GLD vs. MINT: What’s The Difference?

The SPDR Gold Shares (GLD) and the PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (MINT) are both among the Top 100 ETFs. GLD is a SPDR State Street Global Advisors N/A fund and MINT is a PIMCO Ultrashort Bond fund. So, what’s the difference between GLD and MINT? And which fund is better?

The expense ratio of GLD is 0.04 percentage points higher than MINT’s (0.4% vs. 0.36%). GLD also has a high exposure to the technology sector while MINT is mostly comprised of Others bonds. Overall, GLD has provided higher returns than MINT over the past ten years.

In this article, we’ll compare GLD vs. MINT. We’ll look at performance and annual returns, as well as at their portfolio growth and industry exposure. Moreover, I’ll also discuss GLD’s and MINT’s risk metrics, fund composition, and holdings and examine how these affect their overall returns.

Summary

GLD MINT
Name SPDR Gold Shares PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
Category N/A Ultrashort Bond
Issuer SPDR State Street Global Advisors PIMCO
AUM 59.26B 14.02B
Avg. Return 5.81% 1.52%
Div. Yield 0.0% 0.56%
Expense Ratio 0.4% 0.36%

The SPDR Gold Shares (GLD) is a N/A fund that is issued by SPDR State Street Global Advisors. It currently has 59.26B total assets under management and has yielded an average annual return of 5.81% over the past 10 years. The fund has a dividend yield of 0.0% with an expense ratio of 0.4%.

The PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (MINT) is a Ultrashort Bond fund that is issued by PIMCO. It currently has 14.02B total assets under management and has yielded an average annual return of 1.52% over the past 10 years. The fund has a dividend yield of 0.56% with an expense ratio of 0.36%.

GLD’s dividend yield is 0.56% lower than that of MINT (0.0% vs. 0.56%). Also, GLD yielded on average 4.28% more per year over the past decade (5.81% vs. 1.52%). The expense ratio of GLD is 0.04 percentage points higher than MINT’s (0.4% vs. 0.36%).

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Fund Composition

Holdings

GLD - Holdings

GLD Holdings Weight
Gold Trust 100.0%
N/A 0%
N/A 0%
N/A 0%
N/A 0%
N/A 0%
N/A 0%
N/A 0%
N/A 0%
N/A 0%

GLD’s Top Holdings are Gold Trust, N/A, N/A, N/A, and N/A at 100.0%, 0%, 0%, 0%, and 0%.

N/A (0%), N/A (0%), and N/A (0%) have a slightly smaller but still significant weight. N/A and N/A are also represented in the GLD’s holdings at 0% and 0%.

MINT - Holdings

MINT Bond Sectors Weight
Others 0.0%
Below B 0.0%
B 0.0%
BB 0.0%
BBB 0.0%
A 0.0%
AA 0.0%
AAA 0.0%
US Government 0.0%

MINT’s Top Bond Sectors are ratings of Others, Below B, B, BB, and BBB at 0.0%, 0.0%, 0.0%, 0.0%, and 0.0%. The fund is less weighted towards A (0.0%), AA (0.0%), and AAA (0.0%) rated bonds.

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Risk Analysis

GLD MINT
Mean Return 0.21 0.12
R-squared 16.21 4.7
Std. Deviation 16.58 1.08
Alpha 3.91 0.62
Beta 0.48 0.08
Sharpe Ratio 0.12 0.78
Treynor Ratio 1.21 10.8

The SPDR Gold Shares (GLD) has a Standard Deviation of 16.58 with a Sharpe Ratio of 0.12 and a Alpha of 3.91. Its Treynor Ratio is 1.21 while GLD’s Mean Return is 0.21. Furthermore, the fund has a Beta of 0.48 and a R-squared of 16.21.

The PIMCO Enhanced Short Maturity Active Exchange-Traded Fund (MINT) has a Beta of 0.08 with a Treynor Ratio of 10.8 and a R-squared of 4.7. Its Sharpe Ratio is 0.78 while MINT’s Standard Deviation is 1.08. Furthermore, the fund has a Alpha of 0.62 and a Mean Return of 0.12.

GLD’s Mean Return is 0.09 points higher than that of MINT and its R-squared is 11.51 points higher. With a Standard Deviation of 16.58, GLD is slightly more volatile than MINT. The Alpha and Beta of GLD are 3.29 points higher and 0.40 points higher than MINT’s Alpha and Beta.

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Performance

Annual Returns

GLD vs. MINT - Annual Returns

Year GLD MINT
2020 23.68% 1.63%
2019 18.36% 3.3%
2018 -1.54% 1.72%
2017 11.41% 1.9%
2016 8.69% 1.99%
2015 -11.78% 0.52%
2014 -0.58% 0.53%
2013 -28.09% 0.72%
2012 5.26% 2.48%
2011 11.2% 0.42%
2010 27.25% 1.72%

GLD had its best year in 2010 with an annual return of 27.25%. GLD’s worst year over the past decade yielded -28.09% and occurred in 2013. In most years the SPDR Gold Shares provided moderate returns such as in 2012, 2016, and 2011 where annual returns amounted to 5.26%, 8.69%, and 11.2% respectively.

The year 2019 was the strongest year for MINT, returning 3.3% on an annual basis. The poorest year for MINT in the last ten years was 2011, with a yield of 0.42%. Most years the PIMCO Enhanced Short Maturity Active Exchange-Traded Fund has given investors modest returns, such as in 2020, 2018, and 2010, when gains were 1.63%, 1.72%, and 1.72% respectively.

Portfolio Growth

GLD vs. MINT - Portfolio Growth

Fund Initial Balance Final Balance CAGR
GLD $10,000 $12,884 5.81%
MINT $10,000 $11,624 1.52%

A $10,000 investment in GLD would have resulted in a final balance of $12,884. This is a profit of $2,884 over 10 years and amounts to a compound annual growth rate (CAGR) of 5.81%.

With a $10,000 investment in MINT, the end total would have been $11,624. This equates to a $1,624 profit over 10 years and a compound annual growth rate (CAGR) of 1.52%.

GLD’s CAGR is 4.28 percentage points higher than that of MINT and as a result, would have yielded $1,260 more on a $10,000 investment. Thus, GLD outperformed MINT by 4.28% annually.


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