# GLD ETF: fees, returns, drawdowns and holdings

> What GLD holds, its 0.4% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

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](https://tactfolio.com/about/editorial-policy). Fund facts checked October 16, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.4% a year (about $40 on $10,000).
- Started trading on November 18, 2004.
- Last close: $382.01 on October 16, 2026.
- Return over the last year: −3.6%.
- Worst drop since 2004: −45.6%.
- 22 Tactfolio classic strategies hold it.

## How has GLD done since 2004?

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.

| Period | GLD | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | −2.5% | 1.5% |
| 3 months | 4.7% | 1.9% |
| 6 months | −13.2% | 9.3% |
| Year to date | −3.6% | 12.8% |
| 1 year | −3.6% | 16.8% |
| 3 years, per year | 29.0% | 22.0% |
| 5 years, per year | 18.2% | 12.8% |
| 10 years, per year | 12.3% | 15.4% |
| Since 2004, per year | 10.3% | 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%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 12.3% | 8.7% | −11.1% | −1.5% | −1.5% | −11.7% | 0.9% | 9.9% | −6.8% | 0.3% |  |  | −3.6% |
| 2025 | 6.8% | 1.8% | 9.4% | 5.4% | −0.1% | 0.4% | −0.6% | 5.0% | 11.8% | 3.6% | 5.4% | 2.2% | 63.7% |
| 2024 | −1.4% | 0.5% | 8.7% | 3.0% | 1.6% | −0.1% | 5.4% | 2.1% | 5.1% | 4.3% | −3.1% | −1.4% | 26.7% |
| 2023 | 5.8% | −5.4% | 7.9% | 0.9% | −1.3% | −2.2% | 2.3% | −1.3% | −4.8% | 7.4% | 2.5% | 1.3% | 12.7% |
| 2022 | −1.7% | 6.1% | 1.3% | −2.1% | −3.3% | −1.6% | −2.6% | −2.9% | −2.9% | −1.8% | 8.5% | 2.9% | −0.8% |
| 2021 | −3.2% | −6.3% | −1.1% | 3.6% | 7.7% | −7.1% | 2.5% | −0.1% | −3.2% | 1.5% | −0.7% | 3.3% | −4.2% |
| 2020 | 4.5% | −0.6% | −0.2% | 7.3% | 2.6% | 2.7% | 10.8% | −0.3% | −4.2% | −0.5% | −5.4% | 7.0% | 24.8% |
| 2019 | 2.9% | −0.6% | −1.6% | −0.7% | 1.8% | 8.0% | 0.0% | 7.9% | −3.4% | 2.6% | −3.2% | 3.7% | 17.9% |
| 2018 | 3.2% | −2.1% | 0.6% | −0.9% | −1.2% | −3.6% | −2.2% | −2.1% | −0.7% | 2.1% | 0.3% | 4.9% | −1.9% |
| 2017 | 5.4% | 3.2% | −0.4% | 1.7% | −0.1% | −2.2% | 2.3% | 4.2% | −3.4% | −0.8% | 0.4% | 2.1% | 12.8% |
| 2016 | 5.4% | 10.9% | −0.8% | 5.1% | −6.1% | 9.0% | 2.0% | −3.3% | 0.7% | −2.9% | −8.4% | −1.9% | 8.0% |
| 2015 | 8.7% | −5.9% | −2.1% | −0.2% | 0.6% | −1.5% | −6.6% | 3.7% | −1.8% | 2.3% | −6.8% | −0.4% | −10.7% |
| 2014 | 3.4% | 6.3% | −3.1% | 0.5% | −3.0% | 6.3% | −3.6% | 0.4% | −6.2% | −3.0% | −0.5% | 1.3% | −2.2% |
| 2013 | −0.5% | −5.1% | 0.9% | −7.6% | −6.2% | −11.1% | 7.4% | 5.2% | −4.8% | −0.3% | −5.5% | −3.8% | −28.3% |
| 2012 | 11.4% | −3.0% | −1.3% | −0.1% | −6.3% | 2.4% | 0.8% | 4.9% | 4.7% | −2.9% | −0.5% | −2.4% | 6.6% |
| 2011 | −6.4% | 6.0% | 1.6% | 8.9% | −1.8% | −2.4% | 8.4% | 12.3% | −11.1% | 5.9% | 1.7% | −10.7% | 9.6% |
| 2010 | −1.3% | 3.3% | −0.4% | 5.9% | 3.0% | 2.4% | −5.1% | 5.7% | 4.8% | 3.7% | 2.1% | 2.4% | 29.3% |
| 2009 | 5.5% | 1.5% | −2.5% | −3.3% | 10.2% | −5.2% | 2.4% | 0.1% | 5.8% | 3.7% | 12.8% | −7.2% | 24.0% |
| 2008 | 10.8% | 5.2% | −6.0% | −4.2% | 0.9% | 4.5% | −1.4% | −9.3% | 4.1% | −16.1% | 12.6% | 7.7% | 4.9% |
| 2007 | 2.6% | 2.5% | −1.1% | 2.1% | −2.3% | −1.9% | 2.4% | 1.1% | 10.5% | 7.0% | −1.7% | 6.7% | 30.4% |
| 2006 | 9.9% | −1.1% | 3.6% | 12.0% | −1.3% | −4.7% | 3.1% | −1.4% | −4.5% | 1.3% | 6.9% | −1.8% | 22.6% |
| 2005 | −3.6% | 3.1% | −1.6% | 1.2% | −3.9% | 4.3% | −1.4% | 1.4% | 7.6% | −0.6% | 5.8% | 5.1% | 17.8% |
| 2004 (part) |  |  |  |  |  |  |  |  |  |  | 1.7% | −2.9% | −1.3% |

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.

| Measure | GLD | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 18.3% | 12.8% |
| Volatility | 18.9% | 17.1% |
| Worst drop | −26.4% | −24.5% |
| Sharpe ratio | 0.99 | 0.79 |
| Sortino ratio | 1.40 | 1.15 |
| Calmar ratio | 0.69 | 0.52 |

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.

- Its 50-day average is 4.3% below its 200-day average.
- It closed 23.0% below its highest close of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for GLD](https://tactfolio.com/builder) and backtest it in a minute.

## What was GLD's worst drop?

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.

| Drop | Started | Bottom | Back to the high | Fall took | Recovery took |
| --- | --- | --- | --- | --- | --- |
| −45.6% | Aug 22, 2011 | Dec 17, 2015 | Jul 29, 2020 | 4.3 years | 4.6 years |
| −29.4% | Mar 17, 2008 | Nov 12, 2008 | Sep 16, 2009 | 8 months | 10 months |
| −26.4% | Jan 29, 2026 | Jul 16, 2026 | Not yet | 6 months | n/a |
| −22.0% | Aug 6, 2020 | Sep 26, 2022 | Mar 4, 2024 | 2.1 years | 17 months |
| −21.8% | May 12, 2006 | Jun 14, 2006 | Sep 18, 2007 | 33 days | 15 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.

| Fact | GLD |
| --- | --- |
| Full name | SPDR Gold Shares |
| Issuer | SPDR (State Street) |
| Expense ratio | 0.4% a year |
| Started trading | November 18, 2004 |
| Tracks | LBMA Gold Price PM |
| Type | Gold, ETF |
| Facts checked | October 16, 2026 on the [SPDR (State Street) fund page](https://www.spdrgoldshares.com/usa/gld/) |

## 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.

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

## How does GLD compare with similar ETFs?

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

- [GLD vs IAU](https://tactfolio.com/etf-comparisons/GLD-vs-IAU.md): two funds that hold real gold, with different fees.

Funds that can stand in for GLD:

- [GLDM](https://tactfolio.com/etf/GLDM.md): SPDR Gold MiniShares, 0.1% a year
- [SGOL](https://tactfolio.com/etf/SGOL.md): abrdn Physical Gold Shares ETF, 0.17% a year
- [BAR](https://tactfolio.com/etf/BAR.md): GraniteShares Gold Trust, 0.1749% a year
- [AAAU](https://tactfolio.com/etf/AAAU.md): Goldman Sachs Physical Gold ETF, 0.18% a year

See [all 8 GLD alternatives](https://tactfolio.com/alternatives/GLD.md), 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](https://tactfolio.com/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](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.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

### 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

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

> 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.