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Relative Intelligence · Gold

How SPDR Gold Shares (GLD) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on GLD alone. It places GLD (SPDR Gold Shares) against 13 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where GLD stands in the market, and of the alternatives worth a closer look.

Period covered: GLD's full trading record, from November 2004 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against GLD →Chart GLD vs. 13 alternatives →
On this page12 sections

Key findings

How much would $10,000 in GLD have grown?

This chart tracks a hypothetical $10,000 investment in GLD over the past 16 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of GLD over the same span and GLD's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: The chart covers the past 16 years rather than GLD's full 21 years, because most of its popular alternatives have not traded that long.

Choose a period

From the end of September 2010 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 1,374 of the 2,048 stocks and funds worth at least $500 million that traded the whole period ended ahead of GLD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000$100,000$200,000201020132016201920222025$10,000$100,00020102014201820222026
  • AAPL$392,248+3,822% total · +25.8% a year
  • CAH$100,083+901% total · +15.5% a year
  • SPY (S&P 500)$88,503+785% total · +14.6% a year
  • DXJ$83,812+738% total · +14.2% a year
  • RY$69,028+590% total · +12.8% a year
  • IAU$30,508+205% total · +7.2% a year
  • GLD$29,773+198% total · +7.1% a year
  • SLV$25,579+156% total · +6.0% a year
  • GDX$18,092+80.9% total · +3.8% a year
  • GDXJ$12,078+20.8% total · +1.2% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 594 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of GLD; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • CAH$49,682+397% total · +37.8% a year
  • DXJ$32,976+230% total · +27.0% a year
  • GDXJ$32,179+222% total · +26.3% a year
  • GDX$31,938+219% total · +26.1% a year
  • MPLX$30,642+206% total · +25.1% a year
  • SLV$26,565+166% total · +21.6% a year
  • RY$23,646+136% total · +18.8% a year
  • IAUM$23,601+136% total · +18.7% a year
  • GLD$23,190+132% total · +18.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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GLD at a glance

This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: GLD began trading on November 18, 2004, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The fund

Issuer
SPDR
Began trading
November 2004
Expense ratio
0.40%per year
Assets
$143B
Category
Commodities

Returns

Past 1 year
−6.3%total return
Past 3 years
+106%+27.2% a year
Past 5 years
+126%+17.7% a year
Past 10 years
+213%+12.1% a year
Best calendar year
+63.7%2025
Worst calendar year
−28.3%2013
Losing years
6 of 21full calendar years

Risk

Volatility
18.9%typical yearly swing, 5 years
Sharpe ratio
0.96return per unit of risk, 5 years
Worst decline ever
−45.6%Aug 2011 to Dec 2015
From its all-time high
−23.8%below the peak

GLD against the whole market

Where GLD ranks among every stock and fund, and what across the market has done better.

How does GLD rank among all ETFs?

This section ranks GLD on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how GLD stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.

MeasureGLDRankStanding
1-year return−6.3%2,353 of 2,485bottom 6%
3-year return+106%193 of 1,949top 10%
5-year return+126%76 of 1,560top 5%
10-year return+213%250 of 958top 26%
Volatility, 5 years18.9%1,036 of 1,560bottom 35%
Sharpe ratio, 5 years0.96149 of 1,560top 10%
Worst decline, past 10 years−26.4%159 of 951top 17%

What has beaten GLD on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). GLD sits where the dashed lines cross. Anything in the green box above and to the left earned more than GLD with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to GLD. 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%12.5%15.0%17.5%20.0%22.5%25.0%27.5%30.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than GLDGLD: +17.7% a year, volatility 18.9%SPY (S&P 500): +12.7% a year, volatility 17.1%IAU: +17.9% a year, volatility 18.9%MPLX: +23.5% a year, volatility 18.8%DXJ: +26.6% a year, volatility 19.1%RY: +17.3% a year, volatility 18.2%CAH: +42.1% a year, volatility 24.7%AAPL: +18.5% a year, volatility 28.0%WMT: +20.8% a year, volatility 22.6%JPM: +17.3% a year, volatility 24.3%LVHI: +17.0% a year, volatility 11.1%GLDSPY (S&P 500)IAUMPLXDXJCAHAAPLWMTJPMLVHI10.0%15.0%20.0%25.0%30.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than GLDGLD: +17.7% a year, volatility 18.9%SPY (S&P 500): +12.7% a year, volatility 17.1%IAU: +17.9% a year, volatility 18.9%MPLX: +23.5% a year, volatility 18.8%DXJ: +26.6% a year, volatility 19.1%RY: +17.3% a year, volatility 18.2%CAH: +42.1% a year, volatility 24.7%AAPL: +18.5% a year, volatility 28.0%WMT: +20.8% a year, volatility 22.6%JPM: +17.3% a year, volatility 24.3%LVHI: +17.0% a year, volatility 11.1%GLDSPY (S&P 500)IAUMPLXDXJCAHAAPLWMTJPMLVHI
  • Popular alternatives
  • The whole market
  • 1 with more than 1.6× GLD's volatility is in the table only

Is there a better investment than GLD?

Investments that beat GLD over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat GLD over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks GLD's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than GLD's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× GLD's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than GLD's.

Screen the whole market against GLD for any period in BetterThanSPYOpen these 11 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with GLD?lower diversifies moreExpenseper year
GLDSPDR Gold Shares · this page
+17.7%18.9%0.96−26.4%+213%1.000.40%
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.160.09%
Popular alternativesbest 2 shownThe investments people most often weigh against GLD. 5 of 12 passed at least one test.
GDXVanEck Gold Miners ETF · Gold Mining
Higher return in most periods+22.9%38.2%0.73−49.8%+283%0.870.51%
IAUiShares Gold Trust · Gold
Same exposure, lower expense ratio+17.9%18.9%0.97−26.4%+218%1.000.25%
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 98 of 3,578 passed at least one test.
MPLXMPLX Lp · Oil & Gas Midstream
On the frontierHigher return, similar volatilityHigher return in most periods+23.5%18.8%1.22−75.2%+350%0.11—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, similar volatilityHigher return in most periods+26.6%19.1%1.34−39.1%+428%0.220.48%
RYRoyal Bank of Canada · Banks
On the frontierHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.06—
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.04—
AAPLApple Inc. · Computer Hardware
Higher return in most periods+18.5%28.0%0.75−38.5%+1,168%0.06—
WMTWalmart Inc. · Discount Retail
Higher return in most periods+20.8%22.6%0.96−25.7%+508%0.20—
JPMJPMorgan Chase & Co. · Banks
Higher return in most periods+17.3%24.3%0.78−43.6%+537%-0.03—
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
On the frontierSimilar return, lower volatility+17.0%11.1%1.48−32.4%+194%0.370.40%
What these numbers mean for GLD
Annual return
GLD returned 17.7% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $22,600. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
GLD's volatility over the past 5 years was 18.9%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, GLD's return lands within 18.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
GLD's Sharpe ratio over the past 5 years was 0.96, against 0.79 for the S&P 500, so GLD earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
GLD's worst fall from a peak to a low over the past 10 years was 26.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 26.4% fall takes a 35.9% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, GLD's monthly returns had a correlation of 0.16 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against GLD instead: the lower it is, the more that option would diversify a GLD holding. Guide: Correlation and diversification →

See everything that outperformed GLD →

GLD against its popular alternatives

The investments people most often weigh against GLD, compared period by period and year by year.

How do GLD's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at GLD, which divides the map into what did better or worse on each measure.

Green points earned more than GLD with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%8.0%10.0%12.0%14.0%16.0%18.0%20.0%22.0%24.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityGLD: 17.7% a year, volatility 18.9%SPY (S&P 500): 12.7% a year, volatility 17.1%IAUM: 18.1% a year, volatility 18.8%PPLT: 8.8% a year, volatility 33.1%GLTR: 14.9% a year, volatility 24.6%GDX: 22.9% a year, volatility 38.2%GDXJ: 21.4% a year, volatility 43.0%SLV: 18.3% a year, volatility 37.5%GLDSPY (S&P 500)IAUMPPLTGLTRGDXGDXJSLV10.0%20.0%30.0%40.0%50.0%7.5%10.0%12.5%15.0%17.5%20.0%22.5%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityGLD: 17.7% a year, volatility 18.9%SPY (S&P 500): 12.7% a year, volatility 17.1%IAUM: 18.1% a year, volatility 18.8%PPLT: 8.8% a year, volatility 33.1%GLTR: 14.9% a year, volatility 24.6%GDX: 22.9% a year, volatility 38.2%GDXJ: 21.4% a year, volatility 43.0%SLV: 18.3% a year, volatility 37.5%GLDSPY (S&P 500)IAUMPPLTGLTRGDXGDXJSLV
All figures
InvestmentAnnual returnVolatility
GDX VanEck Gold Miners ETF+22.9%38.2%
GDXJ VanEck Junior Gold Miners ETF+21.4%43.0%
SLV iShares Silver Trust+18.3%37.5%
IAUM iShares Gold Trust Micro+18.1%18.8%
GLD This pageSPDR Gold Shares+17.7%18.9%
GLTR abrdn Physical Precious Metals Basket Shares ETF+14.9%24.6%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
PPLT abrdn Physical Platinum Shares ETF+8.8%33.1%
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Has GLD consistently beaten its popular alternatives?

This section compares GLD with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than GLD helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than GLD over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
GLD SPDR Gold Shares (this page)—−5.2%+2.7%−14.6%−5.2%−6.3%+106%+126%+213%18.9%0.96−26.4%0.40%$143B—
GDX QualifiedVanEck Gold Miners ETF4/5 short3/3 longAll-weather−8.8%+21.7%−13.1%+0.4%+7.9%+203%+181%+283%38.2%0.73−49.8%0.51%$27B—
GDXJ MaterialsVanEck Junior Gold Miners ETF2/5 short2/3 long−12.1%+17.7%−18.0%−4.7%+4.0%+228%+164%+202%43.0%0.67−57.8%0.52%$8.1B—
SLV CommoditiesiShares Silver Trust1/5 short2/3 long−12.6%+2.2%−27.8%−20.7%+9.2%+144%+131%+213%37.5%0.64−52.4%0.50%$29B—
IAUM CommoditiesiShares Gold Trust Micro0/5 short1/3 long−5.1%+2.9%−14.4%−4.9%−5.9%+108%+130%—18.8%0.99−26.3%0.09%$8.0B—
PPLT Alternativesabrdn Physical Platinum Shares ETF2/5 short0/3 long−8.4%+3.3%−21.0%−23.1%−0.2%+80.8%+52.4%+66.9%33.1%0.42−44.0%0.60%$1.9B—
GLTR Alternativesabrdn Physical Precious Metals Basket Shares ETF1/5 short0/3 long−8.2%+1.9%−20.1%−12.5%−2.9%+106%+101%+191%24.6%0.69−37.9%0.60%$2.5B—
SGOL Alternativesabrdn Physical Gold Shares ETF0/5 short0/3 long−5.2%+2.7%−14.5%−5.0%−6.1%+107%+129%+218%18.8%0.98−26.3%0.17%$7.2B—
IAU CommoditiesiShares Gold Trust0/5 short0/3 long−5.2%+2.8%−14.5%−5.1%−6.1%+107%+128%+218%18.9%0.97−26.4%0.25%$62B—
OUNZ Broad MarketVanEck Merk Gold ETF0/5 short0/3 long−5.2%+2.8%−14.5%−5.1%−6.2%+106%+128%+216%18.9%0.97−26.3%0.25%$2.7B—
AAAU CommoditiesGoldman Sachs Physical Gold ETF0/5 short0/3 long−5.2%+2.7%−14.5%−5.0%−6.1%+107%+129%—18.8%0.98−26.3%0.18%$2.6B—
BAR CommoditiesGraniteShares Gold Trust0/5 short0/3 long−5.2%+2.8%−14.5%−5.0%−6.1%+107%+129%—18.8%0.98−26.3%0.17%$1.3B—
FGDL AlternativesFranklin Responsibly Sourced Gold ETF0/5 short0/3 long−5.1%+3.0%−14.6%−5.4%−6.4%+107%————−26.6%0.15%$435M—
GLDM CommoditiesSPDR Gold MiniShares Trust0/5 short0/3 long−5.2%+2.8%−14.5%−5.0%−6.0%+108%+130%—18.9%0.98−26.3%0.10%$31B—
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How did GLD do year by year?

This table shows each investment's total return in every full calendar year since 2005, along with where GLD ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with GLD and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: GLD began trading on November 18, 2004, so the table starts with 2005, its first full calendar year, and cannot show how it fared during the dot-com bust.

Newest year first. Green marks a year in which the fund came out ahead of GLD; gray means the two finished within a fraction of a point. The rank row places GLD among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of GLD202520242023202220212020201920182017201620152014201320122011201020092008200720062005
GLD This pageSPDR Gold Shares—+63.7%+26.7%+12.7%−0.8%−4.2%+24.8%+17.9%−1.9%+12.8%+8.0%−10.7%−2.2%−28.3%+6.6%+9.6%+29.3%+24.0%+4.9%+30.4%+22.6%+17.8%
Rank among alternativesTop quarter in 9 of 157 of 72 of 72 of 75 of 71 of 64 of 65 of 61 of 62 of 65 of 61 of 61 of 62 of 64 of 61 of 6——————
SPY S&P 500State Street SPDR S&P 500 ETF10 of 21+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%
GDX VanEck Gold Miners ETF5 of 19+155%+10.7%+10.0%−9.0%−9.5%+23.7%+39.8%−8.8%+12.0%+53.0%−24.7%−12.4%−54.0%−8.9%−16.1%+33.9%+36.7%−26.1%+16.8%——
GDXJ VanEck Junior Gold Miners ETF5 of 16+172%+15.7%+7.1%−14.5%−21.3%+30.4%+40.4%−11.0%+8.2%+73.0%−19.1%−22.4%−60.8%−16.8%−34.0%+67.0%—————
SLV iShares Silver Trust7 of 19+145%+20.9%−1.1%+2.4%−12.4%+47.3%+14.9%−9.2%+5.8%+14.6%−12.4%−19.5%−36.3%+9.0%−10.7%+82.5%+47.7%−23.8%+14.3%——
IAUM iShares Gold Trust Micro0 of 4+64.3%+27.0%+13.1%−0.5%—————————————————
PPLT abrdn Physical Platinum Shares ETF5 of 15+124%−8.9%−8.2%+10.4%−10.7%+10.8%+20.9%−15.0%+2.4%+0.7%−26.7%−12.6%−11.6%+9.9%−21.8%——————
GLTR abrdn Physical Precious Metals Basket Shares ETF6 of 15+87.3%+20.6%+2.0%−0.3%−9.6%+29.5%+21.0%−2.9%+12.9%+10.1%−14.1%−7.8%−28.8%+7.6%−2.4%——————
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Risk and diversification

How GLD has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were GLD's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents GLD's five deepest drawdowns since it began trading in 2004, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: GLD began trading on November 18, 2004, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means GLD fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringGLD fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2015 China and oil sell-off−45.6%+98.3%Aug 2011Dec 20154.3 yearsJul 20204.6 years
2008 financial crisis−29.4%−32.0%Mar 2008Nov 20088 monthsSep 200910 months
No named crash−26.4%+8.7%Jan 2026Jul 20266 monthsNot yet—
2022 bear market−22.0%+12.6%Aug 2020Sep 20222.1 yearsMar 202418 months
No named crash−21.8%−4.4%May 2006Jun 20061 monthSep 200715 months

How did GLD do in stock market crashes?

This section measures how far GLD, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: GLD began trading on November 18, 2004, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than GLD.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
GLD This pageSPDR Gold Shares—0.0%−21.0%−12.5%−2.7%−1.5%−11.7%−15.4%−0.2%−29.4%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF0 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
GDX VanEck Gold Miners ETF0 of 9−0.5%−46.5%−38.8%−8.4%−5.3%−25.5%−18.3%−1.6%−71.0%—
GDXJ VanEck Junior Gold Miners ETF0 of 8−0.3%−48.8%−50.7%−12.2%−5.4%−26.3%−29.7%−1.9%——
SLV iShares Silver Trust0 of 90.0%−33.0%−35.6%−5.1%−2.2%−15.3%−32.3%0.0%−57.1%—
IAUM iShares Gold Trust Micro0 of 20.0%−20.9%————————
PPLT abrdn Physical Platinum Shares ETF0 of 80.0%−28.6%−41.7%−10.3%−2.6%−20.6%−21.6%0.0%——
GLTR abrdn Physical Precious Metals Basket Shares ETF0 of 70.0%−26.3%−23.3%−3.2%−2.4%−13.8%−22.7%———
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How closely does GLD move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares GLD with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than GLD's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
GLD This pageSPDR Gold Shares40%3%12.410.14
GLTR abrdn Physical Precious Metals Basket Shares ETF51%32%1.610.27
GDX VanEck Gold Miners ETF79%69%1.150.68
SLV iShares Silver Trust78%79%0.980.58
GDXJ VanEck Junior Gold Miners ETF86%95%0.910.91
PPLT abrdn Physical Platinum Shares ETF56%80%0.690.61
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What diversifies GLD?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with GLD's. Because such investments tend not to fall at the same time, pairing GLD with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which GLD lost money. The last two columns show a portfolio that is 80% GLD and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20222021201820152014201380/20 mix volatility80/20 mix annual return
GLD SPDR Gold Shares (this page)1.00+126%0.96−0.8%−4.2%−1.9%−10.7%−2.2%−28.3%17.2%+18.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.37+119%1.48+3.8%+17.8%−5.2%———14.6%+18.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.22+225%1.34+6.0%+18.0%−19.8%+7.7%+8.1%+41.3%14.5%+20.3%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.26+101%1.04+10.4%+23.1%−8.7%−25.3%+23.8%+16.6%14.8%+18.1%
HDV Dividend & IncomeiShares Core High Dividend ETF0.33+83.3%1.00+7.1%+19.6%−3.0%−0.3%+12.6%+23.8%14.9%+17.4%
SMH TechnologyVanEck Semiconductor ETF0.07+323%0.97−33.5%+42.1%−9.1%−0.3%+30.2%+33.4%15.9%+23.2%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.27+85.0%0.96−5.1%+19.6%−9.5%+4.1%+3.4%+26.4%14.5%+17.7%
SPMO Broad MarketInvesco S&P 500 Momentum ETF-0.05+136%0.93−10.4%+22.7%−0.9%———14.2%+19.7%
XLE EnergyState Street Energy Select Sector SPDR ETF0.10+177%0.93+64.4%+53.3%−18.2%−21.5%−8.7%+26.3%15.2%+20.1%

Stocks

InvestmentCorrelation5Y returnSharpe20222021201820152014201380/20 mix volatility80/20 mix annual return
GLD SPDR Gold Shares (this page)1.00+126%0.96−0.8%−4.2%−1.9%−10.7%−2.2%−28.3%17.2%+18.3%
CAH Medical - DistributionCardinal Health, Inc.0.04+479%1.55+54.1%−0.4%−24.5%+12.6%+23.0%+66.0%14.9%+22.9%
CLS Hardware, Equipment & PartsCelestica Inc.-0.07+3,143%1.47+1.3%+37.9%−16.3%−6.0%+12.9%+27.6%17.4%+36.5%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.00+1,636%1.46+17.0%+89.0%+0.8%+67.7%−10.4%+61.7%16.4%+32.1%
MCK Medical - DistributionMcKesson Corporation0.20+413%1.44+51.8%+44.2%−28.4%−4.5%+29.3%+67.7%15.6%+22.1%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.01+690%1.41+86.6%+61.0%−8.2%+17.4%+0.4%+48.6%15.2%+25.1%
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Common questions

What was GLD's worst drawdown?

GLD's deepest decline since it began trading in 2004 was 45.6%, from August 2011 to December 2015. It took about five years from the low to climb back to its old high. Because GLD launched in November 2004, that record does not include the dot-com bust.

What were GLD's best and worst years?

Over 21 full calendar years, GLD's best year was 2025, when it returned 63.7%. Its worst was 2013, with a return of -28.3%.

Is there a better investment than GLD?

Among GLD's popular alternatives, GDX was ahead of GLD in most short and long periods, though with much bigger swings (38.2% volatility against 18.9%). SGOL tracks the same thing for 0.17% a year against GLD's 0.40%, and has kept pace over the past decade: about $230 less in fees on $10,000 over 10 years.

Is GLD more volatile than the S&P 500?

Yes. GLD's volatility over the past 5 years was 18.9%, 1.1 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, GLD's return lands within 18.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is GLD's Sharpe ratio?

GLD's Sharpe ratio over the past 5 years was 0.96, against 0.79 for the S&P 500, so GLD earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is GLD with the S&P 500?

Over the past 5 years, GLD's monthly returns had a correlation of 0.16 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against GLD instead: the lower it is, the more that option would diversify a GLD holding.

What are the best alternatives to GLD?

Of the 13 popular alternatives we compared, one outperformed GLD in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: GDX.

Did GLD outperform the S&P 500?

GLD finished ahead of the S&P 500 (SPY) in 11 of 21 full calendar years. In 2025, it returned +63.7%, against +17.7% for the index.

How did GLD do in stock market crashes?

GLD fell less than the S&P 500 (SPY) in nine of the nine major crashes it has traded through, and further in no. The clearest case was the 2008 financial crisis, when GLD fell 29.4% and the S&P 500 fell 55.2%.

What diversifies GLD?

These had a low correlation with GLD over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.37), DXJ (correlation 0.22) and EMLP (correlation 0.26); among large stocks, CAH (correlation 0.04), CLS (correlation -0.07) and FIX (correlation -0.00). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to GLD

Other stocks and ETFs