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Data as of Nov 4, 2026.

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GLD vs ORR: Differences, Returns & Fees

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Over the year to Nov 4, 2026, GLD returned +2.8% to ORR's +21.6%.

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Net assets: $131.3bn on Nov 3, 2026 for SPDR Gold Shares, and $355m on Aug 31, 2026 for Militia Long/Short Equity ETF.

GLD on its own →ORR on its own →
At a glance

Pair scorecard

Their one-year returns differ by 18.8 points.

GLD vs ORR: Differences, Returns & Fees
MeasureGLDORR
Return
Total return, 1 year+2.8%+21.6%
Total return, 52 weeks+20.3%
Drawdown
Below its high24.9%, high on Jan 29, 2026
Against its benchmark
What it tracksGoldnot published
Treasury bills, 52 weeks+3.7%
Against cash16.7 points ahead
Cost and size
Expense ratio0.40%not published
Net assets, GLD as of Nov 3, 2026 and ORR as of Aug 31, 2026$131.3bn$355m
Holdings
Holdings in commonnot published
Risk
Correlation with the S&P 500’s weekly returns+0.41
Beta to the S&P 500+0.47: about 0.47% for each 1%
Its average week when the S&P 500 fellfell 0.27%
Down-week capture25.0%
Weeks the S&P 500 fell26 of 52, by 1.07% on average

Method

Side by side

GLD SPDR Gold Shares ORR Militia Long/Short Equity ETF
Where it sits Commodity ETF Alternatives ETF
Issuer State Street Militia
What it is Holds gold Long-short equity
Total return, 1 year +2.8% +21.6%
Its benchmark over the same days +2.9% (IAU) not measured
Gap to its benchmark −0.1 pts vs IAU not measured
Expense ratio 0.40% not published
Net assets, GLD as of Nov 3, 2026 and ORR as of Aug 31, 2026 $131.3bn $355m

GLD and ORR on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.

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About each fund
GLD

Its expense ratio is 0.40% a year, for the three months to Jun 30, 2026, as its 10-Q states.

GLD holds gold. Over the year to Nov 4, 2026 it returned +2.8% with distributions reinvested, against +2.9% for its benchmark, the price of gold. It sat 24.9% below its high of Jan 29, 2026 on Nov 4, 2026.

ORR

ORR is a long-short equity fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.41 with the S&P 500’s and a beta of +0.47, so for each 1% the index moved it moved about 0.47% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks ORR fell 0.27% on average, a down-week capture of 25.0%. Over the same 52 weeks ORR returned +20.3% and a Treasury bill fund +3.7%, so it finished 16.7 percentage points ahead of cash.

Questions people ask

Are GLD and ORR in the same category?
GLD is a commodity ETF and ORR is an alternatives ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, GLD or ORR?
In the year to Nov 4, 2026, with distributions reinvested, GLD returned +2.8% and ORR +21.6%.
Other comparisons
CSM vs GLDCLSE vs GLDFTLS vs GLDGLD vs HFEQAGG vs ORRBND vs ORRORR vs VOOORR vs TLT
Where to next
BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →GLD on its own →ORR on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Sources and dates
State Street website ↗
ORR filings on SEC EDGAR ↗
ORR prospectus with the expense ratio (SEC) ↗
Militia page for ORR ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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ETFIQ, GLD against ORR, data as of Nov 4, 2026. https://etfiq.com/compare/any/gld-vs-orr

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