Gold Visualizer — S&P 500 growth vs. gold, and how gold is taxed

Interactive comparison of long-run S&P 500 total return versus spot gold (annual history from 1960 to the present), plus the tax quirks of physical gold and gold ETFs — including the 28% collectibles rate. By ImpactAdvisor LLC.

S&P 500 growth vs. gold

The chart compares cumulative growth of the S&P 500 (total return, with dividends reinvested) against the spot price of gold, using annual data from 1960 through the present with an adjustable start year. Over long horizons, reinvested equity earnings have historically compounded well ahead of gold's price appreciation — the visualizer lets you test any window, including gold's strongest decades.

Gold ETFs — fees, liquidity & taxation considerations

Note: Figures (AUM, volume, spreads) update frequently; verify the linked issuer pages before trading.

Physically-backed gold ETFs (collectible tax rules)

ETFs that are Grantor-trust bullion vehicles are taxed as collectibles, issue 1099s (no K-1), and aim to track spot less fees. Liquidity leadership: GLD and IAU; fee/unit-size leadership: GLDM and IAUM. Trading cost = fee + median NBBO spread + depth; verify issuer spread statistics.

These funds hold real gold bars; as collectibles, gains are taxed at ordinary tax rates, up to 28% max if held more than 1 year. See IRS collectibles (Topic 409).

Ticker	Fund name	Issuer	Tax treatment	Net assets (AUM)	Expense	30D median spread, avg daily volume	Key notes	Sources
GLD	SPDR Gold Shares	State Street (SPDR)	Collectibles*, 1099	$188B	0.40%	0.02% · 4,271,319 ($2B)	Flagship bullion vehicle; extremely deep liquidity and tight markets; broad options market support (Inception 11/18/2004; custody: HSBC; JPMorgan; location: London / New York).	SSGA GLD \| GLD tax FAQ
IAU	iShares Gold Trust	BlackRock (iShares)	Collectibles*, 1099	$85B	0.25%	0.01% · 13,976,336 ($1.4B)	Large, low-fee bullion tracker; historically tight median spreads and deep primary market capacity; robust options market (Inception 01/21/2005; custody: JPMorgan (London branch); location: London).	iShares IAU
GLDM	SPDR Gold MiniShares Trust	State Street (SPDR)	Collectibles*, 1099	$34B	0.10%	0.01% · 2,380,889 ($251M)	Low-fee SPDR option with smaller gold per share, useful for dollar-based sizing and model portfolios (Inception 06/25/2018; custody: JPMorgan; location: New York).	SSGA GLDM
IAUM	iShares Gold Trust Micro	BlackRock (iShares)	Collectibles*, 1099	$8.4B	0.09%	0.02% · 8,169,778 ($434M)	Lowest fee in the iShares bullion lineup; micro share price aids fractional ticketing; generally tight spreads (Inception 06/15/2021; custody: JPMorgan (London branch); location: London).	iShares IAUM
AAAU	Goldman Sachs Physical Gold ETF	Goldman Sachs Asset Management	Collectibles*, 1099	$3.2B	0.18%	0.02% · 3,900,000 ($196M)	Backed by The Perth Mint (Gold Corporation); sponsor rebranded to GSAM; niche alternative with institutional sponsor (Inception 07/26/2018; custody: Perth Mint; location: Perth, Western Australia).	GSAM AAAU
BAR	GraniteShares Gold Trust	GraniteShares	Collectibles*, 1099	$1.8B	0.17%	— · 2,654,129 ($139M)	Low fee vs peers; publishes detailed bar list; good secondary liquidity relative to size (Inception 08/31/2017; custody: ICBC Standard Bank Plc; location: London, UK).	MarketWatch BAR \| ETFdb ADV (1 month)
SGOL	abrdn Physical Gold Shares ETF	abrdn	Collectibles*, 1099	$9B	0.17%	— · 7,608,849 ($387M)	Physically backed; London storage; custody: ICBC Standard Bank plc (Inception 09/09/2009).	MarketWatch SGOL \| Yahoo SGOL

Futures-based gold ETFs (RIC 1099 & commodity pools / K-1)

Futures-based structures: (i) RIC ETFs (1099, no K-1) using Cayman subsidiaries; (ii) commodity pools (K-1). Futures are §1256 mark-to-market with 60/40 long-term/short-term character; returns reflect roll and collateral yields. Leveraged/inverse funds (UGL/GLL) are daily-reset; overlay funds (USG/YGLD/GOLY) add option income or equity sleeves.

These funds use gold futures; gains are marked to market each year and taxed 60/40 long-term/short-term, irrespective of holding period. See 26 U.S.C. §1256.

Ticker	Fund name	Issuer	Tax treatment	Net assets (AUM)	Expense	30D median spread, avg daily volume	Key notes	Sources
UGL	ProShares Ultra Gold (2×)	ProShares	Commodity pool (§1256 60/40; K-1)	$1.46B	0.95%	— · 6,249,925 ($507M)	Daily 2× exposure to Bloomberg Gold Subindex; leveraged & short-term tool (Inception 12/01/2008).	Investing.com UGL
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	WisdomTree	RIC with futures (§1256 60/40; 1099)	$698M	0.20%	0.72% · 87,430 ($7M)	Capital-efficient overlay: large-cap equities + gold futures; issuer publishes median spread (Inception 03/17/2022).	WisdomTree GDE \| Robinhood avg vol
GDMN	WisdomTree Efficient Gold Plus Gold Miners Strategy Fund	WisdomTree	RIC with futures (§1256 60/40; 1099)	$301M	0.45%	0.54% · 80,780 ($11M)	Gold-miners equity exposure + gold-futures overlay; issuer publishes 30-day ADV & median spread (Inception 12/16/2021).	GDMN page
GOLY	Strategy Shares Gold Enhanced Yield ETF	Strategy Shares	RIC with futures (§1256 60/40; 1099)	$195M	0.79%	— · 77,100 ($3M)	Bond sleeve with gold-/commodity-futures overlay; fund name/strategy updated Jan 5, 2025 (Inception 05/17/2021).	GOLY page \| Morningstar (avg vol)
GLL	ProShares UltraShort Gold (−2×)	ProShares	Commodity pool (§1256 60/40; K-1)	$74M	0.95%	— · 7,608,788 ($128M)	Daily −2× inverse to Bloomberg Gold Subindex; leveraged & short-term tool (Inception 12/01/2008).	Investing.com GLL
YGLD	Simplify Gold Strategy PLUS Income ETF	Simplify	RIC with futures (§1256 60/40; 1099)	$59M	0.53%	0.53% · 37,030 ($2M)	Targets ~150% gold exposure via futures with options-income overlay; 1940-Act ETF (Inception 12/02/2024).	YGLD page \| Yahoo YGLD
USG	USCF Gold Strategy Plus Income ETF	USCF	RIC with futures (§1256 60/40; 1099)	$15M	0.45%	— · 4,801 ($0.20M)	Actively managed; COMEX gold futures/warrants via Cayman sub + covered-call income overlay (Inception 11/03/2021).	Yahoo USG \| SoFi avg vol
DGL	Invesco DB Gold Fund	Invesco	Commodity pool (§1256 60/40; K-1) liquidated Mar 2023	—	—	—	Tracks DBIQ Optimum Yield Gold ER; annual MTM under §1256; (Inception 01/05/2007).	OCC liquidation memo

Not investment or tax advice. Data last updated March 2026.