GLD vs SPY
SPDR Gold Shares vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. GLD delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | GLD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.40% | 0.09% | |
| AUM | $132.2B | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 2 | 505 | |
| YTD Return | +0.17% | +14.47% | |
| 1Y Return | +29.03% | +21.96% | |
| 3Y Return (annualized) | +31.12% | +21.70% | |
| 5Y Return (annualized) | +19.12% | +13.30% | |
| Volatility (annualized) | 17.2% | 15.3% | |
| Max Drawdown | -45.6% | -56.5% | |
| Fund Family | SPDR State Street Global Advisors | State Street Investment Management | |
| Category | Commodity | Equity | |
| Inception | Nov 18, 2004 | Jan 22, 1993 |
GLD vs SPY Performance
SPDR Gold Shares (GLD) is a ETF from SPDR State Street Global Advisors and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GLD returned +29.03% while SPY returned +21.96%. Year to date, GLD is up 0.17% versus a gain of 14.47% for SPY.
Over three years, GLD compounded at +31.12% per year against +21.70% for SPY; over five years the annualized figures are +19.12% and +13.30% respectively. Across the full 22-year window we track, GLD has the edge at +10.63% annualized vs +8.87%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
GLD has been the more volatile fund, with annualized monthly volatility of 17.2% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -45.6% for GLD and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.09. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GLD charges 0.40% per year while SPY charges 0.09%. On a $10,000 position that is $40 vs $9 annually, a gap of $31 per year that compounds over a long holding period. On income, GLD currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, GLD or SPY?
GLD has an expense ratio of 0.40% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $31 per year of difference.
Which performed better, GLD or SPY?
Over the past year GLD returned +29.03% vs +21.96% for SPY, so GLD leads on 1-year performance. Over the longest common window we track (22 years), GLD annualized +10.63% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, GLD or SPY?
GLD has been the more volatile fund at 17.2% annualized versus 15.3% for SPY. Worst drawdown: GLD -45.6% vs SPY -56.5%.
Should I hold both GLD and SPY?
GLD and SPY have a monthly-return correlation of 0.09, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, GLD or SPY?
GLD yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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