XSD vs. GLD

Last updated Jun 4, 2026

XSD (SPDR S&P Semiconductor ETF) and GLD (SPDR Gold Shares) are both exchange-traded funds - XSD is a Semiconductors fund tracking the S&P Semiconductor Select Industry, while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, XSD returned 31.10%/yr vs 13.12%/yr for GLD. At a 0.05 correlation, their price movements are largely independent. XSD charges 0.35%/yr vs 0.40%/yr for GLD.

Performance

XSD vs. GLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Semiconductor ETF (XSD) 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, XSD achieves a 102.14% return, which is significantly higher than GLD's 2.92% return. Over the past 10 years, XSD has outperformed GLD with an annualized return of 31.10%, while GLD has yielded a comparatively lower 13.12% annualized return.

XSD

• 1D: 1.51%
• 1M: 30.91%
• YTD: 102.14%
• 6M: 92.84%
• 1Y: 180.25%
• 3Y*: 46.41%
• 5Y*: 29.69%
• 10Y*: 31.10%

GLD

• 1D: -0.99%
• 1M: -1.65%
• YTD: 2.92%
• 6M: 5.43%
• 1Y: 32.04%
• 3Y*: 31.09%
• 5Y*: 18.15%
• 10Y*: 13.12%

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

XSD vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSD SPDR S&P Semiconductor ETF	102.14%	29.85%	10.75%	34.87%	-30.92%	42.54%	61.95%	64.66%	-6.35%	25.21%
GLD SPDR Gold Shares	2.92%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Correlation

The correlation between XSD and GLD is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Feb 7, 2006	0.05

XSD vs. GLD - Sectors Allocation Comparison

Sectors	XSD	GLD
Technology	97.8%	-
Energy	2.2%	-
Basic Materials	-	100.0%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XSD vs. GLD — Risk / Return Rank

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

XSD

XSD Risk / Return Rank: 95
XSD Sharpe Ratio Rank: 97
XSD Sortino Ratio Rank: 94
XSD Omega Ratio Rank: 93
XSD Calmar Ratio Rank: 96
XSD Martin Ratio Rank: 96

GLD

GLD Risk / Return Rank: 32
GLD Sharpe Ratio Rank: 32
GLD Sortino Ratio Rank: 29
GLD Omega Ratio Rank: 35
GLD Calmar Ratio Rank: 33
GLD Martin Ratio Rank: 28

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.

XSD vs. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Semiconductor ETF (XSD) 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.

	XSD	GLD	Difference
Sharpe ratio: Return per unit of total volatility	5.00	1.21	+3.79
Sortino ratio: Return per unit of downside risk	5.03	1.60	+3.42
Omega ratio: Gain probability vs. loss probability	1.65	1.24	+0.40
Calmar ratio: Return relative to maximum drawdown	9.75	1.68	+8.07
Martin ratio: Return relative to average drawdown	33.91	4.15	+29.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSD vs. GLD - Sharpe Ratio Comparison

The current XSD Sharpe Ratio is 5.00, which is higher than the GLD Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of XSD 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

	XSD	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.00	1.21	+3.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	1.01	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.89	0.83	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.60	-0.16

Drawdowns

XSD vs. GLD - Drawdown Comparison

The maximum XSD drawdown since its inception was -64.56%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for XSD and GLD.

Drawdown Indicators

	XSD	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-64.56%	-45.56%	-19.00%
Max Drawdown (1Y) Largest decline over 1 year	-18.61%	-19.21%	+0.60%
Max Drawdown (3Y) Largest decline over 3 years	-41.25%	-19.21%	-22.04%
Max Drawdown (5Y) Largest decline over 5 years	-42.27%	-21.03%	-21.24%
Max Drawdown (10Y) Largest decline over 10 years	-42.27%	-22.00%	-20.27%
Current Drawdown Current decline from peak	0.00%	-17.75%	+17.75%
Average Drawdown Average peak-to-trough decline	-13.74%	-16.16%	+2.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.34%	7.73%	-2.39%

Volatility

XSD vs. GLD - Volatility Comparison

SPDR S&P Semiconductor ETF (XSD) has a higher volatility of 14.94% compared to SPDR Gold Shares (GLD) at 5.51%. This indicates that XSD'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

	XSD	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.94%	5.51%	+9.43%
Volatility (6M) Calculated over the trailing 6-month period	27.89%	23.16%	+4.73%
Volatility (1Y) Calculated over the trailing 1-year period	36.39%	26.61%	+9.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.25%	18.00%	+20.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.96%	15.95%	+19.01%

XSD vs. GLD - Expense Ratio Comparison

XSD has a 0.35% expense ratio, which is lower than GLD's 0.40% expense ratio.

Dividends

XSD vs. GLD - Dividend Comparison

XSD's dividend yield for the trailing twelve months is around 0.12%, while GLD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XSD SPDR S&P Semiconductor ETF	0.12%	0.26%	0.20%	0.31%	0.44%	0.10%	0.26%	0.51%	1.16%	0.59%	0.64%	0.58%

Frequently Asked Questions

Can I hold both XSD and GLD in my portfolio?

XSD and GLD have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSD or GLD?

XSD has higher volatility (14.94%) compared to GLD (5.51%). In terms of maximum drawdown, XSD dropped -64.56% vs GLD's -45.56%.

Which ETF is better, XSD or GLD?

On 10-year performance, XSD leads with 31.10% vs 13.12% for GLD. On fees, XSD is cheaper at 0.35% per year. On volatility, GLD has been the lower-risk option at 5.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSD or GLD?

Over the 10-year period, XSD has performed better with a 31.10% return vs 13.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSD or GLD?

XSD is cheaper with a 0.35% expense ratio, compared with 0.40% for GLD.

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

XSD has the higher dividend yield at 0.12%, compared with 0.00% for GLD.

What is the main difference between XSD and GLD?

XSD is categorized as Semiconductors, while GLD is Gold. XSD tracks S&P Semiconductor Select Industry, while GLD tracks LBMA Gold Price PM. Their fees differ too: 0.35% for XSD and 0.40% for GLD.

Which has better risk-adjusted returns?

XSD currently has the higher Sharpe Ratio (5.00 vs 1.21), 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.