XSW vs. GLDM
XSW (SPDR S&P Software & Services ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - XSW is a Technology Equities fund tracking the S&P Software & Services Select Industry Index, while GLDM is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 5 years, XSW returned 1.40%/yr vs 17.31%/yr for GLDM. Their 0.08 correlation means their historical movements had little consistent relationship. XSW charges 0.35%/yr vs 0.10%/yr for GLDM.
Performance
XSW vs. GLDM - Performance Comparison
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Returns By Period
In the year-to-date period, XSW achieves a -2.35% return, which is significantly higher than GLDM's -6.13% return.
XSW
- 1D
- 0.60%
- 1M
- 3.56%
- 6M
- 9.30%
- YTD
- -2.35%
- 1Y
- 0.97%
- 3Y*
- 8.86%
- 5Y*
- 1.40%
- 10Y*
- 13.43%
- ALL TIME*
- 14.98%
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 | |
| $8.95M | $8.27M | $10.07M |
XSW vs. GLDM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XSW SPDR S&P Software & Services ETF | -2.35% | -0.90% | 25.81% | 38.60% | -34.22% | 7.47% | 52.41% | 36.50% | -7.73% |
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 XSW and GLDM is 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.11 |
Correlation (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018 | 0.08 |
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Return for Risk
XSW vs. GLDM — Risk / Return Rank
XSW
GLDM
XSW vs. GLDM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) 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.
| XSW | GLDM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.17 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 0.88 | -0.95 |
| Martin ratioReturn relative to average drawdown | -0.13 | 1.90 | -2.03 |
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Drawdowns
XSW vs. GLDM - Drawdown Comparison
The maximum XSW drawdown since its inception was -45.38%, which is greater than GLDM's maximum drawdown of -26.27%. Use the drawdown chart below to compare losses from any high point for XSW and GLDM.
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Drawdown Indicators
| XSW | GLDM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.38% | -26.27% | -19.11% |
Max Drawdown (1Y)Largest decline over 1 year | -33.75% | -26.27% | -7.48% |
Max Drawdown (3Y)Largest decline over 3 years | -33.75% | -26.27% | -7.48% |
Max Drawdown (5Y)Largest decline over 5 years | -45.38% | -26.27% | -19.11% |
Max Drawdown (10Y)Largest decline over 10 years | -45.38% | — | — |
Current DrawdownCurrent decline from peak | -10.96% | -24.94% | +13.98% |
Average DrawdownAverage peak-to-trough decline | -9.90% | -6.56% | -3.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.92% | 12.12% | +4.80% |
Volatility
XSW vs. GLDM - Volatility Comparison
SPDR S&P Software & Services ETF (XSW) has a higher volatility of 8.03% compared to SPDR Gold MiniShares Trust (GLDM) at 6.35%. This indicates that XSW'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
| XSW | GLDM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 6.35% | +1.68% |
Volatility (6M)Calculated over the trailing 6-month period | 24.75% | 23.37% | +1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.79% | 27.92% | +1.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.15% | 18.39% | +10.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.36% | 17.10% | +9.26% |
XSW vs. GLDM - Expense Ratio Comparison
XSW has a 0.35% expense ratio, which is higher than GLDM's 0.10% expense ratio.
Dividends
XSW vs. GLDM - Dividend Comparison
Neither XSW nor GLDM has 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% |
XSW SPDR S&P Software & Services ETF | 0.00% | 0.06% | 0.07% | 0.20% | 0.09% | 0.13% | 0.26% | 0.12% | 0.31% | 0.46% | 0.87% | 0.54% |
Frequently Asked Questions
XSW and GLDM have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XSW has higher volatility (8.03%) compared to GLDM (6.35%). In terms of maximum drawdown, XSW dropped -45.38% vs GLDM's -26.27%.
On 5-year performance, GLDM leads with 17.31% vs 1.40% for XSW. 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, GLDM has performed better with a 17.31% return vs 1.40%. 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 XSW.
XSW and GLDM have nearly identical dividend yields, around 0.00%.
XSW is categorized as Technology Equities, while GLDM is Gold. XSW tracks S&P Software & Services Select Industry Index, while GLDM tracks LBMA Gold Price PM. Their fees differ too: 0.35% for XSW and 0.10% for GLDM.
GLDM currently has the higher Sharpe Ratio (0.83 vs -0.08), 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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