ZION vs. GLDM

Last updated Jun 25, 2026

ZION (Zions Bancorporation, National Association) is a stock, while GLDM (SPDR Gold MiniShares Trust) is Gold fund tracking the LBMA Gold Price PM. Over the past 5 years, ZION returned 7.91%/yr vs 17.40%/yr for GLDM. At a correlation of -0.03, they often move in opposite directions.

Performance

ZION vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Zions Bancorporation, National Association (ZION) 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, ZION achieves a 18.41% return, which is significantly higher than GLDM's -7.59% return.

ZION

• 1D: -0.28%
• 1M: 9.95%
• YTD: 18.41%
• 6M: 16.40%
• 1Y: 40.75%
• 3Y*: 41.95%
• 5Y*: 7.91%
• 10Y*: 13.64%

GLDM

• 1D: -3.01%
• 1M: -11.57%
• YTD: -7.59%
• 6M: -11.06%
• 1Y: 19.86%
• 3Y*: 27.48%
• 5Y*: 17.40%
• 10Y*: —

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

ZION vs. GLDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ZION Zions Bancorporation, National Association	18.41%	11.58%	28.19%	-6.29%	-20.02%	49.11%	-13.17%	31.00%	-24.55%
GLDM SPDR Gold MiniShares Trust	-7.59%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	1.75%

Correlation

The correlation between ZION and GLDM is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Jun 26, 2018	-0.03

Return for Risk

ZION vs. GLDM — Risk / Return Rank

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

ZION

ZION Risk / Return Rank: 77
ZION Sharpe Ratio Rank: 80
ZION Sortino Ratio Rank: 72
ZION Omega Ratio Rank: 77
ZION Calmar Ratio Rank: 76
ZION Martin Ratio Rank: 79

GLDM

GLDM Risk / Return Rank: 21
GLDM Sharpe Ratio Rank: 22
GLDM Sortino Ratio Rank: 20
GLDM Omega Ratio Rank: 24
GLDM Calmar Ratio Rank: 19
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.

ZION vs. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Zions Bancorporation, National Association (ZION) 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.

	ZION	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	1.35	0.73	+0.62
Sortino ratio: Return per unit of downside risk	1.72	1.07	+0.65
Omega ratio: Gain probability vs. loss probability	1.26	1.16	+0.11
Calmar ratio: Return relative to maximum drawdown	1.98	0.76	+1.22
Martin ratio: Return relative to average drawdown	5.63	2.17	+3.47

ZION vs. GLDM - Sharpe Ratio Comparison

The current ZION Sharpe Ratio is 1.35, which is higher than the GLDM Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of ZION 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

ZION vs. GLDM - Drawdown Comparison

The maximum ZION drawdown since its inception was -92.20%, which is greater than GLDM's maximum drawdown of -26.11%. Use the drawdown chart below to compare losses from any high point for ZION and GLDM.

Drawdown Indicators

	ZION	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-92.20%	-26.11%	-66.09%
Max Drawdown (1Y) Largest decline over 1 year	-20.66%	-26.11%	+5.45%
Max Drawdown (3Y) Largest decline over 3 years	-32.43%	-26.11%	-6.32%
Max Drawdown (5Y) Largest decline over 5 years	-72.23%	-26.11%	-46.12%
Max Drawdown (10Y) Largest decline over 10 years	-72.23%	—	—
Current Drawdown Current decline from peak	-0.28%	-26.11%	+25.83%
Average Drawdown Average peak-to-trough decline	-32.40%	-6.33%	-26.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.26%	9.19%	-1.93%

Volatility

ZION vs. GLDM - Volatility Comparison

The current volatility for Zions Bancorporation, National Association (ZION) is 6.71%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 8.56%. This indicates that ZION experiences smaller price fluctuations and is considered to be less risky than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZION	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.71%	8.56%	-1.85%
Volatility (6M) Calculated over the trailing 6-month period	19.21%	24.41%	-5.20%
Volatility (1Y) Calculated over the trailing 1-year period	30.40%	27.53%	+2.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.53%	18.20%	+24.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.43%	17.05%	+22.38%

Dividends

ZION vs. GLDM - Dividend Comparison

ZION's dividend yield for the trailing twelve months is around 2.64%, 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%
ZION Zions Bancorporation, National Association	2.64%	3.01%	3.06%	3.74%	3.21%	2.28%	3.13%	2.47%	2.55%	0.87%	0.65%	0.81%

Frequently Asked Questions

Can I hold both ZION and GLDM in my portfolio?

ZION and GLDM have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZION or GLDM?

GLDM has higher volatility (8.56%) compared to ZION (6.71%). In terms of maximum drawdown, ZION dropped -92.20% vs GLDM's -26.11%.

Which has better risk-adjusted returns?

ZION currently has the higher Sharpe Ratio (1.35 vs 0.73), 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.