Benchmark research · Gold
ETFs and Stocks That Consistently Outperformed GLD (Gold)
Any investment can look great over a single hand-picked timeframe. To find what truly kept ahead of GLD (SPDR Gold Shares), we screened GLD against the entire market of over 10,000 stocks and ETFs across 8 different time windows from 1 month to 10 years, including reinvested dividends. A contender had to come out ahead in both the short term and the long term to make the list. Data as of October 20, 2026.
Compare the entire market against GLD live →Key findings
- How hard it was to top GLD: Across over 10,000 stocks and ETFs screened, 66 of 954 eligible ETFs (6.9%) and 317 of 1,502 eligible stocks (21%) outperformed GLD under the consistency rule. A smaller group kept ahead in all but one short-term period and every long-term period: 18 ETFs and 123 stocks.
- Who came out ahead across the three groups:
- Popular alternatives: Gold-miner funds RING and GDX made the list, each outperforming in 4 of 5 short-term periods and 3 of 3 long-term periods. DGP managed 3 of 3 long-term periods but only 1 of 5 short-term periods, while SPY led in 5 of 5 short-term periods but just 1 of 3 long-term periods. Same-index gold funds IAU and SGOL tied GLD in every period.
- Top ETFs: International and technology funds led the displayed group, with 8 international and 4 technology ETFs among the top ETFs. Standouts include IYW, VGT, DXJ, and OPPJ. In all, 66 ETFs qualified, while the table shows the top 15.
- Top stocks: 317 stocks qualified, and the table shows the top 10. Healthcare names NTRA, MEDP, and LLY and technology company FTNT each outperformed in 5 of 5 short-term and 3 of 3 long-term periods.
- The risk trade-off: Over 5 years, the top ETFs had median volatility of 24.9%, above GLD's 18.9%, while their median Sharpe ratio was lower at 0.89 versus 0.96. The top stocks were bumpier still, with median volatility of 47.8% and a median Sharpe ratio of 0.86. Seven of the top 15 ETFs and 4 of the top 10 stocks had higher Sharpe ratios than GLD, so only some delivered more return per unit of risk.
How popular alternatives compare
Well-known funds and stocks investors often compare against GLD, sorted by long-term periods outperformed, then short-term.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | ||
| GLD SPDR Gold Shares (benchmark) | — | −5.2% | +2.7% | −14.6% | −5.2% | −6.3% | +106% | +126% | +213% | 18.9% | 0.96 |
| RING Made the listiShares MSCI Global Gold Miners ETF | 4/5 short3/3 longAll-weather | −9.2% | +24.5% | −11.4% | +3.3% | +11.1% | +243% | +201% | +315% | 38.2%2.0× GLD | 0.77 |
| GDX Made the listVanEck Gold Miners ETF | 4/5 short3/3 longAll-weather | −8.8% | +21.7% | −13.1% | +0.4% | +7.9% | +203% | +181% | +283% | 38.2%2.0× GLD | 0.73 |
| DGP Fell shortDB Gold Double Long ETN | 1/5 short3/3 long | −9.7% | +7.4% | −28.0% | −14.9% | −17.6% | +236% | +266% | +458% | 40.7%2.1× GLD | 0.85 |
| SLV Fell shortiShares Silver Trust | 1/5 short2/3 long | −12.6% | +2.2% | −27.8% | −20.7% | +9.2% | +144% | +131% | +213% | 37.5%2.0× GLD | 0.64 |
| SPY Fell shortState Street SPDR S&P 500 ETF | 5/5 short1/3 long | −0.6% | +3.9% | +9.1% | +13.5% | +15.8% | +89.3% | +81.7% | +321% | 17.1%0.9× GLD | 0.79 |
| DBC Fell shortInvesco DB Commodity Index Tracking Fund | 5/5 short0/3 long | +3.0% | +15.2% | +17.1% | +49.9% | +55.3% | +52.5% | +76.6% | +160% | 19.3%1.0× GLD | 0.69 |
| SGOL Same indexabrdn Physical Gold Shares ETF | ≈ Same returns | −5.2% | +2.7% | −14.5% | −5.0% | −6.1% | +107% | +129% | +218% | 18.8%1.0× GLD | 0.98 |
| IAU Same indexiShares Gold Trust | ≈ Same returns | −5.2% | +2.8% | −14.5% | −5.1% | −6.1% | +107% | +128% | +218% | 18.9%1.0× GLD | 0.97 |
| BAR Fell shortGraniteShares Gold Trust | 0/5 short0/3 long | −5.2% | +2.8% | −14.5% | −5.0% | −6.1% | +107% | +129% | — | 18.8%1.0× GLD | 0.98 |
| GLDM Fell shortSPDR Gold MiniShares Trust | 0/5 short0/3 long | −5.2% | +2.8% | −14.5% | −5.0% | −6.0% | +108% | +130% | — | 18.9%1.0× GLD | 0.98 |
ETFs that consistently outperformed GLD
Top 15 by long-term periods outperformed, then short-term, then by 10Y return. Green cells outperformed GLD in that period. Excludes leveraged and inverse funds, ETFs under $100M in assets, stocks under $2.0B in market cap, and anything without 10 years of history.
| # | Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | Expense | Assets | |||
| — | GLD SPDR Gold Shares (benchmark) | — | −5.2% | +2.7% | −14.6% | −5.2% | −6.3% | +106% | +126% | +213% | 18.9% | 0.96 | ||
| 1 | IYW Broad MarketiShares U.S. Technology ETF | 5/5 short3/3 longAll-weather | −4.2% | +5.6% | +20.4% | +26.8% | +27.0% | +143% | +138% | +805% | 26.6%1.4× GLD | 0.79 | 0.37% | $24B |
| 2 | VGT TechnologyVanguard Information Technology ETF | 5/5 short3/3 longAll-weather | −4.2% | +6.3% | +19.1% | +27.6% | +26.7% | +138% | +133% | +779% | 26.0%1.4× GLD | 0.78 | 0.09% | $178B |
| 3 | FTEC TechnologyFidelity MSCI Information Technology Index ETF | 5/5 short3/3 longAll-weather | −4.2% | +6.3% | +19.1% | +27.6% | +27.0% | +139% | +135% | +763% | 26.1%1.4× GLD | 0.79 | 0.08% | $22B |
| 4 | DXJ InternationalWisdomTree Japan Hedged Equity Fund | 5/5 short3/3 longAll-weather | 0.0% | +4.7% | +9.9% | +25.0% | +36.4% | +127% | +225% | +428% | 19.1%1.0× GLD | 1.34 | 0.48% | $8.1B |
| 5 | UGA CommoditiesUnited States Gasoline Fund, LP | 5/5 short3/3 longAll-weather | −0.9% | +16.9% | +40.5% | +130% | +130% | +111% | +221% | +399% | 35.1%1.9× GLD | 0.84 | 1.08% | $167M |
| 6 | OPPJ InternationalWisdomTree Japan Opportunities Fund | 5/5 short3/3 longAll-weather | −4.4% | +3.6% | +3.6% | +23.6% | +36.6% | +124% | +193% | +357% | 18.5%1.0× GLD | 1.26 | 0.58% | $333M |
| 7 | DBJP InternationalXtrackers MSCI Japan Hedged Equity ETF | 5/5 short3/3 longAll-weather | −1.7% | +3.4% | +8.5% | +21.9% | +29.0% | +113% | +159% | +348% | 19.2%1.0× GLD | 1.09 | 0.45% | $726M |
| 8 | HEWJ InternationaliShares Currency Hedged MSCI Japan ETF | 5/5 short3/3 longAll-weather | −1.6% | +3.5% | +8.6% | +22.0% | +29.0% | +113% | +158% | +346% | 19.4%1.0× GLD | 1.08 | 1.02% | $639M |
| 9 | CRAK EnergyVanEck Oil Refiners ETF | 5/5 short3/3 longAll-weather | +1.6% | +20.3% | +41.5% | +73.9% | +81.5% | +121% | +146% | +336% | 20.9%1.1× GLD | 0.97 | 0.61% | $810M |
| 10 | EPU InternationaliShares MSCI Peru and Global Exposure ETF | 5/5 short3/3 longAll-weather | −1.8% | +5.9% | +7.2% | +25.1% | +42.7% | +246% | +264% | +275% | 24.9%1.3× GLD | 1.17 | 0.59% | $551M |
| 11 | XLK TechnologyState Street Technology Select Sector SPDR ETF | 4/5 short3/3 longAll-weather | −4.8% | +5.7% | +20.3% | +29.0% | +29.3% | +131% | +143% | +767% | 26.0%1.4× GLD | 0.82 | 0.08% | $125B |
| 12 | IXN InternationaliShares Global Tech ETF | 4/5 short3/3 longAll-weather | −6.2% | +4.4% | +19.3% | +31.2% | +32.0% | +145% | +141% | +720% | 26.2%1.4× GLD | 0.81 | 0.37% | $9.1B |
| 13 | EWT TechnologyiShares MSCI Taiwan ETF | 4/5 short3/3 longAll-weather | −7.2% | +11.9% | +28.4% | +65.7% | +69.7% | +195% | +153% | +468% | 24.2%1.3× GLD | 0.89 | 0.59% | $12B |
| 14 | GREK InternationalGlobal X - MSCI Greece ETF | 4/5 short3/3 longAll-weather | −5.6% | +8.8% | +14.9% | +21.4% | +32.7% | +175% | +234% | +380% | 24.6%1.3× GLD | 1.11 | 0.56% | $327M |
| 15 | RING InternationaliShares MSCI Global Gold Miners ETF | 4/5 short3/3 longAll-weather | −9.2% | +24.5% | −11.4% | +3.3% | +11.1% | +243% | +201% | +315% | 38.2%2.0× GLD | 0.77 | 0.39% | $2.3B |
Stocks that consistently outperformed GLD
Top 10 by long-term periods outperformed, then short-term, then by 10Y return. Individual stocks swing far more than funds; check the volatility column.
| # | Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Company | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | Market cap | |||
| — | GLD SPDR Gold Shares (benchmark) | — | −5.2% | +2.7% | −14.6% | −5.2% | −6.3% | +106% | +126% | +213% | 18.9% | 0.96 | |
| 1 | NTRA Medical - Diagnostics & ResearchNatera, Inc. | 5/5 short3/3 longAll-weather | +9.5% | +54.6% | +95.4% | +77.4% | +115% | +896% | +261% | +3,841% | 57.6%3.0× GLD | 0.74 | $59B |
| 2 | BWLP Marine ShippingBW LPG Limited | 5/5 short3/3 longAll-weather | −1.7% | +22.6% | +44.0% | +117% | +136% | +230% | +958% | +2,672% | 50.9%2.7× GLD | 1.19 | $3.8B |
| 3 | FTNT Software - InfrastructureFortinet, Inc. | 5/5 short3/3 longAll-weather | −2.5% | +6.6% | +107% | +119% | +101% | +203% | +156% | +2,626% | 44.8%2.4× GLD | 0.65 | $125B |
| 4 | MEDP Medical - Diagnostics & ResearchMedpace Holdings, Inc. | 5/5 short3/3 longAll-weather | −0.3% | +17.9% | +17.8% | +9.0% | +14.3% | +172% | +231% | +1,914% | 52.0%2.7× GLD | 0.70 | $17B |
| 5 | LLY Drug Manufacturers - GeneralEli Lilly and Company | 5/5 short3/3 longAll-weather | +10.2% | +12.1% | +40.0% | +19.4% | +59.7% | +124% | +451% | +1,807% | 32.8%1.7× GLD | 1.21 | $1.2T |
| 6 | CORT Medical - PharmaceuticalsCorcept Therapeutics Incorporated | 5/5 short3/3 longAll-weather | +2.4% | +27.2% | +151% | +205% | +48.2% | +317% | +498% | +1,593% | 75.9%4.0× GLD | 0.81 | $13B |
| 7 | COKE Beverages - Non-AlcoholicCoca-Cola Consolidated, Inc. | 5/5 short3/3 longAll-weather | +12.3% | +17.3% | +14.9% | +42.9% | +61.7% | +255% | +461% | +1,569% | 38.0%2.0× GLD | 1.10 | $14B |
| 8 | TSM SemiconductorsTaiwan Semiconductor Manufacturing Company Limited | 5/5 short3/3 longAll-weather | −4.5% | +5.9% | +16.6% | +34.0% | +44.3% | +382% | +293% | +1,505% | 38.5%2.0× GLD | 0.91 | $2.2T |
| 9 | CVI Oil & Gas Refining & MarketingCVR Energy, Inc. | 5/5 short3/3 longAll-weather | +16.4% | +79.1% | +106% | +147% | +78.5% | +115% | +304% | +1,424% | 52.3%2.8× GLD | 0.80 | $6.2B |
| 10 | MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 5/5 short3/3 longAll-weather | +18.1% | +51.1% | +123% | +191% | +159% | +234% | +690% | +1,387% | 33.4%1.8× GLD | 1.41 | $133B |
What stands out
The ETF results were led by international and technology funds, while healthcare and technology names feature among the leading stocks. Gold-miner funds RING and GDX also kept ahead across the long-term periods, though their short-term record was less complete. The mix suggests GLD's challengers came from several areas, rather than one single theme.
The strongest listed funds and stocks outperformed across both short- and long-term periods, but their risk measures show the cost of that lead. The top ETF group was more volatile than GLD, and the top stocks were roughly double or more as volatile. Median Sharpe ratios were below GLD's for both groups, even though 7 of the top 15 ETFs and 4 of the top 10 stocks had higher Sharpe ratios. Past results do not establish how these investments will perform next.
Methodology
- Short-term periods: 1M, 3M, 6M, YTD, 1Y. Long-term periods: 3Y, 5Y, 10Y. An investment outperformed a period when its total return, with dividends reinvested, was higher than GLD's. Returns within 0.5 points or 3% of GLD's (whichever is larger) count as a tie and are shown in gray.
- Consistent means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods, so a recent hot streak alone is not enough. All-weather means outperforming in every long-term period and all but one short-term period. Rankings use long-term periods outperformed, then short-term, then the 10Y return.
- Excludes leveraged and inverse funds, ETFs under $100M in assets, stocks under $2.0B in market cap, and anything without 10 years of history.
- 3 ETFs that track essentially the same returns as GLD (IAU, SGOL, OUNZ) are excluded, since tiny fee differences decide whether they finish ahead.
- Volatility is the annualized standard deviation of daily returns over 5 years. The Sharpe ratio is return above cash divided by volatility over the same period: higher means more return per unit of risk.
- Returns and risk figures are computed from daily adjusted prices and update with each market day. Past performance does not predict future results.