SPDR Gold Trust (GLD) to EUR Hedged: Historical Returns

Category: Commodities
Period: January 1950 - August 2024 (~75 years)
Consolidated Returns as of 31 August 2024
Currency: EUR

GLD is not denominated in EUR. Returns are simulated using exchange rates or interest rate differentials in case of currency hedging.

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1.00€
Initial Capital
September 1994
4.91€
Final Capital
August 2024
5.45%
Yearly Return
15.52
Std Deviation
-42.99%
Max Drawdown
151 months
Recovery Period

1.00€
Initial Capital
January 1950
44.23€
Final Capital
August 2024
5.21%
Yearly Return
16.75
Std Deviation
-70.20%
Max Drawdown
336 months
Recovery Period

The SPDR Gold Trust (GLD) to EUR Hedged ETF covers to the following investment themes:

Asset Class: Commodity
Commodity: Gold

As of August 2024, in the previous 30 Years, the SPDR Gold Trust (GLD) to EUR Hedged ETF obtained a 5.45% compound annual return, with a 15.52% standard deviation. It suffered a maximum drawdown of -42.99% that required 151 months to be recovered.

Table of contents

Disclaimer: The simulations on this website are provided in good faith but should NOT be taken as investment advice. We are not liable for any errors or actions based on this information. The authors of the website are not affiliated with the ETFs/Assets issuers. Content is for informational, educational, illustrative and entertainment purposes only.

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The SPDR Gold Trust (GLD) ETF is part of the following Lazy Portfolios:

Portfolio Name	Author	GLD Weight▾	Currency
In Saecula Saeculorum To EUR	Fulvio Marchese	10.00%	EUR
In Saecula Saeculorum To EUR Hedged	Fulvio Marchese	10.00%	EUR Hedged
In Saecula Saeculorum To EUR Bond Hedged	Fulvio Marchese	10.00%	EUR

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Investment Returns as of Aug 31, 2024

The SPDR Gold Trust (GLD) to EUR Hedged ETF guaranteed the following returns.

Returns are calculated in EUR, assuming:

no fees or capital gain taxes.
dividend reinvestment, when applicable.
for non-EUR assets, the currency hedging cost, taking into account the interest rate differentials, with a yearly additional expense ratio of 0.25%.
the actual Euro Inflation rates.

SPDR GOLD TRUST (GLD) TO EUR HEDGED ETF

Time Period: 1 January 1950 - 31 August 2024 (~75 years)

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	Chg (%)		Return (%)	Return (%) as of Aug 31, 2024
	1 Day	*Time ET^()**	Sep 2024	YTD (8M)	1M	6M	1Y	5Y	10Y	30Y	MAX (~75Y)
SPDR Gold Trust (GLD) to EUR Hedged ETF	n.a.		n.a.	19.94	1.97	21.37	26.86	8.70	5.11	5.45	5.21
Euro Inflation Adjusted return				17.58	1.97	19.29	24.34	4.73	2.65	3.33	2.49
Returns over 1 year are annualized
(*) Eastern Time (ET - America/New York)
Euro Inflation is updated to Jul 2024. Pending updates, the monthly inflation is set at 0% for the subsequent periods. Inflation (annualized) is 1Y: 2.03% , 5Y: 3.79% , 10Y: 2.40% , 30Y: 2.05%

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Capital Growth as of Aug 31, 2024

An investment of 1€, from September 1994 to August 2024, would be worth 4.91€, with a total return of 391.36% (5.45% annualized).

The Inflation Adjusted Capital would be 2.67€, with a net total return of 167.05% (3.33% annualized).

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An investment of 1€, from January 1950 to August 2024, would be worth 44.23€, with a total return of 4323.08% (5.21% annualized).

The Inflation Adjusted Capital would be 6.27€, with a net total return of 527.17% (2.49% annualized).

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Investment Metrics as of Aug 31, 2024

Metrics of SPDR Gold Trust (GLD) to EUR Hedged ETF, updated as of 31 August 2024, provide a comprehensive overview of the portfolio's performance and risk characteristics.

These metrics include detailed data on returns, volatility, drawdowns and other key performance indicators. By examining them, you can gain insights into how the portfolio has performed over various time periods and understand its risk profile.

Metrics are calculated based on monthly returns, assuming:

no fees or capital gain taxes.
dividend reinvestment, when applicable.
for non-EUR assets, the currency hedging cost, taking into account the interest rate differentials, with a yearly additional expense ratio of 0.25%.
the actual Euro Inflation rates.

SPDR GOLD TRUST (GLD) TO EUR HEDGED ETF

Advanced Metrics

Time Period: 1 January 1950 - 31 August 2024 (~75 years)

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	Metrics as of Aug 31, 2024
	YTD (8M)	1M	3M	6M	1Y	3Y	5Y	10Y	20Y	30Y	MAX (~75Y)
Investment Return (%)	19.94	1.97	7.04	21.37	26.86	9.37	8.70	5.11	8.28	5.45	5.21
Growth of 1€	1.20	1.02	1.07	1.21	1.27	1.31	1.52	1.65	4.91	4.91	44.23
Infl. Adjusted Return (%)	17.58	1.97	6.84	19.29	24.34	3.74	4.73	2.65	6.04	3.33	2.49
Euro Inflation (%)	2.02	0.00	0.18	1.74	2.03	5.43	3.79	2.40	2.11	2.05	2.65
Pending updates, the monthly inflation of Aug 2024 and beyond is set at 0%. Returns / Inflation rates over 1 year are annualized.
DRAWDOWN Inflation Adjusted: Inflation Adjusted:				Current	1Y	3Y	5Y	10Y	20Y	30Y	MAX
Deepest Drawdown Depth (%)				0.00	-4.86	-16.76	-19.59	-19.59	-42.99	-42.99	-70.20
Start to Recovery (# months)					2	13	44	44	151	151	336
Start (yyyy mm)					2023 09	2022 04	2020 08	2020 08	2011 09	2011 09	1980 02
Start to Bottom (# months)					1	7	27	27	52	52	254
Bottom (yyyy mm)					2023 09	2022 10	2022 10	2022 10	2015 12	2015 12	2001 03
Bottom to End (# months)					1	6	17	17	99	99	82
End (yyyy mm)					2023 10	2023 04	2024 03	2024 03	2024 03	2024 03	2008 01
Longest Drawdown Depth (%)					-1.52	same	same	same	same	same	same
Start to Recovery (# months)					3	same	same	same	same	same	same
Start (yyyy mm)					2024 01	2022 04	2020 08	2020 08	2011 09	2011 09	1980 02
Start to Bottom (# months)					1	7	27	27	52	52	254
Bottom (yyyy mm)					2024 01	2022 10	2022 10	2022 10	2015 12	2015 12	2001 03
Bottom to End (# months)					2	6	17	17	99	99	82
End (yyyy mm)					2024 03	2023 04	2024 03	2024 03	2024 03	2024 03	2008 01
Longest negative period (# months)					3	25	43	57	150	150	347
Start (yyyy mm)					2023 12	2021 09	2020 08	2014 09	2011 09	2011 09	1980 02
End (yyyy mm)					2024 02	2023 09	2024 02	2019 05	2024 02	2024 02	2008 12
Annualized Return (%)					-0.02	-0.91	-0.53	-1.37	-0.41	-0.41	-0.04
Deepest Drawdown Depth (%)				-16.28	-5.16	-22.22	-30.07	-30.07	-45.56	-46.56	-82.86
Start to Recovery (# months)				535*	2	26	48*	48*	156*	136	535*
Start (yyyy mm)					2023 09	2022 03	2020 09	2020 09	2011 09	1994 10	1980 02
Start to Bottom (# months)					1	8	26	26	52	78	254
Bottom (yyyy mm)					2023 09	2022 10	2022 10	2022 10	2015 12	2001 03	2001 03
Bottom to End (# months)					1	18	22	22	104	58	281
End (yyyy mm)					2023 10	2024 04	-	-	-	2006 01	-
Longest Drawdown Depth (%)					-1.43	same	same	same	same	-45.56	same
Start to Recovery (# months)					3	same	same	same	same	156*	same
Start (yyyy mm)					2024 01	2022 03	2020 09	2020 09	2011 09	2011 09	1980 02
Start to Bottom (# months)					2	8	26	26	52	52	254
Bottom (yyyy mm)					2024 02	2022 10	2022 10	2022 10	2015 12	2015 12	2001 03
Bottom to End (# months)					1	18	22	22	104	104	281
End (yyyy mm)					2024 03	2024 04	-	-	-	-	-
Longest negative period (# months)					3	30	49	109	166	166	535*
Start (yyyy mm)					2023 12	2021 09	2019 09	2014 09	2009 12	2009 12	1980 02
End (yyyy mm)					2024 02	2024 02	2023 09	2023 09	2023 09	2023 09	2024 08
Annualized Return (%)					-1.71	-2.62	-0.97	-0.10	-0.04	-0.04	-0.40
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS					1Y	3Y	5Y	10Y	20Y	30Y	MAX
Standard Deviation (%)					12.26	12.97	14.22	14.06	16.67	15.52	16.75
Sharpe Ratio					1.76	0.47	0.46	0.26	0.41	0.20	0.07
Sortino Ratio					2.57	0.73	0.70	0.40	0.59	0.30	0.11
Ulcer Index					1.45	5.64	7.76	8.60	20.48	22.16	35.14
Ratio: Return / Standard Deviation					2.19	0.72	0.61	0.36	0.50	0.35	0.31
Ratio: Return / Deepest Drawdown					5.53	0.56	0.44	0.26	0.19	0.13	0.07
Positive Months (%)					75.00	52.77	50.00	47.50	52.08	50.00	60.71
Positive Months					9	19	30	57	125	180	544
Negative Months					3	17	30	63	115	180	352
LONG TERM RETURNS Inflation Adjusted: Inflation Adjusted:					1Y	3Y	5Y	10Y	20Y	30Y	MAX
Best 10 Years Return (%) - Annualized								5.11	11.54	20.64	32.27
Worst 10 Years Return (%) - Annualized								5.11	-2.02	-2.02	-8.97
Best 10 Years Return (%) - Annualized								2.65	9.54	18.22	26.06
Worst 10 Years Return (%) - Annualized								2.65	-3.85	-3.85	-11.27
TIMEFRAMES Inflation Adjusted: Inflation Adjusted:		1M	3M	6M	1Y	3Y	5Y	10Y	20Y	30Y	MAX
··· As of Aug 2024 - Over the previous 30Y
Best Rolling Return (%) - Annualized					50.97	33.83	23.64	20.64	9.54	5.45
Worst Rolling Return (%) - Annualized					-28.30	-15.21	-9.70	-2.02	4.53	5.45
Positive Periods (%)					60.1	66.1	69.7	93.3	100.0	100.0
Best Rolling Return (%) - Annualized					47.31	31.71	21.33	18.22	7.82	3.33
Worst Rolling Return (%) - Annualized					-28.90	-15.57	-11.08	-3.85	2.74	3.33
Positive Periods (%)					54.7	58.4	67.1	80.4	100.0	100.0
95% VaR - Value at Risk (%) - Cumulative		6.83	11.14	14.80	16.20	38.59	46.64	1.00	0.00
95% CVaR - Conditional Value at Risk (%)		8.69	14.36	19.36	21.21	45.50	51.53	11.37	0.00
99% VaR - Value at Risk (%) - Cumulative		9.88	16.43	22.28	25.50	50.76	55.84	20.88	0.00
99% CVaR - Conditional Value at Risk (%)		11.83	19.80	27.04	27.78	52.14	58.67	22.10	0.00
Short term VaRs: analytical \| 1+ year VaRs: historical data
Safe Withdrawal Rate (%)					82.05	24.37	14.01	6.90	4.84	3.98
Perpetual Withdrawal Rate (%)					---	---	---	---	2.17	2.49
% based on initial capital, inflation-adj. monthly withdrawals afterwards \| Credits: BestRetirementPortfolio.com
··· All available data (Jan 1950 - Aug 2024)
Best Rolling Return (%) - Annualized					164.11	64.50	39.67	32.27	14.82	10.25
Worst Rolling Return (%) - Annualized					-41.61	-19.52	-18.54	-8.97	-5.55	0.66
Positive Periods (%)					65.8	66.2	74.0	78.5	89.8	100.0
Best Rolling Return (%) - Annualized					151.74	57.82	31.91	26.06	10.74	6.98
Worst Rolling Return (%) - Annualized					-44.46	-23.37	-21.76	-11.27	-7.93	-1.73
Positive Periods (%)					50.0	50.4	52.4	51.3	74.7	91.6
95% VaR - Value at Risk (%) - Cumulative		7.41	12.16	16.25	19.78	36.83	44.20	38.00	51.05	0.00
95% CVaR - Conditional Value at Risk (%)		9.42	15.64	21.17	28.39	46.65	68.29	67.34	112.26	0.00
99% VaR - Value at Risk (%) - Cumulative		10.71	17.87	24.32	36.15	52.93	107.19	106.44	170.67	0.00
99% CVaR - Conditional Value at Risk (%)		12.81	21.50	29.46	38.49	63.95	119.10	114.47	182.70	0.00
Short term VaRs: analytical \| 1+ year VaRs: historical data
Safe Withdrawal Rate (%)					70.32	17.74	8.95	4.02	1.61	1.03
Perpetual Withdrawal Rate (%)					---	---	---	---	---	---
% based on initial capital, inflation-adj. monthly withdrawals afterwards \| Credits: BestRetirementPortfolio.com

Terms and Definitions

Annualized Portfolio Return: it's the annualized geometric mean return of the portfolio.
Deepest/Longest Drawdown: a drawdown refers to the decline in value from a relative peak value to a relative trough. The deepest (or maximum) drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained. The longest drawdown is the period observed from a peak to the subsequent peak with the greatest duration.
Longest negative period: it's the maximum period for which an overall negative return has been observed.
Standard Deviation: it's a measure of the dispersion of returns around the mean.
Sharpe Ratio: it's a measure of risk-adjusted performance of the portfolio. It's calculated by dividing the excess return of the portfolio over the risk-free rate by the portfolio standard deviation. The risk-free rate here considered is the 1-3 Mth T-Bill return.
Sortino Ratio: another measure of risk-adjusted performance of the portfolio. It's a modification of the Sharpe Ratio (same formula but the denominator is the portfolio downside standard deviation).
Ulcer Index: it's a measure of downside risk that quantifies the depth and duration of drawdowns in an investment portfolio.
Best/Worst 10Y returns: the best and the worst 10-year return over a time frame.
Rolling Returns: N-year returns over a time frame, calculated over all the available data source (best, worst, % of positive returns). Each rolling period, longer than the longest negative period, yielded a non-negative minimum return.
Value at Risk (VaR): it's an evaluation of a cumulative worst-case loss (in absolute value), associated with a probability (95%-99%) and a time horizon. For short term, it's calculated based on the expected return and standard deviation, assuming a normal distribution of monthly returns. For long term is retrieved by the historical rolling return data.
Conditional Value at Risk (CVaR): it represents the average expected loss if that worst-case threshold (95%-99%) is ever crossed.
Safe Withdrawal Rate (SWR): it's the percentage of the initial portfolio balance that can be withdrawn at the beginning of each month with inflation adjustment, without the portfolio running out of money in any case (money amount withdrawal).
For instance: Your initial invested capital is 100.000$; withdrawal rate (annualized) is 4%. This means that, in the first month, you will withdraw 100.000 * 4% * 1/12 = 333.33$. The second month, you’ll withdraw 333.33$ plus the inflation monthly rate. You’ll continue adjusting your withdraw monthly for inflation.
Perpetual Withdrawal Rate (PWR): it's the percentage of the initial portfolio balance that can be withdrawn at the beginning of each month with inflation adjustment, preserving the original invested capital, adjusted for inflation too.

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Drawdowns

A drawdown refers to the decline in value from a relative peak value to a relative trough. A maximum drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained.

SPDR GOLD TRUST (GLD) TO EUR HEDGED ETF

Drawdown periods

Drawdown periods - Inflation Adjusted

Time Period: 1 September 1994 - 31 August 2024 (30 Years)

Time Period: 1 January 1950 - 31 August 2024 (~75 years)

Inflation Adjusted:

Chart Table Range

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Rolling Returns

For a detailed rolling return analysis, click here
SPDR Gold Trust (GLD) to EUR Hedged ETF: Rolling Returns

A rolling return is a measure of investment performance that calculates the return of an investment over a set period of time, with the starting date rolling forward. This approach can provide a more accurate representation of the investment's historical performance and helps investors to evaluate the investment's consistency over time.

SPDR GOLD TRUST (GLD) TO EUR HEDGED ETF

Annualized Rolling Returns

Annualized Rolling Returns - Inflation Adjusted

Time Period: 1 September 1994 - 31 August 2024 (30 Years)

Time Period: 1 January 1950 - 31 August 2024 (~75 years)

Inflation Adjusted:

Return Chart Capital Chart Table

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Seasonality

In which months is it better to invest in SPDR Gold Trust (GLD) to EUR Hedged ETF?

Both the Average Return and the Gain Frequency (Win %) are useful to get an idea of what happened in the past. They are retrieved considering the time period from January 1950 to August 2024.

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For further information about the seasonality, check the Asset Class Seasonality page.

Monthly Returns

This section provides a visual/tabular representation of the performance variability in the SPDR Gold Trust (GLD) to EUR Hedged ETF over time. It illustrates the distribution of monthly returns, showcasing the range and frequency of positive and negative returns.

SPDR GOLD TRUST (GLD) TO EUR HEDGED ETF

Monthly Returns Distribution

Time Period: 1 September 1994 - 31 August 2024 (30 Years)

Time Period: 1 January 1950 - 31 August 2024 (~75 years)

180 Positive Months (50%) - 180 Negative Months (50%)

544 Positive Months (61%) - 352 Negative Months (39%)

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Methodology

Returns, up to December 2004, have been derived using the historical series of equivalent ETFs / Assets.
You can find additional information on extended Data Sources here.

For non-EUR assets, hedged returns are calculated taking into account the interest rate differentials of the countries. It is assumed that hedged instruments have a yearly additional expense ratio of 0.25%.

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