SPDW vs. GLDM
SPDW (SPDR Portfolio World ex-US ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, SPDW returned 9.30%/yr vs 18.18%/yr for GLDM. At a 0.25 correlation, their price movements are largely independent. SPDW charges 0.04%/yr vs 0.10%/yr for GLDM.
Performance
SPDW vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, SPDW achieves a 13.29% return, which is significantly higher than GLDM's -4.72% return.
SPDW
- 1D
- -2.99%
- 1M
- 0.20%
- YTD
- 13.29%
- 6M
- 13.11%
- 1Y
- 30.23%
- 3Y*
- 19.45%
- 5Y*
- 9.30%
- 10Y*
- 10.63%
GLDM
- 1D
- -1.91%
- 1M
- -8.82%
- YTD
- -4.72%
- 6M
- -8.62%
- 1Y
- 21.66%
- 3Y*
- 28.79%
- 5Y*
- 18.18%
- 10Y*
- —
SPDW vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPDW SPDR Portfolio World ex-US ETF | 13.29% | 34.75% | 3.55% | 17.81% | -15.98% | 11.45% | 9.90% | 22.41% | -11.73% |
GLDM SPDR Gold MiniShares Trust | -4.72% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between SPDW and GLDM is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.25 |
The correlation between SPDW and GLDM shifts across timeframes, from 0.25 (all time) to 0.43 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SPDW vs. GLDM — Risk / Return Rank
SPDW
GLDM
SPDW vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) 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.
| SPDW | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.17 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 0.89 | +1.74 |
| Martin ratioReturn relative to average drawdown | 10.15 | 2.40 | +7.75 |
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Drawdowns
SPDW vs. GLDM - Drawdown Comparison
The maximum SPDW drawdown since its inception was -60.02%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for SPDW and GLDM.
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Drawdown Indicators
| SPDW | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.02% | -24.35% | -35.67% |
Max Drawdown (1Y)Largest decline over 1 year | -11.55% | -24.35% | +12.80% |
Max Drawdown (3Y)Largest decline over 3 years | -13.53% | -24.35% | +10.82% |
Max Drawdown (5Y)Largest decline over 5 years | -30.21% | -24.35% | -5.86% |
Max Drawdown (10Y)Largest decline over 10 years | -34.98% | — | — |
Current DrawdownCurrent decline from peak | -2.99% | -23.82% | +20.83% |
Average DrawdownAverage peak-to-trough decline | -12.88% | -6.32% | -6.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 9.05% | -6.06% |
Volatility
SPDW vs. GLDM - Volatility Comparison
The current volatility for SPDR Portfolio World ex-US ETF (SPDW) is 7.05%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 8.16%. This indicates that SPDW experiences smaller price fluctuations and is considered to be less risky 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
| SPDW | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.05% | 8.16% | -1.11% |
Volatility (6M)Calculated over the trailing 6-month period | 14.59% | 24.22% | -9.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.72% | 27.36% | -10.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.70% | 18.15% | -1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.13% | 17.02% | +0.11% |
SPDW vs. GLDM - Expense Ratio Comparison
SPDW has a 0.04% expense ratio, which is lower than GLDM's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
SPDW vs. GLDM - Dividend Comparison
SPDW's dividend yield for the trailing twelve months is around 3.06%, 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% |
SPDW SPDR Portfolio World ex-US ETF | 3.06% | 3.30% | 3.19% | 2.75% | 3.12% | 3.04% | 1.87% | 3.13% | 3.08% | 1.86% | 3.11% | 2.78% |
Frequently Asked Questions
SPDW and GLDM have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (8.16%) compared to SPDW (7.05%). In terms of maximum drawdown, SPDW dropped -60.02% vs GLDM's -24.35%.
On 5-year performance, GLDM leads with 18.18% vs 9.30% for SPDW. On fees, SPDW is cheaper at 0.04% per year. On volatility, SPDW has been the lower-risk option at 7.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDM has performed better with a 18.18% return vs 9.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDW is cheaper with a 0.04% expense ratio, compared with 0.10% for GLDM.
SPDW has the higher dividend yield at 3.06%, compared with 0.00% for GLDM.
SPDW is categorized as Foreign Large Cap Equities, while GLDM is Gold. SPDW tracks S&P Developed Ex-U.S. BMI Index, while GLDM tracks LBMA Gold Price PM. Their fees differ too: 0.04% for SPDW and 0.10% for GLDM.
SPDW currently has the higher Sharpe Ratio (1.82 vs 0.80), 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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