GLD vs GLDM: fees, holdings and returns

GLD and GLDM both hold physical gold bars in vaults and follow the price of gold. GLDM charges a much lower yearly fee and has a lower share price. GLD trades in far larger amounts each day. Over the same dates since June 2018, GLD returned about 14.9% a year and GLDM returned about 15.2% a year.

Written by the Tactfolio research team. Fund facts checked October 17, 2026. Prices through October 20, 2026.

GLD

Yearly fee
0.4%
about $40 on $10,000
Return per year
14.9%
since June 2018
Worst drop
−26.4%
since 2018
Started trading
Nov 2004
SPDR (State Street)

GLDM

Yearly fee
0.1%
about $10 on $10,000
Return per year
15.2%
since June 2018
Worst drop
−26.3%
since 2018
Started trading
Jun 2018
SPDR (State Street)

Key points

  • GLDM costs less: 0.1% a year against 0.4%.
  • GLD started trading in November 2004. GLDM started in June 2018.
  • Worst drops since 2018: GLD −26.4%, GLDM −26.3%.
  • Daily correlation: 1.00 (1 means they always move together).

What is the difference between GLD and GLDM?#

Both are State Street gold trusts, so what you own is the same: a slice of gold in a vault. GLD is the original, built for traders, with a huge daily volume and options market. GLDM came in 2018 as a cheaper version for long-term holders. Over long holds the fee gap adds up in GLDM’s favor.

FactGLDGLDM
Full nameSPDR Gold SharesSPDR Gold MiniShares
IssuerSPDR (State Street)SPDR (State Street)
Expense ratio0.4% a year0.1% a year
Started tradingNovember 18, 2004June 25, 2018
TracksLBMA Gold Price PMLBMA Gold Price PM
Holdingsn/an/a
TypeGold, ETFGold, ETF

Fund facts checked on the SPDR (State Street) GLD page and the SPDR (State Street) GLDM page.

Is GLD or GLDM cheaper?#

GLDM costs less: 0.1% a year against 0.4%. On $10,000, that is about $40 a year for GLD and $10 for GLDM. The fund takes its fee out of its own value a little each day, so you never get a bill.

GLD vs GLDM performance over the same dates#

$10k$20k20192020202120222023202420252026
GLDGLDMGrowth of $10,000, log scale, with dividends reinvested. Past results do not tell you what happens next.

Both funds are measured from June 2018 to October 2026, the dates both traded. GLD returned about 14.9% a year and GLDM returned about 15.2% a year. GLDM came out ahead over this period, which does not mean it will again.

MeasureGLDGLDM
$10,000 grew to$31,666$32,364
Total return216.7%223.6%
Return per year (CAGR)14.9%15.2%
Worst drop from a high−26.4%−26.3%
Volatility (how much it swings)17.4%17.3%
Last 12 months−6.3%−6.0%
Last 3 years, per year27.2%27.6%
Last 5 years, per year17.7%18.1%

Prices through October 20, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

GLD and GLDM returns by year#

YearGLDGLDM
2026 (part of the year)−4.7%−4.6%
202563.7%64.2%
202426.7%27.1%
202312.7%13.0%
2022−0.8%−0.5%
2021−4.2%−4.0%
202024.8%25.1%
201917.9%18.1%
2018 (part of the year)1.7%1.8%

Which fell further in bad times?#

A drawdown is how far a fund falls from its last high point. GLD’s worst fall was −26.4%, from January 29, 2026 to July 16, 2026. By October 20, 2026 it had not yet climbed back to that high.

GLDM’s worst fall was −26.3%, from January 29, 2026 to July 16, 2026. By October 20, 2026 it had not yet climbed back to that high.

Their daily moves had a correlation of 1.00. A correlation of 1 means two funds always move up and down together. Near 0 means they move on their own. So holding both adds little variety.

Why people choose GLD or GLDM#

GLD. Traders often pick GLD because it trades so much each day and has a busy options market.

GLDM. Long-term holders often pick GLDM for its lower yearly fee.

Strategies that hold GLD or GLDM#

These classic strategies hold one or both at least some of the time. Each is a set of written rules you can open, test and copy.

Other funds like GLD and GLDM#

Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: GLD alternatives and GLDM alternatives.

Test a mix of GLD and GLDM#

Open the builder, add GLD and GLDM, and give each a weight, such as 50% and 50%. The backtest shows how the mix would have done, with its worst drop, on daily prices. You can also add a rule, for example to switch between them, and compare. Read the full pages for GLD and GLDM, or see more ETF comparisons.

The details#

Both funds use Tactfolio’s stored daily prices, adjusted for splits, with dividends reinvested. They are compared only on days both traded, starting the later fund’s first day, so neither gets a head start. Correlation uses daily returns over the same days. Read what a backtest simulates for more on these measures.

Research and test it

Common questions#

Is GLDM the same as GLD?#

Both hold physical gold from the same issuer. GLDM charges less and has a lower share price. GLD trades much more each day.

Why does the GLD and GLDM comparison start in 2018?#

GLDM started trading in June 2018, so the figures above start then, when both were trading.

Which is cheaper, GLD or GLDM?#

GLDM costs less: 0.1% a year against 0.4%. Fees come from each issuer and were checked on October 16, 2026.

Which did better, GLD or GLDM?#

From June 2018 to October 2026, GLD returned about 14.9% a year and GLDM returned about 15.2% a year, with dividends reinvested. Their worst drops were −26.4% and −26.3%. Past returns do not tell you what comes next.

Sources#