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.
GLDM holds the edge across 3 of 5 key metrics in this comparison. GLDM has delivered stronger 1-year price return (-2.32% vs -2.58% 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 | 26.8 | 25.9 |
| Latest closei | $359.26 | $77.53 |
| 1M returni | -5.49% | -5.51% |
| 3M returni | -3.98% | -3.93% |
| 6M returni | -14.11% | -13.98% |
| 1Y returni | -2.58% | -2.32% |
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 | $9.74K (-2.6%) started 2025-11-03 | $9.77K (-2.3%) started 2025-11-03 |
| 5Y ago | $21.43K (+114.3%) started 2021-11-04 | $21.75K (+117.5%) started 2021-11-04 |
| 10Y ago | $28.88K (+188.8%) started 2016-11-04 | $30.8K (+208.0%) 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 | $141.7B | $30.71B |
| Dividend yieldi | 0.00% | 0.00% |
| Trailing P/Ei | N/A | N/A |
| Betai | 0.19 | 0.20 |
| 52-week change | -2.58% | -2.32% |
| Metric | GLD | GLDM |
|---|---|---|
| 1Y returni | -2.58% | -2.32% |
| 6M returni | -14.11% | -13.98% |
| 3M returni | -3.98% | -3.93% |
| 1M returni | -5.49% | -5.51% |
| 1Y Sharpe ratio | -0.11 | -0.10 |
| Betai | 0.19 | 0.20 |
| Dividend yieldi | 0.00% | 0.00% |
| 5Y CAGR | +16.48% | +16.83% |
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 | -2.58% | -2.32% |
| CAGRi | -2.58% | -2.32% | |
| Volatilityi | 28.56% | 28.41% | |
| Sharpe ratioi | -0.11 | -0.10 | |
| Sortino ratioi | -0.14 | -0.13 | |
| Max drawdowni | 28.26% | 28.04% | |
| Current drawdowni | 27.55% | 27.39% | |
| Avg drawdowni | 13.41% | 13.33% | |
| Ulcer Indexi | 16.18% | 16.08% | |
| Max daily dropi | 10.27% | 10.08% | |
| Max wkly dropi | 12.25% | 12.26% | |
| 5Y | Growthi | +114.29% | +117.54% |
| CAGRi | +16.48% | +16.83% | |
| Volatilityi | 19.05% | 18.97% | |
| Sharpe ratioi | 0.66 | 0.68 | |
| Sortino ratioi | 0.93 | 0.95 | |
| Max drawdowni | 28.26% | 28.04% | |
| Current drawdowni | 27.55% | 27.39% | |
| Avg drawdowni | 7.04% | 6.93% | |
| Ulcer Indexi | 9.83% | 9.72% | |
| Max daily dropi | 10.27% | 10.08% | |
| Max wkly dropi | 12.25% | 12.26% | |
| 10Y | Growthi | +188.82% | +207.95% |
| CAGRi | +11.19% | +14.41% | |
| Volatilityi | 16.50% | 17.36% | |
| Sharpe ratioi | 0.46 | 0.61 | |
| Sortino ratioi | 0.63 | 0.84 | |
| Max drawdowni | 28.26% | 28.04% | |
| Current drawdowni | 27.55% | 27.39% | |
| Avg drawdowni | 7.24% | 7.01% | |
| Ulcer Indexi | 9.35% | 9.42% | |
| 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 | $141.7B | $30.71B |
| 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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