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GLD vs SPY: Performance & Backtest Comparison
SPY delivered the higher return - 10.96% CAGR vs 10.22% - over 2004-12-31 → 2026-06-30.
Growth comparison
Drawdown
Annual returns
| GLD | SPY | |
|---|---|---|
| Name | SPDR Gold Shares | State Street SPDR S&P 500 ETF Trust |
| CAGR | 10.22% | 10.96% |
| Total return | 716.45% | 843.94% |
| Volatility | 17.22% | 14.85% |
| Max drawdown | -42.91%Dec 2015 | -50.78%Feb 2009 |
| Sharpe | 0.55 | 0.66 |
| Sortino | 0.95 | 0.90 |
| Best year | 63.68% | 32.31% |
| Worst year | -28.33% | -36.79% |
| Final balance | $81,645 | $94,394 |
Correlation of monthly returns: 0.08. Wondering if you need both? Check their fund overlap →
All figures are total returns: every dividend and distribution is reinvested on its ex-date, and prices are split-adjusted. See the methodology.
Frequently asked questions
Which has performed better, GLD or SPY?
Over 2004-12-31 to 2026-06-30, SPY performed better: 10.96% annualized versus 10.22% for GLD, with dividends reinvested. Past performance does not guarantee future results.
How similar are GLD and SPY?
Their monthly returns have a correlation of 0.08 over the common period. GLD is SPDR Gold Shares; SPY is State Street SPDR S&P 500 ETF Trust.
Which is riskier, GLD or SPY?
Over the common period GLD had 17.22% annualized volatility and a -42.91% max drawdown, versus 14.85% and -50.78% for SPY.