GLD vs. SPSB
GLD (SPDR Gold Shares) and SPSB (SPDR Portfolio Short Term Corporate Bond ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while SPSB is a Corporate Bonds fund tracking the Bloomberg Barclays U.S. 1-3 Year Corporate Bond Index. Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs 2.63%/yr for SPSB. At a 0.23 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.07%/yr for SPSB.
Performance
GLD vs. SPSB - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -2.47% return, which is significantly lower than SPSB's 1.01% return. Over the past 10 years, GLD has outperformed SPSB with an annualized return of 12.15%, while SPSB has yielded a comparatively lower 2.63% annualized return.
GLD
- 1D
- 0.06%
- 1M
- -9.52%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
SPSB
- 1D
- 0.00%
- 1M
- 0.33%
- YTD
- 1.01%
- 6M
- 1.34%
- 1Y
- 4.33%
- 3Y*
- 5.41%
- 5Y*
- 2.72%
- 10Y*
- 2.63%
GLD vs. SPSB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
SPSB SPDR Portfolio Short Term Corporate Bond ETF | 1.01% | 5.86% | 5.25% | 5.60% | -3.31% | -0.20% | 3.83% | 5.21% | 1.45% | 1.58% |
Correlation
The correlation between GLD and SPSB is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Dec 17, 2009 | 0.23 |
The correlation between GLD and SPSB shifts across timeframes, from 0.23 (all time) to 0.36 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLD vs. SPSB — Risk / Return Rank
GLD
SPSB
GLD vs. SPSB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and SPDR Portfolio Short Term Corporate Bond ETF (SPSB). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GLD | SPSB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.37 | ||
| Sortino ratioReturn per unit of downside risk | -4.08 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.72 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 4.94 | -3.96 |
| Martin ratioReturn relative to average drawdown | 2.81 | 22.91 | -20.10 |
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Drawdowns
GLD vs. SPSB - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, which is greater than SPSB's maximum drawdown of -11.75%. Use the drawdown chart below to compare losses from any high point for GLD and SPSB.
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Drawdown Indicators
| GLD | SPSB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -11.75% | -33.81% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -0.87% | -23.59% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -0.87% | -23.59% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -5.96% | -18.50% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -11.75% | -12.71% |
Current DrawdownCurrent decline from peak | -22.05% | 0.00% | -22.05% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -0.54% | -15.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 0.19% | +8.30% |
Volatility
GLD vs. SPSB - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 7.79% compared to SPDR Portfolio Short Term Corporate Bond ETF (SPSB) at 0.38%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than SPSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GLD | SPSB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 0.38% | +7.41% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 0.95% | +23.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 1.33% | +26.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 1.99% | +16.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 3.06% | +13.02% |
GLD vs. SPSB - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is higher than SPSB's 0.07% expense ratio.
Dividends
GLD vs. SPSB - Dividend Comparison
GLD has not paid dividends to shareholders, while SPSB's dividend yield for the trailing twelve months is around 4.40%.
| 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% |
SPSB SPDR Portfolio Short Term Corporate Bond ETF | 4.40% | 4.55% | 4.85% | 4.05% | 1.92% | 1.19% | 1.94% | 2.77% | 2.36% | 1.94% | 1.65% | 1.43% |
Frequently Asked Questions
GLD and SPSB have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.79%) compared to SPSB (0.38%). In terms of maximum drawdown, GLD dropped -45.56% vs SPSB's -11.75%.
On 10-year performance, GLD leads with 12.15% vs 2.63% for SPSB. On fees, SPSB is cheaper at 0.07% per year. On volatility, SPSB has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.15% return vs 2.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPSB is cheaper with a 0.07% expense ratio, compared with 0.40% for GLD.
SPSB has the higher dividend yield at 4.40%, compared with 0.00% for GLD.
GLD is categorized as Gold, while SPSB is Corporate Bonds. GLD tracks LBMA Gold Price PM, while SPSB tracks Bloomberg Barclays U.S. 1-3 Year Corporate Bond Index. Their fees differ too: 0.40% for GLD and 0.07% for SPSB.
SPSB currently has the higher Sharpe Ratio (3.24 vs 0.87), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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