GLD: SPDR Gold Shares
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
- Return per year
- 10.3%
- since November 2004
- Worst drop
- −45.6%
- since 2004
- Started trading
- Nov 2004
- SPDR (State Street)
Key points
- Expense ratio: 0.4% a year (about $40 on $10,000).
- Started trading on November 18, 2004.
- Worst drop since 2004: −45.6%.
- 22 Tactfolio classic strategies hold it.
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 |
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.
You never get a bill for it. The fund takes the fee out of its own value a little each day.
How has GLD done since 2004?#
From November 2004 to October 2026, GLD returned about 10.3% a year. Say you put in $10,000 at the start. It would have been worth about $86,077 at the end, with every dividend reinvested.
| Measure | GLD |
|---|---|
| Total return | 760.8% |
| Return per year (CAGR) | 10.3% |
| Worst drop from a high | −45.6% |
| Volatility (how much it swings) | 18.3% |
| Last 12 months | −3.6% |
| Last 3 years, per year | 29.0% |
| Last 5 years, per year | 18.2% |
| Last 10 years, per year | 12.3% |
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 year#
| Year | GLD return |
|---|---|
| 2026 (part of the year) | −3.6% |
| 2025 | 63.7% |
| 2024 | 26.7% |
| 2023 | 12.7% |
| 2022 | −0.8% |
| 2021 | −4.2% |
| 2020 | 24.8% |
| 2019 | 17.9% |
| 2018 | −1.9% |
| 2017 | 12.8% |
| 2016 | 8.0% |
| 2015 | −10.7% |
| 2014 | −2.2% |
| 2013 | −28.3% |
| 2012 | 6.6% |
| 2011 | 9.6% |
| 2010 | 29.3% |
| 2009 | 24.0% |
| 2008 | 4.9% |
| 2007 | 30.4% |
| 2006 | 22.6% |
| 2005 | 17.8% |
| 2004 (part of the year) | −1.3% |
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.
The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss.
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), by Wouter Keller, 2022
- Defensive Asset Allocation (DAA), by Wouter Keller and JW Keuning, 2018
- Protective Asset Allocation (PAA), by Wouter Keller and JW Keuning, 2016
- Adaptive Asset Allocation (AAA), by Adam Butler, Michael Philbrick, Rodrigo Gordillo, and David Varadi, 2012
- Composite Dual Momentum, by Gary Antonacci, 2012
- Vigilant Asset Allocation G12 (VAA-G12), by Wouter Keller and JW Keuning, 2017
- GTAA 13: Faber’s 13-asset tactical allocation, by Mebane Faber, 2013
- GTAA Aggressive 3 (Faber GTAA AGG3), by Mebane Faber, 2013
- GTAA Aggressive 6 (Faber GTAA AGG6), by Mebane Faber, 2013
- Trinity Portfolio (Meb Faber), by Mebane Faber, 2016
- 12-Month High Switch (Meb Faber), by Mebane Faber, 2020
- Gold Cross-Asset Momentum (gold and Treasury rule), by Cyril Dujava (Quantpedia), 2026
- Defense First (Carlson’s defensive tactical model), by Thomas D. Carlson, 2025
- Tactical Permanent Portfolio (GestaltU / ReSolve), by Adam Butler, Michael Philbrick, and Rodrigo Gordillo, 2012
- Three-Way Model (Ned Davis Research), by Ned Davis Research, 2015
- Kipnis Defensive Adaptive Asset Allocation (KDA), by Ilya Kipnis, 2019
- All Weather Portfolio (Ray Dalio’s All Seasons), by Ray Dalio and Tony Robbins, 2014
- Harry Browne’s Permanent Portfolio, by Harry Browne, 1999
- Golden Butterfly Portfolio, by Tyler (Portfolio Charts), 2015
- Lethargic Asset Allocation (Keller’s LAA), by Wouter J. Keller, 2019
- Resilient Asset Allocation (Keller’s RAA), by Wouter J. Keller, 2020
- Pragmatic Asset Allocation (Quantpedia’s PAA), 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: 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. 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.
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.
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.
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).