SPIN vs. GLDM

Last updated Jun 3, 2026

SPIN (State Street US Equity Premium Income ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - SPIN is a Derivative Income fund actively managed by State Street, while GLDM is a Gold fund tracking the LBMA Gold Price PM. SPIN is actively managed, while GLDM is passively managed. Over the past year, SPIN returned 20.24% vs 32.42% for GLDM. At a 0.12 correlation, their price movements are largely independent. SPIN charges 0.25%/yr vs 0.10%/yr for GLDM.

Performance

SPIN vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street US Equity Premium Income ETF (SPIN) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SPIN having a 3.07% return and GLDM slightly lower at 3.00%.

SPIN

• 1D: -0.25%
• 1M: 2.78%
• YTD: 3.07%
• 6M: 3.87%
• 1Y: 20.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLDM

• 1D: -0.96%
• 1M: -1.62%
• YTD: 3.00%
• 6M: 5.60%
• 1Y: 32.42%
• 3Y*: 31.49%
• 5Y*: 18.49%
• 10Y*: —

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

SPIN vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPIN State Street US Equity Premium Income ETF	3.07%	14.14%	6.09%
GLDM SPDR Gold MiniShares Trust	3.00%	64.20%	4.33%

Correlation

The correlation between SPIN and GLDM is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.12

SPIN vs. GLDM - Sectors Allocation Comparison

Sectors	SPIN	GLDM
Technology	39.0%	-
Communication Services	12.2%	-
Financial Services	11.5%	-
Consumer Cyclical	8.7%	-
Healthcare	8.3%	-
Industrials	8.0%	-
Consumer Defensive	3.8%	-
Energy	2.9%	-
Utilities	2.3%	-
Basic Materials	2.2%	100.0%
Real Estate	1.6%	-

Return for Risk

SPIN vs. GLDM — Risk / Return Rank

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

SPIN

SPIN Risk / Return Rank: 52
SPIN Sharpe Ratio Rank: 56
SPIN Sortino Ratio Rank: 55
SPIN Omega Ratio Rank: 59
SPIN Calmar Ratio Rank: 41
SPIN Martin Ratio Rank: 50

GLDM

GLDM Risk / Return Rank: 32
GLDM Sharpe Ratio Rank: 33
GLDM Sortino Ratio Rank: 29
GLDM Omega Ratio Rank: 36
GLDM Calmar Ratio Rank: 34
GLDM Martin Ratio Rank: 29

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.

SPIN vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street US Equity Premium Income ETF (SPIN) 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.

	SPIN	GLDM	Difference
Sharpe ratio Return per unit of total volatility	1.94	1.24	+0.70
Sortino ratio Return per unit of downside risk	2.66	1.63	+1.03
Omega ratio Gain probability vs. loss probability	1.37	1.25	+0.12
Calmar ratio Return relative to maximum drawdown	2.08	1.70	+0.38
Martin ratio Return relative to average drawdown	8.68	4.23	+4.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPIN vs. GLDM - Sharpe Ratio Comparison

The current SPIN Sharpe Ratio is 1.94, which is higher than the GLDM Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of SPIN and GLDM, 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

	SPIN	GLDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	1.24	+0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	1.02	-0.06

Drawdowns

SPIN vs. GLDM - Drawdown Comparison

The maximum SPIN drawdown since its inception was -16.85%, smaller than the maximum GLDM drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for SPIN and GLDM.

Drawdown Indicators

	SPIN	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-16.85%	-21.63%	+4.78%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	-19.14%	+9.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.92%	—
Current Drawdown Current decline from peak	-0.25%	-17.65%	+17.40%
Average Drawdown Average peak-to-trough decline	-2.29%	-6.22%	+3.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	7.69%	-5.34%

Volatility

SPIN vs. GLDM - Volatility Comparison

The current volatility for State Street US Equity Premium Income ETF (SPIN) is 1.80%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 5.47%. This indicates that SPIN 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.

Volatility by Period

	SPIN	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	5.47%	-3.67%
Volatility (6M) Calculated over the trailing 6-month period	8.05%	22.99%	-14.94%
Volatility (1Y) Calculated over the trailing 1-year period	10.48%	26.39%	-15.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.34%	17.91%	-3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.34%	16.85%	-2.51%

SPIN vs. GLDM - Expense Ratio Comparison

SPIN has a 0.25% expense ratio, which is higher than GLDM's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPIN vs. GLDM - Dividend Comparison

SPIN's dividend yield for the trailing twelve months is around 5.64%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%
SPIN State Street US Equity Premium Income ETF	5.64%	8.20%	2.36%

Frequently Asked Questions

Can I hold both SPIN and GLDM in my portfolio?

SPIN and GLDM have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPIN or GLDM?

GLDM has higher volatility (5.47%) compared to SPIN (1.80%). In terms of maximum drawdown, SPIN dropped -16.85% vs GLDM's -21.63%.

Which ETF is better, SPIN or GLDM?

On 1-year performance, GLDM leads with 32.42% vs 20.24% for SPIN. On fees, GLDM is cheaper at 0.10% per year. On volatility, SPIN has been the lower-risk option at 1.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPIN or GLDM?

Over the 1-year period, GLDM has performed better with a 32.42% return vs 20.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPIN or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.25% for SPIN.

Which ETF pays a higher dividend yield, SPIN or GLDM?

SPIN has the higher dividend yield at 5.64%, compared with 0.00% for GLDM.

What is the main difference between SPIN and GLDM?

SPIN is categorized as Derivative Income, while GLDM is Gold. Their fees differ too: 0.25% for SPIN and 0.10% for GLDM.

Which has better risk-adjusted returns?

SPIN currently has the higher Sharpe Ratio (1.94 vs 1.24), 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.