TFPM vs. GLDM

Last updated Jun 4, 2026

TFPM (Triple Flag Precious Metals Corp) is a stock, while GLDM (SPDR Gold MiniShares Trust) is Gold fund tracking the LBMA Gold Price PM. Over the past 3 years, TFPM returned 29.62%/yr vs 31.49%/yr for GLDM. At a 0.50 correlation, their price movements are largely independent.

Performance

TFPM vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Triple Flag Precious Metals Corp (TFPM) and SPDR Gold MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TFPM achieves a -9.80% return, which is significantly lower than GLDM's 3.00% return.

TFPM

• 1D: -3.43%
• 1M: -4.52%
• YTD: -9.80%
• 6M: -7.74%
• 1Y: 25.91%
• 3Y*: 29.62%
• 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)

TFPM vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TFPM Triple Flag Precious Metals Corp	-9.80%	123.03%	14.60%	-1.81%	14.71%	33.50%
GLDM SPDR Gold MiniShares Trust	3.00%	64.20%	27.08%	13.04%	-0.47%	4.12%

Correlation

The correlation between TFPM and GLDM is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.50

The correlation between TFPM and GLDM shifts across timeframes, from 0.50 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TFPM vs. GLDM — Risk / Return Rank

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

TFPM

TFPM Risk / Return Rank: 58
TFPM Sharpe Ratio Rank: 61
TFPM Sortino Ratio Rank: 53
TFPM Omega Ratio Rank: 54
TFPM Calmar Ratio Rank: 60
TFPM Martin Ratio Rank: 62

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.

TFPM vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Triple Flag Precious Metals Corp (TFPM) 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.

	TFPM	GLDM	Difference
Sharpe ratio Return per unit of total volatility	0.61	1.24	-0.62
Sortino ratio Return per unit of downside risk	1.03	1.63	-0.61
Omega ratio Gain probability vs. loss probability	1.13	1.25	-0.11
Calmar ratio Return relative to maximum drawdown	0.94	1.70	-0.76
Martin ratio Return relative to average drawdown	2.36	4.23	-1.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TFPM vs. GLDM - Sharpe Ratio Comparison

The current TFPM Sharpe Ratio is 0.61, which is lower than the GLDM Sharpe Ratio of 1.24. The chart below compares the historical Sharpe Ratios of TFPM 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

	TFPM	GLDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	1.24	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.02	-0.19

Drawdowns

TFPM vs. GLDM - Drawdown Comparison

The maximum TFPM drawdown since its inception was -36.48%, which is greater than GLDM's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for TFPM and GLDM.

Drawdown Indicators

	TFPM	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-36.48%	-21.63%	-14.85%
Max Drawdown (1Y) Largest decline over 1 year	-27.55%	-19.14%	-8.41%
Max Drawdown (3Y) Largest decline over 3 years	-27.55%	-19.14%	-8.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.92%	—
Current Drawdown Current decline from peak	-27.55%	-17.65%	-9.90%
Average Drawdown Average peak-to-trough decline	-13.32%	-6.22%	-7.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.02%	7.69%	+3.33%

Volatility

TFPM vs. GLDM - Volatility Comparison

Triple Flag Precious Metals Corp (TFPM) has a higher volatility of 15.34% compared to SPDR Gold MiniShares Trust (GLDM) at 5.47%. This indicates that TFPM's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TFPM	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.34%	5.47%	+9.87%
Volatility (6M) Calculated over the trailing 6-month period	33.07%	22.99%	+10.08%
Volatility (1Y) Calculated over the trailing 1-year period	42.69%	26.39%	+16.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.27%	17.91%	+19.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.27%	16.85%	+20.42%

Dividends

TFPM vs. GLDM - Dividend Comparison

TFPM's dividend yield for the trailing twelve months is around 0.77%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TFPM Triple Flag Precious Metals Corp	0.77%	0.68%	1.43%	1.54%	1.07%	0.39%

Frequently Asked Questions

Can I hold both TFPM and GLDM in my portfolio?

TFPM and GLDM have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TFPM or GLDM?

TFPM has higher volatility (15.34%) compared to GLDM (5.47%). In terms of maximum drawdown, TFPM dropped -36.48% vs GLDM's -21.63%.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (1.24 vs 0.61), 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.