VGPMX vs. GLTR

Last updated Aug 2, 2026

VGPMX (Vanguard Global Capital Cycles Fund) and GLTR (abrdn Physical Precious Metals Basket Shares ETF) are both funds - VGPMX is a Global Equities fund managed by Vanguard, while GLTR is a Precious Metals fund tracking the ETFS Physical Precious Metals Basket Index. Over the past 10 years, VGPMX returned 9.11%/yr vs 9.97%/yr for GLTR. Their 0.60 correlation means they have sometimes moved together and sometimes differently. VGPMX charges 0.36%/yr vs 0.60%/yr for GLTR.

Performance

VGPMX vs. GLTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Global Capital Cycles Fund (VGPMX) and abrdn Physical Precious Metals Basket Shares ETF (GLTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VGPMX achieves a 16.88% return, which is significantly higher than GLTR's -11.69% return. Over the past 10 years, VGPMX has underperformed GLTR with an annualized return of 9.11%, while GLTR has yielded a comparatively higher 9.97% annualized return.

VGPMX

• 1D: 2.26%
• 1M: 2.84%
• 6M: 6.45%
• YTD: 16.88%
• 1Y: 58.07%
• 3Y*: 27.54%
• 5Y*: 20.65%
• 10Y*: 9.11%
• ALL TIME*: 6.52%

GLTR

• 1D: -1.67%
• 1M: -2.53%
• 6M: -22.36%
• YTD: -11.69%
• 1Y: 28.95%
• 3Y*: 26.80%
• 5Y*: 13.53%
• 10Y*: 9.97%
• ALL TIME*: 5.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GLTR abrdn Physical Precious Metals Basket Shares ETF	$15.88M	$12.93M	$13.80M
VGPMX Vanguard Global Capital Cycles Fund	$0.00	$0.00	$0.00

VGPMX vs. GLTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VGPMX Vanguard Global Capital Cycles Fund	16.88%	65.96%	5.78%	10.06%	7.34%	19.50%	17.21%	20.67%	-32.26%	13.75%
GLTR abrdn Physical Precious Metals Basket Shares ETF	-11.69%	87.25%	20.63%	2.01%	-0.25%	-9.60%	29.52%	20.96%	-2.85%	12.94%

Correlation

The correlation between VGPMX and GLTR is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.61
Correlation (5Y) Shows whether the relationship held over a longer period.	0.59
Correlation (10Y) Provides a long-term view across more market conditions.	0.57
Correlation (All Time) Calculated using the full available price history since Oct 22, 2010	0.60

The correlation between VGPMX and GLTR has been stable across timeframes, ranging from 0.57 to 0.67 - a consistent structural relationship.

Return for Risk

VGPMX vs. GLTR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VGPMX

VGPMX Risk / Return Rank: 95
VGPMX Sharpe Ratio Rank: 98
VGPMX Sortino Ratio Rank: 94
VGPMX Omega Ratio Rank: 92
VGPMX Calmar Ratio Rank: 96
VGPMX Martin Ratio Rank: 95

GLTR

GLTR Risk / Return Rank: 30
GLTR Sharpe Ratio Rank: 32
GLTR Sortino Ratio Rank: 30
GLTR Omega Ratio Rank: 37
GLTR Calmar Ratio Rank: 26
GLTR Martin Ratio Rank: 23

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VGPMX vs. GLTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Capital Cycles Fund (VGPMX) and abrdn Physical Precious Metals Basket Shares ETF (GLTR). 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.

	VGPMX	GLTR	Difference
Sharpe ratio: Return per unit of total volatility	3.13	0.79	+2.34
Sortino ratio: Return per unit of downside risk	3.78	1.15	+2.63
Omega ratio: Gain probability vs. loss probability	1.53	1.18	+0.36
Calmar ratio: Return relative to maximum drawdown	4.42	0.82	+3.59
Martin ratio: Return relative to average drawdown	14.96	1.65	+13.31

VGPMX vs. GLTR - Sharpe Ratio Comparison

The current VGPMX Sharpe Ratio is 3.13, which is higher than the GLTR Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of VGPMX and GLTR, 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

VGPMX vs. GLTR - Drawdown Comparison

The maximum VGPMX drawdown since its inception was -78.85%, which is greater than GLTR's maximum drawdown of -55.70%. Use the drawdown chart below to compare losses from any high point for VGPMX and GLTR.

Drawdown Indicators

	VGPMX	GLTR	Difference
Max Drawdown Largest peak-to-trough decline	-78.85%	-55.70%	-23.15%
Max Drawdown (1Y) Largest decline over 1 year	-12.80%	-37.87%	+25.07%
Max Drawdown (3Y) Largest decline over 3 years	-14.63%	-37.87%	+23.24%
Max Drawdown (5Y) Largest decline over 5 years	-22.71%	-37.87%	+15.16%
Max Drawdown (10Y) Largest decline over 10 years	-54.56%	-37.87%	-16.69%
Current Drawdown Current decline from peak	-3.52%	-36.34%	+32.82%
Average Drawdown Average peak-to-trough decline	-34.44%	-28.88%	-5.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.77%	18.83%	-15.06%

Volatility

VGPMX vs. GLTR - Volatility Comparison

The current volatility for Vanguard Global Capital Cycles Fund (VGPMX) is 4.49%, while abrdn Physical Precious Metals Basket Shares ETF (GLTR) has a volatility of 7.95%. This indicates that VGPMX experiences smaller price fluctuations and is considered to be less risky than GLTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGPMX	GLTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.49%	7.95%	-3.46%
Volatility (6M) Calculated over the trailing 6-month period	15.24%	34.42%	-19.18%
Volatility (1Y) Calculated over the trailing 1-year period	18.11%	39.52%	-21.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.49%	24.18%	-6.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.63%	20.80%	-0.17%

VGPMX vs. GLTR - Expense Ratio Comparison

VGPMX has a 0.36% expense ratio, which is lower than GLTR's 0.60% expense ratio.

Dividends

VGPMX vs. GLTR - Dividend Comparison

VGPMX's dividend yield for the trailing twelve months is around 3.34%, while GLTR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLTR abrdn Physical Precious Metals Basket Shares ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VGPMX Vanguard Global Capital Cycles Fund	3.34%	2.59%	2.68%	3.22%	3.27%	3.26%	2.03%	2.39%	3.02%	0.02%	1.72%	2.32%

Frequently Asked Questions

Can I hold both VGPMX and GLTR in my portfolio?

VGPMX and GLTR have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VGPMX or GLTR?

GLTR has higher volatility (7.95%) compared to VGPMX (4.49%). In terms of maximum drawdown, VGPMX dropped -78.85% vs GLTR's -55.70%.

Which has better risk-adjusted returns?

VGPMX currently has the higher Sharpe Ratio (3.13 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.