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State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.
See our curated list of related YouTube videos on GLD and GLDM.
Reflect the performance of the price of gold bullion less trust expenses.
Provide exposure to the fund's underlying index or strategy per issuer materials.
Asset class
Commodity
Commodity
Inception date
11/18/2004
06/25/2018
Beta
0.41
0.41
Bottom lineGLD and GLDM are nearly interchangeable — both offer very similar gold bullion exposure with very similar cost and risk. The clearest tie-breaker is cost: GLDM is cheaper at 0.10% vs 0.40%.
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Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
GLD has lagged GLDM over the trailing twelve months, posting a 20.82% total return against 21.17%. The lead holds up over 5 years too: GLDM has compounded at 17.39% a year, against 17.06% for GLD. Figures are total returns: price change plus every distribution reinvested.
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 14, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Jun 2018” measures every fund from June 26, 2018 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Quick verdict
GLD (SPDR Gold Shares) and GLDM (SPDR Gold Minishares Trust of beneficial interest) are both none-pay ETFs, but they take different approaches.
GLDM is cheaper with an expense ratio of 0.10% compared to 0.40%.
GLD is the larger fund by assets ($136B), which generally means tighter spreads and better liquidity.
Deep dive
Yield & income
On a $10,000 investment, GLD has no reported distribution yield yet, so a monthly income estimate is not available, while GLDM has no reported distribution yield yet, so a monthly income estimate is not available, at current distribution rates. Both pay none distributions.
GLD yield0.00%
GLDM yield0.00%
Cost & efficiency
Over 10 years on $10,000, GLD would cost approximately $400 in fees vs $100 for GLDM (simplified, not compounded). The $300.00 difference may be offset by yield or performance.
GLD ER0.40%
GLDM ER0.10%
Strategy & risk
Both GLD and GLDM wrap Gold bullion spot price with similar strategies (metals and metals). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic.
GLD beta0.41
GLDM beta0.41
Fund details
GLD is managed by State Street (launched 11/18/2004) with $136B in assets. GLDM is managed by State Street (launched 06/25/2018) with $28.5B in assets.
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Frequently asked questions
Which of GLD or GLDM pays more dividend income?
GLDM currently reports a distribution yield, while GLD has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.
What is the difference between GLD and GLDM?
Both GLD (SPDR Gold Shares) and GLDM (SPDR Gold Minishares Trust of beneficial interest) track Gold bullion spot price with similar approaches — the labels "metals" and "metals" describe closely related mechanics. The real differences show up in yield target (0.00% vs 0.00%), expense ratio (0.40% vs 0.10%), and issuer (State Street vs State Street).
Can I hold both GLD and GLDM?
You can, but expect significant overlap. Both funds use similar strategies on Gold bullion spot price, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.
Which has lower fees, GLD or GLDM?
GLD has an expense ratio of 0.40% while GLDM charges 0.10%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in GLD vs GLDM generate?
At current rates, GLD has not established a distribution history yet, so a monthly income estimate is not available. GLDM has not established a distribution history yet, so a monthly income estimate is not available.
Which has performed better historically, GLD or GLDM?
GLD has lagged GLDM over the trailing twelve months, posting a 20.82% total return against 21.17%. The lead holds up over 5 years too: GLDM has compounded at 17.39% a year, against 17.06% for GLD. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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