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Data as of Oct 28, 2026.

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GLDM vs MTUM: Differences, Returns & Fees

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GLDM is a commodity fund and MTUM an equity index fund, and over the year to Oct 28, 2026, MTUM returned +18.4% against +2.8%.

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Net assets on Oct 27, 2026: $30.6bn for SPDR Gold MiniShares Trust and $18.7bn for iShares MSCI USA Momentum Factor ETF.

GLDM on its own →MTUM on its own →
At a glance
+2.8%
GLDM total return, 1 year
+18.4%
MTUM total return, 1 year
0.10%
GLDM expense ratio
0.15%
MTUM expense ratio

Pair scorecard

GLDM costs 0.05 points a year less; their one-year returns differ by 15.6 points; GLDM is 1.6 times larger.

GLDM vs MTUM: Differences, Returns & Fees
MeasureGLDMMTUM
Return
Total return, 1 year+2.8%+18.4%
Drawdown
Below its high24.5%, high on Jan 29, 202611.9%, high on Jun 22, 2026
Benchmark
What it tracksGoldMSCI USA Momentum SR Variant Index
Cost and size
Expense ratio0.10%0.15%
Net assets, as of Oct 27, 2026$30.6bn$18.7bn
Holdings
Holdings in commonnot published
In the S&P 500, by weight93%
Top ten holdings, share of the fund35.5%

Method

Side by side

GLDM SPDR Gold MiniShares Trust MTUM iShares MSCI USA Momentum Factor ETF
Where it sits Commodity ETF Stock ETF
Issuer State Street iShares
What it is Holds gold Tracks the MSCI USA Momentum Factor
Total return, 1 year +2.8% +18.4%
Its benchmark over the same days +2.5% (GLD) +13.6% (MLRG)
Gap to its benchmark +0.3 pts vs GLD +4.8 pts vs MLRG
Expense ratio 0.10% 0.15%
Holdings not counted 126
Net assets, as of Oct 27, 2026 $30.6bn $18.7bn

GLDM and MTUM on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

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About each fund
GLDM

Its expense ratio is 0.10% a year, for the three months to Jun 30, 2026, as its 10-Q states.

GLDM holds gold. Over the year to Oct 28, 2026 it returned +2.8% with distributions reinvested, against +2.5% for its benchmark, the price of gold. It sat 24.5% below its high of Jan 29, 2026 on Oct 28, 2026.

MTUM

MTUM tracks the MSCI USA Momentum Factor. Over the year to Oct 28, 2026 it returned +18.4% with distributions reinvested, against +13.6% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 27, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 126 positions, with the top ten at 35.5%. It sat 11.9% below its high of Jun 22, 2026 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, GLDM or MTUM?
In the year to Oct 28, 2026, with distributions reinvested, GLDM returned +2.8% and MTUM +18.4%.
Which is cheaper, GLDM or MTUM?
GLDM is cheaper, by 0.05 percentage points a year. That is about $5 on $10,000 held for a year. Fees come from each fund's own filings.
Other comparisons
GLDM vs SPHQGLDM vs SPMOGLDM vs USMVGLDM vs RDVYIAU vs MTUMMTUM vs USOMTUM vs SLVMTUM vs SIVR
Where to next
GLDM on its own →MTUM on its own →Hold both: look the portfolio through →Rankings →MTUM dividend history →MTUM holdings →Standards and sources →
Sources and dates
State Street website ↗
MTUM filings on SEC EDGAR ↗
MTUM prospectus with the expense ratio (SEC) ↗
iShares page for MTUM ↗

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

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ETFIQ, GLDM against MTUM, data as of Oct 28, 2026. https://etfiq.com/compare/any/gldm-vs-mtum

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