GLD — SPDR Gold Shares

Overview

SPDR Gold Shares (GLD) is a commodity-focused fund managed by State Street Investment Management that tracks gold prices within a category containing five ETFs. With $130 billion in assets under management and a share price of $374.45, the fund demonstrates significant investor adoption relative to its peers. Despite its large scale, the ETF holds an overall rank of #72 out of 120 tracked funds across all categories and has received an ETFValuer grade of C with a score of 59.2 out of 100. The fund charges an expense ratio of 0.4% and offers a dividend yield of 0.00%, reflecting its nature as a non-income generating asset. These metrics position GLD as a widely held but moderately rated vehicle within the broader investment landscape. The substantial AUM suggests deep liquidity, even as the C grade indicates room for improvement in specific evaluation criteria. Investors seeking exposure to gold through a large, established issuer will find this fund aligns with those preferences despite its mid-tier ranking.

The fund's return profile shows a distinct divergence between short-term weakness and strong long-term gains over the measured periods. Recent performance has been negative, with a one-day return of -0.81%, a one-month decline of -5.50%, and a year-to-date drop of -5.98%. Over the three-month and six-month horizons, the fund recorded losses of -13.28% and -8.39% respectively, indicating a period of sustained downward pressure. However, the one-year return of +21.82% and the three-year return of +105.73% highlight a significant recovery and strong accumulation of value over longer intervals. This pattern suggests that while the fund has faced recent headwinds, it has delivered substantial appreciation over the multi-year timeframe. The trajectory from negative short-term figures to positive long-term results illustrates a volatile but ultimately upward trend in value.

GLD carries a high volatility label and a beta of 0.41, indicating that while its price swings are significant, its movements are less sensitive to broad market fluctuations than the average asset. The fund's Sharpe ratio of 0.61 suggests a moderate level of risk-adjusted return relative to the volatility experienced. A maximum drawdown of -26.21% reveals the extent of potential peak-to-trough decline investors have faced during adverse market conditions. This combination of high volatility and a substantial maximum drawdown implies that the fund can experience sharp declines even if its beta suggests lower correlation to general market moves. The risk profile reflects the inherent instability of commodity assets, where large price swings can occur independently of broader equity market trends. Investors must be prepared for significant interim losses, as evidenced by the drawdown figure, while the beta suggests these moves may not always mirror the direction of the wider stock market.

AI-generated summary based on the data on this page.

Market Backdrop

10-Year Treasury Yield: 4.55% (as of 2026-07-07) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 16.13 (as of 2026-07-07) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

GLD Performance History

How GLD Compares to Other Commodities ETFs