SPDR Gold Shares (GLD)

ETF · Gold · SPDR (State Street)

$382.01−0.18%close of Oct 16, 2026

SPDR Gold Shares (GLD) is an exchange-traded fund (ETF) run by SPDR (State Street). Each share of this fund stands for a small amount of real gold bars kept in vaults. It charges 0.4% a year. From November 2004 to October 2026 it returned about 10.3% a year, and its worst drop was −45.6%.

Written by the Tactfolio research team. Fund facts checked October 16, 2026. Prices through October 16, 2026.

Yearly fee
0.4%
about $40 on $10,000
1-year return
−3.6%
to Oct 16, 2026
Return per year
10.3%
since November 2004
Worst drop
−45.6%
since 2004
Below its high
−23.0%
now
Volatility
18.3%
yearly swings
Issuer
SPDR (State Street)
Tracks
LBMA Gold Price PM
Started trading
November 18, 2004
Type
Gold, ETF
Expense ratio
0.4% a year

How has GLD done since 2004?#

$10k$20k$50k$100k20052008201120142017202020232026
GLDS&P 500 (SPY)Growth of $10,000, log scale, with dividends reinvested. Past results do not tell you what happens next.

From November 2004 to October 2026, GLD returned about 10.3% a year. The S&P 500 returned about 10.9% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $86,077 at the end, with every dividend reinvested.

PeriodGLDS&P 500 (SPY)
1 month−2.5%1.5%
3 months4.7%1.9%
6 months−13.2%9.3%
Year to date−3.6%12.8%
1 year−3.6%16.8%
3 years per year29.0%22.0%
5 years per year18.2%12.8%
10 years per year12.3%15.4%
Since 2004 per year10.3%10.9%

Periods longer than a year show the return per year (CAGR). Prices through October 16, 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 returns by month and year#

GLD rose in 141 of its 264 months (53%). Its best month was November 2009, at 12.8%. Its worst was October 2008, at −16.1%.

Return each month, in percent
YearTotalJanFebMarAprMayJunJulAugSepOctNovDec
2026−3.6%12.38.7−11.0−1.5−1.5−11.70.99.9−6.70.3
202563.7%6.81.89.55.4−0.10.4−0.65.011.83.65.42.2
202426.7%−1.40.58.73.01.6−0.15.42.15.14.3−3.1−1.4
202312.7%5.8−5.47.90.9−1.3−2.22.3−1.3−4.87.42.51.3
2022−0.8%−1.76.11.3−2.1−3.3−1.6−2.6−2.9−2.9−1.88.52.9
2021−4.2%−3.2−6.3−1.13.67.7−7.12.5−0.1−3.21.5−0.73.3
202024.8%4.5−0.6−0.27.32.62.710.8−0.3−4.2−0.5−5.47.0
201917.9%2.9−0.6−1.6−0.71.88.00.07.9−3.42.6−3.23.7
2018−1.9%3.2−2.10.6−0.9−1.2−3.6−2.2−2.1−0.72.10.34.9
201712.8%5.43.2−0.41.7−0.1−2.22.34.2−3.4−0.70.42.1
20168.0%5.410.9−0.85.1−6.19.02.0−3.30.7−2.9−8.4−1.9
2015−10.7%8.7−5.9−2.1−0.20.6−1.5−6.63.7−1.82.3−6.7−0.4
2014−2.2%3.46.3−3.10.5−3.06.3−3.60.4−6.2−3.0−0.51.3
2013−28.3%−0.5−5.11.0−7.6−6.2−11.17.45.2−4.8−0.3−5.5−3.8
20126.6%11.4−3.0−1.3−0.1−6.32.40.84.94.7−2.9−0.5−2.4
20119.6%−6.46.01.68.9−1.8−2.48.412.3−11.15.91.7−10.7
201029.3%−1.33.3−0.45.93.12.4−5.15.74.83.72.12.4
200924.0%5.51.5−2.5−3.310.2−5.22.40.15.83.712.8−7.2
20084.9%10.85.2−6.0−4.20.94.5−1.4−9.34.1−16.112.67.7
200730.4%2.62.6−1.12.1−2.3−1.92.41.110.57.0−1.66.7
200622.6%9.9−1.13.612.0−1.3−4.73.2−1.4−4.51.36.9−1.8
200517.8%−3.63.1−1.61.2−3.94.3−1.41.47.6−0.65.85.1
2004−1.3%1.7−2.9

Each month runs from the last close of the month before. The first month counts from the first close.

How risky is GLD compared with the S&P 500?#

Measured from October 2021 to October 2026, on the days both traded.

  • Beta 0.17. When the S&P 500 moved 1% in a day, GLD tended to move about 0.17%.
  • Correlation 0.16. GLD moved mostly on its own, apart from the S&P 500.
  • Up and down months. In months the S&P 500 rose, GLD rose 67% as much on average. In months it fell, GLD fell 6% as much.
MeasureGLDS&P 500 (SPY)
Return per year18.3%12.8%
Volatility18.9%17.1%
Worst drop−26.4%−24.5%
Sharpe ratio0.990.79
Sortino ratio1.401.15
Calmar ratio0.690.52

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

Is GLD above its 200-day average?#

GLD closed 7.9% below its 200-day average on October 16, 2026. A rule that holds GLD only above that average would be out of it today.

vs 200-day average
−7.9%
below it
50-day vs 200-day
−4.3%
trend falling
vs 52-week high
−23.0%
high of $495.90

A moving average is the average close over the last so many days. Trend rules such as the 10-month moving average strategy hold a fund only while it is above one. You can build that rule for GLD and backtest it in a minute.

What was GLD’s worst drop?#

0%−10%−20%−30%−40%20052008201120142017202020232026
Drawdown: how far GLD was below its last high on each day.

A drawdown is how far a fund falls from its last high point. GLD’s worst fall was −45.6%, from August 22, 2011 to December 17, 2015. It got back to that high on July 29, 2020. On October 16, 2026 it was 23.0% below its highest close.

DropFrom the highTo the bottomBack to the high
−45.6%Aug 22, 2011Dec 17, 20154.3 yearsJul 29, 20204.6 years
−29.4%Mar 17, 2008Nov 12, 20088 monthsSep 16, 200910 months
−26.4%Jan 29, 2026Jul 16, 20266 monthsNot yet
−22.0%Aug 6, 2020Sep 26, 20222.1 yearsMar 4, 202417 months
−21.8%May 12, 2006Jun 14, 200633 daysSep 18, 200715 months

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

What does GLD hold?#

Each share of this fund stands for a small amount of real gold bars kept in vaults. Its price follows the price of gold, minus the yearly fee. It does not pay interest or dividends.

It tracks the LBMA Gold Price PM.

What is the GLD expense ratio?#

GLD charges 0.4% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.4% fee comes to about $40 a year. Of the 162 ETFs on Tactfolio, 12% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

Which Tactfolio strategies hold GLD?#

22 classic strategies hold GLD at least some of the time. Each is a set of written rules you can open, test and copy.

How does GLD compare with similar ETFs?#

Side-by-side pages measure both funds over the same dates:

  • GLD vs IAU: two funds that hold real gold, with different fees.

Funds that can stand in for GLD:

  • GLDM: SPDR Gold MiniShares, 0.1% a year
  • SGOL: abrdn Physical Gold Shares ETF, 0.17% a year
  • BAR: GraniteShares Gold Trust, 0.1749% a year
  • AAAU: Goldman Sachs Physical Gold ETF, 0.18% a year

See all 8 GLD alternatives, compared on the same dates as GLD.

Test GLD in your own rules#

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the builder, add GLD, and see how a rule such as “hold it only above its 200-day average” would have done. Strategies run on daily prices and hold US stocks and ETFs only.

The details#

Prices come from Tactfolio’s stored daily prices for GLD and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from SPDR (State Street). We checked them on October 16, 2026. Read what a backtest simulates and how to read drawdown and CAGR for more on these measures.

Research and test it

Common questions#

What is the expense ratio of GLD?#

GLD charges 0.4% a year, according to SPDR (State Street) as of October 16, 2026. That is about $40 a year for every $10,000 you hold.

When did GLD start trading?#

GLD started trading on November 18, 2004. It is run by SPDR (State Street).

What does GLD track?#

GLD tracks the LBMA Gold Price PM. Each share of this fund stands for a small amount of real gold bars kept in vaults.

How much has GLD returned per year?#

From November 2004 to October 2026, GLD returned about 10.3% a year with dividends reinvested. Its worst drop was −45.6%. Past returns do not tell you what it will do next.

Is GLD above its 200-day moving average?#

On October 16, 2026, GLD closed 7.9% below its 200-day moving average. This page updates after each US market close.

Which strategies use GLD?#

22 of Tactfolio’s classic strategies hold GLD, including Bold Asset Allocation (BAA), Defensive Asset Allocation (DAA), Protective Asset Allocation (PAA).

Sources#