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Data as of Oct 28, 2026.

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GLDM vs PVAL: Differences, Returns & Fees

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GLDM is a commodity fund and PVAL an actively managed equity fund, and over the year to Oct 28, 2026, PVAL returned +26.6% against +2.8%.

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Net assets: $30.6bn on Oct 27, 2026 for SPDR Gold MiniShares Trust, and $14.1bn on Aug 31, 2026 for Putnam Focused Large Cap Value ETF.

GLDM on its own →PVAL on its own →
At a glance
+2.8%
GLDM total return, 1 year
+26.6%
PVAL total return, 1 year
0.10%
GLDM expense ratio
0.55%
PVAL expense ratio

Pair scorecard

GLDM costs 0.45 points a year less; their one-year returns differ by 23.8 points.

GLDM vs PVAL: Differences, Returns & Fees
MeasureGLDMPVAL
Return
Total return, 1 year+2.8%+26.6%
Drawdown
Below its high24.5%, high on Jan 29, 2026
Benchmark
What it tracksGoldNo index, actively managed
Cost and size
Expense ratio0.10%0.55%
Net assets, GLDM as of Oct 27, 2026 and PVAL as of Aug 31, 2026$30.6bn$14.1bn
Holdings
Holdings in commonnot published
In the S&P 500, by weight91%
Top ten holdings, share of the fund42.8%

Method

Side by side

GLDM SPDR Gold MiniShares Trust PVAL Putnam Focused Large Cap Value ETF
Where it sits Commodity ETF Stock ETF
Issuer State Street Putnam
What it is Holds gold Actively managed
Total return, 1 year +2.8% +26.6%
Its benchmark over the same days +2.5% (GLD) +27.5% (IWD)
Gap to its benchmark +0.3 pts vs GLD −0.9 pts vs IWD
Expense ratio 0.10% 0.55%
Holdings not counted 44
Net assets, GLDM as of Oct 27, 2026 and PVAL as of Aug 31, 2026 $30.6bn $14.1bn

GLDM and PVAL 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.

PVAL

Over the year to Oct 28, 2026 it returned +26.6% with distributions reinvested, against +27.5% for its benchmark, the Russell 1000 Value Index.

PVAL is actively managed and tracks no index. The prospectus expense ratio is 0.55% a year. By its holdings filed for Aug 31, 2026, 91% of the fund by weight is stocks the S&P 500 also holds, across 44 positions, with the top ten at 42.8%.

Questions people ask

Which returned more over the last year, GLDM or PVAL?
In the year to Oct 28, 2026, with distributions reinvested, GLDM returned +2.8% and PVAL +26.6%.
Which is cheaper, GLDM or PVAL?
GLDM is cheaper, by 0.45 percentage points a year. That is about $45 on $10,000 held for a year. Fees come from each fund's own filings.
Other comparisons
GLDM vs SPYDGLDM vs SPHDGLDM vs IWDGLDM vs HDVIAU vs PVALPVAL vs USOPVAL vs SLVPVAL vs SIVR
Where to next
GLDM on its own →PVAL on its own →Hold both: look the portfolio through →Rankings →PVAL dividend history →PVAL holdings →Standards and sources →
Sources and dates
State Street website ↗
PVAL filings on SEC EDGAR ↗
PVAL prospectus with the expense ratio (SEC) ↗
Putnam website ↗

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

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

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