GLD vs GLDM: The Same Physical Gold — One Costs Four Times More
GLD and GLDM are both SPDR gold ETFs backed by physical gold stored in vaults. GLDM was launched specifically for long-term individual investors — it's cheaper, period.
GLD (SPDR Gold Shares) and GLDM (SPDR Gold MiniShares) are both State Street products backed by physical gold bars held in secured vaults. GLD charges 0.40%; GLDM charges 0.10% — a 30 basis point difference that amounts to $300/year on every $100,000 invested. State Street launched GLDM in 2018 specifically because individual investors were rightfully asking why they should pay 0.40% for gold exposure. GLDM owns one-tenth as much gold per share as GLD (lower share price, more accessible), but each share of GLDM is backed by the same physical gold stored the same way. The only reason to own GLD over GLDM: if you trade gold options (GLD has a far deeper options market). For individual investors holding gold long-term, GLDM is the obvious choice.
Whether the lower-cost fund suits your situation depends on your existing holdings, account type, tax situation, and how you use each fund. This is a cost comparison, not a personalized recommendation.
📋 GLD vs GLDM — Key Facts Side by Side
| Metric | GLD | GLDM |
|---|---|---|
| Fund Name | SPDR Gold Shares | SPDR Gold MiniShares |
| Issuer | State Street | State Street |
| Tracks Index | Physical Gold | Physical Gold |
| Expense Ratio | 0.40% | 0.10% ✓ |
| Cost per $10K/yr | $40.00 | $10.00 |
| AUM | $130.1B | $27.3B |
| Holdings | 1 | 1 |
| Inception | 2004 | 2018 |
| 1-Year Return | +22.40% | +22.74% |
| 3-Year Return | +28.40% | +28.77% |
| 5-Year Return | +17.45% | +17.78% |
| Holdings Overlap | See holdings overlap → | |
| Avg Bid-Ask Spread | 0.01% | 0.01% |
Expense ratio, AUM, and returns updated Jul 14, 2026 from ETF BFF database. Returns are annualised. Not investment advice.
📊 GLD vs GLDM — Annualised Returns
Annualised returns (trailing, price-based). Past performance does not guarantee future results.
🎯 Which Fund Fits Which Investor?
- want a hedge against inflation and market drawdowns
- want the lowest fees: saves ~$30/yr per $10K vs GLD
- want a hedge against inflation and market drawdowns
💰 What the Fee Difference Actually Costs
Adjust the numbers for your situation. This models each fund's expense ratio compounding against your balance over time.
Assumes a constant annual return reinvested, with each fund's expense ratio deducted yearly. Illustrative only; actual returns vary. Past performance does not guarantee future results.
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❓ GLD vs GLDM — Frequently Asked Questions
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