VNQ vs. GLDM
VNQ (Vanguard Real Estate ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, VNQ returned 2.55%/yr vs 17.41%/yr for GLDM. At a 0.14 correlation, their price movements are largely independent. VNQ charges 0.13%/yr vs 0.10%/yr for GLDM.
Performance
VNQ vs. GLDM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VNQ achieves a 12.51% return, which is significantly higher than GLDM's -2.40% return.
VNQ
- 1D
- 0.92%
- 1M
- 3.35%
- YTD
- 12.51%
- 6M
- 12.32%
- 1Y
- 14.02%
- 3Y*
- 10.14%
- 5Y*
- 2.55%
- 10Y*
- 5.65%
GLDM
- 1D
- 0.11%
- 1M
- -9.52%
- YTD
- -2.40%
- 6M
- -2.09%
- 1Y
- 22.58%
- 3Y*
- 29.27%
- 5Y*
- 17.41%
- 10Y*
- —
VNQ vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
VNQ Vanguard Real Estate ETF | 12.51% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -5.04% |
GLDM SPDR Gold MiniShares Trust | -2.40% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between VNQ and GLDM is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.14 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VNQ vs. GLDM — Risk / Return Rank
VNQ
GLDM
VNQ vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate ETF (VNQ) 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.
| VNQ | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.19 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 1.00 | +0.56 |
| Martin ratioReturn relative to average drawdown | 4.90 | 2.87 | +2.03 |
Loading charts...
Drawdowns
VNQ vs. GLDM - Drawdown Comparison
The maximum VNQ drawdown since its inception was -73.07%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for VNQ and GLDM.
Loading charts...
Drawdown Indicators
| VNQ | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.07% | -24.35% | -48.72% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -24.35% | +16.01% |
Max Drawdown (3Y)Largest decline over 3 years | -17.46% | -24.35% | +6.89% |
Max Drawdown (5Y)Largest decline over 5 years | -34.48% | -24.35% | -10.13% |
Max Drawdown (10Y)Largest decline over 10 years | -42.40% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -21.96% | +21.96% |
Average DrawdownAverage peak-to-trough decline | -13.61% | -6.27% | -7.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 8.44% | -5.79% |
Volatility
VNQ vs. GLDM - Volatility Comparison
The current volatility for Vanguard Real Estate ETF (VNQ) is 4.72%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 7.73%. This indicates that VNQ 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
| VNQ | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 7.73% | -3.01% |
Volatility (6M)Calculated over the trailing 6-month period | 9.77% | 23.93% | -14.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.54% | 27.15% | -13.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.84% | 18.13% | +0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.72% | 16.98% | +3.74% |
VNQ vs. GLDM - Expense Ratio Comparison
VNQ has a 0.13% expense ratio, which is higher than GLDM's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VNQ vs. GLDM - Dividend Comparison
VNQ's dividend yield for the trailing twelve months is around 3.54%, while GLDM has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VNQ Vanguard Real Estate ETF | 3.54% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
Frequently Asked Questions
VNQ and GLDM have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDM has higher volatility (7.73%) compared to VNQ (4.72%). In terms of maximum drawdown, VNQ dropped -73.07% vs GLDM's -24.35%.
On 5-year performance, GLDM leads with 17.41% vs 2.55% for VNQ. On fees, GLDM is cheaper at 0.10% per year. On volatility, VNQ has been the lower-risk option at 4.72%. 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 17.41% return vs 2.55%. 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 0.13% for VNQ.
VNQ has the higher dividend yield at 3.54%, compared with 0.00% for GLDM.
VNQ is categorized as REIT, while GLDM is Gold. VNQ tracks MSCI US Investable Market Real Estate 25/50 Index, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: Vanguard and State Street. Their fees differ too: 0.13% for VNQ and 0.10% for GLDM.
VNQ currently has the higher Sharpe Ratio (0.96 vs 0.90), 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.
Find the right allocation for VNQ 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