USRD vs. GLD

Last updated Jun 12, 2026

USRD (Themes US R&D Champions ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - USRD is a Large Cap Blend Equities fund tracking the Solactive US R&D Champions Index, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past year, USRD returned 21.33% vs 25.28% for GLD. At a 0.17 correlation, their price movements are largely independent. USRD charges 0.29%/yr vs 0.40%/yr for GLD.

Performance

USRD vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes US R&D Champions ETF (USRD) and SPDR Gold Shares (GLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USRD achieves a 12.31% return, which is significantly higher than GLD's -2.52% return.

USRD

• 1D: 1.76%
• 1M: 4.18%
• YTD: 12.31%
• 6M: 9.99%
• 1Y: 21.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLD

• 1D: 3.13%
• 1M: -10.77%
• YTD: -2.52%
• 6M: -1.76%
• 1Y: 25.28%
• 3Y*: 28.54%
• 5Y*: 17.06%
• 10Y*: 12.16%

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

USRD vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USRD Themes US R&D Champions ETF	12.31%	12.44%	15.53%	5.32%
GLD SPDR Gold Shares	-2.52%	63.68%	26.66%	4.19%

Correlation

The correlation between USRD and GLD is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Dec 13, 2023	0.17

USRD vs. GLD - Sectors Allocation Comparison

Sectors	USRD	GLD
Technology	58.5%	-
Healthcare	14.4%	-
Industrials	9.3%	-
Communication Services	7.2%	-
Consumer Cyclical	5.4%	-
Basic Materials	2.1%	100.0%
Consumer Defensive	1.9%	-
Real Estate	1.1%	-
Energy	-	-
Financial Services	-	-
Utilities	-	-

Return for Risk

USRD vs. GLD — Risk / Return Rank

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

USRD

USRD Risk / Return Rank: 37
USRD Sharpe Ratio Rank: 39
USRD Sortino Ratio Rank: 37
USRD Omega Ratio Rank: 37
USRD Calmar Ratio Rank: 37
USRD Martin Ratio Rank: 36

GLD

GLD Risk / Return Rank: 29
GLD Sharpe Ratio Rank: 31
GLD Sortino Ratio Rank: 28
GLD Omega Ratio Rank: 34
GLD Calmar Ratio Rank: 26
GLD Martin Ratio Rank: 27

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.

USRD vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes US R&D Champions ETF (USRD) 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.

	USRD	GLD	Difference
Sharpe ratio: Return per unit of total volatility	1.21	0.93	+0.28
Sortino ratio: Return per unit of downside risk	1.72	1.29	+0.43
Omega ratio: Gain probability vs. loss probability	1.22	1.19	+0.02
Calmar ratio: Return relative to maximum drawdown	1.59	1.04	+0.55
Martin ratio: Return relative to average drawdown	4.81	3.02	+1.79

USRD vs. GLD - Sharpe Ratio Comparison

The current USRD Sharpe Ratio is 1.21, which is higher than the GLD Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of USRD and GLD, 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

USRD vs. GLD - Drawdown Comparison

The maximum USRD drawdown since its inception was -23.79%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for USRD and GLD.

Drawdown Indicators

	USRD	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-23.79%	-45.56%	+21.77%
Max Drawdown (1Y) Largest decline over 1 year	-13.49%	-24.46%	+10.97%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.46%	—
Current Drawdown Current decline from peak	-7.42%	-22.10%	+14.68%
Average Drawdown Average peak-to-trough decline	-3.71%	-16.16%	+12.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	8.38%	-3.93%

Volatility

USRD vs. GLD - Volatility Comparison

Themes US R&D Champions ETF (USRD) and SPDR Gold Shares (GLD) have volatilities of 8.08% and 7.77%, 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

	USRD	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.08%	7.77%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	14.50%	24.10%	-9.60%
Volatility (1Y) Calculated over the trailing 1-year period	17.70%	27.37%	-9.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	18.23%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.49%	16.08%	+3.41%

USRD vs. GLD - Expense Ratio Comparison

USRD has a 0.29% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

USRD vs. GLD - Dividend Comparison

USRD's dividend yield for the trailing twelve months is around 0.38%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024
GLD SPDR Gold Shares	0.00%	0.00%	0.00%
USRD Themes US R&D Champions ETF	0.38%	0.42%	2.44%

Frequently Asked Questions

Can I hold both USRD and GLD in my portfolio?

USRD and GLD have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USRD or GLD?

USRD has higher volatility (8.08%) compared to GLD (7.77%). In terms of maximum drawdown, USRD dropped -23.79% vs GLD's -45.56%.

Which ETF is better, USRD or GLD?

On 1-year performance, GLD leads with 25.28% vs 21.33% for USRD. On fees, USRD is cheaper at 0.29% per year. On volatility, GLD has been the lower-risk option at 7.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USRD or GLD?

Over the 1-year period, GLD has performed better with a 25.28% return vs 21.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USRD or GLD?

USRD is cheaper with a 0.29% expense ratio, compared with 0.40% for GLD.

Which ETF pays a higher dividend yield, USRD or GLD?

USRD has the higher dividend yield at 0.38%, compared with 0.00% for GLD.

What is the main difference between USRD and GLD?

USRD is categorized as Large Cap Blend Equities, while GLD is Gold. USRD tracks Solactive US R&D Champions Index, while GLD tracks LBMA Gold Price PM. They also come from different issuers: Themes and State Street. Their fees differ too: 0.29% for USRD and 0.40% for GLD.

Which has better risk-adjusted returns?

USRD currently has the higher Sharpe Ratio (1.21 vs 0.93), 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.