SPGM vs. GLD

Last updated Jun 4, 2026

SPGM (SPDR Portfolio MSCI Global Stock Market ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - SPGM is a Global Equities fund tracking the MSCI AC World IMI, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SPGM returned 12.95%/yr vs 13.12%/yr for GLD. At a 0.09 correlation, their price movements are largely independent. SPGM charges 0.09%/yr vs 0.40%/yr for GLD.

Performance

SPGM vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio MSCI Global Stock Market ETF (SPGM) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPGM achieves a 12.88% return, which is significantly higher than GLD's 2.92% return. Both investments have delivered pretty close results over the past 10 years, with SPGM having a 12.95% annualized return and GLD not far ahead at 13.12%.

SPGM

• 1D: -0.87%
• 1M: 4.94%
• YTD: 12.88%
• 6M: 13.62%
• 1Y: 31.70%
• 3Y*: 21.46%
• 5Y*: 11.48%
• 10Y*: 12.95%

GLD

• 1D: -0.99%
• 1M: -1.65%
• YTD: 2.92%
• 6M: 5.43%
• 1Y: 32.04%
• 3Y*: 31.09%
• 5Y*: 18.15%
• 10Y*: 13.12%

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

SPGM vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPGM SPDR Portfolio MSCI Global Stock Market ETF	12.88%	23.62%	16.75%	21.34%	-17.53%	21.13%	15.28%	26.58%	-10.12%	23.26%
GLD SPDR Gold Shares	2.92%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between SPGM and GLD is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since Mar 6, 2012	0.09

Over the past year, SPGM and GLD have become more correlated (0.30) than their long-term average of 0.09, meaning their price movements have been converging.

SPGM vs. GLD - Sectors Allocation Comparison

Sectors	SPGM	GLD
Technology	27.4%	-
Financial Services	16.4%	-
Industrials	13.1%	-
Consumer Cyclical	9.2%	-
Communication Services	8.5%	-
Healthcare	8.2%	-
Consumer Defensive	4.8%	-
Energy	4.5%	-
Basic Materials	3.9%	100.0%
Utilities	2.2%	-
Real Estate	1.9%	-

Return for Risk

SPGM vs. GLD — Risk / Return Rank

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

SPGM

SPGM Risk / Return Rank: 73
SPGM Sharpe Ratio Rank: 74
SPGM Sortino Ratio Rank: 73
SPGM Omega Ratio Rank: 74
SPGM Calmar Ratio Rank: 66
SPGM Martin Ratio Rank: 77

GLD

GLD Risk / Return Rank: 32
GLD Sharpe Ratio Rank: 32
GLD Sortino Ratio Rank: 29
GLD Omega Ratio Rank: 35
GLD Calmar Ratio Rank: 33
GLD Martin Ratio Rank: 28

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.

SPGM vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio MSCI Global Stock Market ETF (SPGM) 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.

	SPGM	GLD	Difference
Sharpe ratio Return per unit of total volatility	2.47	1.21	+1.26
Sortino ratio Return per unit of downside risk	3.39	1.60	+1.78
Omega ratio Gain probability vs. loss probability	1.45	1.24	+0.21
Calmar ratio Return relative to maximum drawdown	3.35	1.68	+1.68
Martin ratio Return relative to average drawdown	15.14	4.15	+10.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPGM vs. GLD - Sharpe Ratio Comparison

The current SPGM Sharpe Ratio is 2.47, which is higher than the GLD Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of SPGM and GLD, 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

	SPGM	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	1.21	+1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	1.01	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.74	0.83	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.60	+0.06

Drawdowns

SPGM vs. GLD - Drawdown Comparison

The maximum SPGM drawdown since its inception was -33.97%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SPGM and GLD.

Drawdown Indicators

	SPGM	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-33.97%	-45.56%	+11.59%
Max Drawdown (1Y) Largest decline over 1 year	-9.50%	-19.21%	+9.71%
Max Drawdown (3Y) Largest decline over 3 years	-16.90%	-19.21%	+2.31%
Max Drawdown (5Y) Largest decline over 5 years	-25.93%	-21.03%	-4.90%
Max Drawdown (10Y) Largest decline over 10 years	-33.97%	-22.00%	-11.97%
Current Drawdown Current decline from peak	-0.87%	-17.75%	+16.88%
Average Drawdown Average peak-to-trough decline	-4.81%	-16.16%	+11.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	7.73%	-5.63%

Volatility

SPGM vs. GLD - Volatility Comparison

The current volatility for SPDR Portfolio MSCI Global Stock Market ETF (SPGM) is 3.92%, while SPDR Gold Shares (GLD) has a volatility of 5.51%. This indicates that SPGM experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPGM	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	5.51%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	10.35%	23.16%	-12.81%
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	26.61%	-13.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	18.00%	-1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.57%	15.95%	+1.62%

SPGM vs. GLD - Expense Ratio Comparison

SPGM has a 0.09% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

SPGM vs. GLD - Dividend Comparison

SPGM's dividend yield for the trailing twelve months is around 1.79%, 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%
SPGM SPDR Portfolio MSCI Global Stock Market ETF	1.79%	1.89%	1.98%	2.09%	2.37%	1.94%	1.45%	2.46%	1.89%	2.29%	1.87%	3.70%

Frequently Asked Questions

Can I hold both SPGM and GLD in my portfolio?

SPGM and GLD have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPGM or GLD?

GLD has higher volatility (5.51%) compared to SPGM (3.92%). In terms of maximum drawdown, SPGM dropped -33.97% vs GLD's -45.56%.

Which ETF is better, SPGM or GLD?

On 10-year performance, GLD leads with 13.12% vs 12.95% for SPGM. On fees, SPGM is cheaper at 0.09% per year. On volatility, SPGM has been the lower-risk option at 3.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPGM or GLD?

Over the 10-year period, GLD has performed better with a 13.12% return vs 12.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPGM or GLD?

SPGM is cheaper with a 0.09% expense ratio, compared with 0.40% for GLD.

Which ETF pays a higher dividend yield, SPGM or GLD?

SPGM has the higher dividend yield at 1.79%, compared with 0.00% for GLD.

What is the main difference between SPGM and GLD?

SPGM is categorized as Global Equities, while GLD is Gold. SPGM tracks MSCI AC World IMI, while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.09% for SPGM and 0.40% for GLD.

Which has better risk-adjusted returns?

SPGM currently has the higher Sharpe Ratio (2.47 vs 1.21), 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.