XCNY vs. GLDM

Last updated Jul 14, 2026

XCNY (SPDR S&P Emerging Markets ex-China ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - XCNY is a Emerging Markets Diversified fund tracking the S&P Emerging ex-China BMI, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past year, XCNY returned 29.37% vs 19.09% for GLDM. At a 0.31 correlation, their price movements are largely independent. XCNY charges 0.15%/yr vs 0.10%/yr for GLDM.

Performance

XCNY vs. GLDM - 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 MiniShares Trust (GLDM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCNY achieves a 17.77% return, which is significantly higher than GLDM's -7.26% return.

XCNY

• 1D: -2.01%
• 1M: -0.00%
• 6M: 13.80%
• YTD: 17.77%
• 1Y: 29.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GLDM

• 1D: -2.61%
• 1M: -4.98%
• 6M: -12.90%
• YTD: -7.26%
• 1Y: 19.09%
• 3Y*: 26.87%
• 5Y*: 16.85%
• 10Y*: —

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

XCNY vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XCNY SPDR S&P Emerging Markets ex-China ETF	17.77%	20.42%	-3.63%
GLDM SPDR Gold MiniShares Trust	-7.26%	64.20%	5.20%

Correlation

The correlation between XCNY and GLDM is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.31

Return for Risk

XCNY vs. GLDM — Risk / Return Rank

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

XCNY

XCNY Risk / Return Rank: 61
XCNY Sharpe Ratio Rank: 60
XCNY Sortino Ratio Rank: 58
XCNY Omega Ratio Rank: 62
XCNY Calmar Ratio Rank: 63
XCNY Martin Ratio Rank: 64

GLDM

GLDM Risk / Return Rank: 23
GLDM Sharpe Ratio Rank: 24
GLDM Sortino Ratio Rank: 22
GLDM Omega Ratio Rank: 26
GLDM Calmar Ratio Rank: 20
GLDM Martin Ratio Rank: 20

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. GLDM - 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 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.

	XCNY	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	1.60	0.69	+0.91
Sortino ratio: Return per unit of downside risk	2.20	1.03	+1.17
Omega ratio: Gain probability vs. loss probability	1.30	1.15	+0.15
Calmar ratio: Return relative to maximum drawdown	2.49	0.73	+1.75
Martin ratio: Return relative to average drawdown	9.05	1.80	+7.25

XCNY vs. GLDM - Sharpe Ratio Comparison

The current XCNY Sharpe Ratio is 1.60, which is higher than the GLDM Sharpe Ratio of 0.69. The chart below compares the historical Sharpe Ratios of XCNY 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

XCNY vs. GLDM - Drawdown Comparison

The maximum XCNY drawdown since its inception was -19.70%, smaller than the maximum GLDM drawdown of -26.11%. Use the drawdown chart below to compare losses from any high point for XCNY and GLDM.

Drawdown Indicators

	XCNY	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-19.70%	-26.11%	+6.41%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-26.11%	+14.25%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.11%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.11%	—
Current Drawdown Current decline from peak	-4.60%	-25.85%	+21.25%
Average Drawdown Average peak-to-trough decline	-4.08%	-6.43%	+2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	10.63%	-7.38%

Volatility

XCNY vs. GLDM - Volatility Comparison

SPDR S&P Emerging Markets ex-China ETF (XCNY) and SPDR Gold MiniShares Trust (GLDM) have volatilities of 7.75% and 7.60%, 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

	XCNY	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.75%	7.60%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	16.81%	24.04%	-7.23%
Volatility (1Y) Calculated over the trailing 1-year period	18.48%	27.76%	-9.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.47%	18.30%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.47%	17.07%	+1.40%

XCNY vs. GLDM - Expense Ratio Comparison

XCNY has a 0.15% 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

XCNY vs. GLDM - Dividend Comparison

XCNY's dividend yield for the trailing twelve months is around 2.27%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%
XCNY SPDR S&P Emerging Markets ex-China ETF	2.27%	2.68%	1.07%

Frequently Asked Questions

Can I hold both XCNY and GLDM in my portfolio?

XCNY and GLDM have a correlation of 0.38, 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 GLDM?

XCNY has higher volatility (7.75%) compared to GLDM (7.60%). In terms of maximum drawdown, XCNY dropped -19.70% vs GLDM's -26.11%.

Which ETF is better, XCNY or GLDM?

On 1-year performance, XCNY leads with 29.37% vs 19.09% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 7.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XCNY or GLDM?

Over the 1-year period, XCNY has performed better with a 29.37% return vs 19.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XCNY or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.15% for XCNY.

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

XCNY has the higher dividend yield at 2.27%, compared with 0.00% for GLDM.

What is the main difference between XCNY and GLDM?

XCNY is categorized as Emerging Markets Diversified, while GLDM is Gold. XCNY tracks S&P Emerging ex-China BMI, while GLDM tracks LBMA Gold Price PM. Their fees differ too: 0.15% for XCNY and 0.10% for GLDM.

Which has better risk-adjusted returns?

XCNY currently has the higher Sharpe Ratio (1.60 vs 0.69), 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.