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
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. † Taxed as a collectible. Physical metal is a collectible under §408(m), and a grantor trust passes that character through — for tax you are treated as owning a share of the bars themselves, not shares in a fund. Held more than one year, the gain is taxed at your ordinary income rate but capped at 28% (§1(h)): the 28% is a ceiling, not a flat rate, so a bracket below it pays its own lower rate. Held one year or less, the gain is ordinary with no cap. The 3.8% net investment income tax applies on top above the §1411 thresholds — 31.8% federal at the top long-term, 40.8% short-term — and state tax is extra. See IRS 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) | 1099† | $144B | 0.40% | 0.01% · 6,113,136 ($2.5B) | 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) | 1099† | $64B | 0.25% | 0.01% · 5,338,103 ($439M) | 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) | 1099† | $30B | 0.10% | 0.01% · 2,575,620 ($225M) | 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) | 1099† | $7.4B | 0.09% | 0.02% · 2,125,796 ($93M) | 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 | 1099† | $2.7B | 0.18% | 0.02% · 1,544,322 ($67M) | 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 | 1099† | $1.4B | 0.17% | — · 191,346 ($8M) | 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). | GraniteShares BAR | MarketWatch BAR | ETFdb ADV (1 month) |
| SGOL | abrdn Physical Gold Shares ETF | abrdn | 1099† | $7.4B | 0.17% | — · 2,475,293 ($104M) | Physically backed; London storage; custody: ICBC Standard Bank plc (Inception 09/09/2009). | abrdn SGOL | MarketWatch SGOL | Yahoo SGOL |
Futures-based gold “ETFs” (RIC 1099 & commodity pools / K-1)
Futures-based structures: (i) regulated investment companies (RICs) — funds that meet the Subchapter M income and diversification tests, so holders get a 1099 and 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) | $803M | 0.95% | 0.02% · 1,888,570 ($97M) | Daily 2× exposure to Bloomberg Gold Subindex; leveraged & short-term tool (Inception 12/01/2008). | ProShares UGL | Investing.com UGL |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | WisdomTree | RIC with futures (§1256 60/40; 1099) | $476M | 0.20% | 0.47% · 43,130 ($3M) | Capital-efficient overlay: large-cap equities + gold futures; issuer publishes median spread (Inception 03/17/2022). | WisdomTree GDE | stockanalysis.com avg vol |
| GDMN | WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | WisdomTree | RIC with futures (§1256 60/40; 1099) | $185M | 0.45% | 0.64% · 36,050 ($3M) | 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) | $89M | 0.79% | — · 9,439 ($0.25M) | 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) | $99M | 0.95% | 0.04% · 1,626,137 ($37M) | Daily −2× inverse to Bloomberg Gold Subindex; leveraged & short-term tool (Inception 12/01/2008). | ProShares GLL | Investing.com GLL |
| YGLD | Simplify Gold Strategy PLUS Income ETF | Simplify | RIC with futures (§1256 60/40; 1099) | $39M | 0.53% | 0.54% · 5,371 ($0.19M) | 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) | $8.6M | 0.45% | 0.31% · 4,801 ($0.20M) | Actively managed; COMEX gold futures/warrants via Cayman sub + covered-call income overlay (Inception 11/03/2021). | USCF USG | Yahoo USG | SoFi avg vol |
* “ETF” appears in quotes where the vehicle is not a registered fund: physically-backed vehicles like GLD are grantor trusts and futures vehicles are commodity pools — exchange-traded products, not funds registered under the Investment Company Act of 1940. The RIC-structured futures funds above are the exception.
None of the funds above are ETNs (exchange-traded notes) or unsecured debt of the issuing bank — physically-backed funds hold allocated bullion in custody and futures-based funds hold futures contracts plus cash/Treasury collateral, so investors hold a direct claim on fund assets rather than issuer credit risk.
Not investment or tax advice. Data last updated August 2026.
⚠️ Note: Figures (AUM, volume, spreads) update frequently; verify the linked issuer pages before trading.