XSMO vs. GLDM

Last updated Jun 13, 2026

XSMO (Invesco S&P SmallCap Momentum ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - XSMO is a Momentum fund tracking the S&P SmallCap 600 Momentum Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, XSMO returned 11.65%/yr vs 17.41%/yr for GLDM. At a 0.08 correlation, their price movements are largely independent. XSMO charges 0.36%/yr vs 0.10%/yr for GLDM.

Performance

XSMO vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Momentum ETF (XSMO) 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, XSMO achieves a 24.80% return, which is significantly higher than GLDM's -2.40% return.

XSMO

• 1D: 1.22%
• 1M: 4.39%
• YTD: 24.80%
• 6M: 20.56%
• 1Y: 35.19%
• 3Y*: 24.32%
• 5Y*: 11.65%
• 10Y*: 15.17%

GLDM

• 1D: 0.11%
• 1M: -10.20%
• YTD: -2.40%
• 6M: -2.09%
• 1Y: 24.17%
• 3Y*: 29.27%
• 5Y*: 17.41%
• 10Y*: —

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

XSMO vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
XSMO Invesco S&P SmallCap Momentum ETF	24.80%	9.80%	17.45%	21.55%	-15.44%	19.24%	21.96%	28.65%	-15.87%
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 XSMO and GLDM is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018	0.08

The correlation between XSMO and GLDM shifts across timeframes, from 0.08 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.

XSMO vs. GLDM - Sectors Allocation Comparison

Sectors	XSMO	GLDM
Technology	20.9%	-
Industrials	19.5%	-
Healthcare	13.9%	-
Financial Services	12.3%	-
Consumer Cyclical	9.0%	-
Basic Materials	5.8%	100.0%
Real Estate	5.0%	-
Communication Services	4.1%	-
Utilities	4.0%	-
Energy	3.1%	-
Consumer Defensive	2.4%	-

Return for Risk

XSMO vs. GLDM — Risk / Return Rank

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

XSMO

XSMO Risk / Return Rank: 70
XSMO Sharpe Ratio Rank: 63
XSMO Sortino Ratio Rank: 66
XSMO Omega Ratio Rank: 58
XSMO Calmar Ratio Rank: 84
XSMO Martin Ratio Rank: 80

GLDM

GLDM Risk / Return Rank: 27
GLDM Sharpe Ratio Rank: 28
GLDM Sortino Ratio Rank: 25
GLDM Omega Ratio Rank: 31
GLDM Calmar Ratio Rank: 24
GLDM Martin Ratio Rank: 25

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.

XSMO vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Momentum ETF (XSMO) 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.

	XSMO	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	1.82	0.90	+0.93
Sortino ratio: Return per unit of downside risk	2.62	1.26	+1.36
Omega ratio: Gain probability vs. loss probability	1.31	1.19	+0.12
Calmar ratio: Return relative to maximum drawdown	3.98	1.00	+2.98
Martin ratio: Return relative to average drawdown	13.44	2.87	+10.58

XSMO vs. GLDM - Sharpe Ratio Comparison

The current XSMO Sharpe Ratio is 1.82, which is higher than the GLDM Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of XSMO 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

XSMO vs. GLDM - Drawdown Comparison

The maximum XSMO drawdown since its inception was -58.06%, which is greater than GLDM's maximum drawdown of -24.35%. Use the drawdown chart below to compare losses from any high point for XSMO and GLDM.

Drawdown Indicators

	XSMO	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-58.06%	-24.35%	-33.71%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-24.35%	+15.46%
Max Drawdown (3Y) Largest decline over 3 years	-24.76%	-24.35%	-0.41%
Max Drawdown (5Y) Largest decline over 5 years	-29.62%	-24.35%	-5.27%
Max Drawdown (10Y) Largest decline over 10 years	-39.39%	—	—
Current Drawdown Current decline from peak	0.00%	-21.96%	+21.96%
Average Drawdown Average peak-to-trough decline	-11.12%	-6.27%	-4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	8.44%	-5.81%

Volatility

XSMO vs. GLDM - Volatility Comparison

Invesco S&P SmallCap Momentum ETF (XSMO) and SPDR Gold MiniShares Trust (GLDM) have volatilities of 7.71% and 7.73%, 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

	XSMO	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.71%	7.73%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	14.99%	23.93%	-8.94%
Volatility (1Y) Calculated over the trailing 1-year period	19.42%	27.15%	-7.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.63%	18.13%	+4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.15%	16.98%	+7.17%

XSMO vs. GLDM - Expense Ratio Comparison

XSMO has a 0.36% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

XSMO vs. GLDM - Dividend Comparison

XSMO's dividend yield for the trailing twelve months is around 0.52%, 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%
XSMO Invesco S&P SmallCap Momentum ETF	0.52%	0.75%	0.63%	0.96%	1.19%	0.30%	0.82%	0.69%	0.66%	0.27%	0.30%	0.35%

Frequently Asked Questions

Can I hold both XSMO and GLDM in my portfolio?

XSMO and GLDM have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSMO or GLDM?

GLDM has higher volatility (7.73%) compared to XSMO (7.71%). In terms of maximum drawdown, XSMO dropped -58.06% vs GLDM's -24.35%.

Which ETF is better, XSMO or GLDM?

On 5-year performance, GLDM leads with 17.41% vs 11.65% for XSMO. On fees, GLDM is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSMO or GLDM?

Over the 5-year period, GLDM has performed better with a 17.41% return vs 11.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSMO or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.36% for XSMO.

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

XSMO has the higher dividend yield at 0.52%, compared with 0.00% for GLDM.

What is the main difference between XSMO and GLDM?

XSMO is categorized as Momentum, while GLDM is Gold. XSMO tracks S&P SmallCap 600 Momentum Index, while GLDM tracks LBMA Gold Price PM. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.36% for XSMO and 0.10% for GLDM.

Which has better risk-adjusted returns?

XSMO currently has the higher Sharpe Ratio (1.82 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.