GLD vs. IBTM.L
GLD (SPDR Gold Shares) and IBTM.L (iShares USD Treasury Bond 7-10yr UCITS ETF (Dist)) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while IBTM.L is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, GLD returned 12.56%/yr vs 0.71%/yr for IBTM.L. At a 0.21 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.07%/yr for IBTM.L.
Performance
GLD vs. IBTM.L - Performance Comparison
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Different Trading Currencies
GLD is traded in USD, while IBTM.L is traded in GBP. To make them comparable, the IBTM.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, GLD achieves a 0.24% return, which is significantly higher than IBTM.L's -1.33% return. Over the past 10 years, GLD has outperformed IBTM.L with an annualized return of 12.56%, while IBTM.L has yielded a comparatively lower 0.71% annualized return.
GLD
- 1D
- 0.26%
- 1M
- -8.41%
- YTD
- 0.24%
- 6M
- 3.07%
- 1Y
- 30.18%
- 3Y*
- 29.71%
- 5Y*
- 17.55%
- 10Y*
- 12.56%
IBTM.L
- 1D
- 0.23%
- 1M
- -1.12%
- YTD
- -1.33%
- 6M
- -0.69%
- 1Y
- 3.94%
- 3Y*
- 2.61%
- 5Y*
- -1.15%
- 10Y*
- 0.71%
GLD vs. IBTM.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.24% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | -1.33% | 8.50% | -0.23% | 2.90% | -14.92% | -2.66% | 9.27% | 9.73% | 0.47% | 2.43% |
Correlation
The correlation between GLD and IBTM.L is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jul 5, 2007 | 0.21 |
The correlation between GLD and IBTM.L shifts across timeframes, from 0.16 (1 year) to 0.30 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLD vs. IBTM.L — Risk / Return Rank
GLD
IBTM.L
GLD vs. IBTM.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| GLD | IBTM.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.12 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.51 | 0.94 | +0.57 |
| Martin ratioReturn relative to average drawdown | 3.78 | 2.78 | +0.99 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLD | IBTM.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.13 | 0.69 | +0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | -0.14 | +1.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.09 | +0.70 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.02 | +0.57 |
Drawdowns
GLD vs. IBTM.L - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum IBTM.L drawdown of -53.26%. Use the drawdown chart below to compare losses from any high point for GLD and IBTM.L.
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Drawdown Indicators
| GLD | IBTM.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -53.26% | +7.70% |
Max Drawdown (1Y)Largest decline over 1 year | -20.10% | -4.18% | -15.92% |
Max Drawdown (3Y)Largest decline over 3 years | -20.10% | -7.61% | -12.49% |
Max Drawdown (5Y)Largest decline over 5 years | -21.03% | -21.13% | +0.10% |
Max Drawdown (10Y)Largest decline over 10 years | -22.00% | -23.64% | +1.64% |
Current DrawdownCurrent decline from peak | -19.89% | -21.09% | +1.20% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -29.36% | +13.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.01% | 1.41% | +6.60% |
Volatility
GLD vs. IBTM.L - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 5.68% compared to iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) (IBTM.L) at 1.91%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than IBTM.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLD | IBTM.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.68% | 1.91% | +3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 23.47% | 4.14% | +19.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.87% | 5.71% | +21.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.07% | 8.51% | +9.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.99% | 7.83% | +8.16% |
GLD vs. IBTM.L - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is higher than IBTM.L's 0.07% expense ratio.
Dividends
GLD vs. IBTM.L - Dividend Comparison
GLD has not paid dividends to shareholders, while IBTM.L's dividend yield for the trailing twelve months is around 4.36%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBTM.L iShares USD Treasury Bond 7-10yr UCITS ETF (Dist) | 4.36% | 4.19% | 3.94% | 3.16% | 1.96% | 1.14% | 1.69% | 2.53% | 2.34% | 2.02% | 1.79% | 1.97% |
Frequently Asked Questions
GLD and IBTM.L have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBTM.L is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBTM.L is cheaper with a 0.07% expense ratio, compared with 0.40% for GLD.
GLD is categorized as Gold, while IBTM.L is Government Bonds. GLD tracks LBMA Gold Price PM, while IBTM.L tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GLD and 0.07% for IBTM.L.
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