Compare/Updated Oct 26, 2026, refreshed every trading day
GLDM vs IAU
SPDR Gold MiniShares Trust against iShares Gold Trust: 4 years of returns, risk and today’s technical read, from Kavout’s own data.
GLDM did slightly better than IAU over the period from Oct 28, 2022 to Oct 23, 2026: $1,000 grew to $2,422 versus $2,407, for total returns of 142.2% and 140.7%, respectively. GLDM also led over three years, 104.6% versus 103.5%, while matching IAU’s returns over one month and posting marginally better results over three and six months, YTD, and one year. The main reason is GLDM’s lower 0.10% expense ratio versus IAU’s 0.25%; the typical monthly difference was only 0.04 points. Risk was effectively identical: both had 28.3% trailing 12-month volatility, a worst drawdown of 26.3%, and a 0.999 daily-move correlation. GLDM’s edge matters primarily as a lower-cost way to obtain nearly identical gold exposure, although IAU has larger fund assets.
- Price is below its 200-day average ($89); 50-day at $85.
- RSI 34, neutral. Supertrend says sell. ADX 20, so the trend is weak.
- Price is below its 200-day average ($85); 50-day at $81.
- RSI 34, neutral. Supertrend says sell. ADX 17, so the trend is weak.
Head to head
Which has returned more, GLDM or IAU?
GLDM beat IAU in 26 of the last 48 months; IAU won the other 22. The typical monthly gap was 0.04 points.
Total return by period
Which is riskier?
Both: Jan 29, 2026 to Jul 16, 2026
- 0.999
- correlation of daily moves, 4 years
- 1.00
- GLDM move per 1% in IAU
- 1.000
- correlation, last 12 months
Month by month
Of the last 48 months. The typical gap was 0.04 points.
When did they diverge?
| Month | GLDM | IAU | Gap |
|---|---|---|---|
| February 2026 | +8.5% | +8.6% | -0.16 pts |
| December 2024 | -1.4% | -1.5% | +0.13 pts |
| July 2023 | +2.3% | +2.2% | +0.11 pts |
| June 2025 | +0.4% | +0.3% | +0.11 pts |
Where the numbers come from. 1000 daily adjusted closes per fund from the Kavout market-data API, dividends included. Signals and indicators are Kavout’s own, refreshed nightly. Every figure is calculated from those adjusted closes.
Holdings and fees
What do you actually own with GLDM and IAU?
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