GLD’s worst drop since 2004 was 46%
SPDR Gold Shares (GLD) fell 46% from Aug 2011 to Dec 2015. It took 8.9 years from that peak to close at a new high, in Jul 2020. Over the same years the S&P 500 fell as much as 55%.
That drop is milder than most. It ranks 115th of the 203 ETFs PortfolioAutopsy tracks, counted from the deepest.
Drawdown from the last high, 2004 to now
How GLD held up in each crash
| Crash | Years | GLD | S&P 500 |
|---|---|---|---|
| Dot-com bust | 2000–02 | not trading yet | −47.5% |
| Financial crisis | 2007–09 | −29.4% | −55.2% |
| COVID crash | 2020 | −12.5% | −33.7% |
| 2022 rate shock | 2022 | −21.0% | −24.5% |
Each number is the deepest fall from a high inside that window, using daily prices with dividends reinvested.
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What was GLD’s maximum drawdown?
GLD’s deepest fall since 2004 was 45.6%, from its high on August 22, 2011 to its low on December 17, 2015. The figure uses daily prices with dividends reinvested.
How long did GLD take to recover?
8.9 years. GLD first closed above its Aug 2011 high again on July 29, 2020.
Was GLD riskier than the S&P 500?
Over the same years, GLD’s worst drop was 45.6% against 55.2% for the S&P 500 (SPY), and its worst 12 months were −29.3% against −47.4%.
Compare with
Daily adjusted closes from Yahoo Finance, November 19, 2004 through October 13, 2026, dividends reinvested. Historical facts, not a forecast and not investment advice.