Data as of Oct 28, 2026.
GLDM vs SPMO: Differences, Returns & Fees
GLDM is a commodity fund and SPMO an equity index fund, and over the year to Oct 28, 2026, SPMO returned +18.4% against +2.8%.
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Net assets on Oct 27, 2026: $30.6bn for SPDR Gold MiniShares Trust and $22.3bn for Invesco S&P 500 Momentum ETF.
Pair scorecard
GLDM costs 0.03 points a year less; their one-year returns differ by 15.6 points; GLDM is 1.4 times larger.
| Measure | GLDM | SPMO |
|---|---|---|
| Return | ||
| Total return, 1 year | +2.8% | +18.4% |
| Drawdown | ||
| Below its high | 24.5%, high on Jan 29, 2026 | 10.2%, high on Jun 22, 2026 |
| Benchmark | ||
| What it tracks | Gold | S&P 500 Momentum Index |
| Cost and size | ||
| Expense ratio | 0.10% | 0.13% |
| Net assets, as of Oct 27, 2026 | $30.6bn | $22.3bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 50.7% | |
Risk and return
Jul 6, 2018 to Oct 23, 2026 · 433 weekly returnsEach against its own benchmark: GLDM against GLD, Jul 6, 2018 to Oct 23, 2026; SPMO against VOO, Oct 23, 2015 to Oct 23, 2026.
SPMO returned more: +306.1% to +215.1%. GLDM swung less: 16.0% to 20.7%. GLDM fell less at its worst: −24.0% to −28.3%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | GLDM | SPMO | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +215.1% | +306.1% | SPMO | Price change plus distributions, reinvested. |
| Annualized | +14.8% | +18.3% | SPMO | Total return as a yearly rate. |
| Price return | +215.1% | +268.5% | SPMO | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 16.0% | 20.7% | GLDM | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 10.5% | 13.8% | GLDM | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −24.0% | −28.3% | GLDM | Deepest fall from a high to the low after it. |
| Upside capture | 100.0% | 98.9% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 99.6% | 93.8% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.00 | 0.98 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.74 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.77 | 0.78 | SPMO (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 1.17 | 1.17 | Tie | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.123 | 0.164 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.62 | 0.65 | SPMO (slight) | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | GLD | VOO | The ETF each fund is measured against. | |
| Alpha | +0.3% a year | +3.8% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 1.42 | 1.28 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.1% to +0.7% | −2.0% to +9.5% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.43 | 0.36 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 0.6% | 9.7% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 433 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
GLDM and SPMO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
GLDM and SPMO do different jobs. What does each one do in a portfolio?
- What each follows. GLDM follows Gold and SPMO follows S&P 500 Momentum Index.
- One-year total return. Over 1 year to Oct 28, 2026 GLDM returned +2.8% and SPMO +18.4% with distributions reinvested, a gap of 15.6 points.
- Cost (similar). GLDM charges 0.10% of assets a year and SPMO 0.13%, a gap of 0.03 points.
Data as of Oct 28, 2026.
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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.
SPMO
SPMO tracks the S&P 500 Momentum. Over the year to Oct 28, 2026 it returned +18.4% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.13% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 101 positions, with the top ten at 50.7%. It sat 10.2% below its high of Jun 22, 2026 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, GLDM or SPMO?
- In the year to Oct 28, 2026, with distributions reinvested, GLDM returned +2.8% and SPMO +18.4%.
- Which is cheaper, GLDM or SPMO?
- GLDM is cheaper, by 0.03 percentage points a year. That is about $3 on $10,000 held for a year. Fees come from each fund's own filings.
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ETFIQ, GLDM against SPMO, data as of Oct 28, 2026. https://etfiq.com/compare/any/gldm-vs-spmo
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