Gold ETF (GLD) vs S&P 500
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
GLD tracks gold spot minus expense ratio. The GLD/SPY ratio rises in risk-off regimes, inflation scares, or geopolitical stress. Falling ratio signals confidence in risk assets or disinflation. Multi-year trends in the ratio track the gold-equity rotation cycle more cleanly than gold/SPY spot because GLD reflects ETF demand (flows) plus spot price.
Cross-Asset Analysis
Gold ETF (GLD) (SPDR Gold Shares, largest gold ETF) and S&P 500 ETF (SPY) (SPDR S&P 500 ETF, tracks the benchmark US equity index) are priced in separate markets, yet their co-movement tells macro desks something neither series reveals alone. The Commodities and Equity Index domains share common drivers but differ in sensitivity, and the Gold ETF (GLD)-S&P 500 ETF (SPY) spread captures those sensitivities. Analysts pair Gold ETF (GLD) with S&P 500 ETF (SPY) to build cross-asset indicators that are harder to game than any single-market series.
Cross-asset pairs like Gold ETF (GLD) versus S&P 500 ETF (SPY) reveal the macro variables that traverse asset classes: liquidity, inflation, real rates, and risk appetite. Gold ETF (GLD) belongs to the Commodities space, and S&P 500 ETF (SPY) belongs to Equity Index, and the interaction between those two worlds is where the notable macro information resides. Correlation trading desks quote options on the Gold ETF (GLD)-S&P 500 ETF (SPY) spread once the core relationship has been quantified across adequate regimes.
Regime identification based on Gold ETF (GLD)-S&P 500 ETF (SPY) can be feedback-driven, because extreme spread values often snap back via mean reversion or regime change. Watching Gold ETF (GLD) in tandem with S&P 500 ETF (SPY) provides insight into how macro factors flow across different parts of the global market structure.
90-Day Statistics
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Frequently Asked Questions
What is the relationship between Gold ETF (GLD) and S&P 500 ETF (SPY)?+
Gold ETF (GLD) and S&P 500 ETF (SPY) are connected through shared macro drivers across asset classes. When the dominant macro driver shifts, both respond, though with different sensitivities and at different speeds. The spread between Gold ETF (GLD) and S&P 500 ETF (SPY) captures the specific macro signal that flows through this relationship.
When does Gold ETF (GLD) typically lead S&P 500 ETF (SPY)?+
Gold ETF (GLD) tends to lead S&P 500 ETF (SPY) during macro regime changes, where the more liquid asset moves first. In those periods, moves in Gold ETF (GLD) precede corresponding moves in S&P 500 ETF (SPY) by days to weeks, depending on the transmission channel and the depth of each market.
How are Gold ETF (GLD) and S&P 500 ETF (SPY) historically correlated?+
Long-run correlation between Gold ETF (GLD) and S&P 500 ETF (SPY) varies by regime. Cross-asset correlations vary by regime, tending to tighten in stress and loosen during normal conditions. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the Gold ETF (GLD)-S&P 500 ETF (SPY) relationship.
What macro conditions drive divergence between Gold ETF (GLD) and S&P 500 ETF (SPY)?+
Divergence between Gold ETF (GLD) and S&P 500 ETF (SPY) typically arises from idiosyncratic shocks in one asset, policy interventions, or structural shifts in demand. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in Gold ETF (GLD) or S&P 500 ETF (SPY).
Is Gold ETF (GLD) a hedge for S&P 500 ETF (SPY)?+
Cross-asset hedges between Gold ETF (GLD) and S&P 500 ETF (SPY) work when the macro drivers of the two assets are sufficiently decorrelated, which depends on the regime and therefore needs to be reviewed as conditions change. Effective hedging requires matching the hedge to the specific risk being protected, and the Gold ETF (GLD)-S&P 500 ETF (SPY) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.