USG vs. GLDM

Last updated Jun 23, 2026

USG (USCF Gold Strategy Plus Income Fund) and GLDM (SPDR Gold MiniShares Trust) are both Gold funds. USG is actively managed, while GLDM is passively managed. Over the past 3 years, USG returned 25.26%/yr vs 29.61%/yr for GLDM. Their correlation of 0.82 suggests significant overlap in exposure. USG charges 0.45%/yr vs 0.10%/yr for GLDM.

Performance

USG vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USCF Gold Strategy Plus Income Fund (USG) 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, USG achieves a -3.37% return, which is significantly lower than GLDM's -2.87% return.

USG

• 1D: -0.69%
• 1M: -6.85%
• YTD: -3.37%
• 6M: -6.24%
• 1Y: 19.16%
• 3Y*: 25.26%
• 5Y*: —
• 10Y*: —

GLDM

• 1D: -0.62%
• 1M: -7.05%
• YTD: -2.87%
• 6M: -5.63%
• 1Y: 24.39%
• 3Y*: 29.61%
• 5Y*: 18.61%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

USG vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
USG USCF Gold Strategy Plus Income Fund	-3.37%	52.02%	23.70%	8.49%	2.12%	3.50%
GLDM SPDR Gold MiniShares Trust	-2.87%	64.20%	27.08%	13.04%	-0.47%	2.31%

Correlation

The correlation between USG and GLDM is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021	0.82

The correlation between USG and GLDM shifts across timeframes, from 0.82 (all time) to 0.94 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

USG vs. GLDM — Risk / Return Rank

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

USG

USG Risk / Return Rank: 10
USG Sharpe Ratio Rank: 10
USG Sortino Ratio Rank: 10
USG Omega Ratio Rank: 13
USG Calmar Ratio Rank: 9
USG Martin Ratio Rank: 9

GLDM

GLDM Risk / Return Rank: 24
GLDM Sharpe Ratio Rank: 26
GLDM Sortino Ratio Rank: 23
GLDM Omega Ratio Rank: 28
GLDM Calmar Ratio Rank: 22
GLDM Martin Ratio Rank: 23

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.

USG vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USCF Gold Strategy Plus Income Fund (USG) 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.

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.

	USG	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	0.79	0.90	-0.10
Sortino ratio: Return per unit of downside risk	1.15	1.26	-0.11
Omega ratio: Gain probability vs. loss probability	1.17	1.19	-0.01
Calmar ratio: Return relative to maximum drawdown	0.84	1.01	-0.17
Martin ratio: Return relative to average drawdown	2.41	2.74	-0.34

USG vs. GLDM - Sharpe Ratio Comparison

The current USG Sharpe Ratio is 0.79, which is comparable to the GLDM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of USG 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.

Drawdowns

USG vs. GLDM - Drawdown Comparison

The maximum USG drawdown since its inception was -22.96%, smaller than the maximum GLDM drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for USG and GLDM.

Drawdown Indicators

	USG	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-22.96%	-24.35%	+1.39%
Max Drawdown (1Y) Largest decline over 1 year	-22.96%	-24.35%	+1.39%
Max Drawdown (3Y) Largest decline over 3 years	-22.96%	-24.35%	+1.39%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.35%	—
Current Drawdown Current decline from peak	-21.05%	-22.34%	+1.29%
Average Drawdown Average peak-to-trough decline	-4.50%	-6.31%	+1.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.98%	8.92%	-0.94%

Volatility

USG vs. GLDM - Volatility Comparison

USCF Gold Strategy Plus Income Fund (USG) and SPDR Gold MiniShares Trust (GLDM) have volatilities of 7.90% and 8.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USG	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.90%	8.02%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	22.78%	24.15%	-1.37%
Volatility (1Y) Calculated over the trailing 1-year period	24.31%	27.34%	-3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	18.13%	-2.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.08%	17.01%	-0.93%

USG vs. GLDM - Expense Ratio Comparison

USG has a 0.45% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

USG vs. GLDM - Dividend Comparison

USG's dividend yield for the trailing twelve months is around 28.84%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%
USG USCF Gold Strategy Plus Income Fund	28.84%	27.33%	7.48%	8.16%	2.85%

Frequently Asked Questions

Can I hold both USG and GLDM in my portfolio?

With a correlation of 0.94, USG and GLDM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, USG or GLDM?

GLDM has higher volatility (8.02%) compared to USG (7.90%). In terms of maximum drawdown, USG dropped -22.96% vs GLDM's -24.35%.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (0.90 vs 0.79), 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.