SPY vs GLD
Comparison between SPDR S&P 500 ETF Trust (SPY, ETF) and SPDR Gold Shares ETF (GLD, ETF).
5-Year PerformanceGLD has outperformed SPY, delivering a return of +17.5% compared to +13.3%
SPY vs GLD - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
Winner
SPY
$735B
GLD
$154B
Expense Ratio
Winner
SPY
0.09%
GLD
0.40%
Max Drawdown
SPY
56.47%
Winner
GLD
45.56%
Sharpe Ratio
Winner
SPY
1.62
GLD
0.91
5Y Beta
SPY
1.00
Winner
GLD
0.20
P/E Ratio
SPY
28.99
GLD
N/A
Forward P/E
SPY
22.37
GLD
N/A
5Y Dividends CAGR
SPY
5.43%
GLD
N/A
5Y EPS CAGR
SPY
26.05%
GLD
N/A
Debt to Equity
SPY
32.40%
GLD
N/A
P/S Ratio
SPY
3.74
GLD
N/A
P/B Ratio
SPY
5.61
GLD
N/A
SPY vs GLD - Historical Returns
Returns include dividend reinvestment.
1M
Winner
SPY
+1.90%
GLD
-5.27%
3M
Winner
SPY
+8.55%
GLD
-14.99%
6M
Winner
SPY
+8.18%
GLD
+2.54%
1Y
SPY
+25.79%
Winner
GLD
+28.10%
5Y(CAGR)
SPY
+13.32%
Winner
GLD
+17.46%
10Y(CAGR)
Winner
SPY
+15.19%
GLD
+12.80%
Max(CAGR)
SPY
+8.47%
Winner
GLD
+10.70%
SPY vs GLD - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | SPY | GLD |
|---|---|---|
| 2026 | +8.26% | -0.51% |
| 2025 | +18.00% | +61.48% |
| 2024 | +25.59% | +26.96% |
| 2023 | +26.72% | +11.76% |
| 2022 | -18.64% | +0.78% |
| 2021 | +30.52% | -6.24% |
| 2020 | +17.28% | +23.90% |
| 2019 | +31.09% | +17.78% |
| 2018 | -5.24% | -3.12% |
| 2017 | +20.78% | +11.93% |
| 2016 | +13.59% | +6.53% |
| 2015 | +1.31% | -11.06% |
| 2014 | +14.56% | -3.75% |
| 2013 | +29.00% | -28.83% |
| 2012 | +14.17% | +3.91% |
| 2011 | +0.85% | +10.14% |
| 2010 | +13.14% | +26.34% |
| 2009 | +22.67% | +24.45% |
| 2008 | -36.25% | +1.96% |
| 2007 | +5.32% | +32.40% |
| 2006 | +13.85% | +18.99% |
| 2005 | +5.32% | +19.90% |
| 2004 | +10.75% | -1.31% |
| 2003 | +24.18% | N/A |
| 2002 | -22.42% | N/A |
| 2001 | -10.13% | N/A |
| 2000 | -8.84% | N/A |
| 1999 | +8.61% | N/A |
SPY vs GLD Drawdown Comparison
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The maximum drawdown for GLD was -45.56%, occurring on Dec 17, 2015. Recovery took 2248 trading sessions.
The current SPY drawdown is -2.90%. The current GLD drawdown is -20.10%.
| Rank | SPY | GLD |
|---|---|---|
| #1 | -55.20% Oct 9, 2007 - Aug 16, 2012 | -45.56% Aug 22, 2011 - Jul 29, 2020 |
| #2 | -47.50% Mar 24, 2000 - Oct 26, 2006 | -29.41% Mar 17, 2008 - Sep 16, 2009 |
| #3 | -33.70% Feb 19, 2020 - Aug 10, 2020 | -22.00% Aug 6, 2020 - Mar 4, 2024 |
| #4 | -24.50% Jan 3, 2022 - Dec 13, 2023 | -21.79% May 12, 2006 - Sep 18, 2007 |
| #5 | -19.34% Sep 20, 2018 - Apr 12, 2019 | -20.10% Jan 29, 2026 - Jun 5, 2026 |
| #6 | -18.76% Feb 19, 2025 - Jun 26, 2025 | -12.70% Dec 2, 2009 - May 11, 2010 |
| #7 | -13.02% Jul 20, 2015 - Apr 18, 2016 | -10.13% Oct 20, 2025 - Dec 22, 2025 |
| #8 | -10.10% Jan 26, 2018 - Aug 6, 2018 | -9.52% Dec 3, 2004 - Sep 16, 2005 |
| #9 | -9.44% Sep 2, 2020 - Nov 11, 2020 | -8.12% Oct 30, 2024 - Jan 30, 2025 |
| #10 | -9.30% Jan 19, 2000 - Mar 17, 2000 | -8.04% Dec 6, 2010 - Mar 1, 2011 |
| #11 | -9.05% Jul 19, 2007 - Oct 5, 2007 | -7.59% Jun 18, 2010 - Sep 14, 2010 |
| #12 | -8.88% Jan 27, 2026 - Apr 14, 2026 | -7.11% Apr 21, 2025 - Jun 13, 2025 |
| #13 | -8.41% Jul 16, 2024 - Sep 19, 2024 | -6.70% Dec 12, 2005 - Jan 3, 2006 |
| #14 | -7.35% Sep 14, 2012 - Jan 2, 2013 | -6.08% Nov 7, 2007 - Dec 28, 2007 |
| #15 | -7.27% Sep 18, 2014 - Oct 31, 2014 | -5.84% Apr 29, 2011 - Jul 12, 2011 |
Correlation
Correlation between SPY and GLD is 0.86 which considered as a strong positive correlation - the stocks tend to move together.
0.86
-101
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