year | -11.32% | -26.21% | +14.89% |
Max Drawdown (3Y)Largest decline over 3 years | -28.72% | -26.21% | -2.51% |
Max Drawdown (5Y)Largest decline over 5 years | -47.86% | -26.21% | -21.65% |
Max Drawdown (10Y)Largest decline over 10 years | -51.10% | -26.21% | -24.89% |
Current DrawdownCurrent decline from peak | -20.55% | -25.50% | +4.95% |
Average DrawdownAverage peak-to-trough decline | -52.36% | -16.17% | -36.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.57% | 9.38% | -5.81% |
Volatility
SMOG vs. GLD - Volatility Comparison
VanEck Low Carbon Energy ETF (SMOG) and SPDR Gold Shares (GLD) have volatilities of 8.97% and 8.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SMOG | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.97% | 8.70% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 17.30% | 24.48% | -7.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.62% | 27.71% | -6.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.36% | 18.30% | +7.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.73% | 16.07% | +9.66% |
SMOG vs. GLD - Expense Ratio Comparison
SMOG has a 0.61% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
SMOG vs. GLD - Dividend Comparison
SMOG's dividend yield for the trailing twelve months is around 1.43%, 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% |
SMOG VanEck Low Carbon Energy ETF | 1.43% | 1.57% | 1.64% | 1.58% | 1.32% | 0.44% | 0.06% | 0.00% | 0.62% | 1.25% | 2.12% | 0.56% |
Frequently Asked Questions
SMOG and GLD have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMOG has higher volatility (8.97%) compared to GLD (8.70%). In terms of maximum drawdown, SMOG dropped -84.39% vs GLD's -45.56%.
On 10-year performance, SMOG leads with 13.03% vs 11.30% for GLD. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 8.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SMOG has performed better with a 13.03% return vs 11.30%. 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 0.61% for SMOG.
SMOG has the higher dividend yield at 1.43%, compared with 0.00% for GLD.
SMOG is categorized as Alternative Energy Equities, while GLD is Gold. SMOG tracks MVIS Global Low Carbon Energy Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.61% for SMOG and 0.40% for GLD.
SMOG currently has the higher Sharpe Ratio (1.49 vs 0.74), 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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