At a glance
GLD charges 0.4% a year, above the 0.17% average of the 7 funds most like it (the most expensive of 7). It has $130.10B in assets, the largest of that group. Over the past year it returned −1.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +25.2% a year. At its worst it fell 12.5% in the 2020 crash (S&P 500: 33.7%) and 21.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 14 months after the lows.
The short version
SPDR Gold Shares (GLD) is a trust that holds physical gold bars in London, New York or Zurich. It aims to track the gold price, less expenses, so owners don't have to store or insure metal themselves. It is the largest of the similar gold-holding funds, at about $130.1 billion as of June 30, 2026. Its 0.40% annual sponsor fee is also the highest of that group, compared with a 0.17% average for the others.
Price history
The interactive chart needs JavaScript.
GLD -1.8% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GLD price data to Nov 2, 2026 | -8.7% | -1.8% | +25.2% | +16.7% | +11.3% | +10.6% |
- Over the year to Nov 2, 2026, GLD returned -1.8%, 8th of 8 among similar funds.
- Its 5-year annualized return was +16.7% and its 10-year +11.3%.
- In the 2020 COVID crash it fell 12.5% and regained its old high 0.7 months after the low.
- Its worst full calendar year was 2013 (-28.3%); its best was 2025 (+63.7%).
- The deepest fall in its price history was 45.6% (Aug 22, 2011 to Dec 17, 2015), recovered by Jul 29, 2020.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -8.8% |
| 2025 | +63.7% |
| 2024 | +26.7% |
| 2023 | +12.7% |
| 2022 | -0.8% |
| 2021 | -4.2% |
| 2020 | +24.8% |
| 2019 | +17.9% |
| 2018 | -1.9% |
| 2017 | +12.8% |
| 2016 | +8.0% |
| 2015 | -10.7% |
| 2014 | -2.2% |
| 2013 | -28.3% |
| 2012 | +6.6% |
| 2011 | +9.6% |
| 2010 | +29.3% |
| 2009 | +24.0% |
| 2008 | +4.9% |
| 2007 | +30.4% |
| 2006 | +22.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 23.9% over that stretch · deepest drop along the way 29.4%, back to its old high 10.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 3.6% over that stretch · deepest drop along the way 12.5%, back to its old high 0.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.3% over that stretch · deepest drop along the way 21%, back to its old high 14.2 months after the low |
What's inside
The trust holds physical gold directly, worth $130.10B as of Jun 30, 2026 (per its 10-Q). It does not hold stocks or bonds, so there is no holdings list.
How it works
GLD follows no index, and no manager picks its holdings. It is a grantor trust: shareholders own fractional interests in the trust's gold and are taxed as if they held it directly. Its goal is to reflect the price of gold bullion, less expenses. It uses no futures or other derivatives. At the end of each business day it holds only specific gold bars recorded as its property, with custodians HSBC and JPMorgan in London, New York or Zurich.
Each day NYSE Arca is open, trustee BNY values the gold at the LBMA Gold Price PM, set in a 3:00 PM London auction run by ICE Benchmark Administration. Subtracting accrued expenses from that value gives the net asset value (NAV). Only firms called Authorized Participants can create or redeem shares, in blocks of 100,000 called Baskets, exchanging gold with the trust and paying $2,000 per order. This helps keep the share price near NAV.
Gold sales happen only to pay expenses, if the trust ends, or if the law requires it. Because the trustee covers the 0.40% sponsor fee this way, each share represents less gold over time, and those sales are taxable events for shareholders. The trust is not registered under the Investment Company Act of 1940, so it lacks some protections that traditional funds offer.
What it really costs
- GLD charges 0.4% a year, versus an average of 0.17% for the similar funds below (7th of 7, cheapest first).
Structure and tax notes
- 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.
- 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.
In a retirement portfolio
GLD holds physical gold, which has often moved differently from stocks, but it pays no income and has gone through long slumps of its own.
GLD holds gold bars, so it can move differently from stocks. In the 2008 financial crisis, from the stock market's 2007 peak to its 2009 low, GLD gained about 24%, though it fell 29% along the way. It slipped about 4% in the 2020 COVID crash and 7% in the 2022 bear market. Gold can also slump on its own: GLD's deepest drop, 46% from August 2011 to December 2015, took until July 2020 to recover. Its worst calendar year was 2013, down 28%. Anyone selling shares to cover spending during that slump would have sold at a loss.
GLD pays no income, so withdrawals mean selling shares. Its 0.40% yearly sponsor fee is the highest among similar physical gold funds, which average 0.17%; SPDR Gold MiniShares (GLDM) charges 0.10%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want gold-price exposure in a brokerage account, backed by specific gold bars held in London, New York or Zurich, with no derivatives.
- Traders and institutions that value scale: at about $130.1 billion as of June 30, 2026, GLD was the largest of the similar gold-holding funds.
- Investors wanting something that may move differently from stocks: GLD gained 23.9% in the 2008 financial crisis but lost 7.3% in 2022's bear market.
Look elsewhere if
- Cost-focused long-term holders: its 0.40% sponsor fee is the highest among similar gold funds; SPDR Gold MiniShares Trust (GLDM) charges 0.10%.
- Investors who need regular income: gold earns no interest, GLD has recorded no distributions, and spending money must come from cashing in shares.
- Investors who can't stomach long slumps: GLD fell 45.6% from August 2011 to December 2015 and didn't regain that peak until July 2020.
Close alternatives
Matched by other funds that hold gold directly.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| GLD this fund | 0.4% | $130.10B | -1.8% | +25.2% |
| IAU iShares Gold Trust | 0.25% | $60.11B | -1.6% | +25.4% |
| GLDM SPDR Gold MiniShares Trust | 0.1% | $27.30B | -1.5% | +25.6% |
| PHYS Sprott Physical Gold Trust | — | $10.70B | +2.4% | +25.4% |
| SGOL abrdn Physical Gold Shares ETF | 0.17% | $6.74B | +1.7% | +26.3% |
| IAUM iShares Gold Trust Micro ETF of Benef Inter… | 0.09% | $6.31B | +1.8% | +26.4% |
| OUNZ VanEck Merk Gold ETF | 0.25% | $2.54B | +1.6% | +26.2% |
| AAAU Goldman Sachs Physical Gold ETF | 0.18% | $2.40B | +1.6% | +26.3% |
Compared head to head: GLD vs IAU · GLD vs GLDM · all comparisons →
Questions investors ask
What's the difference between GLD and IAU?
The main difference is cost. Both are trusts that hold physical gold, so their returns track closely: over the three years through October 30, 2026, GLD returned 24.3% a year and iShares Gold Trust (IAU) 24.5%. GLD's annual sponsor fee is 0.40%, versus 0.25% for IAU. GLD is larger, with about $130.1 billion in assets against about $60.1 billion for IAU as of June 30, 2026. SPDR Gold MiniShares Trust (GLDM) charges less than either, at 0.10%.
Does GLD pay dividends?
No. GLD has recorded no distributions. Gold bars pay no interest or dividends, and the cash the trust holds to cover expenses earns no income. Any return comes from changes in the gold price, minus the 0.40% annual sponsor fee, which the trust pays by parting with small amounts of gold. Investors who want regular income from a gold holding would have to cash in shares, which can create a taxable gain outside tax-advantaged accounts.
How is GLD taxed?
In the US, GLD is taxed like the gold it holds rather than like a stock fund. Because it is a grantor trust holding physical metal, long-term gains in a taxable account can be taxed at the collectibles rate of up to 28%, instead of the usual capital-gains rates. The trust's gold sales to cover expenses are also taxable events for shareholders. These rules mainly matter in taxable accounts; IRAs and similar accounts follow their own tax rules.
Does GLD go up when the stock market crashes?
Sometimes, but not reliably. During the 2008 financial crisis, GLD gained 23.9% while stocks fell from their October 9, 2007 peak to their March 9, 2009 low, though it dropped 29.4% between March and November 2008 along the way. It lost 3.6% during the 2020 COVID crash and 7.3% in the 2022 bear market. Gold can also slump on its own: GLD's worst calendar year was 2013, when it fell 28.3%.
What is GLD's 10-year return?
GLD gained an average of 11.3% a year over the 10 years through October 30, 2026, based on share prices, or 193% in total. Over five years it averaged 16.4% a year. The ride has been bumpy: it rose 63.7% in 2025 but was down 10.2% for 2026 through October 30. Its one-year volatility, a measure of how widely returns swing, was 29.6%. Its deepest drop was 45.6%, from August 2011 to December 2015, and it did not regain that peak until July 2020.