XCNY vs. GLD

Last updated Jun 6, 2026

XCNY (SPDR S&P Emerging Markets ex-China ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - XCNY is a Emerging Markets Diversified fund tracking the S&P Emerging ex-China BMI, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past year, XCNY returned 30.73% vs 28.10% for GLD. At a 0.31 correlation, their price movements are largely independent. XCNY charges 0.15%/yr vs 0.40%/yr for GLD.

Performance

XCNY vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Emerging Markets ex-China ETF (XCNY) 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, XCNY achieves a 14.37% return, which is significantly higher than GLD's -0.02% return.

XCNY

• 1D: -4.45%
• 1M: -3.03%
• YTD: 14.37%
• 6M: 17.01%
• 1Y: 30.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLD

• 1D: -3.65%
• 1M: -8.06%
• YTD: -0.02%
• 6M: 2.54%
• 1Y: 28.10%
• 3Y*: 29.53%
• 5Y*: 17.47%
• 10Y*: 12.80%

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

XCNY vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XCNY SPDR S&P Emerging Markets ex-China ETF	14.37%	20.42%	-3.51%
GLD SPDR Gold Shares	-0.02%	63.68%	4.21%

Correlation

The correlation between XCNY and GLD is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.31

XCNY vs. GLD - Sectors Allocation Comparison

Sectors	XCNY	GLD
Technology	36.1%	-
Financial Services	21.7%	-
Basic Materials	8.7%	100.0%
Industrials	7.7%	-
Consumer Cyclical	5.6%	-
Energy	4.9%	-
Consumer Defensive	3.6%	-
Communication Services	3.5%	-
Utilities	3.3%	-
Healthcare	2.7%	-
Real Estate	2.3%	-

Return for Risk

XCNY vs. GLD — Risk / Return Rank

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

XCNY

XCNY Risk / Return Rank: 57
XCNY Sharpe Ratio Rank: 57
XCNY Sortino Ratio Rank: 56
XCNY Omega Ratio Rank: 59
XCNY Calmar Ratio Rank: 56
XCNY Martin Ratio Rank: 59

GLD

GLD Risk / Return Rank: 29
GLD Sharpe Ratio Rank: 30
GLD Sortino Ratio Rank: 27
GLD Omega Ratio Rank: 33
GLD Calmar Ratio Rank: 29
GLD Martin Ratio Rank: 26

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.

XCNY vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Emerging Markets ex-China ETF (XCNY) 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.

	XCNY	GLD	Difference
Sharpe ratio: Return per unit of total volatility	1.79	1.05	+0.74
Sortino ratio: Return per unit of downside risk	2.47	1.43	+1.04
Omega ratio: Gain probability vs. loss probability	1.33	1.21	+0.12
Calmar ratio: Return relative to maximum drawdown	2.60	1.40	+1.20
Martin ratio: Return relative to average drawdown	9.94	3.56	+6.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCNY vs. GLD - Sharpe Ratio Comparison

The current XCNY Sharpe Ratio is 1.79, which is higher than the GLD Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of XCNY 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.

Sharpe Ratios by Period

	XCNY	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.79	1.05	+0.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.97	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.80	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.59	+0.40

Drawdowns

XCNY vs. GLD - Drawdown Comparison

The maximum XCNY drawdown since its inception was -19.70%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for XCNY and GLD.

Drawdown Indicators

	XCNY	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-45.56%	+25.86%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-20.10%	+8.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.03%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.00%	—
Current Drawdown Current decline from peak	-5.49%	-20.10%	+14.61%
Average Drawdown Average peak-to-trough decline	-4.14%	-16.16%	+12.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	7.91%	-4.81%

Volatility

XCNY vs. GLD - Volatility Comparison

SPDR S&P Emerging Markets ex-China ETF (XCNY) has a higher volatility of 7.62% compared to SPDR Gold Shares (GLD) at 5.66%. This indicates that XCNY's price experiences larger fluctuations and is considered to be riskier than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCNY	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.62%	5.66%	+1.96%
Volatility (6M) Calculated over the trailing 6-month period	15.21%	23.47%	-8.26%
Volatility (1Y) Calculated over the trailing 1-year period	17.22%	26.86%	-9.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.04%	18.07%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	16.00%	+2.04%

XCNY vs. GLD - Expense Ratio Comparison

XCNY has a 0.15% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

XCNY vs. GLD - Dividend Comparison

XCNY's dividend yield for the trailing twelve months is around 2.35%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024
GLD SPDR Gold Shares	0.00%	0.00%	0.00%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.35%	2.68%	1.07%

Frequently Asked Questions

Can I hold both XCNY and GLD in my portfolio?

XCNY and GLD have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XCNY or GLD?

XCNY has higher volatility (7.62%) compared to GLD (5.66%). In terms of maximum drawdown, XCNY dropped -19.70% vs GLD's -45.56%.

Which ETF is better, XCNY or GLD?

On 1-year performance, XCNY leads with 30.73% vs 28.10% for GLD. On fees, XCNY is cheaper at 0.15% per year. On volatility, GLD has been the lower-risk option at 5.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCNY or GLD?

Over the 1-year period, XCNY has performed better with a 30.73% return vs 28.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCNY or GLD?

XCNY is cheaper with a 0.15% expense ratio, compared with 0.40% for GLD.

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

XCNY has the higher dividend yield at 2.35%, compared with 0.00% for GLD.

What is the main difference between XCNY and GLD?

XCNY is categorized as Emerging Markets Diversified, while GLD is Gold. XCNY tracks S&P Emerging ex-China BMI, while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.15% for XCNY and 0.40% for GLD.

Which has better risk-adjusted returns?

XCNY currently has the higher Sharpe Ratio (1.79 vs 1.05), 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.