Nov 18, 2004 – Oct 8, 2026, GLD sets the start date
Growth of $10,000
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Key metrics
| Return | GLD | SPY |
|---|---|---|
| Final balance | $85,313 | $97,291 |
| Total return | +753.13% | +872.91% |
| CAGR | +10.29% | +10.95% |
| Calendar years | GLD | SPY |
|---|---|---|
| Best year | +63.68% | +32.31% |
| Worst year | −28.33% | −36.80% |
| Positive years | 15 of 21 | 18 of 21 |
| Risk | GLD | SPY |
|---|---|---|
| Max drawdown | −45.56% | −55.19% |
| Longest drawdown | 8.9 years | 4.9 years |
| Volatility (annualized) | 18.27% | 18.83% |
| Risk-adjusted | GLD | SPY |
|---|---|---|
| Sharpe ratio | 0.63 | 0.65 |
| Sortino ratio | 0.89 | 0.91 |
| Calmar ratio | 0.23 | 0.20 |
Trailing returns
| Period | GLD | SPY | GLD − SPY |
|---|---|---|---|
| YTD | −4.46% | +14.38% | −18.84% |
| 1Y | +1.70% | +16.22% | −14.52% |
| 3Y | +30.67% | +23.16% | +7.51% |
| 5Y | +18.18% | +13.58% | +4.61% |
| 10Y | +12.20% | +15.47% | −3.27% |
| 15Y | +5.95% | +15.50% | −9.55% |
| 20Y | +9.93% | +11.14% | −1.21% |
Rolling returns
| Period | GLD median | SPY median | More often ahead |
|---|---|---|---|
| 1Y | +10.30% | +14.65% | GLD 53% |
| 3Y | +10.23% | +11.99% | SPY 57% |
| 5Y | +8.06% | +13.03% | SPY 72% |
| 10Y | +4.39% | +12.72% | SPY 86% |
Worst drawdowns · GLD
| Decline | Peak | Bottom | Recovered | Length |
|---|---|---|---|---|
| −45.6% | Aug 2011 | Dec 2015 | Jul 2020 | 8.9 years |
| −29.4% | Mar 2008 | Nov 2008 | Sep 2009 | 1.5 years |
| −26.4% | Jan 2026 | Jul 2026 | Not yet | 8 months so far |
| −22.0% | Aug 2020 | Sep 2022 | Mar 2024 | 3.6 years |
| −21.8% | May 2006 | Jun 2006 | Sep 2007 | 1.4 years |
| Decline | Peak | Bottom | Recovered | Length |
|---|---|---|---|---|
| −55.2% | Oct 2007 | Mar 2009 | Aug 2012 | 4.9 years |
| −33.7% | Feb 2020 | Mar 2020 | Aug 2020 | 6 months |
| −24.5% | Jan 2022 | Oct 2022 | Dec 2023 | 1.9 years |
| −19.3% | Sep 2018 | Dec 2018 | Apr 2019 | 7 months |
| −18.8% | Feb 2025 | Apr 2025 | Jun 2025 | 4 months |
Annual returns
| Year | GLD | SPY | GLD − SPY |
|---|---|---|---|
| 2017 | +12.81% | +21.71% | −8.90% |
| 2018 | −1.94% | −4.57% | +2.63% |
| 2019 | +17.86% | +31.22% | −13.37% |
| 2020 | +24.81% | +18.33% | +6.48% |
| 2021 | −4.15% | +28.73% | −32.88% |
| 2022 | −0.77% | −18.18% | +17.40% |
| 2023 | +12.69% | +26.18% | −13.48% |
| 2024 | +26.66% | +24.89% | +1.77% |
| 2025 | +63.68% | +17.72% | +45.96% |
| 2026to Oct 8 | −4.46% | +14.38% | −18.84% |
About GLD vs SPY
GLD holds gold bars in vaults. SPY, launched in 1993, is the oldest ETF that tracks the S&P 500. Gold pays no income, so GLD's return is its price change alone. SPY's also includes its companies' dividends.
GLD returned 10.3% a year from Nov 2004 to Oct 2026, against 11.0% for SPY. GLD fell furthest in 2011–2015, by 45.6%, and SPY in 2007–2009, by 55.2%. GLD beat SPY in 11 of 21 full years, but SPY was ahead in 86% of rolling 10-year periods.
Uses daily closing prices with dividends reinvested. Fund fees are included, but not taxes or trading costs. The comparison starts on Nov 18, 2004, when GLD's prices begin.