SPDR® Gold Shares

10-Year Study

GLD.US · · US · ETF

Executive Summary: SPDR® Gold Shares has compounded at 14.4% annually over the last 10 years, with a maximum drawdown of 18.1% and an annualized volatility of 14.4%.

1Y CAGR
+49.9%
3Y CAGR
+35.2%
5Y CAGR
+20.2%
10Y CAGR
+14.4%

History & Riski10-year historical performance analysis including CAGR, Max Drawdown, Sharpe & Sortino ratios, annual returns, and rolling volatility — all computed from daily market data.

10-Year Growth of $10,000

Max DrawdownMax DrawdownThe largest peak-to-trough decline in the asset's value over the measurement period.Click for full definition →
18.1%
Sharpe RatioSharpe RatioRisk-adjusted return: how much excess return you earn per unit of total risk (volatility).Click for full definition →
0.72
Sortino RatioSortino RatioLike Sharpe, but only penalizes downside volatility — a more accurate risk measure for asymmetric return distributions.Click for full definition →
1.39
Ann. VolatilityAnnualized VolatilityThe annualized standard deviation of an asset's returns — a measure of how much prices fluctuate.Click for full definition →
14.9%
Best YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2025 · +63.7%
Worst YearBest & Worst YearThe single calendar year with the highest and lowest return in the measured period.Click for full definition →
2021 · -4.1%
% Positive Years% Positive YearsThe percentage of calendar years in the measurement period where the asset delivered a positive return.Click for full definition →
70%

Annual Returns

Rolling 12-Month Returns

Rolling 12-Month Annualised Volatility

Historical Drawdowns

Monthly Returns

Monthly Returns Heatmap

YearJanFebMarAprMayJunJulAugSepOctNovDecAnn.
202612.38.7-11.12.3————————11.0%
20256.81.89.45.4-0.10.4-0.65.011.83.65.42.263.7%
2024-1.40.58.73.01.6-0.15.42.15.14.3-3.1-1.426.7%
20235.8-5.47.90.9-1.3-2.22.3-1.3-4.87.42.51.312.7%
2022-1.76.11.3-2.1-3.3-1.6-2.6-2.9-2.9-1.88.52.9-0.8%
2021-3.2-6.3-1.13.67.7-7.12.5-0.1-3.21.5-0.73.3-4.1%
20204.5-0.6-0.27.32.62.710.8-0.3-4.2-0.5-5.47.024.8%
20192.9-0.6-1.6-0.71.88.00.07.9-3.42.6-3.23.717.9%
20183.2-2.10.6-1.0-1.2-3.6-2.2-2.1-0.72.10.34.9-1.9%
20175.43.2-0.41.7-0.1-2.22.34.2-3.4-0.70.42.112.8%
2016———5.1-6.19.02.0-3.30.7-2.9-8.4-1.9-6.8%

Risk X-RayiA 19-factor macroeconomic risk decomposition showing exactly which market forces (equity beta, rates, inflation, credit, commodity, crypto) drive this asset's volatility. Powered by multivariate regression against daily factor returns.

Risk Profile Insight: This asset has an estimated annualized volatility of 14.4%. The dominant macroeconomic risk driver is GLD.US, accounting for 100.0% of variance. Idiosyncratic stock-specific factors contribute 0.0%.

10-Year Historical Price Series (Growth of $10,000)
DateSimulated Value
2016-03-0110000
2016-04-0110510.880652839172
2016-05-019865.691941516492
2016-06-0110750.595035702141
2016-07-0110963.957837470247
2016-08-0110606.936416184972
2016-09-0110680.040802448148
2016-10-0110365.52193131588
2016-11-019499.319959197552
2016-12-019317.409044542672
2017-01-019822.33934036042
2017-02-0110135.15810948657
2017-03-0110091.8055083305
2017-04-0110266.065963957837
2017-05-0110253.315198911934
2017-06-0110032.301938116287
2017-07-0110264.365861951717
2017-08-0110695.34172050323
2017-09-0110334.920095205713
2017-10-0110257.565453927235
2017-11-0110294.117647058822
2017-12-0110510.880652839172
2018-01-0110850.901054063244
2018-02-0110625.637538252295
2018-03-0110692.79156749405
2018-04-0110590.785447126827
2018-05-0110464.12784767086
2018-06-0110085.85515130908
2018-07-019859.74158449507
2018-08-019648.928935736145
2018-09-019585.17511050663
2018-10-019788.337300238014
2018-11-019821.489289357363
2018-12-0110306.868412104726
2019-01-0110604.386263175791
2019-02-0110539.782386943216
2019-03-0110371.4722883373
2019-04-0110302.618157089424
2019-05-0110483.679020741243
2019-06-0111322.679360761646
2019-07-0111323.529411764706
2019-08-0112219.48316899014
2019-09-0111804.658279496769
2019-10-0112107.276436586197
2019-11-0111718.803128187692
2019-12-0112147.228833730023
2020-01-0112693.811628697722
2020-02-0112613.056783407004
2020-03-0112585.00510030602
2020-04-0113498.809928595716
2020-05-0113848.18089085345
2020-06-0114227.303638218295
2020-07-0115762.495749744985
2020-08-0115711.492689561375
2020-09-0115056.10336620197
2020-10-0114977.898673920434
2020-11-0114167.800068004079
2020-12-0115161.509690581435
2021-01-0114672.73036382183
2021-02-0113754.67528051683
2021-03-0113597.415844950698
2021-04-0114081.944916695002
2021-05-0115163.209792587555
2021-06-0114079.39476368582
2021-07-0114435.566133968036
2021-08-0114424.515470928256
2021-09-0113959.537572254334
2021-10-0114166.09996599796
2021-11-0114068.34410064604
2021-12-0114532.471948316901
2022-01-0114288.507310438627
2022-02-0115163.209792587555
2022-03-0115356.171370282216
2022-04-0115038.252295137709
2022-05-0114547.772866371983
2022-06-0114319.959197551854
2022-07-0113949.336960217614
2022-08-0113538.762325739546
2022-09-0113147.738864331859
2022-10-0112913.12478748725
2022-11-0114009.690581434887
2022-12-0114420.265215912954
2023-01-0115250.765045902754
2023-02-0114432.165929955798
2023-03-0115574.634478068683
2023-04-0115708.942536552195
2023-05-0115498.129887793266
2023-06-0115153.859231553895
2023-07-0115500.680040802448
2023-08-0115302.618157089428
2023-09-0114574.124447466847
2023-10-0115648.58891533492
2023-11-0116044.712682760966
2023-12-0116250.425025501529
2024-01-0116019.211152669159
2024-02-0116092.315538932336
2024-03-0117487.249234954095
2024-04-0118010.03060183611
2024-05-0118301.598095885754
2024-06-0118276.946616797006
2024-07-0119257.90547432846
2024-08-0119660.829649778985
2024-09-0120661.339680380825
2024-10-0121549.642978578715
2024-11-0120876.40258415505
2024-12-0120582.28493709623
2025-01-0121978.918735124105
2025-02-0122379.292757565454
2025-03-0124493.369602176128
2025-04-0125821.999319959195
2025-05-0125807.548452907176
2025-06-0125912.104726283575
2025-07-0125753.145188711318
2025-08-0127037.57225433526
2025-09-0130216.763005780347
2025-10-0131292.07752465148
2025-11-0132971.7783066984
2025-12-0133688.37130227814
2026-01-0137823.01938116287
2026-02-0141121.21727303638
2026-03-0136576.84461067664
2026-04-0137409.04454267256
Annual Return Matrix
YearAnnual Return
20170.12809050269136035
2018-0.01940962393853629
20190.1785567010309279
20200.2481455563331001
2021-0.04148912312177622
2022-0.007721104351895325
20230.1269158217401556
20240.26656902233614077
20250.6367653739726593
20260.1104438444651914
Total Factor Risk
0.14357138744180745
VTI.US Exposure
-3.3725969467317606e-17
VEA.US Exposure
-3.2754604109195807e-17
VWO.US Exposure
-1.9627327658777026e-16
QQQ.US Exposure
5.623997711828476e-17
VTV.US Exposure
-3.491556582304709e-17
IJR.US Exposure
6.441602465591913e-17
QUAL.US Exposure
-8.951120109265593e-17
SHV.US Exposure
-1.0718863857126719e-17
TLT.US Exposure
2.2441927721866103e-16
LQD.US Exposure
-2.3830593151799104e-17
HYG.US Exposure
-1.250540674096189e-17
GLD.US Exposure
0.9999995148632155
USO.US Exposure
-2.7725451549623077e-17
VNQ.US Exposure
-3.647024838618021e-17
BTC-USD.CC Exposure
-1.0174660327144008e-17
CPER.US Exposure
5.853313535558098e-17
VIX.INDX Exposure
7.560005891304679e-18
UUP.US Exposure
1.0273353574254276e-16
TIP.US Exposure
2.597283630331415e-17
Idiosyncratic Exposure
4.851367844811706e-7
Value Score
50
Growth Score
50
Profit Score
37.5
Health Score
23.6
Yield Score
0
Moat Score
40

Factor Risk Decomposition

Share of annualised volatility attributable to each macro factor.

Total Est. Vol
14.4%

FundamentalsiCompany financial health metrics: P/E valuation, dividend yield, Piotroski F-Score (9-point profitability signal), Altman Z-Score (bankruptcy risk proxy), and a radar chart across 6 fundamental dimensions. Note: ETFs may show N/A for some metrics.

Fundamental Dimensions

Core Valuation

P/E Ratio (TTM)P/E RatioPrice-to-Earnings ratio — the market price of a stock divided by its earnings per share, a key valuation measure.Click for full definition →N/A
Dividend YieldDividend YieldAnnual dividend paid per share divided by the current share price — expressed as a percentage income return.Click for full definition →0.00%
Market Cap$56.2B
Piotroski F-ScorePiotroski F-ScoreA 9-point scoring system evaluating a company's financial strength across profitability, leverage, and operating efficiency.Click for full definition →
9-point profitability signal
0.0/ 9
Weak
Altman Z-ScoreAltman Z-ScoreA bankruptcy prediction model that combines 5 financial ratios into a single score indicating financial distress risk.Click for full definition →
Bankruptcy risk proxy
1.18
Distress Zone
Income Simulation

Based on $10,000 initial investment.

Total Income Generated
$0
Avg Yield on Cost
0.00%

Momentum & MacroiPrice momentum indicators relative to key technical levels: distance from 50-Day SMA (intermediate trend), 200-Day SMA (long-term trend), 52-Week High (bullish proximity), and Beta (market sensitivity coefficient).

vs 50-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
-2.2%
Above/below 50-day moving average
vs 200-Day SMAMoving Averages (SMA)A rolling average of an asset's price over a defined window — used to identify trends and momentum signals.Click for full definition →
+14.4%
Above/below 200-day moving average
vs 52-Week High52-Week HighThe highest price an asset reached in the past 52 weeks — a key reference for momentum and valuation context.Click for full definition →
11.3% from high
Distance from 52-week high
BetaBetaA measure of an asset's sensitivity to broad market movements relative to a benchmark (e.g. S&P 500).Click for full definition →
0.67
Market sensitivity coefficient

Frequently Asked Questions & Methodology

Is SPDR® Gold Shares a high-risk investment?

SPDR® Gold Shares (GLD.US) has an annualized volatility of 14.4% and experienced a maximum drawdown of 18.1% over the last 10 years. Its primary macro risk driver is GLD.US.

What is the 10-year return of GLD.US?

Over the past 10 years, GLD.US has generated a Compound Annual Growth Rate (CAGR) of 14.4%. It has had a positive return in 70% of the years measured.

Data Methodology & Trust

The risk and return information on this page is pre-calculated mathematically using daily market data spanning a 10-year period. Fundamentals (such as P/E Ratio, Market Cap, and Dividend Yield) represent trailing averages and may not immediately reflect real-time live market fluctuations. Advanced scoring models like the Piotroski F-Score and Altman Z-Score are proxies applied to publicly available trailing-twelve-month financial statements and may not account for recent off-balance-sheet events, qualitative company shifts, or sector-specific capital structures. Macroeconomic factor exposures are estimated via multivariate regression against standard market indices. This data is provided for quantitative insight and backtesting research, and should not be misconstrued as tailored financial advice.

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