SPMD vs. GLD
SPMD (SPDR Portfolio S&P 400 Mid Cap ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - SPMD is a Mid Cap Blend Equities fund tracking the S&P MidCap 400 Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SPMD returned 11.21%/yr vs 11.81%/yr for GLD. Their 0.08 correlation means their historical movements had little consistent relationship. SPMD charges 0.03%/yr vs 0.40%/yr for GLD.
Performance
SPMD vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, SPMD achieves a 17.25% return, which is significantly higher than GLD's -1.68% return. Over the past 10 years, SPMD has underperformed GLD with an annualized return of 11.21%, while GLD has yielded a comparatively higher 11.81% annualized return.
SPMD
- 1D
- -0.65%
- 1M
- 0.82%
- 6M
- 10.73%
- YTD
- 17.25%
- 1Y
- 24.11%
- 3Y*
- 14.45%
- 5Y*
- 8.84%
- 10Y*
- 11.21%
- ALL TIME*
- 9.93%
GLD
- 1D
- 4.14%
- 1M
- 1.97%
- 6M
- -14.17%
- YTD
- -1.68%
- 1Y
- 25.22%
- 3Y*
- 29.31%
- 5Y*
- 18.80%
- 10Y*
- 11.81%
- ALL TIME*
- 10.52%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.72B | $2.53B | $2.75B | |
| $95.36M | $90.19M | $104.47M |
SPMD vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 17.25% | 7.44% | 13.91% | 16.48% | -13.13% | 24.76% | 13.46% | 25.19% | -10.34% | 15.12% |
GLD SPDR Gold Shares | -1.68% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between SPMD and GLD is 0.29, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.29 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.14 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.08 |
Over the past year, SPMD and GLD have become more correlated (0.29) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
SPMD vs. GLD — Risk / Return Rank
SPMD
GLD
SPMD vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) 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.
| SPMD | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.18 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.73 | 0.96 | +1.77 |
| Martin ratioReturn relative to average drawdown | 9.98 | 2.03 | +7.95 |
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Drawdowns
SPMD vs. GLD - Drawdown Comparison
The maximum SPMD drawdown since its inception was -57.62%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SPMD and GLD.
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Drawdown Indicators
| SPMD | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.62% | -45.56% | -12.06% |
Max Drawdown (1Y)Largest decline over 1 year | -8.86% | -26.40% | +17.54% |
Max Drawdown (3Y)Largest decline over 3 years | -24.08% | -26.40% | +2.32% |
Max Drawdown (5Y)Largest decline over 5 years | -24.08% | -26.40% | +2.32% |
Max Drawdown (10Y)Largest decline over 10 years | -41.86% | -26.40% | -15.46% |
Current DrawdownCurrent decline from peak | -0.65% | -21.43% | +20.78% |
Average DrawdownAverage peak-to-trough decline | -8.06% | -16.21% | +8.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 12.46% | -10.04% |
Volatility
SPMD vs. GLD - Volatility Comparison
The current volatility for SPDR Portfolio S&P 400 Mid Cap ETF (SPMD) is 3.91%, while SPDR Gold Shares (GLD) has a volatility of 7.16%. This indicates that SPMD 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.
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Volatility by Period
| SPMD | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.91% | 7.16% | -3.25% |
Volatility (6M)Calculated over the trailing 6-month period | 11.80% | 20.04% | -8.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.76% | 28.35% | -12.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.65% | 18.58% | +1.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.15% | 16.18% | +4.97% |
SPMD vs. GLD - Expense Ratio Comparison
SPMD has a 0.03% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
SPMD vs. GLD - Dividend Comparison
SPMD's dividend yield for the trailing twelve months is around 1.20%, 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% |
SPMD SPDR Portfolio S&P 400 Mid Cap ETF | 1.20% | 1.39% | 1.42% | 1.47% | 1.64% | 1.24% | 1.30% | 1.57% | 1.85% | 1.97% | 2.13% | 5.33% |
Frequently Asked Questions
SPMD and GLD have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.16%) compared to SPMD (3.91%). In terms of maximum drawdown, SPMD dropped -57.62% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.81% vs 11.21% for SPMD. On fees, SPMD is cheaper at 0.03% per year. On volatility, SPMD has been the lower-risk option at 3.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 11.81% return vs 11.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMD is cheaper with a 0.03% expense ratio, compared with 0.40% for GLD.
SPMD has the higher dividend yield at 1.20%, compared with 0.00% for GLD.
SPMD is categorized as Mid Cap Blend Equities, while GLD is Gold. SPMD tracks S&P MidCap 400 Index, while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.03% for SPMD and 0.40% for GLD.
SPMD currently has the higher Sharpe Ratio (1.54 vs 0.89), 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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