ETF Versus

GLD vs GLDM

SPDR Gold Shares vs SPDR Gold MiniShares

Last updated: 2026-04-02

GLD State Street

SPDR Gold Shares (GLD) is an exchange-traded fund issued by State Street that provides exposure to gold securities. It charges an above-average expense ratio of 0.40%. Launched in 2004, the fund has a 22-year track record.

AUM: $151.9B ER: 0.40% Yield: 0.00% Since: Nov 18, 2004
GLDM

SPDR Gold MiniShares (GLDM) is an exchange-traded fund that provides exposure to gold securities. It charges a low expense ratio of 0.10%. Launched in 2018, the fund has a 8-year track record.

AUM: $29.1B ER: 0.10% Yield: N/A Since: Jun 25, 2018

Quick Verdict

GLDM is significantly cheaper at 0.10% vs 0.40% expense ratio, saving you approximately $587 per $10,000 invested over 10 years. Both funds have delivered similar 1-year returns (52.3% vs 52.6%), tracking closely.

Key Metrics

Metric GLD GLDM
Expense Ratio 0.40% 0.10%
Dividend Yield 0.0% N/A
Fund Family State Street N/A
Category Gold Gold

Performance Chart

Indexed to 100 at start (5-year comparison)

90 132 174 216 258 300 2021-04 2022-06 2023-09 2024-12 2026-04
GLD +170.4%
GLDM +174.1%

Performance Comparison

Period GLD GLDM Difference
1 Month -10.65% -10.65% +0.00%
3 Months +9.93% +9.98% -0.05%
6 Months +22.42% +22.59% -0.17%
YTD +9.93% +9.98% -0.05%
1 Year +52.25% +52.61% -0.36%
3 Years +137.25% +139.28% -2.03%
5 Years +170.39% +174.13% -3.74%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment Period GLD Fees GLDM Fees You Save
$10.000 10 years $786 $199 $587
$10.000 20 years $3.334 $856 $2.478
$10.000 30 years $10.601 $2.758 $7.843
$50.000 10 years $3.932 $995 $2.937
$50.000 30 years $53.003 $13.790 $39.213
$100.000 30 years $106.005 $27.580 $78.426

Risk Metrics

Based on 5 years of daily returns

Metric GLD GLDM
Annualized Volatility 17.8% 17.6%
Max Drawdown -21.0% -20.9%
Sharpe Ratio 0.96 0.98

Dividend Comparison

Metric GLD GLDM
Annual Dividend (per share) $0.00 $0.00
Dividend Yield 0.00% 0.00%
Distribution Frequency None None

Which One Should You Choose?

Choose GLDM if...

you want the lowest fees and plan to buy and hold long-term. Over decades, the expense ratio difference compounds significantly.

Either works if...

you just need broad gold exposure. Both are solid options — pick whichever your brokerage offers commission-free.

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