Gold vs US equity
GLD vs VTI historical comparison
Compare a physical gold fund against a total US market fund, including gold's distinct tax treatment.
Modeled result
From 2005 to 2025, GLD finished ahead of VTI before tax.
Historical model
Growth of $10,000
2005-01-03 to 2025-12-31
| Date | GLD | VTI |
|---|---|---|
| Approx. Jan 2005 | $10,000 | $10,000 |
| Approx. Sep 2005 | $10,751 | $10,486 |
| Approx. Jan 2006 | $12,931 | $11,096 |
| Approx. Oct 2006 | $13,364 | $11,829 |
| Approx. Feb 2007 | $15,609 | $12,849 |
| Approx. Nov 2007 | $18,928 | $13,494 |
| Approx. Mar 2008 | $22,431 | $11,871 |
| Approx. Dec 2008 | $17,585 | $7,360 |
| Approx. Apr 2009 | $20,063 | $7,936 |
| Approx. Dec 2009 | $24,768 | $10,663 |
| Approx. May 2010 | $26,753 | $11,278 |
| Approx. Jan 2011 | $31,083 | $12,681 |
| Approx. May 2011 | $34,454 | $13,264 |
| Approx. Feb 2012 | $38,938 | $13,655 |
| Approx. Jun 2012 | $36,255 | $13,660 |
| Approx. Mar 2013 | $35,563 | $16,082 |
| Approx. Jul 2013 | $28,826 | $17,623 |
| Approx. Apr 2014 | $28,805 | $20,103 |
| Approx. Aug 2014 | $29,279 | $20,601 |
| Approx. Apr 2015 | $27,041 | $22,835 |
| Approx. Sep 2015 | $25,067 | $21,182 |
| Approx. May 2016 | $27,827 | $22,295 |
| Approx. Sep 2016 | $29,433 | $23,792 |
| Approx. Jun 2017 | $27,852 | $27,239 |
| Approx. Oct 2017 | $28,268 | $28,972 |
| Approx. Jul 2018 | $27,645 | $32,025 |
| Approx. Nov 2018 | $26,430 | $31,016 |
| Approx. Aug 2019 | $32,029 | $32,817 |
| Approx. Dec 2019 | $32,071 | $36,261 |
| Approx. Aug 2020 | $42,622 | $40,584 |
| Approx. Jan 2021 | $42,508 | $44,958 |
| Approx. Sep 2021 | $38,596 | $52,646 |
| Approx. Jan 2022 | $38,959 | $51,046 |
| Approx. Oct 2022 | $36,009 | $43,768 |
| Approx. Feb 2023 | $39,417 | $48,282 |
| Approx. Nov 2023 | $42,020 | $52,321 |
| Approx. Mar 2024 | $46,444 | $62,359 |
| Approx. Dec 2024 | $56,702 | $73,791 |
| Approx. Apr 2025 | $69,219 | $65,204 |
| Approx. Dec 2025 | $92,122 | $83,622 |
| Holding | Ending value | CAGR | Max drawdown |
|---|---|---|---|
GLD Gold (GLD) | $92,122 | 11.16% | -45.56% |
VTI US total market (VTI) | $83,622 | 10.65% | -55.45% |
GLD
Gold (GLD)
- Ending value
- $92,122
- CAGR
- 11.16%
- Max drawdown
- -45.56%
VTI
US total market (VTI)
- Ending value
- $83,622
- CAGR
- 10.65%
- Max drawdown
- -55.45%
Pre-tax results only. The collectibles rate on physical-gold fund gains is not included in this comparison.
Detailed metrics
| Holding | Pre-tax value | Pre-tax CAGR | Max drawdown |
|---|---|---|---|
Gold (GLD) GLD | $92,122 | 11.16% | -45.56% |
US total market (VTI) VTI | $83,622 | 10.65% | -55.45% |
Assumptions
$10,000 lump sum; distributions reinvested; monthly rebalancing; 2005-01-03 to 2025-12-31.
FAQ
- Why is gold taxed differently from stocks?
- The tax code treats a fund that holds physical gold as a collectible. Long-term gains on collectibles can face a rate of up to 28%. That rate is higher than the normal long-term capital gains rate on stock funds.
- Does GLD pay dividends?
- No. GLD holds physical gold, which produces no income, so its entire return comes from the change in the gold price. There is no yearly dividend distribution to tax in a taxable account.
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