Benchmark research · Gold
ETFs and Stocks That Consistently Outperformed GLD (Gold)
Any investment can look great over a single hand-picked timeframe. To find what truly kept ahead of GLD (SPDR Gold Shares), we screened GLD against the entire market of over 10,000 stocks and ETFs across 8 different time windows from 1 month to 10 years, including reinvested dividends. A contender had to come out ahead in both the short term and the long term to make the list. Data as of October 22, 2026.
Compare the entire market against GLD live →Key findings
- How hard it was to top GLD: Of over 10,000 stocks and ETFs screened, 67 of 954 eligible ETFs, or 7.0%, and 330 of 1,502 eligible stocks, or 22%, outperformed GLD in a majority of both the short-term and long-term periods. A smaller group was all-weather, including 19 ETFs and 129 stocks that outperformed in every long-term period and all but one short-term period.
- Who came out ahead across the three groups:
- Popular alternatives: Gold-miner funds RING and GDX qualified, each outperforming in 4 of 5 short-term periods and 3 of 3 long-term periods. SPY led in 5 of 5 short-term periods but managed only 1 of 3 long-term periods, while DGP had the opposite pattern, with 0 of 5 short-term and 3 of 3 long-term periods. Same-index funds SGOL and IAU tied GLD in every period rather than topping it.
- Top ETFs: Technology and international funds led the top group, with 4 technology ETFs and 5 international ETFs among the top 15 shown. IYW, VGT, XLK, and FTEC each outperformed in all 5 short-term and all 3 long-term periods. The screen found 67 consistent ETFs overall.
- Top stocks: The screen found 330 consistent stocks, and the top 10 shown include healthcare companies NTRA, MEDP, and LLY, as well as technology company FTNT. These stocks each outperformed in all 5 short-term and all 3 long-term periods.
- The risk trade-off: The top ETFs and stocks generally had larger price swings than GLD over 5 years. The top ETFs had median volatility of 26.1% versus 19.0% for GLD, and only 1 of 15 was less volatile. The top stocks had median volatility of 44.2%, with none of the 10 less volatile than GLD. Higher Sharpe ratios, which measure return relative to risk, were less common among ETFs: 5 of 15 topped GLD's 0.93. About half of the top stocks had higher Sharpe ratios.
How popular alternatives compare
Well-known funds and stocks investors often compare against GLD, sorted by long-term periods outperformed, then short-term.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | ||
| GLD SPDR Gold Shares (benchmark) | — | −7.8% | −2.7% | −15.2% | −7.4% | −2.2% | +102% | +120% | +206% | 19.0% | 0.93 |
| RING Made the listiShares MSCI Global Gold Miners ETF | 4/5 short3/3 longAll-weather | −16.8% | +8.5% | −12.2% | −2.2% | +16.0% | +228% | +184% | +305% | 38.3%2.0× GLD | 0.74 |
| GDX Made the listVanEck Gold Miners ETF | 4/5 short3/3 longAll-weather | −16.5% | +6.5% | −13.5% | −4.7% | +12.8% | +189% | +165% | +274% | 38.3%2.0× GLD | 0.70 |
| DGP Fell shortDB Gold Double Long ETN | 0/5 short3/3 long | −16.8% | −6.3% | −31.3% | −20.8% | −14.0% | +213% | +237% | +423% | 40.8%2.1× GLD | 0.81 |
| SPY Fell shortState Street SPDR S&P 500 ETF | 5/5 short1/3 long | −1.2% | +2.5% | +8.0% | +12.7% | +15.6% | +88.4% | +80.3% | +316% | 17.2%0.9× GLD | 0.78 |
| SLV Fell shortiShares Silver Trust | 1/5 short1/3 long | −18.8% | −8.5% | −29.9% | −25.0% | +12.4% | +134% | +119% | +195% | 37.6%2.0× GLD | 0.61 |
| DBC Fell shortInvesco DB Commodity Index Tracking Fund | 5/5 short0/3 long | +3.5% | +12.4% | +13.8% | +49.9% | +54.5% | +53.5% | +78.5% | +159% | 19.3%1.0× GLD | 0.70 |
| SGOL Same indexabrdn Physical Gold Shares ETF | ≈ Same returns | −7.8% | −2.6% | −15.1% | −7.1% | −2.0% | +103% | +123% | +212% | 18.9%1.0× GLD | 0.95 |
| IAU Same indexiShares Gold Trust | ≈ Same returns | −7.8% | −2.6% | −15.2% | −7.2% | −2.1% | +103% | +122% | +211% | 18.9%1.0× GLD | 0.94 |
| BAR Fell shortGraniteShares Gold Trust | 0/5 short0/3 long | −7.8% | −2.7% | −15.2% | −7.2% | −2.1% | +103% | +122% | — | 18.9%1.0× GLD | 0.95 |
| GLDM Fell shortSPDR Gold MiniShares Trust | 0/5 short0/3 long | −7.7% | −2.5% | −15.1% | −7.1% | −1.9% | +104% | +123% | — | 18.9%1.0× GLD | 0.95 |
ETFs that consistently outperformed GLD
Top 15 by long-term periods outperformed, then short-term, then by 10Y return. Green cells outperformed GLD in that period. Excludes leveraged and inverse funds, ETFs under $100M in assets, stocks under $2.0B in market cap, and anything without 10 years of history.
| # | Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | Expense | Assets | |||
| — | GLD SPDR Gold Shares (benchmark) | — | −7.8% | −2.7% | −15.2% | −7.4% | −2.2% | +102% | +120% | +206% | 19.0% | 0.93 | ||
| 1 | IYW Broad MarketiShares U.S. Technology ETF | 5/5 short3/3 longAll-weather | −6.4% | +2.4% | +16.3% | +24.7% | +26.1% | +138% | +135% | +773% | 26.7%1.4× GLD | 0.78 | 0.37% | $24B |
| 2 | VGT TechnologyVanguard Information Technology ETF | 5/5 short3/3 longAll-weather | −6.1% | +2.7% | +15.4% | +25.9% | +26.7% | +135% | +130% | +753% | 26.1%1.4× GLD | 0.77 | 0.09% | $178B |
| 3 | XLK TechnologyState Street Technology Select Sector SPDR ETF | 5/5 short3/3 longAll-weather | −7.1% | +1.3% | +15.6% | +26.8% | +28.4% | +126% | +139% | +741% | 26.1%1.4× GLD | 0.80 | 0.08% | $125B |
| 4 | FTEC TechnologyFidelity MSCI Information Technology Index ETF | 5/5 short3/3 longAll-weather | −6.1% | +2.6% | +15.4% | +25.9% | +26.9% | +136% | +132% | +737% | 26.1%1.4× GLD | 0.78 | 0.08% | $22B |
| 5 | DXJ InternationalWisdomTree Japan Hedged Equity Fund | 5/5 short3/3 longAll-weather | −2.3% | +0.4% | +10.4% | +23.0% | +34.3% | +125% | +225% | +415% | 19.1%1.0× GLD | 1.34 | 0.48% | $8.1B |
| 6 | UGA CommoditiesUnited States Gasoline Fund, LP | 5/5 short3/3 longAll-weather | −0.6% | +16.0% | +32.8% | +132% | +125% | +117% | +227% | +401% | 35.1%1.8× GLD | 0.85 | 1.08% | $167M |
| 7 | BNO CommoditiesUnited States Brent Oil Fund LP | 5/5 short3/3 longAll-weather | +19.0% | +34.0% | +36.4% | +144% | +139% | +118% | +205% | +359% | 37.1%2.0× GLD | 0.79 | 1.15% | $768M |
| 8 | OPPJ InternationalWisdomTree Japan Opportunities Fund | 5/5 short3/3 longAll-weather | −6.3% | 0.0% | +5.4% | +22.7% | +35.9% | +124% | +195% | +352% | 18.4%1.0× GLD | 1.27 | 0.58% | $333M |
| 9 | DBJP InternationalXtrackers MSCI Japan Hedged Equity ETF | 5/5 short3/3 longAll-weather | −4.5% | −0.8% | +8.0% | +19.7% | +27.7% | +110% | +158% | +339% | 19.3%1.0× GLD | 1.09 | 0.45% | $726M |
| 10 | HEWJ InternationaliShares Currency Hedged MSCI Japan ETF | 5/5 short3/3 longAll-weather | −4.3% | −0.8% | +7.8% | +19.7% | +27.4% | +110% | +157% | +336% | 19.4%1.0× GLD | 1.07 | 1.02% | $639M |
| 11 | CRAK EnergyVanEck Oil Refiners ETF | 5/5 short3/3 longAll-weather | +0.5% | +15.8% | +36.4% | +69.7% | +74.3% | +118% | +143% | +325% | 20.9%1.1× GLD | 0.96 | 0.61% | $810M |
| 12 | EPOL Broad MarketiShares MSCI Poland ETF | 5/5 short3/3 longAll-weather | −3.2% | +6.6% | +12.3% | +22.6% | +35.8% | +171% | +125% | +222% | 29.2%1.5× GLD | 0.70 | 0.59% | $1.0B |
| 13 | IXN InternationaliShares Global Tech ETF | 4/5 short3/3 longAll-weather | −8.8% | −0.5% | +14.3% | +28.7% | +31.1% | +140% | +137% | +693% | 26.2%1.4× GLD | 0.79 | 0.37% | $9.1B |
| 14 | IGM Broad MarketiShares Expanded Tech Sector ETF | 4/5 short3/3 longAll-weather | −7.9% | +0.2% | +11.0% | +21.4% | +23.1% | +149% | +126% | +686% | 26.6%1.4× GLD | 0.75 | 0.37% | $11B |
| 15 | EWT TechnologyiShares MSCI Taiwan ETF | 4/5 short3/3 longAll-weather | −9.7% | +2.3% | +20.7% | +60.6% | +67.3% | +187% | +147% | +448% | 24.3%1.3× GLD | 0.87 | 0.59% | $12B |
Stocks that consistently outperformed GLD
Top 10 by long-term periods outperformed, then short-term, then by 10Y return. Individual stocks swing far more than funds; check the volatility column.
| # | Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Company | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpe ratiohigher is better | Market cap | |||
| — | GLD SPDR Gold Shares (benchmark) | — | −7.8% | −2.7% | −15.2% | −7.4% | −2.2% | +102% | +120% | +206% | 19.0% | 0.93 | |
| 1 | NTRA Medical - Diagnostics & ResearchNatera, Inc. | 5/5 short3/3 longAll-weather | +2.7% | +51.9% | +93.2% | +75.4% | +113% | +901% | +249% | +3,934% | 57.6%3.0× GLD | 0.73 | $58B |
| 2 | FTNT Software - InfrastructureFortinet, Inc. | 5/5 short3/3 longAll-weather | −0.7% | +11.6% | +98.6% | +122% | +104% | +208% | +158% | +2,668% | 44.8%2.4× GLD | 0.65 | $127B |
| 3 | BWLP Marine ShippingBW LPG Limited | 5/5 short3/3 longAll-weather | +1.2% | +20.7% | +46.1% | +116% | +129% | +232% | +966% | +2,648% | 50.9%2.7× GLD | 1.19 | $3.8B |
| 4 | MEDP Medical - Diagnostics & ResearchMedpace Holdings, Inc. | 5/5 short3/3 longAll-weather | +3.8% | +23.8% | +28.6% | +14.5% | +19.6% | +187% | +250% | +2,003% | 52.1%2.7× GLD | 0.73 | $18B |
| 5 | LLY Drug Manufacturers - GeneralEli Lilly and Company | 5/5 short3/3 longAll-weather | +11.7% | +12.5% | +42.3% | +21.5% | +61.9% | +131% | +461% | +1,870% | 32.8%1.7× GLD | 1.22 | $1.2T |
| 6 | LPG Oil & Gas MidstreamDorian LPG Ltd. | 5/5 short3/3 longAll-weather | −3.9% | +19.7% | +49.2% | +123% | +107% | +123% | +817% | +1,827% | 43.6%2.3× GLD | 1.24 | $2.2B |
| 7 | COKE Beverages - Non-AlcoholicCoca-Cola Consolidated, Inc. | 5/5 short3/3 longAll-weather | +12.5% | +16.7% | +15.1% | +44.1% | +67.4% | +257% | +468% | +1,564% | 38.0%2.0× GLD | 1.11 | $14B |
| 8 | URI Rental & Leasing ServicesUnited Rentals, Inc. | 5/5 short3/3 longAll-weather | +6.5% | +7.5% | +38.9% | +32.3% | +13.0% | +179% | +213% | +1,407% | 39.1%2.1× GLD | 0.78 | $69B |
| 9 | MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 5/5 short3/3 longAll-weather | +17.9% | +45.8% | +108% | +181% | +148% | +226% | +660% | +1,314% | 33.4%1.8× GLD | 1.39 | $129B |
| 10 | CVI Oil & Gas Refining & MarketingCVR Energy, Inc. | 5/5 short3/3 longAll-weather | +12.5% | +68.6% | +88.5% | +134% | +62.6% | +105% | +289% | +1,306% | 52.4%2.8× GLD | 0.79 | $5.9B |
What stands out
The ETF results point to leadership from technology and international markets, while commodity funds also appeared among the top ETFs. Technology ETFs such as IYW, VGT, XLK, and FTEC kept ahead of GLD in both the short and long term, rather than relying only on recent gains. Among popular alternatives, gold-miner funds RING and GDX also cleared the screen, but their returns need not match the price of physical gold.
The stock leaders came from a wider set of sectors, including healthcare, technology, industrials, and energy. The all-period records of the leading names show that their advantage extended across the measured windows, but the top stocks' median volatility was roughly double or more GLD's. Their median Sharpe ratio was 0.95, just above GLD's 0.93, and about half had higher Sharpe ratios. The returns came with a bumpier ride, and the risk-adjusted results varied among the winners.
Methodology
- Short-term periods: 1M, 3M, 6M, YTD, 1Y. Long-term periods: 3Y, 5Y, 10Y. An investment outperformed a period when its total return, with dividends reinvested, was higher than GLD's. Returns within 0.5 points or 3% of GLD's (whichever is larger) count as a tie and are shown in gray.
- Consistent means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods, so a recent hot streak alone is not enough. All-weather means outperforming in every long-term period and all but one short-term period. Rankings use long-term periods outperformed, then short-term, then the 10Y return.
- Excludes leveraged and inverse funds, ETFs under $100M in assets, stocks under $2.0B in market cap, and anything without 10 years of history.
- 3 ETFs that track essentially the same returns as GLD (IAU, SGOL, OUNZ) are excluded, since tiny fee differences decide whether they finish ahead.
- Volatility is the annualized standard deviation of daily returns over 5 years. The Sharpe ratio is return above cash divided by volatility over the same period: higher means more return per unit of risk.
- Returns and risk figures are computed from daily adjusted prices and update with each market day. Past performance does not predict future results.