SPY vs. GLD
Compare and contrast key facts about State Street SPDR S&P 500 ETF (SPY) and SPDR Gold Shares (GLD).
SPY and GLD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. GLD is a passively managed fund by State Street that tracks the performance of the LBMA Gold Price PM. It was launched on Nov 18, 2004. Both SPY and GLD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SPY vs. GLD - Performance Comparison
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SPY vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | -4.37% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
GLD SPDR Gold Shares | 8.57% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Returns By Period
In the year-to-date period, SPY achieves a -4.37% return, which is significantly lower than GLD's 8.57% return. Both investments have delivered pretty close results over the past 10 years, with SPY having a 13.98% annualized return and GLD not far behind at 13.92%.
SPY
- 1D
- 2.91%
- 1M
- -4.94%
- YTD
- -4.37%
- 6M
- -1.82%
- 1Y
- 17.59%
- 3Y*
- 18.19%
- 5Y*
- 11.69%
- 10Y*
- 13.98%
GLD
- 1D
- 3.79%
- 1M
- -11.05%
- YTD
- 8.57%
- 6M
- 21.05%
- 1Y
- 49.33%
- 3Y*
- 32.92%
- 5Y*
- 21.58%
- 10Y*
- 13.92%
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SPY vs. GLD - Expense Ratio Comparison
SPY has a 0.09% expense ratio, which is lower than GLD's 0.40% expense ratio.
Return for Risk
SPY vs. GLD — Risk / Return Rank
SPY
GLD
SPY vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) 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.
| SPY | GLD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.93 | 1.79 | -0.86 |
Sortino ratioReturn per unit of downside risk | 1.45 | 2.21 | -0.76 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.33 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | 1.53 | 2.68 | -1.15 |
Martin ratioReturn relative to average drawdown | 7.30 | 9.90 | -2.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPY | GLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 1.79 | -0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | 1.22 | -0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.78 | 0.88 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.62 | -0.06 |
Correlation
The correlation between SPY and GLD is 0.06, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
SPY vs. GLD - Dividend Comparison
SPY's dividend yield for the trailing twelve months is around 1.14%, while GLD has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.14% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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% |
Drawdowns
SPY vs. GLD - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SPY and GLD.
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Drawdown Indicators
| SPY | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -45.56% | -9.63% |
Max Drawdown (1Y)Largest decline over 1 year | -12.05% | -19.21% | +7.16% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | -21.03% | -3.47% |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | -22.00% | -11.72% |
Current DrawdownCurrent decline from peak | -6.24% | -13.23% | +6.99% |
Average DrawdownAverage peak-to-trough decline | -9.09% | -16.17% | +7.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.52% | 5.20% | -2.68% |
Volatility
SPY vs. GLD - Volatility Comparison
The current volatility for State Street SPDR S&P 500 ETF (SPY) is 5.31%, while SPDR Gold Shares (GLD) has a volatility of 11.06%. This indicates that SPY 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
| SPY | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.31% | 11.06% | -5.75% |
Volatility (6M)Calculated over the trailing 6-month period | 9.47% | 24.30% | -14.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.05% | 27.80% | -8.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.06% | 17.74% | -0.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.92% | 15.87% | +2.05% |