IAUM vs GLDM Stock Comparison: AI Score, Valuation, Performance and Upside
IAUM (iShares Gold Trust Micro) and GLDM (SPDR Gold MiniShares) are functionally near-identical physical gold ETFs — both holding gold bullion in secured vaults at ultra-low cost (0.09% and 0.10% respectively). The choice between them is primarily institutional preference (BlackRock vs State Street), with IAUM being marginally cheaper and GLDM having slightly higher trading volume from State Street's established gold ETF franchise.
IAUM vs GLDM is BlackRock's ultra-cheap physical gold vehicle (0.09%) versus State Street's retail gold MiniShares (0.10%) — a near-identical product comparison where custody provider preference and 1 basis point expense ratio difference are the primary differentiators for long-term physical gold exposure.
IAUM holds the edge across 3 of 5 key metrics in this comparison. IAUM has delivered stronger 1-year price return (+14.51% vs +14.45% for GLDM).
- Want the absolute lowest expense ratio among major physical gold ETFs (0.09%) for long-term gold accumulation where every basis point of cost reduction compounds over time
- Prefer BlackRock's gold custody infrastructure and IAU's established track record as the basis for their physical gold ETF position
- Are building a long-term gold position as a portfolio diversifier or inflation hedge and want to minimize the annual cost drag on gold returns
- Want physical gold exposure at very low cost (0.10%) with State Street's gold ETF expertise behind the product — the same team managing the world's first gold ETF (GLD)
- Value GLDM's 1/100 oz per share structure for accessible entry points when building positions in smaller increments
- Prefer State Street's SPDR brand and gold custody relationships as their physical gold ETF provider at a fraction of GLD's 0.40% expense ratio
| Metric | IAUM | GLDM |
|---|---|---|
| ETF scorei | 73.0 | 73.0 |
| Latest closei | $42.77 | $84.89 |
| 1M returni | -6.60% | -6.61% |
| 6M returni | -4.91% | -4.98% |
| 1Y returni | +14.51% | +14.45% |
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 | IAUM | GLDM |
|---|---|---|
| 1Y ago | $11.45K (+14.5%) started 2025-09-25 | $11.45K (+14.5%) started 2025-09-25 |
| 5Y ago | $24.45K (+144.5%) started 2021-09-27 | $24.38K (+143.8%) started 2021-09-27 |
| 10Y ago | $24.09K (+140.9%) started 2021-07-01 | $33.72K (+237.2%) started 2018-06-26 |
Hypothetical — past performance does not guarantee future results.
| Metric | IAUM | GLDM |
|---|---|---|
| Expense ratioi | 0.09% | 0.10% |
| Total assets (AUM)i | $8.14B | $32.79B |
| Dividend yieldi | 0.00% | 0.00% |
| Trailing P/Ei | N/A | N/A |
| Betai | 0.18 | 0.18 |
| 52-week change | 14.51% | 14.45% |
| Metric | IAUM | GLDM |
|---|---|---|
| 1Y returni | +14.51% | +14.45% |
| 6M returni | -4.91% | -4.98% |
| 1M returni | -6.60% | -6.61% |
| 1Y Sharpe ratio | 0.46 | 0.46 |
| Betai | 0.18 | 0.18 |
| Dividend yieldi | 0.00% | 0.00% |
| 5Y CAGR | +19.60% | +19.54% |
Over the past year, IAUM 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 | IAUM | GLDM |
|---|---|---|---|
| 1Y | Growthi | +14.51% | +14.45% |
| CAGRi | +14.52% | +14.46% | |
| Volatilityi | 29.00% | 29.11% | |
| Sharpe ratioi | 0.46 | 0.46 | |
| Sortino ratioi | 0.61 | 0.61 | |
| Max drawdowni | 26.31% | 26.27% | |
| Current drawdowni | 20.49% | 20.49% | |
| Avg drawdowni | 11.61% | 11.60% | |
| Ulcer Indexi | 14.24% | 14.23% | |
| Max daily dropi | 9.87% | 10.08% | |
| Max wkly dropi | 12.27% | 12.26% | |
| 5Y | Growthi | +144.47% | +143.80% |
| CAGRi | +19.60% | +19.54% | |
| Volatilityi | 18.67% | 18.74% | |
| Sharpe ratioi | 0.82 | 0.81 | |
| Sortino ratioi | 1.15 | 1.14 | |
| Max drawdowni | 26.31% | 26.27% | |
| Current drawdowni | 20.49% | 20.49% | |
| Avg drawdowni | 6.42% | 6.42% | |
| Ulcer Indexi | 9.06% | 9.05% | |
| Max daily dropi | 9.87% | 10.08% | |
| Max wkly dropi | 12.27% | 12.26% | |
| 10Y | Growthi | +140.89% | +237.19% |
| CAGRi | +18.29% | +15.88% | |
| Volatilityi | 18.43% | 17.27% | |
| Sharpe ratioi | 0.76 | 0.68 | |
| Sortino ratioi | 1.07 | 0.96 | |
| Max drawdowni | 26.31% | 26.27% | |
| Current drawdowni | 20.49% | 20.49% | |
| Avg drawdowni | 6.26% | 6.79% | |
| Ulcer Indexi | 8.87% | 9.07% | |
| Max daily dropi | 9.87% | 10.08% | |
| Max wkly dropi | 12.27% | 12.26% |
| Category | IAUM | GLDM |
|---|---|---|
| Fund name | iShares Gold Trust Micro | SPDR Gold MiniShares |
| Type | ETF | ETF |
| Expense ratioi | 0.09% | 0.10% |
| Total assets (AUM)i | $8.14B | $32.79B |
| Dividend yieldi | 0.00% | 0.00% |
- Ultra-low expense ratio (0.09%) — one of the cheapest physical gold ETFs available, minimizing the cost drag on gold returns over long holding periods
- Physical gold backing — IAUM holds actual gold bars in secured vaults, providing direct exposure to gold prices without counterparty risk from derivatives or futures
- BlackRock custodianship with established vault infrastructure and audit processes for physically-held gold
- Very low expense ratio (0.10%) versus the institutional GLD (0.40%) — GLDM was created to offer retail investors access to State Street's gold ETF franchise at a competitive cost
- 1/100 oz per share structure — GLDM's lower per-share price makes it more accessible for investors purchasing in small dollar amounts who want precise position sizing
- SPDR brand and State Street's decades of gold ETF experience — GLD (launched 2004) established the gold ETF market; GLDM benefits from the same infrastructure and custodian relationships
- Lower trading volume than larger gold ETFs (GLD, IAU) — bid-ask spreads may be slightly wider during volatile periods, though this matters less for long-term buy-and-hold investors
- No dividend or income — physical gold ETFs produce no yield; total return equals gold price appreciation minus the expense ratio
- Gold price volatility — gold can have significant drawdowns in risk-on environments when investors prefer equities; gold is a long-term store of value but not a stable short-term holding
- Expense ratio (0.10%) is 0.01% higher than IAUM — a trivially small difference for most investors but worth noting in direct comparisons
- GLDM's lower per-share price means more shares per dollar invested, which creates slightly more rounding effects in fractional share environments
- Like all physical gold ETFs, GLDM produces no income — gold price appreciation is the sole return driver, making the low expense ratio the primary differentiator between competing gold ETFs
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