Dividend Adjusted Return
Oct 9, 2025 - Oct 9, 2026GLD 384.58 (+3.3%)
S&P 500 7811.54 (+16.9%)
$384.58 $5.96(1.57%)as of Friday's close
52‑wk Range
$360.12
$509.70
MORNINGSTAR RATING
RISK & INCOME SCORES
77
Risk Score
Lower volatility and drawdowns than most category peers.
—
Income Score
Not enough peer data to score income.
4 warnings
Details on Page 6
Risk Score: Blends volatility, maximum drawdown, downside deviation, and beta. Higher means LESS risky than peers — a 90 is a calm fund, a 10 is a wild one. Income Score: Blends yield, distribution growth, and consistency. Higher means stronger, steadier income than peers. Warnings Flag: Appears when our automated checks find structural concerns (leverage, low liquidity, high fees, concentration, and so on). The color reflects the most severe finding; details are on the Investor Warnings page.
BUSINESS SUMMARY
The investment seeks to reflect the performance of the price of gold bullion, less the expenses of the Trust’s operations. The Trust holds gold bars and from time to time, issues Baskets in exchange for deposits of gold and distributes gold in connection with redemptions of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. The Sponsor believes that, for many investors, the Shares represent a cost-effective investment in gold. The current manager has run the fund for 21.9 years.
TOP HOLDINGS
This fund holds commodities or derivative contracts rather than stocks or bonds, so Morningstar reports no top-10 holdings list for it.
SECTOR WEIGHTS
This fund holds commodities or derivative contracts rather than stocks or bonds, so Morningstar reports no stock-sector weights for it.
ASSET ALLOCATION
| Other | 100.0% |
STYLE BOX
This fund holds commodities or derivative contracts rather than stocks or bonds, so Morningstar reports no equity style box for it.
WORLD REGIONS
This fund holds commodities or derivative contracts rather than stocks or bonds, so Morningstar reports no stock region breakdown for it.
RETURNS SUMMARY
| Period | GLD | Category | S&P 500 |
|---|---|---|---|
| 5 Days | +1.2% | +1.0% | +1.2% |
| 1 Month | -4.7% | -4.6% | +2.5% |
| YTD | -2.9% | -2.7% | +15.0% |
| 1 Year | +5.2% | +8.4% | +17.2% |
| 3 Year | +122.5% | +79.0% | +86.8% |
| 5 Year | +134.2% | +90.4% | +90.2% |
| 10 Year | +221.2% | +148.3% | +325.0% |
Category rank (percentile, 1 = best) — 1 Year: top 62% 3 Year: top 26% 5 Year: top 37%
GLD has beaten its category over the 3-year and 5-year periods but trailed over the 1-year period.
GROWTH OF $10,000
Over the past 5 years, $10,000 invested in GLD grew to $22,853 (+128.5%). That is 30.6% ahead of the category average. It outperformed the S&P 500 by 28.7%.
As of Sep 30, 2026 (month-end); trailing returns elsewhere update daily.
HISTORICAL TRENDS
Calendar-year results from year-end snapshots. Diamonds mark the category average.
Total Return by Year (%)
Sharpe Ratio by Year
Risk-adjusted returns have improved: the last three years average a 1.53 Sharpe ratio vs 0.05 for the prior three. GLD beat its category average in 7 of the last 10 calendar years.
Sharpe Ratio: Return earned above the risk-free rate per unit of volatility — risk-adjusted performance. Higher is better; a negative year means the fund underperformed Treasury bills.
RISK SUMMARY
| Metric | GLD | Category | S&P 500 |
|---|---|---|---|
| Volatility (σ) | |||
| 1 Year | 0.29 | 0.29 | 0.13 |
| 3 Year | 0.21 | 0.24 | 0.15 |
| 5 Year | 0.19 | 0.24 | 0.17 |
| Beta (vs S&P 500) | |||
| 1 Year | 0.73 | 0.69 | — |
| 3 Year | 0.25 | 0.24 | — |
| Sharpe Ratio | |||
| 1 Year | 0.05 | 0.12 | 1.05 |
| 3 Year | 1.23 | 0.68 | 1.27 |
| 5 Year | 0.78 | 0.46 | 0.59 |
| Sortino Ratio | |||
| 3 Year | 1.68 | 0.96 | 1.84 |
| Max Drawdown | |||
| 1 Year | -26.4% | -26.4% | -8.8% |
| 3 Year | -26.4% | -28.6% | -18.7% |
| Capture vs S&P 500 | |||
| 3 Year Upside | 87.4 | 55.2 | — |
| 3 Year Downside | -34.2 | -17.6 | — |
| Downside Deviation | |||
| 3 Year | — | — | — |
Volatility runs below the category average. 3-year risk-adjusted returns beat the category (Sharpe 1.23 vs 0.68). Drawdowns have been shallower than peers (-26.4% vs -28.6%). It has captured more of the market's gains (87) than its losses (-34).
Volatility (σ): The standard deviation of returns — how widely results swing around their average. Higher numbers mean a bumpier ride. Beta: Sensitivity to S&P 500 moves. A beta of 1.2 tends to move 20% more than the market in both directions; below 1 means more muted moves. Sharpe Ratio: Return earned above the risk-free rate per unit of volatility. Higher is better; negative means the fund underperformed Treasury bills. Sortino Ratio: Like the Sharpe ratio, but only penalizes downside swings — useful when upside volatility should not count against a fund. Max Drawdown: The deepest peak-to-trough loss over the window. Closer to zero is better; it answers "how bad did it get?" Upside / Downside Capture: The share of the S&P 500's gains (and losses) the fund participated in. The ideal combination is high upside capture with low downside capture. Downside Deviation: Volatility computed from negative returns only — the input to the Sortino ratio.
SEASONALITY
10-Year Seasonality (Average Monthly Return)
Average return by calendar month over the last 10 years (GLD vs S&P 500).
COSTS & EFFICIENCY
| Metric | GLD | Cat Avg |
|---|---|---|
| Costs | ||
| Expense Ratio | 0.40% | 0.77% |
| Turnover Ratio | 0.0% | 0.0% |
| Tracking vs S&P 500 | ||
| Tracking error here is vs the S&P 500 (Morningstar's standard index), not the fund's own benchmark, so sector and bond funds read high even when they track their own index closely. | ||
| 1 Year Tracking Error | 28.7% | 28.7% |
| 3 Year Tracking Error | 20.8% | 20.8% |
| Tracking vs Own Index (Best Fit) | ||
| How closely the fund follows the index it actually tracks. R-squared near 100% and beta near 1.00 indicate tight replication. | ||
| Prospectus Benchmark | LBMA Gold Price PM USD | |
| Best-Fit Index | Morningstar Gbl Othr Prcius Metal NR USD | |
| 3 Year R-Squared | 59.9% | |
| 3 Year Beta | 0.34 | |
| 3 Year Alpha | +9.68% | |
| Metric | GLD | Cat Avg |
|---|---|---|
| Tax Efficiency | ||
| 1 Year Tax-Cost Ratio | 0.0% | |
| 3 Year Tax-Cost Ratio | 0.0% | 0.0% |
| 5 Year Tax-Cost Ratio | 0.0% | |
| Market Pricing | ||
| Price / NAV | +101.71% | — |
| NAV | $378.10 | |
| 1 Month Avg Premium/Discount | -0.53% | |
| 1 Year Avg Premium/Discount | -0.22% | +0.01% |
| 1 Year Premium/Discount Range | -2.84% to +1.64% | |
| Liquidity | ||
| 3 Month Avg Dollar Volume | $3.5B | |
| 3 Month Avg Share Volume | 8.9M | |
| Today vs Average | 81.0% | |
Expense Ratio: The annual management fee as a percentage of your investment, deducted from fund assets automatically. 12b-1 Fee: A recurring marketing and distribution charge some mutual funds levy — part of the expense ratio that buys you no management. Turnover Ratio: How much of the portfolio is replaced each year. High turnover raises trading costs and, in taxable accounts, capital-gain distributions. Tracking Error: How far an index fund's returns have strayed from its benchmark. A faithful index fund should be near zero. Tax-Cost Ratio: Morningstar's estimate of the annual return lost to taxes on distributions for an investor in the top federal bracket. Premium / Discount: The gap between an ETF's market price and the value of its holdings (NAV). Persistent premiums mean you overpay buying; discounts shortchange you selling. Dollar Volume: Average daily trading value. Thinly traded ETFs have wider spreads and are harder to exit near fair value.
DISTRIBUTIONS
This fund has not paid any distributions.
| Forward Yield | Forward Rate | TTM Yield | TTM Rate | 5-Yr Avg Regular Yield | SEC 30-Day Yield | Frequency |
| — | — | — | $0.00 | — | — | — |
PEERS ANALYSIS
The 14 ETFs and mutual funds most similar to GLD by portfolio composition (sectors, regions, style, and size), with GLD highlighted. Click a column header to sort.
| Ticker | Name | Type | Net Assets | Expense | 1Y Return | 3Y Return | Div Yield | MS Rating | Risk Score | Income Score |
|---|---|---|---|---|---|---|---|---|---|---|
| GLD | ETF | $141,702 | 0.40% | +5.2% | +122.5% | — | ★★★★★ | 77 | — | |
| SLV | ETF | $29,962 | 0.50% | +22.5% | +173.1% | — | ★★★★☆ | 37 | — | |
| PLTM | ETF | $178 | 0.50% | +3.4% | +87.3% | — | — | 30 | — | |
| SIVR | ETF | $4,259 | 0.30% | +22.9% | +174.4% | — | — | 39 | — | |
| IAU | ETF | $62,221 | 0.25% | +5.4% | +123.5% | — | ★★★★★ | 79 | — | |
| OUNZ | ETF | $2,690 | 0.25% | +5.4% | +123.5% | — | — | 83 | — | |
| PDBA | ETF | $489 | 0.59% | +10.9% | +48.9% | 2.99% | — | 68 | 37 | |
| PPLT | ETF | $2,078 | 0.60% | +3.3% | +85.9% | — | — | 31 | — | |
| PALL | ETF | $637 | 0.60% | -19.8% | -1.4% | — | — | 15 | — | |
| GLTR | ETF | $2,605 | 0.60% | +8.9% | +124.6% | — | — | 50 | — | |
| AAAU | ETF | $2,684 | 0.18% | +5.4% | +124.0% | — | — | 77 | — | |
| BAR | ETF | $1,340 | 0.17% | +5.4% | +124.0% | — | — | 82 | — | |
| SGOL | ETF | $7,167 | 0.17% | +5.4% | +124.0% | — | — | 83 | — | |
| GLDI | ETF | $180 | 0.65% | +6.0% | +70.4% | 26.97% | — | 77 | 66 | |
| SLVO | ETF | $401 | 0.65% | +16.8% | +134.5% | 71.56% | — | 59 | 97 |
INVESTOR WARNINGS
Automated checks for structural risks: leverage, fund size, liquidity, costs, taxes, concentration, index tracking, and volatility.
Loose Index TrackingCaution
3Y R-Squared vs Best-Fit Index (%): 59.9
This fund is classified as an index fund but its 3-year returns correlate loosely with its closest (best-fit) index — an R-squared well below ~100% means it is not replicating an index tightly. Verify which index it follows and why returns deviate.
Concentrated PortfolioCaution
Top 10 Weight (%): 100 · Holdings: 2
A large share of assets sits in the top ten holdings, so a few positions drive results. Diversification within the fund is limited.
High VolatilityCaution
Volatility Percentile: 92
This fund is more volatile than most of the investable universe. Expect larger swings in both directions.
Wide Premium / DiscountNote
1Y Avg P/D (%): -0.22 · 1Y P/D Range (%): 4.48
This ETF has traded persistently away from its net asset value, or across a wide band. You may pay a premium buying and accept a discount selling.
METRICS VS PEERS
Report Tips
- Scores (Risk, Income) are percentile ranks within the ETF's subgroup cohort — higher is better for risk-adjusted performance and income.
- Category comparisons use Morningstar's fund category. Peer comparisons on Pages 6-7 use the 14 closest funds by sector, region, style, and expense.
- Tracking error and relative-performance charts are dividend-adjusted. A 5-year growth-of-$10K curve is used for long-run comparisons.
- For leveraged or inverse ETFs, long-horizon metrics are flagged and should not be interpreted as buy-and-hold returns.
Disclaimer: Fund research reports are provided for informational purposes only and are not a recommendation to buy or sell any security. Data is sourced from Morningstar and exchange feeds, and may be delayed. Past performance does not guarantee future results. Consult the fund's prospectus and your financial advisor before investing.
GLD has underperformed its category average by 3.2% over the past year.