GLDM vs IAU: fees, holdings and returns
GLDM and IAU both hold physical gold bars in vaults and follow the price of gold. GLDM charges a lower yearly fee. IAU is larger and trades more each day. Over the same dates since June 2018, GLDM returned about 15.2% a year and IAU returned about 15.0% a year.
Written by the Tactfolio research team. Fund facts checked October 17, 2026. Prices through October 20, 2026.
Key points
- GLDM costs less: 0.1% a year against 0.25%.
- GLDM started trading in June 2018. IAU started in January 2005.
- Worst drops since 2018: GLDM −26.3%, IAU −26.4%.
- Daily correlation: 1.00 (1 means they always move together).
What is the difference between GLDM and IAU?#
What they hold is the same: gold in vaults. Neither pays interest or dividends, so the return is the gold price minus the fee. GLDM’s lower fee leaves a little more of the gold price each year. IAU has a longer history, from 2005.
| Fact | GLDM | IAU |
|---|---|---|
| Full name | SPDR Gold MiniShares | iShares Gold Trust |
| Issuer | SPDR (State Street) | iShares (BlackRock) |
| Expense ratio | 0.1% a year | 0.25% a year |
| Started trading | June 25, 2018 | January 21, 2005 |
| Tracks | LBMA Gold Price PM | LBMA Gold Price |
| Holdings | n/a | n/a |
| Type | Gold, ETF | Gold, ETF |
Fund facts checked on the SPDR (State Street) GLDM page and the iShares (BlackRock) IAU page.
Is GLDM or IAU cheaper?#
GLDM costs less: 0.1% a year against 0.25%. On $10,000, that is about $10 a year for GLDM and $25 for IAU. The fund takes its fee out of its own value a little each day, so you never get a bill.
GLDM vs IAU performance over the same dates#
Both funds are measured from June 2018 to October 2026, the dates both traded. GLDM returned about 15.2% a year and IAU returned about 15.0% a year. GLDM came out ahead over this period, which does not mean it will again.
| Measure | GLDM | IAU |
|---|---|---|
| $10,000 grew to | $32,364 | $32,080 |
| Total return | 223.6% | 220.8% |
| Return per year (CAGR) | 15.2% | 15.0% |
| Worst drop from a high | −26.3% | −26.4% |
| Volatility (how much it swings) | 17.3% | 17.3% |
| Last 12 months | −6.0% | −6.1% |
| Last 3 years, per year | 27.6% | 27.4% |
| Last 5 years, per year | 18.1% | 17.9% |
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.
GLDM and IAU returns by year#
| Year | GLDM | IAU |
|---|---|---|
| 2026 (part of the year) | −4.6% | −4.6% |
| 2025 | 64.2% | 63.9% |
| 2024 | 27.1% | 26.9% |
| 2023 | 13.0% | 12.8% |
| 2022 | −0.5% | −0.6% |
| 2021 | −4.0% | −4.0% |
| 2020 | 25.1% | 25.0% |
| 2019 | 18.1% | 18.0% |
| 2018 (part of the year) | 1.8% | 1.8% |
Which fell further in bad times?#
A drawdown is how far a fund falls from its last high point. 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.
IAU’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.
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 GLDM or IAU#
GLDM. Long-term holders often pick GLDM for its lower fee.
IAU. People who already use iShares, or want the larger and older fund, often pick IAU.
Strategies that hold GLDM or IAU#
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.
- Mama Bear Portfolio (Muscular Portfolios), by Brian Livingston, 2018 (holds IAU)
- Papa Bear Portfolio (Muscular Portfolios), by Brian Livingston, 2018 (holds IAU)
Other funds like GLDM and IAU#
Each fund has more funds that hold the same kind of investments, ranked by how closely they move with it: GLDM alternatives and IAU alternatives.
Test a mix of GLDM and IAU#
Open the builder, add GLDM and IAU, 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 GLDM and IAU, 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.
Common questions#
Do GLDM and IAU hold real gold?#
Yes. Both trusts hold gold bars in vaults. Each share stands for a small amount of that gold, minus fees taken over time.
Why do gold funds with the same gold return different amounts?#
Mainly their fees, which are taken from the gold each fund holds. Over a year the gap is roughly the difference in fees.
Which is cheaper, GLDM or IAU?#
GLDM costs less: 0.1% a year against 0.25%. Fees come from each issuer and were checked on October 17, 2026.
Which did better, GLDM or IAU?#
From June 2018 to October 2026, GLDM returned about 15.2% a year and IAU returned about 15.0% a year, with dividends reinvested. Their worst drops were −26.3% and −26.4%. Past returns do not tell you what comes next.