PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
SRLN vs. GLDM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SRLN vs. GLDM

Last updated Jun 4, 2026

SRLN (SPDR Blackstone Senior Loan ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - SRLN is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid Leveraged Loan Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, SRLN returned 4.62%/yr vs 18.49%/yr for GLDM. At a 0.12 correlation, their price movements are largely independent. SRLN charges 0.70%/yr vs 0.10%/yr for GLDM.

Performance

SRLN vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Blackstone Senior Loan ETF (SRLN) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, SRLN achieves a 0.68% return, which is significantly lower than GLDM's 3.00% return.

SRLN

1D
-0.12%
1M
0.26%
YTD
0.68%
6M
1.43%
1Y
5.57%
3Y*
7.88%
5Y*
4.62%
10Y*
4.52%

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)

SRLN vs. GLDM - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
SRLN
SPDR Blackstone Senior Loan ETF		0.68%6.77%8.43%11.62%-5.30%4.49%3.13%10.03%-2.41%
GLDM
SPDR Gold MiniShares Trust		3.00%64.20%27.08%13.04%-0.47%-4.01%25.10%18.10%1.84%

Correlation

The correlation between SRLN and GLDM is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.07

Correlation (3Y)
Calculated over the trailing 3-year period

0.12

Correlation (5Y)
Calculated over the trailing 5-year period

0.14

Correlation (All Time)
Calculated using the full available price history since Jun 27, 2018

0.12

SRLN vs. GLDM - Sectors Allocation Comparison

Sectors
SRLN
GLDM

Communication Services

91.8%

-

Industrials

8.2%

-

Basic Materials

-

100.0%

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Communication Services

SRLN
91.8%
GLDM

-

Industrials

SRLN
8.2%
GLDM

-

Basic Materials

SRLN

-

GLDM
100.0%

Consumer Cyclical

SRLN

-

GLDM

-

Consumer Defensive

SRLN

-

GLDM

-

Energy

SRLN

-

GLDM

-

Financial Services

SRLN

-

GLDM

-

Healthcare

SRLN

-

GLDM

-

Real Estate

SRLN

-

GLDM

-

Technology

SRLN

-

GLDM

-

Utilities

SRLN

-

GLDM

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Blackstone Senior Loan ETF

SPDR Gold MiniShares Trust

Often compared with SRLN:
SRLN vs. BKLNSRLN vs. HYBLSRLN vs. JBBBSRLN vs. SJNKSRLN vs. HYGSRLN vs. USHYSRLN vs. SEIX
Often compared with GLDM:
GLDM vs. GLDGLDM vs. IAUGLDM vs. IAUMGLDM vs. GDXGLDM vs. SGOLGLDM vs. VOOGLDM vs. SPY

Return for Risk

SRLN vs. GLDM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SRLN
SRLN Risk / Return Rank: 5252
Overall Rank
SRLN Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
SRLN Sortino Ratio Rank: 5858
Sortino Ratio Rank
SRLN Omega Ratio Rank: 7272
Omega Ratio Rank
SRLN Calmar Ratio Rank: 3434
Calmar Ratio Rank
SRLN Martin Ratio Rank: 3939
Martin Ratio Rank
GLDM
GLDM Risk / Return Rank: 3232
Overall Rank
GLDM Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
GLDM Sortino Ratio Rank: 2929
Sortino Ratio Rank
GLDM Omega Ratio Rank: 3636
Omega Ratio Rank
GLDM Calmar Ratio Rank: 3434
Calmar Ratio Rank
GLDM Martin Ratio Rank: 2929
Martin Ratio Rank
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.

SRLN vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Blackstone Senior Loan ETF (SRLN) 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.

SRLNGLDMDifference
Sharpe ratioReturn per unit of total volatility
1.94
1.24

+0.70

Sortino ratioReturn per unit of downside risk
2.82
1.63

+1.19

Omega ratioGain probability vs. loss probability

1.44

1.25

+0.20

Calmar ratioReturn relative to maximum drawdown

1.71

1.70

+0.01

Martin ratioReturn relative to average drawdown

6.35

4.23

+2.12

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SRLN vs. GLDM - Sharpe Ratio Comparison

The current SRLN 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 SRLN 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.

Loading charts...

Sharpe Ratios by Period

SRLNGLDMDifference

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

1.19

1.04

+0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.75

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.70

1.02

-0.32

Drawdowns

SRLN vs. GLDM - Drawdown Comparison

The maximum SRLN drawdown since its inception was -22.29%, roughly equal to the maximum GLDM drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for SRLN and GLDM.

Loading charts...

Drawdown Indicators

SRLNGLDMDifference

Max Drawdown

Largest peak-to-trough decline

-22.29%

-21.63%

-0.66%

Max Drawdown (1Y)

Largest decline over 1 year

-3.26%

-19.14%

+15.88%

Max Drawdown (3Y)

Largest decline over 3 years

-4.26%

-19.14%

+14.88%

Max Drawdown (5Y)

Largest decline over 5 years

-7.93%

-20.92%

+12.99%

Max Drawdown (10Y)

Largest decline over 10 years

-22.29%

—

—

Current Drawdown

Current decline from peak

-0.12%

-17.65%

+17.53%

Average Drawdown

Average peak-to-trough decline

-1.10%

-6.22%

+5.12%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.88%

7.69%

-6.81%

Volatility

SRLN vs. GLDM - Volatility Comparison

The current volatility for SPDR Blackstone Senior Loan ETF (SRLN) is 0.44%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 5.47%. This indicates that SRLN 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.

Loading charts...

Volatility by Period

SRLNGLDMDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.44%

5.47%

-5.03%

Volatility (6M)

Calculated over the trailing 6-month period

2.64%

22.99%

-20.35%

Volatility (1Y)

Calculated over the trailing 1-year period

2.89%

26.39%

-23.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.91%

17.91%

-14.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.06%

16.85%

-10.79%

SRLN vs. GLDM - Expense Ratio Comparison

SRLN has a 0.70% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

SRLN vs. GLDM - Dividend Comparison

SRLN's dividend yield for the trailing twelve months is around 7.49%, while GLDM has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
GLDM
SPDR Gold MiniShares Trust		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SRLN
SPDR Blackstone Senior Loan ETF		7.49%7.67%8.58%8.44%5.72%4.45%4.91%5.39%4.98%4.01%3.94%4.43%

Frequently Asked Questions

SRLN and GLDM have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GLDM has higher volatility (5.47%) compared to SRLN (0.44%). In terms of maximum drawdown, SRLN dropped -22.29% vs GLDM's -21.63%.

On 5-year performance, GLDM leads with 18.49% vs 4.62% for SRLN. On fees, GLDM is cheaper at 0.10% per year. On volatility, SRLN has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, GLDM has performed better with a 18.49% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

GLDM is cheaper with a 0.10% expense ratio, compared with 0.70% for SRLN.

SRLN has the higher dividend yield at 7.49%, compared with 0.00% for GLDM.

SRLN is categorized as High Yield Bonds, while GLDM is Gold. SRLN tracks Markit iBoxx USD Liquid Leveraged Loan Index, while GLDM tracks LBMA Gold Price PM. Their fees differ too: 0.70% for SRLN and 0.10% for GLDM.

SRLN 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.

Portfolio Optimizer

Find the right allocation for SRLN and GLDM

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer