GLD vs GLDM ETF Comparison 2026: SPDR Gold vs SPDR Gold MiniShares: AI Score, Valuation, Performance and Upside
GLD and GLDM both hold physical gold with nearly identical underlying exposure, but with very different costs. GLD at 0.40% is the institutional liquidity standard; GLDM at 0.10% is the retail investor long-term holding vehicle. For any investor not requiring institutional-grade GLD liquidity for active trading or derivatives, GLDM is the clearly superior choice — same gold, 75% lower annual fee.
GLD vs GLDM is the world's most liquid gold ETF at 0.40% expense (GLD) versus the same physical gold at 0.10% for retail and long-term investors (GLDM) — GLDM is GLD's cost-efficient twin, and for any investor not needing institutional GLD liquidity for derivatives trading, GLDM is the correct choice.
GLD and GLDM are closely matched — they split the tracked metrics evenly. GLDM has delivered stronger 1-year price return (+19.93% vs +19.53% for GLD).
- trade gold ETF options actively — GLD has the deepest, most liquid gold options market of any ETF
- require institutional-grade liquidity for large gold positions where bid-ask spread minimization on multi-million dollar trades matters
- have existing GLD positions with embedded capital gains where switching to GLDM would trigger taxable events
- are comfortable paying 0.40% for GLD's market depth and derivatives infrastructure requirements
- prefer long-term buy-and-hold gold allocation at 0.10% expense ratio — 4x cheaper than GLD for identical gold exposure
- value lower share price for precise position sizing without needing to hold multiples of a $200+ share price
- want cost-efficient physical gold as an inflation hedge, safe haven, or portfolio diversifier over multi-year holding periods
- are comfortable with GLDM's lower (but still substantial) trading volume compared to GLD for retail-scale position sizes
| Metric | GLD | GLDM |
|---|---|---|
| ETF scorei | 73.0 | 78.0 |
| Latest closei | $401.17 | $86.59 |
| 1M returni | -3.06% | -3.02% |
| 6M returni | -2.95% | -2.78% |
| 1Y returni | +19.53% | +19.93% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | GLD | GLDM |
|---|---|---|
| 1Y ago | $11.95K (+19.5%) started 2025-09-18 | $11.99K (+19.9%) started 2025-09-18 |
| 5Y ago | $24.32K (+143.2%) started 2021-09-20 | $24.68K (+146.8%) started 2021-09-20 |
| 10Y ago | $32.01K (+220.1%) started 2016-09-19 | $34.39K (+243.9%) started 2018-06-26 |
Hypothetical — past performance does not guarantee future results.
| Metric | GLD | GLDM |
|---|---|---|
| Expense ratioi | 0.40% | 0.10% |
| Total assets (AUM)i | $152.86B | $32.79B |
| Dividend yieldi | 0.00% | 0.00% |
| Trailing P/Ei | N/A | N/A |
| Betai | 0.18 | 0.18 |
| 52-week change | 19.53% | 19.93% |
| Metric | GLD | GLDM |
|---|---|---|
| 1Y returni | +19.53% | +19.93% |
| 6M returni | -2.95% | -2.78% |
| 1M returni | -3.06% | -3.02% |
| 1Y Sharpe ratio | 0.61 | 0.62 |
| Betai | 0.18 | 0.18 |
| Dividend yieldi | 0.00% | 0.00% |
| 5Y CAGR | +19.48% | +19.83% |
Over the past year, GLD and GLDM have moved strongly in the same direction (correlation of 1.00), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | GLD | GLDM |
|---|---|---|---|
| 1Y | Growthi | +19.53% | +19.93% |
| CAGRi | +19.55% | +19.95% | |
| Volatilityi | 29.31% | 29.12% | |
| Sharpe ratioi | 0.61 | 0.62 | |
| Sortino ratioi | 0.81 | 0.83 | |
| Max drawdowni | 26.40% | 26.27% | |
| Current drawdowni | 19.10% | 18.90% | |
| Avg drawdowni | 11.28% | 11.20% | |
| Ulcer Indexi | 14.02% | 13.94% | |
| Max daily dropi | 10.27% | 10.08% | |
| Max wkly dropi | 12.25% | 12.26% | |
| 5Y | Growthi | +143.22% | +146.84% |
| CAGRi | +19.48% | +19.83% | |
| Volatilityi | 18.81% | 18.72% | |
| Sharpe ratioi | 0.81 | 0.82 | |
| Sortino ratioi | 1.13 | 1.16 | |
| Max drawdowni | 26.40% | 26.27% | |
| Current drawdowni | 19.10% | 18.90% | |
| Avg drawdowni | 6.46% | 6.35% | |
| Ulcer Indexi | 9.06% | 8.96% | |
| Max daily dropi | 10.27% | 10.08% | |
| Max wkly dropi | 12.25% | 12.26% | |
| 10Y | Growthi | +220.12% | +243.94% |
| CAGRi | +12.34% | +16.19% | |
| Volatilityi | 16.37% | 17.28% | |
| Sharpe ratioi | 0.52 | 0.70 | |
| Sortino ratioi | 0.73 | 0.98 | |
| Max drawdowni | 26.40% | 26.27% | |
| Current drawdowni | 19.10% | 18.90% | |
| Avg drawdowni | 7.18% | 6.75% | |
| Ulcer Indexi | 9.11% | 9.03% | |
| Max daily dropi | 10.27% | 10.08% | |
| Max wkly dropi | 12.25% | 12.26% |
| Category | GLD | GLDM |
|---|---|---|
| Fund name | SPDR Gold Shares | SPDR Gold MiniShares |
| Type | ETF | ETF |
| Expense ratioi | 0.40% | 0.10% |
| Total assets (AUM)i | $152.86B | $32.79B |
| Dividend yieldi | 0.00% | 0.00% |
- World's largest and most liquid gold ETF — the deepest options market and lowest bid-ask spreads for institutional-scale gold trading
- Backed by physical gold in London vaults with daily NAV transparency and strong custody governance
- 20+ year track record with highest brand recognition in gold ETFs — the industry standard benchmark gold product
- 0.10% expense ratio vs GLD's 0.40% — GLDM is 4x cheaper for the same physical gold holding, compounding into significant cost savings over time
- Lower share price (~$20+) vs GLD ($200+) allows more precise position sizing without rounding to nearest shares
- Same physical gold custody and governance as GLD — backed by the same gold in the same vaults with the same trust structure
- 0.40% expense ratio is 30 basis points more expensive than GLDM — a meaningful cost disadvantage for long-term buy-and-hold gold investors
- High share price (~$200+ per share, representing 1/10th oz of gold) requires more capital per share vs GLDM's more accessible share price
- 0.40% annual drag compounds into significant gold performance shortfall for investors holding decades-long gold positions
- Less trading volume and liquidity than GLD — wider bid-ask spreads for large trades vs GLD's institutional-grade depth
- Fewer options available for hedging vs GLD's very active options market used by institutional traders
- Smaller AUM than GLD may create slightly higher tracking error vs gold spot in illiquid market conditions, though practically negligible
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