GLD vs. TIP
GLD (SPDR Gold Shares) and TIP (iShares TIPS Bond ETF) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index. Both are passively managed. Over the past 10 years, GLD returned 12.56%/yr vs 2.45%/yr for TIP. At a 0.29 correlation, their price movements are largely independent. GLD charges 0.40%/yr vs 0.18%/yr for TIP.
Performance
GLD vs. TIP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GLD achieves a 0.24% return, which is significantly lower than TIP's 0.95% return. Over the past 10 years, GLD has outperformed TIP with an annualized return of 12.56%, while TIP has yielded a comparatively lower 2.45% 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%
TIP
- 1D
- -0.11%
- 1M
- -0.90%
- YTD
- 0.95%
- 6M
- 0.97%
- 1Y
- 4.81%
- 3Y*
- 3.70%
- 5Y*
- 0.88%
- 10Y*
- 2.45%
GLD vs. TIP - 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% |
TIP iShares TIPS Bond ETF | 0.95% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
Correlation
The correlation between GLD and TIP is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2004 | 0.29 |
The correlation between GLD and TIP shifts across timeframes, from 0.24 (1 year) to 0.41 (10 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GLD vs. TIP — Risk / Return Rank
GLD
TIP
GLD vs. TIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and iShares TIPS Bond ETF (TIP). 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 | TIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.26 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.51 | 2.45 | -0.94 |
| Martin ratioReturn relative to average drawdown | 3.78 | 7.37 | -3.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GLD | TIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.13 | 1.43 | -0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | 0.14 | +0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 0.43 | +0.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.57 | +0.02 |
Drawdowns
GLD vs. TIP - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, which is greater than TIP's maximum drawdown of -14.57%. Use the drawdown chart below to compare losses from any high point for GLD and TIP.
Loading charts...
Drawdown Indicators
| GLD | TIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -14.57% | -30.99% |
Max Drawdown (1Y)Largest decline over 1 year | -20.10% | -1.98% | -18.12% |
Max Drawdown (3Y)Largest decline over 3 years | -20.10% | -4.54% | -15.56% |
Max Drawdown (5Y)Largest decline over 5 years | -21.03% | -14.51% | -6.52% |
Max Drawdown (10Y)Largest decline over 10 years | -22.00% | -14.51% | -7.49% |
Current DrawdownCurrent decline from peak | -19.89% | -0.90% | -18.99% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -3.43% | -12.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.01% | 0.65% | +7.36% |
Volatility
GLD vs. TIP - Volatility Comparison
SPDR Gold Shares (GLD) has a higher volatility of 5.68% compared to iShares TIPS Bond ETF (TIP) at 1.01%. This indicates that GLD's price experiences larger fluctuations and is considered to be riskier than TIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GLD | TIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.68% | 1.01% | +4.67% |
Volatility (6M)Calculated over the trailing 6-month period | 23.47% | 2.33% | +21.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.87% | 3.38% | +23.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.07% | 6.21% | +11.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.99% | 5.74% | +10.25% |
GLD vs. TIP - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is higher than TIP's 0.18% expense ratio.
Dividends
GLD vs. TIP - Dividend Comparison
GLD has not paid dividends to shareholders, while TIP's dividend yield for the trailing twelve months is around 3.78%.
| 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% |
TIP iShares TIPS Bond ETF | 3.78% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
Frequently Asked Questions
GLD and TIP have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (5.68%) compared to TIP (1.01%). In terms of maximum drawdown, GLD dropped -45.56% vs TIP's -14.57%.
On 10-year performance, GLD leads with 12.56% vs 2.45% for TIP. On fees, TIP is cheaper at 0.18% per year. On volatility, TIP has been the lower-risk option at 1.01%. 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 12.56% return vs 2.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TIP is cheaper with a 0.18% expense ratio, compared with 0.40% for GLD.
TIP has the higher dividend yield at 3.78%, compared with 0.00% for GLD.
GLD is categorized as Gold, while TIP is Inflation-Protected Bonds. GLD tracks LBMA Gold Price PM, while TIP tracks ICE U.S. Treasury Inflation Linked Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GLD and 0.18% for TIP.
TIP currently has the higher Sharpe Ratio (1.43 vs 1.13), 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.
Find the right allocation for GLD and TIP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer