XME vs. GLDM
XME (SPDR S&P Metals & Mining ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - XME is a Materials fund tracking the S&P Metals & Mining Select Industry Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, XME returned 18.53%/yr vs 17.31%/yr for GLDM. Their 0.31 correlation means their historical movements had little consistent relationship. XME charges 0.35%/yr vs 0.10%/yr for GLDM.
Performance
XME vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, XME achieves a -2.73% return, which is significantly higher than GLDM's -6.13% return.
XME
- 1D
- -1.19%
- 1M
- -4.26%
- 6M
- -15.11%
- YTD
- -2.73%
- 1Y
- 39.51%
- 3Y*
- 24.33%
- 5Y*
- 18.53%
- 10Y*
- 14.85%
- ALL TIME*
- 5.47%
GLDM
- 1D
- -1.46%
- 1M
- -1.72%
- 6M
- -16.53%
- YTD
- -6.13%
- 1Y
- 20.58%
- 3Y*
- 27.59%
- 5Y*
- 17.31%
- 10Y*
- —
- ALL TIME*
- 15.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $263.44M | $251.25M | $317.77M | |
| $205.06M | $204.83M | $245.34M |
XME vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XME SPDR S&P Metals & Mining ETF | -2.73% | 83.47% | -4.54% | 21.51% | 13.13% | 34.92% | 15.95% | 14.69% | -25.92% |
GLDM SPDR Gold MiniShares Trust | -6.13% | 64.20% | 27.08% | 13.04% | -0.47% | -4.01% | 25.10% | 18.10% | 1.75% |
Correlation
The correlation between XME and GLDM is 0.56, 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. | 0.56 |
Correlation (3Y) Balances recent behavior with more history. | 0.45 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.31 |
Over the past year, XME and GLDM have become more correlated (0.56) than their long-term average of 0.31, meaning their price movements have been converging.
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Return for Risk
XME vs. GLDM — Risk / Return Rank
XME
GLDM
XME vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Metals & Mining ETF (XME) 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.
| XME | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.17 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 0.88 | +0.55 |
| Martin ratioReturn relative to average drawdown | 3.22 | 1.90 | +1.32 |
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Drawdowns
XME vs. GLDM - Drawdown Comparison
The maximum XME drawdown since its inception was -85.89%, which is greater than GLDM's maximum drawdown of -26.27%. Use the drawdown chart below to compare losses from any high point for XME and GLDM.
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Drawdown Indicators
| XME | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.89% | -26.27% | -59.62% |
Max Drawdown (1Y)Largest decline over 1 year | -26.49% | -26.27% | -0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -30.47% | -26.27% | -4.20% |
Max Drawdown (5Y)Largest decline over 5 years | -37.27% | -26.27% | -11.00% |
Max Drawdown (10Y)Largest decline over 10 years | -61.69% | — | — |
Current DrawdownCurrent decline from peak | -24.17% | -24.94% | +0.77% |
Average DrawdownAverage peak-to-trough decline | -43.93% | -6.56% | -37.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.77% | 12.12% | -0.35% |
Volatility
XME vs. GLDM - Volatility Comparison
SPDR S&P Metals & Mining ETF (XME) has a higher volatility of 10.33% compared to SPDR Gold MiniShares Trust (GLDM) at 6.35%. This indicates that XME's price experiences larger fluctuations and is considered to be riskier than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XME | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.33% | 6.35% | +3.98% |
Volatility (6M)Calculated over the trailing 6-month period | 28.52% | 23.37% | +5.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.88% | 27.92% | +8.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.70% | 18.39% | +14.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.88% | 17.10% | +15.78% |
XME vs. GLDM - Expense Ratio Comparison
XME has a 0.35% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
XME vs. GLDM - Dividend Comparison
XME's dividend yield for the trailing twelve months is around 0.37%, 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% |
XME SPDR S&P Metals & Mining ETF | 0.37% | 0.38% | 0.65% | 1.00% | 1.64% | 0.70% | 0.99% | 2.43% | 2.23% | 1.15% | 1.02% | 2.61% |
Frequently Asked Questions
XME and GLDM have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XME has higher volatility (10.33%) compared to GLDM (6.35%). In terms of maximum drawdown, XME dropped -85.89% vs GLDM's -26.27%.
On 5-year performance, XME leads with 18.53% vs 17.31% for GLDM. On fees, GLDM is cheaper at 0.10% per year. On volatility, GLDM has been the lower-risk option at 6.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, XME has performed better with a 18.53% return vs 17.31%. 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 0.35% for XME.
XME has the higher dividend yield at 0.37%, compared with 0.00% for GLDM.
XME is categorized as Materials, while GLDM is Gold. XME tracks S&P Metals & Mining Select Industry Index, while GLDM tracks LBMA Gold Price PM. Their fees differ too: 0.35% for XME and 0.10% for GLDM.
XME currently has the higher Sharpe Ratio (1.03 vs 0.83), 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.
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