GLD vs GLDM

GLDSPDR Gold SharesvsGLDMSPDR Gold MiniShares Trust
Expense ratioNet assetsYield (TTM)1 yr5 yr*
GLD0.4%$130.10B—-1.8%+16.7%
GLDM0.1%$27.30B—-1.5%+17.0%

Total returns with price only (neither pays distributions); * a year. Prices as of Nov 2, 2026 · holdings and costs from SEC filings · page updated Nov 3, 2026

At a glance

GLD and GLDM are both trusts that hold physical gold directly, so what sets them apart is cost, size and trading. GLDM costs less: 0.1% a year against 0.4% for GLD, or $100 against $400 on every $100,000. GLD has $130.10B in assets and GLDM $27.30B. Over the past year GLD returned −1.8% and GLDM −1.5%; over five years, +16.7% and +17.0% a year. In the 2022 bear market GLD fell 21.0% at its worst and GLDM 20.9%; both were back at their earlier highs 14 months after the low.

Key differences

GLDGLDM
FundSPDR Gold SharesSPDR Gold MiniShares Trust
SponsorWorld Gold Trust Services, LLCWorld Gold Council
StructureGrantor trustGrantor trust
TypeGoldGold
LaunchedNov 18, 2004Jun 25, 2018
Expense ratio0.4%0.1%
Cost a year on $100,000$400$100
Net assets$130.10B$27.30B
Price data fromJul 18, 2005Jun 26, 2018

Structure and tax notes

  • Both: Structured as a grantor trust registered under the Securities Act of 1933, not as a 1940 Act investment company, so it lacks some fund-specific investor protections.
  • Both: Physically backed precious-metal trusts are taxed like the metal itself: in the US, long-term gains can be taxed at the collectibles rate of up to 28% rather than the usual capital-gains rates.

Holdings and overlap

Both trusts hold physical gold directly rather than stocks or bonds, so there is no holdings list to compare: each share is a claim on the same asset, and the difference between them is what each charges, how large it is and how its shares trade.

Returns

$0$25K$50K2019202120232025
GLD GLDM · $10,000 in each on Jun 29, 2018, price only (neither pays distributions).

$10,000 put into GLD on Jun 29, 2018 was worth $30,480 on Nov 2, 2026, and in GLDM $31,150 (+14.3% and +14.6% a year). That is as far back as the price data for both goes.

1 yr3 yr5 yr10 yr
GLD price data to Nov 2, 2026-1.8%+25.2%+16.7%+11.3%
GLDM price data to Nov 2, 2026-1.5%+25.6%+17.0%—
Multi-year figures are annualized total returns with no distributions. "Official" rows are the SEC-standard returns from each fund's prospectus, to the end of the last calendar year; they reach back further where the price data starts late. GLD: Price data starts 2005-07-18, after the fund's launch on 2004-11-18; figures "since start" cover the available history only.

Calendar years

YearGLDGLDMDifference
2026-8.8% *-8.6% *GLDM +0.2
2025+63.7%+64.2%GLDM +0.5
2024+26.7%+27.1%GLDM +0.4
2023+12.7%+13.0%GLDM +0.3
2022-0.8%-0.5%GLDM +0.3
2021-4.2%-4.0%GLDM +0.1
2020+24.8%+25.1%GLDM +0.3
2019+17.9%+18.1%GLDM +0.2
2018-1.9%—
2017+12.8%—
Total returns from price data; * year to Nov 2, 2026.

Downturns and recovery

GLDGLDM
2008 financial crisis
stocks fell Oct 9, 2007 – Mar 9, 2009
−29.4% at the worst; back at its high 10 months after the lowBefore it launched
2020 COVID crash
stocks fell Feb 19, 2020 – Mar 23, 2020
−12.5% at the worst; back at its high within a month after the low−12.5% at the worst; back at its high within a month after the low
2022 bear market
stocks fell Jan 3, 2022 – Oct 12, 2022
−21% at the worst; back at its high 14 months after the low−20.9% at the worst; back at its high 14 months after the low
Worst fall in the price data−45.6% (Aug 22, 2011 – Dec 17, 2015)−28% (Jan 29, 2026 – Oct 30, 2026)
The deepest drop from a high to a low during each stretch when stocks fell, and how long the fund took to get back to its earlier high, with price only (neither pays distributions). The price data starts Jul 18, 2005 for GLD and Jun 26, 2018 for GLDM.

Costs

GLDM charges 0.1% a year and GLD 0.4%: on $100,000 that is $300 a year less with GLDM ($1,500 on $500,000). The fee comes out of each fund's assets, so it is already in the returns above.

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Sources

  • GLD: 10-K annual report, filed Nov 25, 2025 — SEC EDGAR
  • GLDM: 10-K annual report, filed Nov 25, 2025 — SEC EDGAR
  • Prices: daily prices and distributions through Nov 2, 2026

For education only, not investment advice or a recommendation to buy or sell either fund. Past performance does not predict future results.