GLDM — SPDR Gold MiniShares

GLDM Price Performance — Growth of $10,000

Value of a $10,000 investment in GLDM over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

GLDM Drawdown

The "underwater" chart: GLDM's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

SPDR Gold MiniShares is a commodities fund issued by State Street Investment Management with $30.7 billion in assets under management. It holds a C grade and ranks 10th out of 22 peers in its category, placing it in the middle of the pack for similar funds. The fund’s 0.1% expense ratio is significantly lower than the category median of 0.595%, offering a cost advantage to investors. However, it provides no dividend income, contrasting with the category median yield of 2.89%. With an overall rank of 329 among 458 tracked ETFs, the fund demonstrates moderate standing across all asset classes.

The fund’s price of $79.13 sits near the bottom of its 52-week range, reflecting recent downward pressure. Short-term returns are negative across one-day, one-week, and one-month horizons, while the three-month return is slightly negative at -2.04%. In contrast, the three-year return shows a substantial gain of 99.92%, highlighting a divergence between recent weakness and longer-term strength. The one-year return of -2.55% trails the category median of 9.06%, contributing to its recent downgrade from a B to a C grade on 2026-09-23. Historical data is limited to 3.0 years, which constrains the depth of long-term trend analysis.

GLDM exhibits high volatility at 28.33% annualized, indicating significant price fluctuations over time. Its beta of 0.44 suggests the fund moves less than the broader market, providing some diversification benefits. Despite the high volatility, the Sharpe ratio of -0.27 indicates that risk-adjusted returns have been negative during the measured period. The maximum drawdown of -26.27% reflects the largest peak-to-trough decline experienced by the fund. Liquidity remains robust with an average daily volume of 4,605,206 shares, ensuring ease of trading for investors.

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

Market Backdrop

10-Year Treasury Yield: 4.96% (as of 2026-10-22) — 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): 19.03 (as of 2026-10-22) — 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: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

GLDM Liquidity, Domicile & Tax Treatment

Liquidity: Average daily volume is 4.6M/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $30.7B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: GLDM is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

GLDM Performance History

How GLDM Compares to Other Commodities ETFs