# GLD vs GLDM: fees, holdings and returns compared

> GLD vs GLDM: what each ETF holds, what it costs, and how both did over the same dates, with yearly returns and worst drops.

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](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 20, 2026.

## 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.

| Fact | GLD | GLDM |
| --- | --- | --- |
| Full name | SPDR Gold Shares | SPDR Gold MiniShares |
| Issuer | SPDR (State Street) | SPDR (State Street) |
| Expense ratio | 0.4% a year | 0.1% a year |
| Started trading | November 18, 2004 | June 25, 2018 |
| Tracks | LBMA Gold Price PM | LBMA Gold Price PM |
| Holdings | n/a | n/a |
| Type | Gold, ETF | Gold, ETF |

Fund facts checked on the [SPDR (State Street) GLD page](https://www.spdrgoldshares.com/usa/gld/) and the [SPDR (State Street) GLDM page](https://www.spdrgoldshares.com/usa/gldm/).

## 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

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.

| Measure | GLD | GLDM |
| --- | --- | --- |
| $10,000 grew to | $31,666 | $32,364 |
| Total return | 216.7% | 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 year | 27.2% | 27.6% |
| Last 5 years, per year | 17.7% | 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

| Year | GLD | GLDM |
| --- | --- | --- |
| 2026 (part of the year) | −4.7% | −4.6% |
| 2025 | 63.7% | 64.2% |
| 2024 | 26.7% | 27.1% |
| 2023 | 12.7% | 13.0% |
| 2022 | −0.8% | −0.5% |
| 2021 | −4.2% | −4.0% |
| 2020 | 24.8% | 25.1% |
| 2019 | 17.9% | 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.

- [Bold Asset Allocation (BAA)](https://tactfolio.com/strategies/bold-asset-allocation.md), by Wouter Keller, 2022 (holds GLD)
- [Defensive Asset Allocation (DAA)](https://tactfolio.com/strategies/defensive-asset-allocation.md), by Wouter Keller and JW Keuning, 2018 (holds GLD)
- [Protective Asset Allocation (PAA)](https://tactfolio.com/strategies/protective-asset-allocation.md), by Wouter Keller and JW Keuning, 2016 (holds GLD)
- [Adaptive Asset Allocation (AAA)](https://tactfolio.com/strategies/adaptive-asset-allocation.md), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012 (holds GLD)
- [Composite Dual Momentum](https://tactfolio.com/strategies/composite-dual-momentum.md), by Gary Antonacci, 2012 (holds GLD)
- [Vigilant Asset Allocation G12 (VAA-G12)](https://tactfolio.com/strategies/vigilant-asset-allocation-g12.md), by Wouter Keller and JW Keuning, 2017 (holds GLD)
- [GTAA 13: Faber’s 13-asset tactical allocation](https://tactfolio.com/strategies/gtaa-13.md), by Mebane Faber, 2013 (holds GLD)
- [GTAA Aggressive 3 (Faber GTAA AGG3)](https://tactfolio.com/strategies/gtaa-aggressive-3.md), by Mebane Faber, 2013 (holds GLD)
- [GTAA Aggressive 6 (Faber GTAA AGG6)](https://tactfolio.com/strategies/gtaa-aggressive-6.md), by Mebane Faber, 2013 (holds GLD)
- [Trinity Portfolio (Meb Faber)](https://tactfolio.com/strategies/trinity-portfolio.md), by Mebane Faber, 2016 (holds GLD)
- [12-Month High Switch (Meb Faber)](https://tactfolio.com/strategies/12-month-high-switch.md), by Mebane Faber, 2020 (holds GLD)
- [Gold Cross-Asset Momentum (gold and Treasury rule)](https://tactfolio.com/strategies/gold-cross-asset-momentum.md), by Cyril Dujava (Quantpedia), 2026 (holds GLD)
- [Defense First (Carlson’s defensive tactical model)](https://tactfolio.com/strategies/defense-first.md), by Thomas D. Carlson, 2025 (holds GLD)
- [Tactical Permanent Portfolio (GestaltU / ReSolve)](https://tactfolio.com/strategies/tactical-permanent-portfolio.md), by Adam Butler, Michael Philbrick, and Rodrigo Gordillo, 2012 (holds GLD)
- [Three-Way Model (Ned Davis Research)](https://tactfolio.com/strategies/three-way-model.md), by Ned Davis Research, 2015 (holds GLD)
- [Kipnis Defensive Adaptive Asset Allocation (KDA)](https://tactfolio.com/strategies/kipnis-defensive-asset-allocation.md), by Ilya Kipnis, 2019 (holds GLD)
- [All Weather Portfolio (Ray Dalio’s All Seasons)](https://tactfolio.com/strategies/all-weather-portfolio.md), by Ray Dalio and Tony Robbins, 2014 (holds GLD)
- [Harry Browne’s Permanent Portfolio](https://tactfolio.com/strategies/permanent-portfolio.md), by Harry Browne, 1999 (holds GLD)
- [Golden Butterfly Portfolio](https://tactfolio.com/strategies/golden-butterfly-portfolio.md), by Tyler (Portfolio Charts), 2015 (holds GLD)
- [Lethargic Asset Allocation (Keller’s LAA)](https://tactfolio.com/strategies/lethargic-asset-allocation.md), by Wouter J. Keller, 2019 (holds GLD)
- [Resilient Asset Allocation (Keller’s RAA)](https://tactfolio.com/strategies/resilient-asset-allocation.md), by Wouter J. Keller, 2020 (holds GLD)
- [Pragmatic Asset Allocation (Quantpedia’s PAA)](https://tactfolio.com/strategies/pragmatic-asset-allocation.md), by Radovan Vojtko and Juliána Javorská (Quantpedia), 2024 (holds GLD)

## 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](https://tactfolio.com/alternatives/GLD.md) and [GLDM alternatives](https://tactfolio.com/alternatives/GLDM.md).

## Test a mix of GLD and GLDM

Open the [builder](https://tactfolio.com/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](https://tactfolio.com/etf/GLD.md) and [GLDM](https://tactfolio.com/etf/GLDM.md), or see [more ETF comparisons](https://tactfolio.com/etf-comparisons.md).

## 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](https://tactfolio.com/docs/backtests.md) for more on these measures.

## Research and test it

- [Commodities](https://tactfolio.com/learn/commodities-explained): Commodities are raw goods like oil, gold and wheat.
- [Risk parity](https://tactfolio.com/learn/risk-parity): Risk parity balances risk instead of dollars. See a simple stock and bond example, why funds use leverage, and what went wrong in 2022.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## 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

- [SPDR (State Street): SPDR Gold Shares fund page](https://www.spdrgoldshares.com/usa/gld/)
- [SPDR (State Street): SPDR Gold MiniShares fund page](https://www.spdrgoldshares.com/usa/gldm/)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.