SPYM vs. GLD
SPYM (State Street SPDR Portfolio S&P 500 ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - SPYM is a S&P 500 fund tracking the S&P 500 Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, SPYM returned 15.61%/yr vs 11.59%/yr for GLD. At a 0.07 correlation, their price movements are largely independent. SPYM charges 0.02%/yr vs 0.40%/yr for GLD.
Performance
SPYM vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, SPYM achieves a 8.21% return, which is significantly higher than GLD's -4.79% return. Over the past 10 years, SPYM has outperformed GLD with an annualized return of 15.61%, while GLD has yielded a comparatively lower 11.59% annualized return.
SPYM
- 1D
- -1.44%
- 1M
- -1.32%
- YTD
- 8.21%
- 6M
- 7.24%
- 1Y
- 23.73%
- 3Y*
- 20.77%
- 5Y*
- 13.13%
- 10Y*
- 15.61%
GLD
- 1D
- -1.89%
- 1M
- -8.82%
- YTD
- -4.79%
- 6M
- -8.78%
- 1Y
- 21.29%
- 3Y*
- 28.41%
- 5Y*
- 17.84%
- 10Y*
- 11.59%
SPYM vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPYM State Street SPDR Portfolio S&P 500 ETF | 8.21% | 17.79% | 25.00% | 26.24% | -18.09% | 28.78% | 18.49% | 31.99% | -4.78% | 21.30% |
GLD SPDR Gold Shares | -4.79% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between SPYM and GLD is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 15, 2005 | 0.07 |
Over the past year, SPYM and GLD have become more correlated (0.28) than their long-term average of 0.07, meaning their price movements have been converging.
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Return for Risk
SPYM vs. GLD — Risk / Return Rank
SPYM
GLD
SPYM vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 ETF (SPYM) 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.
| SPYM | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.17 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 0.87 | +1.80 |
| Martin ratioReturn relative to average drawdown | 11.98 | 2.35 | +9.63 |
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Drawdowns
SPYM vs. GLD - Drawdown Comparison
The maximum SPYM drawdown since its inception was -54.46%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for SPYM and GLD.
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Drawdown Indicators
| SPYM | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -54.46% | -45.56% | -8.90% |
Max Drawdown (1Y)Largest decline over 1 year | -8.90% | -24.46% | +15.56% |
Max Drawdown (3Y)Largest decline over 3 years | -18.72% | -24.46% | +5.74% |
Max Drawdown (5Y)Largest decline over 5 years | -24.48% | -24.46% | -0.02% |
Max Drawdown (10Y)Largest decline over 10 years | -33.87% | -24.46% | -9.41% |
Current DrawdownCurrent decline from peak | -3.14% | -23.91% | +20.77% |
Average DrawdownAverage peak-to-trough decline | -7.14% | -16.17% | +9.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.99% | 9.10% | -7.11% |
Volatility
SPYM vs. GLD - Volatility Comparison
The current volatility for State Street SPDR Portfolio S&P 500 ETF (SPYM) is 4.83%, while SPDR Gold Shares (GLD) has a volatility of 8.18%. This indicates that SPYM 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
| SPYM | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.83% | 8.18% | -3.35% |
Volatility (6M)Calculated over the trailing 6-month period | 9.83% | 24.38% | -14.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.46% | 27.57% | -15.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.90% | 18.24% | -1.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 16.04% | +1.99% |
SPYM vs. GLD - Expense Ratio Comparison
SPYM has a 0.02% expense ratio, which is lower than GLD's 0.40% expense ratio.
Dividends
SPYM vs. GLD - Dividend Comparison
SPYM's dividend yield for the trailing twelve months is around 1.30%, 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% |
SPYM State Street SPDR Portfolio S&P 500 ETF | 1.30% | 1.13% | 1.28% | 1.44% | 1.69% | 1.25% | 1.54% | 1.79% | 2.23% | 1.75% | 1.97% | 1.98% |
Frequently Asked Questions
SPYM and GLD have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (8.18%) compared to SPYM (4.83%). In terms of maximum drawdown, SPYM dropped -54.46% vs GLD's -45.56%.
On 10-year performance, SPYM leads with 15.61% vs 11.59% for GLD. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYM has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPYM has performed better with a 15.61% return vs 11.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPYM is cheaper with a 0.02% expense ratio, compared with 0.40% for GLD.
SPYM has the higher dividend yield at 1.30%, compared with 0.00% for GLD.
SPYM is categorized as S&P 500, while GLD is Gold. SPYM tracks S&P 500 Index, while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.02% for SPYM and 0.40% for GLD.
SPYM currently has the higher Sharpe Ratio (1.92 vs 0.78), 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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